HOW TO BECOME A POWER BUYER IN THE CURRENT MARKET
The buying market was unprecedented in 2022, with demand for property vastly outweighing the number of available homes and properties for sale. This is likely to carry on into 2023, so you should be well-prepared to deal with this when you start your moving journey.
It is more important than ever to stand out from the competitive crowd and if you want to know exactly how to land your dream property now, below are some tips we think will help you.
How To Stand Out From The Crowd
The current market definitely favoured sellers, which meant prices were inflated due to increased numbers viewing each and every property that hits the market. However, since August, house prices have continued to fall each month so we are seeing this ease slightly. However, the market is still very competitive as we head into the busiest time of the year and so there are plenty of buyers still willing to pay full asking price if it means they snap up their dream house. A lower offer is extremely likely to be rejected with no real thought, because other buyers will be willing to pay more. That’s why it is imperative to open with a solid bid – they grab sellers’ attention and lets them know that you’re serious about their property and that you won’t waste their time.
When starting your buying journey you should also have your Mortgage In Principle (MIP) sorted. Knowing your budget and affordability, what a broker will potentially lend you, and having your deposit ready puts you in the strongest position. Other buyers will have their MIP ready and waiting, so you’ll miss out if you don’t have yours in order. In short, it is important to get your finances in order before submitting an offer to be a more attractive buyer.
List Your Own Property Before Looking To Buy
This may seem like an obvious one, but because of the competitive market, chances are that your rival buyers already have their houses on the market. Doing this can rapidly speed up the process. Estate Agents have a responsibility and due diligence with their selling customers to put all offers to them with full transparency whilst providing the best advice possible. Therefore, if two buyers submit similar offers but only one has their current house or property on the market, you can be sure that whoever has listed their home are more likely to see their offer accepted.
As a buyer, the best position to be in would be to have no chain of your own, but we know that this isn’t the case with many. A guaranteed exchange date is extremely attractive to sellers because it reduced the chances of a fall-through, meaning the seller doesn’t have to risk losing their dream home because your property completion is secure.
If you are in the fortunate position of being a cash buyer, you can also boast the ability to not have to spend time with mortgage advisors, and with the money available immediately, sellers won’t hesitate to accept this kind of offer if suitable.
Want to put yourself in the best possible position to secure your dream home? Click here to get in touch with us now to start your journey today!