Where Have the Buyers Gone?

With all loan applications facing tighter scrutiny, we are seeing more and more buyers getting caught out and not being able to commit to purchasing.  We regularly meet house hunters who have not yet organised their finance and are seriously underestimating how long it will take to obtain approval.  Too many people make the mistake of waiting until they find the perfect property before approaching a home loan broker or lender.  This is simply too late! 

House hunting is time-consuming and often stressful, so when you do find something good, you need to be in a position to seal the deal and not just discovering how the rules have changed and that a myriad of documents are needed before approval can be gained.  This is also the moment many unsuspecting buyers discover their borrowing power is well below what they had hoped!  We advise our buyers get ahead of their competition by securing finance so that they are ready to negotiate when they do find what they are looking for. 

How do homeowners sell in a buyers’ market?

Put simply, the value of a property is what a buyer or the market is prepared to pay.  Our job is to ensure that we comprehensively market each home to a targeted audience organised by requirements and budget.  In a buyer’s market we suggest our owners;

  • Sell before they buy.  Selling an existing property first prevents pressure to sell once you’ve bought.  It will also show exactly how much you have to purchase a new home.
  • Be realistic about price.  Do your own research and look at what similar homes have sold in your area.  Buyers are looking for a bargain and are feeling bold.  They will want to start negotiating lower than you probably imagined.  Although this is difficult to accept, don’t forget that if you are buying and selling in the same market you are likely to purchase a bargain too!  Don’t let emotion or ego cloud the reality of the marketplace; buyers know their market well, so get the pricing right from the beginning.
  • Choose a good agent. Ask friends, neighbours and family in your area for a referral or check agents’ reviews online at ratemyagent.  Click the link to find out what questions to ask an agent https://bit.ly/2A1svbJ The most important thing is that you can trust them.
  • Ensure your home looks amazing.  Your agent should be able to advise how best to showcase your home and suggest stylists or tradespeople if required.
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