With the real estate sector realigning itself to more usual behaviour after the amazing double-digit growth trends of the past two years, the savvy buyers who’ve stayed in the market are scouring listings and quizzing agents for bargains.
And while buyers might not be displaying the exuberance of the past two years, plenty are seeking quality properties locally.
We’ve put together some ideal approaches to help you uncover great value homes.
Talk to agents
Don’t rely on property listing websites as your only window on the real estate market. You’ll get better information by discussing your needs with a local agent. The good ones will know every property for sale in the area. Ask them what’s coming on to the market and if any “off-market” properties are available.
The languishers
Every area has houses and apartments that have been on the market for more than 30 to 60 days. Sometimes, the owner will want a price the market isn’t prepared to meet, but that’s not always the case. If a seller is becoming anxious, you could land yourself a great opportunity.
Homes to rule out
Brand new apartments and houses are rarely discounted because the developer needs to make their margin. The same principle applies to owners who have poured cash into major renovations. They’ll want to get their money back, too, and that makes negotiating difficult.
TLC watch
Homes that need some renovation are great targets. A property with a 1970s kitchen or tired-looking bathroom can sell for tens of thousands of dollars less than a similar home with modern décor.
Smart negotiation
The highest bid doesn’t always win. Sometimes, you can offer a little less money but be flexible on settlement dates, for example. Some sellers like to have extra time to search for their next property. If you can accommodate them, you’ll relieve a lot of their stress, and that has value.
First-time buyers
While it’s great to break into the market with a bargain, you’ll also find financial benefits by applying for all the available state and federal government grants for first-home buyers. If you nail both these facets of a purchase, you’ll be way ahead.