Looking to purchase a property this spring? These are the things you need to know to be ahead of the game.
Spring is traditionally the biggest selling period of the year. Properties flood the market, taking full advantage of the gardens in full bloom and the warmer weather, while buyers are out in full force, eager to step on (or up) the property ladder. With more property on the market, buyers have a greater choice to what they’ve had during the winter months – and with a red hot property market, as a buyer, it’s easy to get swept up in the frenzy of it all.
To help put yourself in the best position to get that dream home, there are a few things you can do to make sure you’re well-positioned to act quickly when the time comes to put an offer on that new home.
Have your finances in order
Before you start your property search, get your finances in order first so that when you find the right property, you can act quickly. Having pre-approval from the bank puts you in a stronger position, as buyers ready to exchange are at an advantage from those who need to go through a timely pre-approval process. Buyers who don’t have pre-approval, but put in an offer, run the risk of prompting others to place an offer on the home, resulting in them missing out.
“One of the biggest mistakes buyers make is not having pre-approval from the bank. You’re only putting yourself at a disadvantage. Having pre-approval means you can place an offer or bid with confidence, knowing what your budget is,” explains Andrew Robinson, Belle Property NSW Chief Auctioneer and Head of Franchise Sales.
Research is everything
With border restrictions and the number of people allowed at an open home constantly changing, it’s becoming the norm for people to purchase a property sight unseen. Buyers rely heavily on the real estate agent to provide virtual tours, detailed floorplans and imagery. On top of this, buyers should do thorough research on the area, using online tools such as property listing sites realestate.com.au and domain, which provide property data and recent sales. Sitchu, an Australian-based online lifestyle publication, has suburb guides that will help you discover the overall lifestyle of the area and surrounding suburbs.
“If you’re unable to visit in person, have someone you trust, or a neutral person, inspect the property for you. Have them look around the neighbourhood and the local area,” says Andrew.
Register for online property alerts and get on the mailing list of local real estate agents. Get to know the local sales agents, find out what’s happening in the local market, and let them know what you’re looking for and your price range so that when a new property comes to market, you will be the first to hear about it.
Look past the styling
Sellers typically wait until spring to put their home on the market because this is when their property looks its best. To be competitive and stand out from the crowd, sellers are often advised to invest in professional styling and staging to draw attention to the best features of the home. As such, Andrew recommends buyers take time to look past the styling and conduct a thorough property inspection.
“It’s easy to fall in love with a home that at first glance ticks all the right boxes, but be sure to look for things that may not be immediately obvious and always get thorough pest and building inspections done, flagging with them any areas of concern,” says Andrew.
Know your strategy
These days, auctions can happen in-person or virtually – either way, you don’t want to work out what your strategy will be in the moment. Andrew explains that whether buyers deal with an auction or private treaty situation, they should always know what they’re willing to pay and the absolute maximum amount they won’t bid over.
“Due to the pandemic, we’ve had to move to virtual auctions, and they can be very different to the thrill of an in-person auction,” explains Andrew. “They have a different vibe about them as you can use different strategies online, such as bidding with a paddle with audio on, you can type your bid in the chatbox or raise your hand. Use the method that feels most comfortable to you.”
To learn more about buying a property in the spring selling season, speak with your local Belle Property real estate agent today.