The Spring Market
Spring is seasonally a great time to look at buying a home with more properties coming onto the market, but with more buyers coming back too what can you do to stand out?
These are my top tips
It goes without saying from a Mortgage Broker, but get mortgage ready and understand your options. Your budget, deposit, your costs and get yourself an Agreement in Principle so you can demonstrate that you are good to go. If you have a property to sell get your current property valued early so your ducks are in a row.
Speed and agility as a buyer is everything at the moment. Register directly with the leading local estate agents in the area you are looking to buy. Set up a Rightmove alert for your location. Alerts will ping you the moment they go live online meaning you can book in immediately.
If you have a property to sell and you are unable to get yourself in a ‘No Chain’ position, i.e. to buy without first selling yours (or by going into rented) get yourself ‘Market Ready’ with your chosen estate agent. Having your brochure and listing ready to go you will save valuable time securing yourself a buyer and getting the property you want in time.
When you are ready to offer; put it in writing. Include what you love about the house, the location and what it means for you in terms of school catchment etc. Soft facts are great and enable the agent to have a longer conversation with their vendor about you. Include your solicitor details, your mortgage brokers details, proof of deposit and agreement in principle. This shows intent and professionalism.
The Best and Final could be a chapter in itself. With an abundance of multiple offers many properties are going to best and final offers. Remember not to get too excited and go too high, with transactions taking months to go through you have to remain happy with your offer price and if you are buying with a mortgage the lender will carry out their own valuation. That said, don’t hold anything back, regrets come from being outbid and knowing you would have paid more. Put your offer in writing, soft facts about why you want the house and bidding a slightly odd number can all help set your offer apart and pull focus to you. If you can be flexible with your timescales make this clear with your offer as this can make all the difference.
Offer high, quickly. A strong offer modestly over the asking price could be all it takes for the vendor to accept your offer and take their house off the market for you thus avoiding the scrap with best and final bids.
All that said don’t lose heart, the right property is out there. It may not be the first property but it will come.
