Tips For Buyers In A Hot Market

The real estate market is really hot right now. Agents who have been in the industry for decades have never seen conditions like this. It's not uncommon to have 50 buyers looking through one open home. This is making competition extremely tough, pushing prices through the roof!

As a buyer right now, you might be struggling to find something affordable, find a suitable property with the lack of supply or to secure a property. So here are some tips to help you with your property search in the current conditions:

1. Confidence is key

If you're walking through the open home and you have a feeling this could be the one, let agent know that you like the property and that you're pre-approved. There's no harm in telling them and that's what will keep them inclined to stay in contact with you.

When registering and bidding at an auction, stay firm and confident. Know your limit, bid up to that and then stop.

2. Poker face

Don't let the Agent know that you have an emotional connection with the home. I know it's hard! But Agents know the emotional buyer will often pay more and they'll play on that. Also never tell the agent how much you can spend.

3. Know your resources

I'm sure you already are, but in these conditions, you probably need to be looking at real estate portals at least once a day! Realestate.com and domain.com are the most popular.

Other recourses include agents and agency social media pages. Follow them all by name! They're constantly dropping sneak peaks and off-market properties that get snatched up before they hit the internet. Don't worry, you can unfollow them once you find a property.

Signing up to newsletters and email campaigns can also be of benefit (again, just unsubscribe afterwards).

4. Be front of mind

Agents are busy people, especially right now. If they're good at their job, they won't miss an enquiry. But so that you're not getting lost in all the other hundreds of enquiries they're receiving, give yourself the best chance. Instead of only filling out the enquiry form online, pick up the phone and have a meaningful conversation with them, speak face to face at the open home, send them an email with all your credentials and the property features you're looking for. You need to be in their face a bit during times like these and Agents love a keen buyer!

Hang in there. Times are tough! But you'll find something. Just make sure you're on the ball yourself, do your research and be prepared.

Get in contact if you have any questions for us at all and stay tuned for our February Market Update!

Image via @realty_blue