Tips for Buyers for 2020 in Property Market

It’s the beginning of a new decade, and this post could not be more timely. Are you looking to purchase property this year? Do yourself a huge favor and read this article till the end.

2019 was a good year. By the close of the year, the property market hit rock bottom. It is a rule of thumb to buy at the lows and sell at the highs. The market for houses and the landed property is indeed at a low, and the demand is unprecedentedly high. The need is so high, and it trumps down supply. In conditions like this, sellers have the liberty to raise their prices above the roof. In essence, while prices are in reality, high, they are indeed low, as opposed to how much higher they will be. Sellers also like to prey on the desperation of intending buyers. This is a disaster only waiting to happen. With such conditions surrounding the market, buyers need the utmost precaution in purchasing, and ultimately avoiding landmines. Let’s walk you through.

1. Eliminate the competition

It’s not wise to go out to play when there’s an incoming stampede of mad reindeer. The point is it is more than likely that you don’t get the best value for your money when you buy in a market that is fueled by unhealthy competition. The one real way to eliminate the competition in the market is to buy off the market!

Off-market properties are those properties that are for sale but are not listed or advertised on the market like others. Different sellers have different motives, but that goes beyond the scope of this article. Regardless of their reasons, you have a rare opportunity to secure profitable deals when you buy off-market.

And here’s the million-dollar question: how do you know to buy off-market properties when they are not even advertised on any platforms?

2. Hire the best hands

You can only get access to off-market properties with a buyers agent that really knows his onions. The track records of such people/agencies, speak loudly for them. In the market of property sales, networking and connection are germane. With highly competent agents, you’re the first to hear of an unpublicized deal going down somewhere.

You should understand that money must be spent to make even more money, in the long run. Understanding this will help you to decide to spend what it takes to hire the agent that will help secure you the best deal. The right agent is an excellent time- saver and can give flesh to your ideas. In this way, your expectations are given proper considerations.

3. Proper property valuation

You probably won’t feel bad for paying a hundred Australian dollars for a fancy wristwatch until you see someone who bought the same for only twenty dollars. The only reason you’d pay such is that you didn’t know the value of what you were purchasing. The same applies to property pricing.

Correct property valuation is, most times, a professional skill. Here’s another reason you should hire an agent. An impressive bargaining game is hinged upon your knowledge of the worth of the property you’re purchasing. This way, you’ll know what the ceiling price of a property should be, and you’ll know when to say an outright no, and walk away.

4. Involve yourself

As good as employing agents is, you need to involve yourself to a reasonable extent in the business of the property market. This includes attending auctions, open homes, observing charts, and valuing prices that houses sell for, amongst others. It is believed that you are only ready to start buying property the moment you begin to learn to price. Constant exposure to these realities will help you to appreciate the market and its values.

5. Draw up a budget and stick to it

Cut your coat according to your cloth is anything but cliché. Before you decide to buy a house, be sure to go back to the drawing board and decide how much you can afford. The power such a simple task wields is undoubtedly underrated. Knowing enough details to the last cent will make the house selection process relatively more comfortable. You can utilize resources like the online mortgage calculator to determine the maximum monthly payment you can afford for whatever property. Hence, you can project and easily make decisions.

In conclusion

Property purchase, for whatever motive, is a big deal. With demand proportionally higher than supply, it is indeed a crazy market, where a lot of things can go wrong. In such tortuous waters, however, it is expedient that you have hands to guide you through. In the long run, you have more to gain from their experience, relative to the fees they charge. We can be those hands for you.