Lost out on buying a home? Here’s how to beat the competition next time.

It’s undoubtedly a sellers’ market. 

We’ve seen stock reduce by 60 per cent in inner-city Brisbane. Equally, enquiry volume is up 60 per cent. There’s a soaring demand for properties in this market, so how do you beat out the competition when it comes to purchasing the home of your dreams?

1. Make sure your finances are in order. Don’t head into a negotiation with a finance clause, as you risk losing out to a buyer armed with an unconditional offer. 
2. Source full legal advice, and brief the contract thoroughly to be ready to make a fast offer. 
3. Don’t sit on the decision over the weekend, as properties are selling within 24-48 hours in some cases.
4. Do your market research. Trawl the likes of REA and Domain websites, and other online portals to be across what properties have sold and for how much. Set up alerts.
5. Form relationships with local agents, so they’re aware of your property criteria.
6. Be direct and limit emotions.
7. If the property is going to be auctioned, make the agent very much aware that you are an interested party. Some agents will sell a property without speaking with all possible buyers.

In today’s highly competitive market, having all of the above in place before purchasing will give you a distinct advantage when securing a property.

I hope you enjoy the read.

Matt Lancashire