How to snag the home of your dreams whilst stock volume remains low
This year has certainly delivered its fair share of out-of-the-box events, and as a nation, we continue to defy odds, pushing boundaries, adapting and operating in a space we didn’t even know existed until COVID-19 touched our shores.
In the realm of real estate, we’ve adapted well and continue to introduce creative new ways to help make our client’s transition that little bit smoother and more successful. And whilst many buyers are financially ‘locked and loaded’ and eager to find the ideal property, it seems there’s limited options when it comes to purchasing.
From buying stale stock, waiting for an influx of new properties, or competing for fresh listings as they hit the market, buyers have been left with little room to move.
So, with such limited volumes of new inventory hitting the market, how do you secure the home you truly desire without picking the ‘best of a bad bunch’!?
Snapping up the secrets
Building a good relationship with an agent you trust is a really powerful tool when buying property. Most agents are happy to offer up information regarding particular properties within their key area of operation; whilst the good ones will even help navigate a purchase of a home even if it’s not one they are selling!
They play in the world of property transactions every day. Let them help!
An agent who has a comprehensive overview of their buyer’s desires, will have a strong ability to synergistically develop off-market ‘deals’. With so many vendors dabbling in ‘off-market’ methods of selling, agents are holding properties in hope they can find a buyer by networking. Offering up your circumstances, along with your list of non-negotiables to an agent, will help them connect you to a property you may not otherwise had the chance to view.
Buying value, not a bargain
With interest rates at an all-time low, ‘days on market’ spanning lengthy periods, and eager-to-sell vendors discounting their properties to kick-start their next transition, it can be tempting to grow your ‘non-negotiable’ list. However, increasing the size of home, just because your budget can allow for it, can also increase the risk of buying size, over quality, forgoing luxuries or features first desired.
And whilst many buyers compete for the fresh homes right as they hit the market, the fear of missing out can become insatiable, causing radical purchasing, sometimes even prior to undertaking a complete background check of the property (buyer due diligence).
Try to always consider the big picture when purchasing. A present-day purchase will ultimately set the foundations for a lifetime of property success, so make sure the decisions made now are the right ones to help propel into the future.
How we can help
Whilst buyers and vendors are confidently adapting to this new tech-driven way of transacting, injecting the marketplace with a new level of stability, we’re still experiencing decreased property volumes. And as we continue tracking towards Spring, it will be interesting to see what happens during this time, as many vendors look to hit the market.
If you’ve been considering selling, and unsure how to navigate your way during these trying times, please contact your local Eview Group Proud Member agency. Their unwavering knowledge and experience, in conjunction with their transparent and wholistic approach to real estate, will be a bright beacon in such unchartered waters. Contact them today!