The Boom is Back! The housing market has taken off again, and we don’t need a long memory to know where this could end up.
Having said that, there should be a degree of optimism this time.. Unlike the boom which ended in 2017, a huge sector of foreign investors have been taken out of the market, many new properties have now been built, and even though there have been positive changes to borrowing capacities, It’s still harder to borrow than it was during the last boom.
One thing we find every year though, is that more of our savvy clients tend to get properties for great prices right before Christmas.. There are a few reasons which appear to be synonymous with each sale;
- Sellers don’t want to have their property on the market over Christmas, making them more keen to sell and accept a lower price
- Many buyers have already purchased a property (less competition!)
- Some buyers are simply “over it” after missing out at auction so many times (less competition once again!)
- Some conveyancers and mortgage brokers might be closed during the Christmas period (not us 😊)
This is not to say that you will get a ‘bargain’, although it might mean that if you hold on for just a little longer and not be one of those who is “over it”, you might just find you are the only person bidding a property that you LOVE.. Here are some tips on how you might be able to get that elusive purchase;
- Always look past the first page of realestate.com or Domain – the properties which have been on the market for longer tend to be further down in the search – there isn’t anything wrong with them, the vendor was probably asking too much!
- Make sure you let agents in the area know you are looking, and what your price range is – some properties might be off market or only listed on the agents website, and if the vendor is keen to offload before Christmas you will be the first to know
- Make sure your offer is a strong one, and back it up with research (we can provide free reports which will help with this) – Also consider giving an unconditional offer with a 66W, and set a time limit for them to get back (PLAY HARDBALL!)
Of course, as we always say, we are here to help! If you have any questions or would like to talk through your strategy to buy, feel free to give us a call!