4 Tips to buy when the market is hot property

There’s an art to knowing the exact conditions to buy, sell or advertise your rental property.

It seems as though you could blink and miss a bargain purchase price or an impressive sale price.

However, there are some sound considerations to make when buying in a market that is essentially in itself, ‘hot property,’ to ensure you’re not losing out in any way, shape or form.

Want to know the tips and tricks on how to buy in a hot market?

Find out with Perth real estate agency, Thought Leaders, down below.

1.   Communicate your interest to the agent

Picture this – you attend a home open and it’s love at first sight. You’re not just looking at the property with rose-coloured glasses, because it ticks all of your needs, wants and requirements – from the location, number of bedrooms, fixtures, additions, etc. too.

Now imagine there are other people at the home open, and you walk out of your dream property without so much as telling the agent that you’re exceptionally interested.

What should you do instead? Speak to the agent and let them know of your interest and that you’re keen to make an offer.

Why? The agent may, without giving the finer details, inform you of any other interest and recommend you put in your offer as soon as possible.

Dilly-dallying has no place in a hot market.

2.   Ready your offer

A hot market is a seller’s market. This means it’s not uncommon for multiple offers for the one property (your dream property) to be presented.

So, make sure you put your best price forward as the opportunity to increase or negotiate with the seller may not be possible, as you don’t know the other potential buyer’s offers.

3.   Keep it simple with a strong deposit

Keep your offer clean, clear and simple by avoiding any special conditions.

Also, a good strong deposit may help put you in front of other offers.

Remember that a deposit payable is different to a loan deposit. While not everyone has the edge of putting in a cash offer – a good and reliable deposit and credit history will suffice in most cases.

4.   Time is not on your side

Time is of the essence when you find your dream property, prepare and make your offer.

The longer it takes to put your offer in or counteroffer when there is considerable other interest (and in a hot market like right now, there no doubt will be), the more opportunity it is for other offers to sneak in.

Seek assistance with the Thought Leaders in Real Estate

Thought Leaders Real Estate is here to provide Perth property market insights and solutions for the keen buyer, seller and renter.

Don’t be put off when the market is hot property – follow the above tips to put yourself in the best position possible.

See what’s possible in making your property dreams a reality with Thought Leader’s buying, selling and property management services.

Looking to buy, sell or rent in Perth?

Contact Thought Leaders Real Estate today to help you on your dream property search or assist with professional property management.