Brisbane Real Estate Specialists

Buying Tips For A Sellers Market

Buying Tips For A Sellers Market - Gem Property Co | Brisbane Real Estate Agent

The Brisbane property market is booming and at present shows no sign of slowing. Local buyers are not only competing amongst themselves but now they also have many interstate buyers from NSW and VIC thrown into the ring. Fierce competition is driving the prices up and up, so it’s a fantastic market to sell in, buying however, is another story.

Buying a house is a huge decision and accomplishment in any market as it is… Add into that the fact that Brisbane is experiencing one of the largest price spikes with some of the most intense buyer competition that has occurred in some time and there is no question about why most buyers are overwhelmed. So, to help we’ve got a list of tips to ensure you are in poll position.

Have finance pre-approval sorted

In order to be competitive, you not only need to have a good purchase price, but you also need to have clean conditions. You are competing against interstate and international cash buyers. A seller would be more inclined to take a cash offer as it is secure over an offer with a long finance condition. We would recommend speaking to a mortgage broker, as they will have a good idea of your borrowing capacity relative to your income, debt, assets, and more.

So, to put your best foot forward, get your finance sorted so that you can sharpen your finance condition and timeframe down in order to be competitive.

Stay in touch with local agents

Start to get to know the local agents in your search area, this will be easy when you attend the open homes. Staying in touch and keeping yourself top of mind will help you in the long run. More often then not agents will have off market properties coming up and staying up to date with agents will ensure you’re not overlooked.

Know the hidden costs

There are additional costs when buying a home and they all should be factored into your budget. These includes legal fee’s, stamp duty, building and pest fees, transfer fees, mortgage insurance and more. Talk to your mortgage broker or conveyancer for more information.

Understand local pricing

Now that you know what your budget is, including the additional costs, you can start to figure out where this budget will take you. Make note of each property you like that you missed out on and its sale price. Look out for its attributes and the spec of the home, along with the location. All of those things will help determine price.

Act fast

Many buyers miss out because they don’t act quickly. At the very least if you like a home on inspection, register your interest with the agent, so they know that you want to be included if negotiations begin.

It can be daunting and frustrating to spend your Saturdays property hunting, so we hope this has helped in a small way to ease the stress. If you have any questions about the current market or local area, please get in touch, we’d be happy to help.