Top five tips for buying in a seller’s property market

In today’s challenging property market, you need to find a way to edge out the competition. Buyer’s agent Dan Grantham explains how.

A shortage of listings and plenty of motivated competition means homebuyers may be up against it this spring. We spoke to buyer’s agent Dan Grantham to get his best five tips on how to give yourself the best chance.

1. Have your finance ready to go

Get a pre-approval for finance in place so you have certainty on your budget and can move quickly and with confidence on a property. If there are several buyers in the mix at a similar price point, a vendor and their agent will be more likely to choose the buyer who is finance-ready than one who says they are good to go, but may have finance fall through between purchase and settlement.

Get a pre-approval for finance in place so you have certainty on your budget and can move quickly and with confidence on a property.

2. Be an agent’s friend

You will likely bump into the same agents repeatedly at local open inspections.

Stand out for the right reasons, by being polite, easy to deal with, keeping appointments and letting them know you’re a genuine buyer. Don’t waste their time requesting repeat appointments or cornering them with unnecessary questions.

The easier you are to deal with, the more likely they will deal with you.

3. Stop it going to auction

If you have found the right property, make your best offer before it goes to auction.

There’s no point making a low ball offer and waiting for a counter offer in a seller’s market. The agent won’t take you seriously. Many vendors would prefer to avoid the stress and uncertainty of an auction day and your best offer may convince them to sell prior.

4. Remove roadblocks

Agents love the path of least resistance.

If you have done your market research and have your building and pest inspector, plus solicitor ready to go, you can save time for all parties. If supremely confident, you can make an unconditional offer. Likewise, be flexible with settlement. Ask the vendors their ideal settlement period and do your best to meet it.

5. Don’t break your budget

You may have your heart set on a home, but if you break your budget, your dream home may well become a nightmare. One rate rise or dip in the market could put you under mortgage stress or at risk of a default. That’s no way to create a happy home. If you miss out, there may be a better home around the corner.