Tips for buying well in a buyer’s market.
- Firstly, don’t try and be smart and time the market — even the experts can’t time the market. But don’t rush in and make an emotional purchase. Instead, do careful research — not just online, but pound the pavement and get to know local prices, understand how the local market is behaving and make sure you don’t overpay.
- Now more than ever it is important to get a good team around you, including a proficient mortgage broker to help you through the maze of finance and the banks, and a buyers’ agent to help level the playing field when you’re in the thick of things against agents.
- Don’t be scared to buy at auction — As auction clearance rates are below 50% there is generally less competition nowadays.
- Once you do buy a property, don’t compulsively follow property prices online. This will only lead to buyer’s remorse. Instead, be reassured by the long-term fundamentals that will support our property markets and the value of your property.
The bottom line
If you are considering investing or buying a new home, why not take advantage of the buyers’ market?
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