5 Tips for Property Buyers in a Sellers’ Market
As a company working with both sellers and buyers, we root for everyone to achieve their property goals. Unfortunately that is not always the case and as we are currently in a sellers’ market with low stock and many buyers keenly waiting for the right one to come along, we see many disappointed buyers missing out on properties they place offers.
That is why we have created a guide to help buyers be in the best possible position when it comes to putting an offer on the right house to give you the best chance of hearing the great news that your offer got accepted!
Constantly keep an eye on new listings
Because the available stock is at a record low, homes that come to the market generally create a buzz quickly which means you have to keep up to date as soon as property is listed. An easy thing to do is give us a call and register for our alerts. Give us a brief of what you are looking for in terms of number of bedrooms, budget preferences and location and you will receive an update every time a new property is listed within your requirements. Furthermore, you can subscribe to property portals to get updates as soon as property is listed, but it is a good idea to get in touch with us as sometimes we can be quick about contacting you when something new and of potential interest comes to the market.
Be quick to express interest
You have viewed a property and loved it? Do not delay in letting us know you are interested! Just give us a quick call and let us know of your interest – we will be able to make note of that and advise the seller a formal offer is coming.
Have a mortgage agreement in place
When it comes to sellers making a choice between similar offers, it is more likely they will accept a buyer with a mortgage agreement in place, as that offers a bit of extra security that the sale will not fall through because of financing issues. The better your finance position, the stronger the case in front of sellers
Have a solicitor in place
If you have decided to go ahead and place an offer on a property, you will need to have a solicitor in place who will be able to act on your behalf and place an offer for the said property. A good tip is that you should call us and express an interest, so we are aware a formal offer from the solicitor is due. Because the market moves so quickly, there is a danger a homeowner might make a decision before your offer is received simply because they are not aware they should expect it.
Keep close to the estate agents
We are in a good position to guide and advise – so it is essential you keep communicating with us. We seek for your feedback after every viewing and once you are in a position to make an offer can offer support. We communicate with everyone involved in the process so we can push the process along for a happy completion.
Last but not least, do not be disheartened. If you have lost out on a property, take it as a good opportunity to learn and take a positive view of it. We have seen hundreds if not thousands of instances when that happy home awaited just after the biggest hurdle.