Are you thinking of moving this year? Buyers are facing hot competition right now, with a huge number of people chasing after every available property for sale. So if you’ve been looking to move, you’ve no doubt noticed how competitive it is.
“To be in pole-position in the race for the best property, you need to have greater buying power than the rest of the field,”
What we’re now seeing is that sellers are turning to ‘power buyers’: those who have already found a buyer for their own property, are chain-free, or have no need to sell at all.
So, how can you become a ‘power buyer’?
There are three ways you can put yourself in pole position to secure your dream property.
1. Get a sale agreed on your current home before you buy
If you’re going to be selling your home in order to move, the best advice we can offer you is to put your home on the market now. Many sellers are choosing buyers with sales already agreed.
Some people are opting to sell their home first ensuring they generate the best possible price enabling them to be ready to move fast when the right home comes up.
“Generally speaking, potential sellers tend to be reluctant to list their homes before they have found somewhere to buy, but realistically, securing that property is almost impossible unless you already have a buyer of your own lined up”
“More sellers need to allow their agent to find buyers for them on a subject to contract, no sale no fee basis, which in turn will increase the volume of property on the market to everyone’s advantage”
2. Get a mortgage in principle if you’re a first-time buyer
If you’re looking to buy a first home, but you haven’t got a mortgage agreed in principle yet, you’ll save valuable time by starting this process now. The first two things we will ask of any buyer is to provide confirmation from a lender that you are able to apply for a mortgage to cover the cost of the property, and proof of funds to pay the deposit.
“With so much competition, sellers can easily discount those who aren’t in the most powerful position to proceed on a purchase. It is imperative that buyers have their finances lined up before making an offer,”
3. If you’re a cash buyer, then let the agent know
Cash buyers who don’t need to sell a property in order to buy will be attractive to vendors, so make sure the agent is aware, that you are ready to act fast.
Early signs of more sellers coming to market
The good news, as we enter the new year, is that there should be some fresh property choice coming to market in 2022.
In fact, in December we saw property valuations jump by 19% compared to this time a year ago, which is a strong sign that previously hesitant sellers are now looking to make a move.