Looking to buy...Are you informed?
With so much talk about property prices, market changes, property booms and falls there's little wonder why people are confused about when the 'perfect' time is to buy and sell.
There really isn't a crystal ball that will tell us the answer - all you can do is be prepared to buy when the right property comes along!
Step 1 - Pre-Approval?
The first step is to ensure you can actually purchase the property! Ask questions such as: how much can I borrow? What type of lenders will be interested in me? Do I have all the necessary paperwork together to apply for a loan? Doing this BEFORE you have your heart set on a home allows you to work within your budget, reduce the stress of rushing applications and gives you the ability to shop around for the best lender.
Step 2 - Research
Where do you want to buy? What do you want to buy? Why do you want to buy there? Most people tend to buy in an area they are familiar with. There are tools online, most are available free of charge or you can ask your local agent to help with your research. Nobel Realtors can provide you with information on recent sales, what properties are currently listed as well as sales growth and rental prices in an area. Once you're armed with a better understanding of the area you want to buy in, the easier the decision will be regarding value for money and what offer to put forward.
Step 3 - Terms?
Do you have a clear upper price limit? What are your terms and conditions? Do you want a building and pest inspection? Do you need a finance clause or are you a cash buyer? How many days do I ideally require for settlement? All of these questions are influenced by your personal circumstances, it’s important to have thought of this information prior to formalising an offer.
Step 5 - Breathe!
If you have researched and secured a pre-approval then you are in a great position. All it takes now is time. You will quickly find out whether your ideal purchase price is realistic in the current market - do you need to move your upper limit higher? Or are you expecting too much for your money in the current market? The right property WILL come along.
To see what is out in the market at the moment or to simply talk about options, make a time to drop by or email us for more information.