How to Buy a Home in the Current Market

With the low level of stock on in the Perth property market and the number of buyers looking to secure a home, the quest to buy a home at the moment can feel daunting. That’s why if you’re looking to buy, you want to put yourself in the best position possible so that you can secure the home you love! So, when you do find that perfect property, how do you ensure your offer stands out in a sea of equally passionate buyers? Arming yourself with thorough preparation and a well-defined strategy is paramount. Here are the four main steps you need to take to secure your dream home in today's competitive market.

1. Get Your Ducks in a Row

Before you even begin your home search, you need to know where you stand financially. Schedule an appointment with your bank or mortgage broker to gain a clear understanding of your budget. Ask the pivotal questions:

  • How much can I borrow?
  • What's the interest rate?

If your offer is going to be subject to finance, securing pre-approved finance not only gives you peace of mind, but it also places you in an advantageous position against other potential buyers. Sellers are more likely to favour buyers who have their finances sorted, as it implies seriousness and a swift transaction.

2. Don’t Blow the Budget

In a market with limited stock, it's not uncommon to encounter multiple offer situations. It’s easy to get carried away with emotion when you’re in competition with other people. But as exhilarating as bidding wars can be, don’t forget to remember your initial budget. Stay grounded, keep your emotions in check, and always circle back to that initial budget that you set.

3. Put Your Best Foot Forward

Gone are the days where a low initial offer might get you a steal. It’s a seller’s market at the moment so it’s important to make an impression from the get-go. Sellers receive multiple offers, many of which might be above the asking price. It's no longer just about the money, but about showing sellers that you are serious, committed, and not here to waste their time. A strong, reasonable starting offer could mean the difference between securing the home and going back to the drawing board.

4. Keep It Simple

When crafting your offer, simplicity is key. If sellers have a number of offers to choose from they are going to choose the one that not only is the best price, but also is the easiest to deal with. While it might be tempting to add conditions, remember that the more straightforward your conditions, the more appealing it will be to sellers. If sellers are weighing similar offers, they are likely to lean towards the one that promises a hassle-free transaction.

Buying a home at the moment can seem challenging, but with preparation, clarity, and strategy, it's possible to navigate it successfully. Stick to your budget, make informed decisions, and always put your best foot forward. Before you know it, you'll be holding the keys to your new home!

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