Our local property market in the Central Coast has experienced a lot of change since the top of the market. We are coming off the back of a hot sellers’ market and if not in a balanced market, in a buyers’ market.
Although the power is shifting to the buyer, it is still a time where many buyers are acting with caution, little motivation or intention and caught up in media headlines like ‘bursting property bubble’. This increases your buying opportunities as with less competition and buyers in the market, your chances of purchasing without competition are high.
Now is a great time to be a property buyer on the Central Coast!
As a property buyer in this cooling market, understand that thinking you hold all the power and being disrespectful to selling agents and vendors is not the answer. Nor is lowballing with insulting offers or placing offers on 3 properties and choosing will not help you achieve the best price.
These 4 buying tips will help you avoid this.
As a property buyer in the current cooling market, here are 4 buying tips to
help you achieve your property goals:
- Have a good understanding of recent comparable sales to the property you wish to purchase. Do your own research and do not rely on the local agents. Check the online portals like domain and realestate.com and ask the selling agents on their local results if sale results are not shown online. Make sure they are like for like, apples for apples. Similar bed, bath, car. Aspect, orientation, and street location. You get the gist.
- Keep up to date with current listings. Watching and following current listings will help you understand where the market is trending. Are price guides being reduced? How many days has the property been on the market? Have there been any offers? Where does the market see value? By doing this you are looking into the future and not the rear vision mirror. You are ahead of
the trend and will help you better understand market value in a cooling and declining market. - Place a fair and reasonable offer using information from above, alongside any works required to complete or problems the subject property may have to position your offer. If your offer is low, have a reason for it, position it based on fact. Facts of recent sales, where the market is trending, how much it might cost you to repair etc. Low ball offers with no reason or facts help no one. In some instances, the vendor and selling agent might not respond to anything you say and make it awfully hard for you to buy.
- Understand the vendors motivation and situation. This will help you when forming your negotiation strategy. Have they already purchased, do they have their eye on properties they would like to purchase, do they prefer an extended settlement? It is not all about price, never forget how important terms are to a negotiation.
Apply these buying tips to your local property search when looking to secure your next home purchase.
If you think you are under prepared or not well equipped a local buyer’s agent in the Central Coast can help you. A buyers agent works exclusively for a property buyer and their service is aimed at saving property buyers time, stress and money. A good buyers agent will also have other tips and trick and will take you on the journey with them, sharing their insights and strategic thinking for each property.
They will also have information about properties, the market and vendors general buyers are not aware of. They spend all day, everyday talking to agents, inspecting properties and learning about each vendor. Leverage this for the best property buying results on the Central Coast.
A good buyer’s agent will help you prevent making costly mistakes and they will do everything they can to ensure the dare plenty more tips and tricks you can be applying in your property journey. We are more than happy to chat about your situation and help you achieve your property goals.
If you are considering using an expert local buyers agent on the Central Coast, we would love to speak with you to see if we can help.
Are you considering selling your property and would like to learn more? Reach out here, we would love to chat with you.