As spring unfolds, the property market typically witnesses a surge in sales, and this trend seems poised to continue in 2023. In the first week of spring, more than 2,400 properties were slated to go under the hammer, marking a 13 percent increase compared to the same period in 2022. With property prices on the rise in recent months, it’s crucial to arm yourself with the skills of a seasoned negotiator if you’re in pursuit of a bargain this season. Here are our top tips to help you navigate the spring property market.
Tip 1: In-Depth Research
A comprehensive understanding of your local property market can be a game-changer. It puts you in a position of confidence when making offers or bids. Our array of detailed reports can provide invaluable insights. Whether you’re interested in specific suburb data or an estimated property valuation, our resources are at your disposal.
Hint: Utilise CoreLogic’s weekly Auction Market Previews; they are an invaluable tool for staying informed about timely market shifts.
Tip 2: Secure Your Financial Foundation
When the perfect property emerges, being financially prepared can be the key to success. Discuss pre-approval with us now. Pre-approval not only bolsters your confidence during price negotiations but also places you ahead of other buyers who may not have secured pre-approved finance.
Tip 3: Decode the Seller’s Motivation
Understanding why the seller is listing their property can provide you with a significant advantage during negotiations. What settlement terms and deposit requirements are most appealing to them?
Are they relocating for work, which might make a swift settlement attractive? Would they be open to adjusting the price for a more streamlined process? Sometimes, offering a slightly larger deposit can sweeten the deal. Engage with the real estate agent to glean these insights.
Tip 4: Prioritise Inspections
Never underestimate the importance of thorough building and pest inspections. These examinations can uncover potential issues with the property that could become pivotal during price discussions. If significant concerns arise, you may even use the inspection findings as leverage to negotiate a lower sale price.
Spring is a time of renewed opportunities in the property market, and with these tips in your arsenal, you’ll be better equipped to secure the perfect property at the right price. Happy house hunting!
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If you’re in the market for a property purchase, reach out to us to organise your finance pre-approval and set yourself up for a bargain this spring.