SPRING does see an upswing in sales.
But if you really look at why, it has little to do with the romantic notion that the new life of spring infects buyers and they unwittingly pay through the nose for any available property.
Key activities fuel this surge in sales.
The best place to start is the end – Christmas. Buyers generally want to be in and settled before Christmas. This means a purchase no later than November. That psychological deadline sees a rise in sales. That rise in sales has historically given owners confidence in the seasonal spring market, which prompts them to list their home for sale, so hence you see an uplift in properties listed.
Finally, the buyers who have been unsuccessful through winter, with less available properties, are now educated and cashed up with that money burning a hole in their pocket.
This pent up buyer demand all occurs as that fresh wave of properties start to fill the on line portals and decorate metropolitan newspapers causing this perfect property storm.
To take advantage of the spring market here are a couple of tips to ensure your offer is taken seriously.
Get pre-approved finance. In the industry if your finance is pre-approved and your offer is not ‘subject to finance’ we call that a ‘cash contract’ and Aussies always take less for cash!
Pre-register as a bidder for any auction you have an interest on. Spring is renowned for properties selling prior to auction and buyers missing out. If you are pre-approved you have secured your seat at the negotiating table and agents should inform you if an offer is going to stop the auction.
Negotiate terms. If you can’t pay a 10 per cent deposit or settle in 30 days, then tell your agent the deposit and settlement you need. In most cases owners are flexible.
Put in offers. The only risk you run putting in an offer is the risk it gets accepted. So if you like it, make an offer and insist it goes on a full contract.
Lastly, bid at auctions. If you want to buy a property at auction you need to bid. Waiting for it to go ‘on the market’ can be costly. Many owners will consider lowering their reserve if bidding falls short of their expectation. But without a bid to lower it too, they have little option but to pass it in.
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