Buying a property in a hot market can be very intense and for those buyers who are not experienced in the intricacies of buying property it can be very daunting.
But it doesn’t need to be like that as there are a few things you can do to buy well during a competitive market, try some or all of the following tips:
- Get finance pre-approved – this is non-negotiable! Talk to a mortgage broker or a bank today and get it sorted. In this current hot market you do not have the luxury of time so having this in place is a bare minimum. Being in a position where you know your budget and can make an offer without a finance clause could put you in the box seat.
- If you need to sell to finance your next property purchase – Make sure your home is on the market and ideally under offer or sold subject to contract. Unless your property is under offer you will not be in a position to make a serious offer.
- Ducks in a row – with time being of the essence, instruct a solicitor, having your solicitor on standby as well as having your deposit ready so that you can act fast and catch your competition on the back foot are very important factors.
- Understand value – it’s important to physically inspect as many properties as you can and know what recent comparable sales results have been achieved so that you can keep your finger on the pulse and know what good value is in your preferred areas(s). In a hot market, you may need to pay a premium or over the asking price, given the additional interest that is likely.
- Be proactive – once you’ve found the property you like, act fast! Contact the agent and make an appointment to view ASAP and be prepared to act swiftly if the property satisfies all your criteria. Don’t be afraid to make the first offer either. By doing this you are likely to give yourself the chance to have the final right of refusal after all competing offers are considered by the agent.
- Be flexible on the completion date – ask the seller’s agent if they need a shorter or a longer completion date to best suit their needs. If you are one of two or three competing offers but your completion and moving date perfectly aligns with the owner’s requirements then this could be your edge to your offer being accepted.
For further information or advice please DM or contact the Forbes property team on 01257 273 324.