Was 2022 the year you almost got there?
We see it a lot, people want to upgrade their home, downsize or buy their first place but find it difficult to make a decision. As a result, good opportunities pass them by.
If this sounds like you, here are a few tips to help you make a move (literally and figuratively) in the New Year.
Give yourself a time frame for buying a home and let your real estate agent know the deadline you have in mind. If you have your financial ducks in a row and get pre-approval, your time to take action will be limited anyway.
The finance broker we recommend is Paul Hixon, he can connect couples and individuals with the right loan solution for their circumstances.
If you do need to reset your goal date it is entirely possible but for some reason having your sights set on a date has a way of helping things to work out.
Create a list outlining your must have, could have, should have and won’t have for your ideal property. Talk it through with your partner to make sure you are on the same page. Make some decisions upfront about what you are willing to compromise on and what is a non negotiable, such as undercover parking, a guest bedroom or a swimming pool.
When you are clear on your brief, you will find it easier to make a shortlist. You can share it with your agent and discuss your budget. They will let you know if you are being realistic with your expectations, if you are going to need more money or if you need to let some of your must-haves go in order to secure a home.
It can also help to reach out to multiple real estate agents and talk to them about potential off-market sales. This will get you in the door ahead of home buyers who stick to property listing websites and don’t build relationships with agents.
Everyone wants to grab a bargain but some people get so caught up with negotiating, they miss out on securing a home. Yes, there are cheap properties to be had but do you really want to be weighed down with renovations and repairs? These can add to the overall cost of your home, not to mention your stress levels.
Consider this: if you made a purchase in a suburb close to the Brisbane CBD at the start of 2022, you would have made an average of at least 9% profit on the property. Unlike many other capital cities in Australia, Brisbane performed extremely well during 2022, bucking the trend of a downturn. As shared by Domain, values in Brisbane’s east grew by 9.9% year on year, while the western suburbs saw a rise of 14.8%. If you have been procrastinating, it’s likely you have lost out on profits, particularly if you are an investor.
With the above being said, you still need to do your market research and ensure you’re not spending too much over market prices. Try to get an idea of what homes are selling for based on their location, features and size, and don’t bid too far over price simply to secure a home. Your decision needs to be based on numbers above emotions (unless you have unlimited funds).
Don’t be shy about bidding at auction or putting in an offer just to see what will happen. Many people have managed to secure their dream home this way. Being proactive and communicating with lots of different people is a great way to open doors.
Make 2023 the year you find your dream home. Talk to our team today.
I hope you enjoy the read.