Buying a home can be a very daunting process and it’s likely to be the most expensive and emotional purchase of your life. And as anyone who has bought more than one will tell you – it doesn’t get any easier the second time around! But careful planning and preparation will help you get the keys to your dream home.
Wetherill Park real estate agent Graham Ball, Principal of Graham Ball Estate Agents, powered by Ozway Realty, shared the first three of his top tips in previous articles: Pick the right suburb, Choose your location carefully and Pick your timing. Here is Graham’s next tip for buying a property.
Graham’s top tip #4. Get in first.
Graham pointed out in tip number three that it’s important to keep a close eye on market trends and moves in interest rates. This will help you pick the right time to enter the property market and potentially pick up a bargain, or, at the very least, find a vendor that is open to negotiation.
“Some of the more obvious signs that the market is starting to move in favour of buyers are a decline in average house prices, the length of time properties are on the market before selling and auction clearance rates,” he says.
“These figures are well reported in the media, making it easier for buyers to understand where in the property cycle we are and position themselves to take advantage of it.”
Graham says according to property information company CoreLogic, average house prices in Sydney reversed in May for the first time in 18 months. Figures also show that houses are starting to take longer to sell and auction clearance rates have dropped to the low seventies.
“This cooling off puts buyers in a stronger position,” says Graham, “so it’s important to start readying yourself to take action if you want to secure your ideal property.”
To be able to get in first it’s important to have done your research (see tips #1-3), contacted your bank to evaluate your financial position, including potentially arrange mortgage pre-approval, and also made sure that your real estate agent knows you’re in the market and are considering buying.
“It’s essential to make sure you have a reputable real estate agent on your side, who knows what you’re looking for so they can act quickly when the right home pops up,” says Graham. “In a property market that’s starting to move towards favouring buyers, a good agent will often know when your ideal home is coming on the market before it’s even listed. That’s the kind of advantage you need.”
Graham has lived and worked in the Wetherill Park area for many years and can recommend his suburb. According to the realestate.com.au website, it is a ‘high demand’ suburb – attracting 1,495 visits per property versus the NSW average of just 790.
“While this still competitive market makes it a bit tougher if you’re buying, there are still plenty of good properties available,” says Graham. “You just need to make sure you’re ready and are in touch with a real estate agent that has their finger on the pulse, so you can act quickly when the right home comes on to the market.”
Graham and business Director, Rivan Bahno, have a great reputation in Wetherill Park and surrounding Western Sydney suburbs, with many repeat customers. They present houses for sale and also offer rental properties.
Graham will be sharing hit top tip #5 shortly – come back soon to check in.
For anybody looking to buy or sell real estate in Wetherill Park or Fairfield, get in touch with Graham, Director Rivan Bahno, or any of the team. Their office is at Suite 1, 1183 The Horsley Drive, Wetherill Park. Or you can call them on +61 2 9609 1177 or visit their website www.ozwayrealty.com.au/offices/wetherill-park