It’s a seller’s market right now, and anyone wanting to buy a home has to be fast. It’s not easy to get to the front of the buyer’s queue in such a hot property market, but there are options. Many homes are bought and sold before they even get listed and hit the market. And even for those homes that are on the market, buyers need to make sure they’re an appealing option to sellers.
So whether you’re a first-time buyer or moving up the property ladder, being more of a desirable buyer is always the smart option. Here’s how you can stand out and get to the front of the buyer’s queue, however turbulent the property market is.
Property chains are always a source of worry for people selling a home. Property chains are when someone is selling a home and buying one simultaneously, so there is a chain of buyers and sellers all dependent on each other despite having nothing to do with each other’s sale or purchase. Property chains can lead to very slow sales, and if a buyer pulls out at the last minute, everyone on the chain will face delays.
You can avoid property chains by selling your home before you start the process of buying one. Of course, this isn’t an option for first-time buyers, and it may not be practical for everyone. But all sellers want their house sales to go quickly and smoothly, so if you’re not part of a chain, you will be a lot more appealing to those sellers. If it comes down to choosing between a buyer who’s part of a chain and one who isn’t, the chainless buyer will almost always be the preferred option.
To get to the front of the buyer’s queue, you need to show that you’re a serious buyer. One way to do this is to make sure that you organise your finances. Ensure that you have your mortgage agreement in principle (AIP) organised and confirmed as your first step. Many sellers won’t even consider a buyer if no AIP is in place. You can get your AIP from your mortgage provider or your mortgage broker.
You should also have taken the time to work out your budget based on the mortgage you’re likely to get approval for. If you try to work on rough guesses and estimates, you could end up looking at homes that are out of your price range. Sellers know this, and they’re wary of buyers who don’t have their finances organised. The more organised your finances and the documents that show they’re organised, the easier it will be to become the preferred buyer.
Sellers don’t want to hang about, especially if they are also buying and are desperate to move into their new home. Don’t be afraid to show how interested you are in the property, and be open to negotiating. Let the sellers know that you’re happy to work according to their timeline (much easier if you’re a first-time buyer or you’ve already sold your property).
You can also help the sellers out. If they want to get rid of any fixtures and fittings, offer to take on that responsibility. If they’re going to charge a little bit more than the property value to include the cost of the white goods, check your budget and respond accordingly. The goal is to make yourself more agreeable and flexible. The more excited you are about the property, the more likely that you’ll leap to the front of the buyer’s queue.
If you take the time to get to know your local estate agent (or in the area you want to move to), you’ll likely get a lot more help to secure a property. Remember that estate agents work on behalf of the seller, and they don’t get paid their commission until the property sells. So it’s in their interest to get the sale through quickly.
If you can convey to the estate agent how excited you are about a property, it’s likely the estate agent will let the sellers know of your interest. They might even put in a good word for you! Perhaps more importantly, a friendly estate agent might let you know when a new property is about to be listed so that you can have an early viewing and make an early offer. That can be a significant advantage and one of the most effective ways to get to the front of the buyer’s queue.
Are you ready to buy your first home, or are you looking to move up the property ladder to a larger home? Whatever your circumstances, the team at Lockings can help you. Our years of experience helping buyers and sellers transfer property ownership means we can work reliably on your behalf.
If you need any help with your property or a first-time buyer unsure about your next steps, get in touch with our friendly office team today. We’ll take some details and arrange a call back for a free, no-obligation chat to find out more about what you need. Once we know how best we can help you, we’ll connect you with one of our conveyancing experts. Let us help you make buying and selling easier than ever.