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Tips for buying well in a buyer’s market.

 

  1. 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.
  2. 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.
  3. Don’t be scared to buy at auction — As auction clearance rates are below 50% there is generally less competition nowadays.
  4. 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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