How to Successfully Navigate the Current Market

 

by Katherine Skinner (Director, NPB South Australia)

 

The Adelaide property market is hot, with recent auction results “through the roof”. It’s a market that can be very difficult for the average buyer to navigate on their own.

“It is definitely not for the faint hearted out there at the moment, and you have to be on your game”

Competition between buyers is fierce, with many properties selling extremely fast – even prior to any open for inspections taking place.

Here are Katherine’s top tips for navigating the current market:

 

1. Know Your Budget.

Concentrate on property that falls well within your budget, rather than at the very top end of your max budget.

Put all of your time and efforts into property that is realistically within your reach – there’s simply no time to procrastinate or get sidetracked in this current market.

 

2. Do As Much Research As Possible.

Time is of the essence, so do as much of the property research and preparation as you can, in advance.

You can leapfrog other potential buyers by looking at street views, studying floor plans, checking recent sales and driving by the property at different times of the day. Carrying out these tasks will help you to reach an informed, and quick decision.

 

3. Be Prepared To Act Fast.

Many of the buyers you will be competing against are prepared and ready to act fast, so you need to be as well. There won’t be much time to consider your options post inspection.

 

4. Speak With The Agent About What The Vendor Is Chasing In Terms Of An Offer.

Do your best to find out what the property’s vendor could be motivated by. For example, would they like to rent the property back from you, or would they appreciate a fast settlement?

Trying to understand these drivers could make all the difference when the vendor is weighing up your offer against another buyer.

 

5. Accept That The Market Has Changed.

You may need to reassess your budget or what you can reasonably expect to purchase within your current budget.

The property market has moved quickly and you’ll need to adjust accordingly. Be flexible and continue to press on regardless of how many properties you miss out on.

 

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