As our lives start the return to ‘normal’, Australian’s are turning to the property market to invest, upgrade/downgrade their existing homes or buy their first home. This has also been fuelled by the easing of lending standards, historically low interest rates and government incentives currently on offer like HomeBuilder and the First Home Loan Deposit Scheme.
However, as a property buyer how do you know if now is the right time to buy?
Unless you are actively involved in the real estate market or are keeping on top of every suburb report profile provided in your area, it’s hard to know everything that is going on in your local market.
This is where using a Buyer’s Agent can assist.
We recently spoke to Marcus Feasey, Buyer’s Agent of Purple Avenue who explained some of the benefits when using a Buyer’s Agent to buy your next home.
“A buyer’s agent has their finger on the pulse when it comes to the property market and are across the type of offer you’ll need to make to get the home you want. This is generally more than just the purchase price and they will consider all of the terms, special conditions and dates” he said.
“Knowing a realistic purchase price is important, but knowing how to position terms, special conditions and timeframes in a contract negotiation can often make the difference between securing a property or not.”
“Regardless if you’re an owner occupier or investor, we do all the leg work for researching and shortlisting potential properties, arranging inspections together with saving you valuable time and providing you with the peace of mind of having a professional at your side at all times. We can even bid at an auction on your behalf and look after all the negotiations with the agent and the vendor.”
“While there are costs involved in engaging with a buyer’s agent you are paying for the agent to act on your behalf and in your best interests and NOT the sellers as that is the listing agents role. “
“Buyer’s agents take the time and stress out of the entire process and are experienced in the negotiation aspects of purchasing property. They ensure that you aren’t paying a premium as a result of any emotional attachments you might have already formed.”
Troy McLachlan, director of 8 Collective Finance also made comment from a finance aspect of the buying process.
“It can be quite common that we see buyers who are pre-approved for finance and are spending every weekend and night researching property and are unable to find a suitable property. The process then will start to stress out even the most experienced buyer and can be an overwhelming experience.”
“Many buyers then decide to put their plans on hold or purchase a property that is actually not what they were originally looking for. However, the lack of action or poor decision when purchasing a property can have a very long lasting and negative affect on both the stress levels and missing out on future price growth opportunities.”
Using a finance broker, like 8 Collective combined with the services of a Buyer’s Agent can get you into your property sooner rather than later.
Case Study Example:
Jane & Mike are first home buyers who have been pre-approved for a home purchase of $650,000. They are located on the Gold Coast and have been struggling to find their ‘perfect home’ due to how competitive the market is and the continuing rise of house prices in the area they want to live. They were feeling overwhelmed with the decision to buy and didn’t want to ‘miss the boat’.
We put Jane & Mike in touch with a local Buyer’s Agent who set up the initial consultation to get an idea on their budget and the type of home they were looking for.
The cost to engage with the buyer’s agent was approximately $10,000.
Within 2 weeks, the buyer’s agent found an ‘off the market’ property in a high growth area on the Gold Coast with a price of $675,000. Whilst this was slightly out of the customer’s price range, the seller was looking for an off-market sale, this meant that there were less buyers competing for the same property. With that in mind the buyer’s agent was able to work in the client’s best interest and negotiate the listing price down to $645,000 effectively saving them $30,000 in the long run, the saving on their purchase price and the time (and stress) they saved far outweighed the initial agent’s fee they had to pay. Plus they were able to get into their home in time for Christmas!
If you’re looking to take advantage of the current opportunities in the property market and would like to arrange a finance pre-approval, or perhaps you’re feeling overwhelmed by the whole property buying process in general, book in an obligation free chat with our team today.
We have access to a panel of 40 lenders Australia wide and a team of Buyer’s Agents who can help you find the right property at the right price.