There is no doubt that confidence is coming back to Real Estate and there are some markets that are really hotting up. Western Sydney and Perth in particular.
For anyone wanting to buy in these areas then here are 5 tips on how to buy property in a hot market.
1. Have your finances lined up.
Submitting an offer with little to no conditions (including no finance clause) is definitely going to be look at more favourably in a hot market than a contract full of conditions. In a hot market, the seller holds all the power and if someone submits an offer that is close to your offer then having no conditions on it will definitely be helping them.
2. Become the agents best friend.
If the area you are targeting is really getting hot and you are wanting a piece of the action then you need to become best buddies with the agents…all of them!! Dedicate time to call all the agents regularly, drop in and see them, turn up to all opens and speak to the agent. Make sure they think of you first and call you first when the next property that suits your requirements is listed.
3. Enlist the help of a Buyers Agent.
Engaging a buyers agent to buy a property in hot market may be the key to getting your foot in. Buyers agents are usually alerted to properties before they are even listed, they will do the leg work for you and save you the stress of missing out on property after property.
4. Know what the market is paying and don’t haggle.
Time is of the essence in a hot market. You don’t have time to be haggling back and forth for a few thousand dollars. If you don’t meet the market in terms of price in a hot market then there will be several other buyers lining up behind you that are not only prepared to meet the market but will most likely have their finance ready to go.
5. Just Don’t.
Really do you want to be buying in a hot market?? If property prices are at a premium for the area and properties are selling faster than you can say ‘hot market’ then clearly that area is at the top of the property cycle. You may want to rethink your area.
Have you ever bought in a hot market? Share you comments below.
Until next time…
Chicks and Mortar – Women in Property