With all the doom and gloom in the media, you could be forgiven for thinking you should avoid doing anything in the property market right now. But now is a great time for buyers to get into the market.
Here’s why:
- Prices have fallen
After more than five years of constant price growth, property is becoming affordable again. Prices are now significantly off their peaks meaning there is some good buying to be had in highly desirable suburbs.
- There are not many other buyers about
This is great news because it means you have choice and can take your time. Competition for properties is low. You’ll have time to do due diligence and get inspections on properties to ensure you feel confident when you make your offer.
- Sellers are anxious
Time on market is starting to rise as properties fail to sell and discounting is increasing. This can create a sense of desperation in some sellers and lead to even further price drops, or a willingness to negotiate to get a sale.
- Buyer service improves
With fewer buyers in the market, the service that agents can offer you is greater. You’ll find most agents very attentive to your needs and keen to show you what they have on offer – compared to past years when they were likely run off their feet.
- It’s when investors typically act
Successful investors typically come into a market at times like now because they know the buying is good. This can fundamentally change the quality of their investment for the better. It pays to follow the smart money.