Purchasing Property in a Hot Market

Purchasing Property in a Hot Market - blog by Real Estate Buyer Services. Image of a rotunda deck at night.

Property is Being Snapped Up Fast!

If you have recently been looking for a property to purchase in South East Queensland, you will know it’s a hot market and there are not a lot of properties available on the market right now.

Agents at property open homes have been receiving multiple offers, and only one buyer can win. This has caused a bidding war between buyers and therefore increasing the sale prices and values of the homes surrounding them.

Rentals have also become scarce, and some sellers are worried they will not be able to find another home or rental if they sell.

This is then contributing to the lack of available properties to purchase.

Should You Sell First OR Buy Before You Sell?

One way sellers have been using this to their best advantage is to only sign a purchase contract with a buyer if there will be a long settlement period. E.g., 60 or 90 Days, which helps them have extra time to purchase.

The problem with this for buyers is that if the property is sold subject to conditions such as finance approval, which is currently taking up to 21 days, there is no sold sign on the property, and buyers are frustrated when finding out that it is currently under contract.

5 Ways You Can Buy Faster in a Hot Property Market

  1. Talk to Agents in the area to see what is about to come to the market.
  2. Check realestate.com.au and www.domain.com.au on a daily basis for new properties.
  3. Drive around neighbourhoods that you like and see if there are any skip bins or obvious renovations happening as they may be preparing for sale.
  4. Talk to Property Managers to see if any landlords want to sell.
  5. Talk to a Buyer’s Agent, who can find a property on your behalf. They are out looking at properties on a daily basis, keeping an eye on all properties coming to market and also have relationships with selling agents that let them know when off-market properties are available. This gives them the edge to purchase faster before the prices rise.

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