The Gladstone market is changing. Over the past six to twelve months, the most common feedback from buyers is that they are consistently missing out on the opportunity to purchase their perfect home or investment property.
There is high demand for property and it is proving difficult to buy well. If you find the property that is right for all your needs and dreams, then expect to pay market value. In saying this, you still need to be careful that the property sits within your budget.
TIPS FOR BUYING IN THE CURRENT MARKET
Understand the market, suburbs and competition. To negotiate in a busy market you need to understand market value, and be familiar with the market before you enter it; your agent can assist you with this. Without appropriate research and precautions, you may pay well above the asking price for the property.
You need to have your finance pre-approval. Speak with your financial advisor/broker; have a clear plan with your budget and that you can put forward an offer with confidence.
Go in with a strong offer. Let’s say you have identified a property and it is worth $500,000. It’s less than ideal to make an offer a hundred thousand less than the asking price, and expect the Agent or the Seller to take you seriously. You are simply wasting your time, the Agents time, and the Sellers time. As a result, this may jeopardize the negotiation process as the Seller may refuse to negotiate with you. It could be an avoidable disappointment, especially if you are actually prepared to pay closer to asking price, such as $490,000 – $510,000.
OFFERS & TURNAROUND
When we are speaking about ‘strong offers’, we are not only referring to finance but also conditions: a strong deposit with less conditions generally means a quick settlement. As a guide, standard timeframes for settlement is 28 to 35 days (in the current climate). This allows either 14 or 21 days to satisfy conditions with a further 14 days for settlement.
UNDERSTAND THE T&C’s
Choose a conveyancer to assist you with legal documents, questions and concerns as this will educate you on the offer and contract process; your agent can also assist. This will ensure you can confidently put your offer and conditions forward, and if accepted, there will be minimal (if any) changes to the contract. In a fast moving market you don’t want delays and risk losing the property to another buyer because it took too long to sort and agree on conditions. Once the conveyancer peruses the contract and gives you approval, you can confidently sign!
CHOOSE AN EXPEREINCED AGENT
I highly encourage every buyer to be educated, confident and have a clear budget; also, identify your conditions and go in strong. For an experienced agent, contact Angie Kulikov on 0437 770 058 and discuss your property goals.