WA Property Market Focus – 15 Step Guide on Buying
Every week end there are countless thousands of property buyers that are looking at real estate many have a 3 step process, 1) look online 2) find out what will be open and 3) view houses. Then from there its all gut-instinct mixed with lifestyle choices, throw a dart at a board and make an offer on a property. Frequently this entails talking to the Selling Agent seeking a guide on what price the SELLER wants.
In past years this method has resulted in competition often driven by what is now a common acronym FOMO… FEAR Of Missing Out. At times Selling Agent’s strategies exacerbate upward spiralling competition, and Sellers and Selling Agents make a killing… at the Buyer’s expense! Time has passed, those Buyers are now Sellers. Sadly, in the current market, time and time again I hear stories of sellers that over paid and now their properties are being listed by Selling Agents at hundreds of thousands $$ less than what they were purchased for only a few years ago. If location is important, then timing is everything and research is imperative!
It is unfortunate for the seller, however history has taught us a lesson – that buying property in WA requires much more care and knowledge. While there is more information available to Buyers than there has every been, the difficulty faced is making sense of it and using the information for a positive meaningful impact on their decision making. If at the time of buying property a professional Real Estate Buyer’s Agent is engaged then without a doubt the client’s risk is minimised and opportunity to make greater than market gains is maximised. Of course, there are always multiple factors to consider, market forces are sometimes an unknown until they happen, however, most can be anticipated and even quite accurately predicted. With good advice the losses many sellers are facing today could have been minimal, perhaps even avoided completely.
At any time in the market Buyers are parting with their hard earned income, they put their hard earned savings on the line for deposit and borrow hundreds of thousands of $$ even millions. There are very few other substantial purchases or investments made in life to match buying a property and few others that compare that would not involve seeking out professional advice. At the very minimum every Buyer – investor, first home owner and dream home buyer should have a 15 STEP PROCESS:
Arrange your finance upfront
Identify your goals and set targets
Set a 6 – 8 week deadline – sooner is better but don’t rush it!
Research your preferred areas/suburbs
Research property – take care to interpret the information correctly
Develop an inspection strategy, then inspect
Identify the good resale points of each property
Consider the selling agents marketing choice and develop a strategy
Gather inside information
Narrow it down!
Research the history of the property you have selected
Consider what each home is worth to you
Prime the offer with strong terms and strategies in your best interests, balance them with what will be attractive to the seller
Make your offer! Make it count, ensure it is your first and last offer.
If you are:
A. Uunsure of what to pay or
B. Missing out on the property you want
Don’t be disheartened, coerced or tempted to pay more!
If you get to HERE and were unsuccessful in securing a property, don’t go through the process a 2nd time – that’s the time to call for help!
Claudette Swift is Principal of Claudette Swift Buyer’s Agency she has over 20 years experience in Real Estate.