How Can Buyers Gain an Edge in a Busy Market?
04 August 2022
While fierce competition and high bidding wars for properties continue, it’s no surprise that some buyers don’t know where to begin when looking for a home.
But how can buyers stand out in a competitive market? Director of ESPC member firm Hastings Legal, Ron Hastings, has given us his best tips on how to stand out from the competition.
Be aware of competitive viewings
Some selling agents are still following the house moving protocol that recommends buyers only view homes they are seriously considering putting an offer in for. For example, if you are looking to relocate, it makes sense to only travel to a viewing if you know you are very keen on buying the property.
Make a clean offer
Buyers who can make a clean offer – that’s not subject to a loan, survey or sale – have an advantage. You aren’t required to have the funds physically in the bank, they just need to be available for when the title is transferred, which is on the day you are handed the keys to your new home.
If you are a first-time buyer, many agents will ask you to have a mortgage agreement in principle before you can view, and buyers who have done their research and spoken to a financial adviser will be preferred.
It is the buyers that must convince sellers and their agents that they are a sound bet. I would recommend buyers have their ducks lined up with finances ready whether it be investments, a dependant sale or a mortgage. It’s also important to be clear on what final price you can offer, bear in mind that in a hot market the property is likely to go to a Closing Date.