Tips for Home Buying During The Spring Frenzy
The normal spring home buying season in Australia kicks off at the very first cherry blossom in September and the frenzy finally winds down around Christmas.
The traditional boom has been witnessed year upon year. “Spring is traditionally a peak period of sales activity in the property market. Warmer, lighter days encourage buyers and sellers out of hibernation, and it’s typically when we see new and exciting projects launched to the market,” says Rachel Hutson, Associate Director, Colliers Residential, QLD.
Who are you competing with at the next property inspection or Open Day? Shane Radnell, Director, Colliers Residential ACT, believes it more likely other homebuyers over investors.
“Investors are driven primarily by the opportunity and the numbers which surround it. While first homebuyers, upgraders and downsizers will be more prevalent through the spring period”, says Radnell.
Competing in the Spring Home Buying Market
If you're like most people and try to buy a home in September, you'll have to be ready to jump on the home you want. Don't be indecisive. Don't try to sleep on it. When you find it, make an offer.
Here are other tips to help you to win that offer:
- Get pre-approved by a local lender. It could be a local bank or a local mortgage broker, but don't try to compete with an online lender approval letter or an out-of-area mortgage lender letter. Offers that contain a local lender's pre-approval letter will probably get preference.
- Focus on the house, not the owner. Don't get all hung up on whether the home is a foreclosure, a short sale or owned by a traditional seller. Concentrate on location, location, location, and look for homes that meet your basic requirements.
- Hire a neighbourhood specialist. All real estate is local. A real estate agent who specialises in the area where you want to buy will be a wealth of information for you. Not to mention, that agent will probably be well known and respected among the area specialist listing agents. Working with an agent that other agents like and respect is a plus for you!
Downsizers Take Note
A new term is on the market that applies to downsizing couples – ‘Rightsizing’.
“Rightsizing regards the dwelling size and reducing the number of household possessions”, says David Chittenden, Director of Colliers Residential, Sydney.
“The most important tip is to find a blend of the wants of today and the necessities of tomorrow, so the right home to suits these immediate needs within a location they are familiar with but also for the next 10 – 20 years where accessibility to healthcare, convenient retail, amenities and public transport are critical as people get older”, adds Chittenden.
Another tip by Dane Crawford, Director, Colliers Residential, Newcastle for downsizing buyers is to “try not to get too caught up on the actual size of the apartment. You do not need as much space as you think. Pick lifestyle as your priority.”
Is it still about Location, Location, Location?
Finding the right property in the area you desire and/or you’re familiar still trumps all real estate factors.
“But there is a whole lot more questions a buyer needs to answer for themselves before they make the purchase”, warns Mark MacKenzie, Associate Director, Colliers Residential, NSW.
“Don’t forget to ask about the developer, what built materials are used, what the strata fees are, plus learn more about the local schools, amenities and transport hubs,” advises MacKenzie.
Rest assured with these hot tips in your bag, you are set to find your dream home this spring. View the latest new off the plan developments on the Spring Market HERE.