How to be a power buyer
Demand for property is reaching record highs every month, vastly outweighing the amount of supply nationwide. It is more important than ever to make yourself noticed by sellers if you want to get the keys to your dream property. Here’s how.
How To Stand Out From The Crowd
The UK property market favours sellers right now, with inflated prices and multiple bidders for every property that comes to market. Historically, you may have been able to enter negotiations with a low offer, but not now. If you do that, sellers won’t look twice. It is therefore crucial to open with a solid bid to grab their attention and make it known that you mean business and won’t waste their time.
Getting your Mortgage In Principle (MIP) sorted is also important. Knowing what your budget and affordability is, what brokers may potentially lend you, and having your deposit at the ready will make it far easier for agents to put an offer forward with aplomb. Other buyers will have their MIP prepared, so you need to have yours ready to go, too.
List Your Own Property Before Looking To Buy
Because the market is so competitive, chances are most people get their current property listed before looking to buy, in order to speed up the buying process. Estate agents have a responsibility to their selling customers to be fully transparent with all offers in order to provide the best advice possible. Therefore, if two similar offers come in but only buyer one has listed their property, you can be sure that the buyer who has listed their home will have their offer accepted. The further down the line you are with your property journey, the further the seller is with theirs.
As a buyer, the dream scenario would be to have no chain – meaning you don’t have a property to sell. This is an idyllic view for homeowners, but is a shoe-in for tenants with just a couple of months left on their contract. A guaranteed signing date is very attractive to sellers simply because it is a rare occurrence. If you do own a home, agreeing the sale of your own home before making an offer for the new place means the process is already half done, although that’s a risky game to play.
Another brilliant position to be in is to be a cash buyer. It means that you don’t need to consult mortgage advisors and, because you have the money readily available, buyers won’t hesitate to accept your offer – even it’s a few thousand pounds less than the biggest they’re received – because there’s far less risk of the deal falling through. The same goes for if you have no chain.
What Will The Market Look Like In 2023?
The property market has been unpredictable for months, with the first price drops coming after months of consecutive rises. Demand, though, remains sky high and there are still not enough properties on the market to match it in many areas of the country, so we will likely have to wait for winter to arrive before there’s a realistic chance of prices falling nationwide.
Looking to sell or buy a property in Brighton or Hove? Contact your local branch via our homepage and learn how we can make your property journey as swift and stress-free as possible today!