Wow, this market has definitely stepped up a gear since the end of winter!
I’m seeing frenzied home opens, offers WAY above asking, one property had 30 offers. Another selling in the $900’s sold for around $1.25m
So how do you buy in this market?
The first step is acceptance.
Understand that it’s a hot market and try not to get frustrated.
Frustration leads to irrational decisions. Keep a clear head and don’t get rattled.
You need to build relationships with the selling agents. Contact them regularly so you are at the top of their mind when a property gets listed.
Find out whether the seller would consider an early offer. Presenting your offer midweek may allow you to potentially close the deal before the 1st home open if the offer is at the right price.
Which leads me to my next point.
Accept that you may need to pay above asking price. You want to be slightly ahead of the market rather than constantly chasing it and end up paying more after you have reached the “I surrender, I’ll pay anything!!” stage.
Trust me this stage exists and I’ve seen it plenty of times recently.
Lets say you paid $10,000 over in February this year. Well the value of your property would be well and truly above that now and you saved yourself the pain of searching for months on end.
Be available. You need to be ready to pounce when the opportunities arise. Jump in your car and go and inspect during the week and try and close the deal.
You need to have your finger on the pulse.
Work your conditions. What are the sellers needs, do they want to rent back? Maybe a long settlement?
Dig for these pieces of information.
And finally, have your finances in order. See your broker and get pre-approval. Strong finance means a strong offer.
Searching for a house in this market can be a time consuming and draining process.
Reach out if you want some advice, always happy to chat
