Top 5 Tips to Get Ahead of the Buyer Competition
In our previous blog, we talked about the population increase in Queensland. Since the pandemic began, interstate migration has increased and over 100,000 people decided to move to the Sunshine State, taking the net interstate migration number to 27,115 people.
This means in addition to Queenslanders who want to take advantage of the record low-interest rates to get on the property ladder, the competition is proving to be stiff as the population in the state increases. In suburbs like Surfers Paradise, there’re over 40,000 buyers competing for a property. So if you’re thinking of buying a home in the current competitive market, our agents shared some useful tips that will help you get ahead of the competition.
1. Know your budget
Knowing how much you can afford is key and what you want to buy based on the budget you can afford will go a long way. If you require finance, get pre-approval before going to look at any properties. Get in touch with our Mortgage & Finance team to get your pre-approval sorted before putting in your offers.
2. Get your finances sorted
With a lot of cashed-up buyers coming in from interstate, the completion is stiff with local buyers. Our real estate agent Brad Sissons from Coorparoo Hub recommends getting into a strong buying position with pre-approvals and ideally a position to buy without finance if possible or include a very short finance clause in the offer.
3. Offer a seller can’t refuse
In the current market, properties are often flooded with offers. To make your offer stand out, Brad Sissons recommends putting up a cleaner offer with fewer conditions, as these are seen as more favourable to a seller.
Our real estate agent Louis D’Espagnac from Sunshine Coast suggests putting offers in with conditions that will look favourable and not one-sided. For example, including 5 days building & pest and refrain from putting 14 or 21 days ‘due diligence’ as this can lose you the property against buyers who propose more favourable conditions.
4. Make a good impression
Making a good impression, returning calls and showing genuine interest in the property can go a long way in helping you get your foot in the property market door. Brad Sissons from the Coorparoo Hub said how while it’s understandable that it’s a stressful time trying to buy a new home, agents are people too.
“I have been seeing the nicest and also the rudest people recently, both at open homes and on the phone. The rude ones don’t get answered any sooner, it actually makes us less likely to want to assist them when they are rude.” Mr Sissons said.
5. Build a relationship with the agent
Louis D’Espagnac said how building a relationship with the leading agent can benefit the buyers in the current competitive property market.
“By building a relationship with the leading agent, they will remember you and will think of you when they list a property,” Mr D’Espagnac said.
“Agents want to see a motivated buyer. Get to as many open homes to meet agents as you can, set your home priorities straight and know what you want in a property along with the pre-approved budget you can afford.
“Communication is also key as returning our calls and emails along with turning up on time to private inspections will play to your advantage as agents are usually on tight timelines and there’re a lot of buyers currently in the market.”