A dynamic and quick-moving market like the one we’re now seeing means that the demand for homes surpasses the supply. In other words, it’s a seller’s market.
For sellers, this is fantastic news, since it indicates that your home is likely to get many bids on it. This will likely translate into either receiving the asking price or better.
“When you’re on a budget and can’t raise your offer price, what can you do to stick out from the crowd and get noticed?” asks Jamie Johnson, CEO of FJP Investment. “Think laterally and get creative.”
To enhance your chances of finding the right house, follow these straightforward tips:
1. First, Obtain an Offer if You’re Selling
Keep in mind, if you’re planning on selling your current house to help finance the purchase of your new one, that most agents will ask you, frequently at the time of scheduling a viewing, whether you have a property to sell.
Estate agent must ask this question since it helps them better evaluate your place in the market and, therefore, how far along you are in the process.
You may also be asked upfront if you have an offer on your house if the market is especially busy, and it’s essential to note that any bid you make on a property will be unlikely to be approved until you do.
Especially if you’ve got your eye on a property that you really want, you’ll be put in a difficult situation by this.
Think about what kind of buyer you’d like to attract to your house. Everyone wants someone who can show their seriousness, financial stability, and ability to deliver on their promises without letting the chain down.
2. Have a Mortgage in Principle (MIP) Ready to Go
Any buyer, whether a novice or an experienced pro, should have their Mortgage in Principle ready to present to the agent if asked. This goes a long way towards instilling confidence in the agent.
This is because it indicates that you’ve done your research; not only are you able to afford the property, but you’ve also undertaken the required measures to get the cash to pay for it, as well.
You’ll get a gold star from the agent if your finances are in line, which gives them confidence in you and that you’re serious and prepared to go forward. This will make a strong, favourable impression on the agent and stand you in good position with them.
Getting a Mortgage in Principle in place prior to you even started seeing properties is a fantastic way to impress any agents you speak to in the present seller’s market, when agents are frequently forced to limit the number of viewings a home may have each day.
As a first-time buyer, you’ll need a Mortgage in Principle (sometimes called an Agreement in Principle) from the mortgage lender you’ve chosen to employ, which shows how much they are ready to offer you in principle.
3. Maintain a Tight Relationship with the Estate Agent
“Keep on friendly terms and in constant contact with the estate agent, even if they do work for the seller,” suggests FJP’s Investment’s Jamie Johnson. Indeed, human nature being what it is, people respond to effort in human relations no matter what the setting. To be on friendly terms with the agent may allow you to be the first to know about comparable homes that come up in the future, even if the property in question doesn’t work out for you.
Aside from that, keep in mind that most real estate agent are well-versed in the art of spotting an interested buyer over time. Tell them exactly what you’re looking for, especially in terms of your budget, deadlines, and financial position. FJP Investment are specialists in sourcing viable, profitable property investment opportunities. Check out the recent development of Broad Oaks, Downham Market.