It is no secret to say that the current housing market is a seller’s market.
With buyer demand almost double the levels it was at in 2019 and the highest average price of property coming to market since records began, buyers are in intense competition to get the property they want.
This has seen the rise of the “power buyer”, a buyer who is in a strong position to buy and buy immediately, that are beginning to dominate negotiations.
Here are some top tips to get the house of your dreams.
Get An Agreement In Principle As Early As Possible
Whilst it is sensible advice regardless to have a deposit payment and mortgage agreement in principle negotiated as soon as possible to know your position in the market, it has become almost a necessity to compete with people who have money in the bank or are first-time buyers.
Complexities and delays can torpedo sales, so try to have all of your paperwork and agreements ready as soon as possible.
Sell Before You Buy
Right now, the word “chain” is a dirty word to sellers. Property chains can be exceptionally long, complex and a problem or delay much further down the line can stop a sale at any point before the exchange of contracts.
Ideally, sell your current home before buying your next, as it gives you far more leverage to buy immediately.
Ask Seller To Remove Property From The Market
The worst possible outcome for a buyer is “gazumping”, where an offer is agreed in principle but is then rejected in favour of a higher offer from another buyer.
What you can do is make your offer conditional to the home being removed from the market, which stops someone from snatching away your dream home at the 11th hour.