No one wants to pay more than the market value for a property, so how do you ensure you’re getting a good deal? Here are some tips.
Arm yourself with information
Knowledge is power, and when it comes to negotiating the sale price, the more you know about the market, the better.
The good news is you don’t need to spend countless hours searching the internet for information! Speak with your broker about a comprehensive property market report to make an informed purchase decision.
Property market reports
Property Valuation Report
If you have your eye on a particular property, this is the report you’ll want to get your hands on. A property valuation report will explain:
Great for those wanting to know more about a particular suburb, it includes:
Suburb Statistics Report
This gem offers an area profile of the suburb, plus:
Why now is a good time to buy
Australia’s property markets have held up relatively well against the challenges of COVID-19. In recent months, we’ve seen mild declines in dwelling values in some capital cities, but prices have increased elsewhere. It all comes down to finding the right property in the right location!
Regional Australia also appears to be performing well, with steady gains in home values. For those who like the idea of less congestion and typically lower price points, a tree-change or sea-change could be on the cards.
Lenders are competing fiercely for business and as a result, there are some competitive deals out there on interest rates. Another compelling reason why now could be a good time to buy.
If you’re considering a property purchase, be sure to get pre-approved on your finance sooner rather than later. Pre-approval is an indication from your lender that you qualify for a home loan up to a certain limit.
Having pre-approval puts you in a better position to negotiate on price. Why? For one, you’ll be confident about how much you can borrow. Two, you’ll know your ceiling price in advance. And three, it shows vendors you’re serious about buying.
With interest rates remaining low and prices becoming more affordable in certain markets, it could be a good time to buy! If you have your eye on a particular property or suburb, get in touch so we can assist you with information to help you make an informed decision. We’d love to hear from you!