In areas like Frenchs Forest, Davidson and Beacon Hill, house prices are holding strong in spite of COVID-19. If you want to move into this area, you may find you have missed out on your dream home, your backup house and your plan C.
It can feel so frustrating to constantly visit open homes but never be the buyer. However, with a few tricks up your sleeve, you can come out on top, especially right now when a lot of buyers are holding back. Take a look at some helpful advice from your local property experts:
Get to know your agent
Many property buyers see real estate agents as the enemy. They attend open homes but avoid talking with the agent because they don’t want to be pushed into buying.
Remember, real estate agents need your help! They need to know your thoughts on the properties you inspect and why you would or wouldn’t put in an offer. This helps them determine a home’s true value.
Once an agent knows what you’re looking for, they will keep you in mind when new listings come to market. They may even be able to usher you in for an advance viewing or better yet, organise for you to put in an offer before a home is advertised. If the current owner wants a quick sale, everybody will win.
Agents are focused on matching the right people with the right property. We don’t want you to buy the wrong house but we will let you know when one comes along that ticks all your boxes.
Organise your finances early
If you have steady employment, now is a great time to have your finances ready and get loan pre-approval. Interest rates are at record lows and the banks are desperate for new customers.
Don’t start looking seriously for a home until you know you are ready to buy and have a clear idea of Frenchs Forest house prices. Without proper preparation and preapproval, you may find yourself tied up with brokers while other buyers put in confident offers.
Something to remember with pre approval is the expiry date or the conditions of approval. If you change jobs after gaining pre approval or if you start working for yourself, the bank’s offer may be withdrawn. Talk to your mortgage broker about what would affect your pre approval so you are aware.
Another tip when it comes to finance is to reduce your debt as much as possible. Clear out credit cards, overdue tax bills, personal loans or car loans and the bank should lend you more money. You may have to wait a couple of months before you start your property search, but you will be in a stronger position.
Know your budget
If you have done your financing early this shouldn’t be a problem but it is still worth mentioning, especially due to constantly changing Frenchs Forest house prices.
It is important that you are aware of exactly how much you want to or can spend. If you have a clear upper limit, you will not need to spend your time umming and ahhing over a higher-priced property.
Let each agent you meet know your top budget. That way they can be in touch when a suitable home becomes available. They also won’t reach out to you to recommend you inspect homes out of your price range.
Practice your bidding
Many Frenchs Forest house prices are determined at auction. However, this can be a very daunting experience, especially if it is your first time as a bidder.
To prepare yourself, attend a few auctions and get used to the way things are run. Read up on how to be the winning bidder, or ask someone to bid on your behalf so you don’t get flustered and overwhelmed on the day.
People like to do business with their friends. Make an effort to get to know and listen to your preferred real estate agents and your mortgage broker. This way, they can keep an ear to the ground on your behalf. They will be more motivated to share advice and help you get the result you’re after if they have a personal connection with you.
THINKING OF SELLING YOUR PROPERTY?
LIVE ON THE NORTHERN BEACHES?
Read our report on how to have a successful home sale, even within these unusual times of COVID-19.