Trying to buy a home but keep being beaten by other buyers? Find out how to turn things around.
The Australian property market remains highly competitive, with many homes attracting dozens of parties at open inspections. It is not uncommon for multiple buyers to put in offers, and this can be very frustrating when you’re in buying mode.
If you keep missing out, it may be because you’re missing a couple of important steps.
What’s stopping you from being the successful bidder?
When competition is high, you need to be prepared, flexible and able to act fast.
Buyers who fail to have their offers accepted:
- Don’t have finance ready
- Are shopping beyond their maximum price point
- Hesitate when it comes to signing a contract
- Can’t agree with their partner that this home is ‘the one’
- Step back and stop bidding too early, especially at auction
Another common buyer mistake is being shy and failing to connect with real estate agents when they visit open homes. If you don’t explain what you’re looking for, they can’t get in touch when the ideal place comes on the market.
Confidence and preparation can make all the difference.
How to make your next offer a success
- Start by having your budget clearly defined and your pre-approval in place. This shows sellers you are serious and ready to move forward, which can strengthen your position.
- Be clear on your non-negotiables and where you are willing to be flexible. This will help you and your partner make faster decisions and avoid second-guessing when it is time to act.
- Speed matters in a competitive market. If a property feels right, be prepared to submit an offer, sign a deposit and transfer your deposit quickly. If you don’t have the cash, explore a deposit bond.
- It is also important to understand that terms can be just as valuable as price. Discuss options such as settlement periods with the agent to make your offer more appealing to the seller.
- Finally, introduce yourself and build a relationship with local agents at every open home you attend. Let them know what’s on your wishlist so they can play matchmaker and even give you preview access to new listings.
The right strategy can put you ahead of the competition.
Ready to secure your next property? Contact your local Professionals agent to help you navigate the market with confidence.
