First Home Buyers – What To Know And When To Buy
At the moment, we are in a buyers’ market. For all those first home buyers out there, now is the time to get cracking, because we don’t know how long this window of opportunity will last.
What is a buyer’s agent?
Unlike a sales agent, who works on behalf of the seller to get the highest price, a buyer’s agent represents the buyer. It is their job to get the lowest price possible during the time of purchase, as well as negotiate the best terms for the buyer.
Why should you buy now?
A buyer’s market is the ideal time to buy. This is because there are plenty of properties for sale but not as many people buying them.
It is much easier to negotiate a good price during this sort of market because sellers become desperate to sell after their property has sat on the market for a while.
How long will this last?
We don’t know how long this sort of market will last. It could only be 12 to 18 months before prices start to pick up once more.
It sure beats a sellers’ market.
This has been the first time we have had a buyers’ market over the last 7 or 8 years. During this period it was extremely difficult to get a good price on purchases – even for Nathan. Now, he has agents calling him to try and offload properties because they aren’t selling.
How can you make a start?
Before you rush out to inspect properties, make sure you do some research first. Decide what you want to get out of your home purchase and consider ways that a PPOR could help you get ahead financially. Next, devise a plan and build a good team of professionals around you. A good buyer’s agent can help you find the best property for this stage of your journey so you can secure your dream home when you are better set up.
Have you seen prices drop in your neighbourhood? Please share your experiences in the comments section below.