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How To Purchase In a HOT Market

Every week, I meet frustrated buyers who continue to pop up, from one open home to the next with unsuccessful stories of how they were the under bidder at auction or that they have missed out on dozens of homes with regret that they didn’t secure the first home they saw 6 months ago.

One reason so many people miss out on homes is derived from the fact that people who need to sell a property first are reluctant to buy in a changing market and be caught out with nowhere to go after their sale. It can also be a scary thing having to compete with so many other buyers which makes you feel like you will need to pay “too much” for a property that already seems to be inflated.

So below I have suggested few crucial steps to get you into the market so you don’t have to watch it pass you by.

  • Get approved, Get Prepared – finalise your finance pre approvals and research which conveyancer/solicitor you are going to use. That way you don’t miss out on a home because you were to slow.
  • Know What You Want – In a good market, you may not get a second inspection. Be clear on your needs and when you can tick 7/10 boxes buy it. The other 3/10 will take care of itself.
  • Don’t Low Ball – Of course you’ve got to start somewhere, but bargain hunting doesn’t work in a good market. Don’t worry though because the slipper will be on the other foot soon enough.
  • Just Do It – I know it may sound expensive now, but the same house will cost you an extra 5-10% in a couple of month’s time. Buy it now and enjoy the fact that the home will be worth more by the time the property settles.

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