You dreamt about buying your dream house at the beginning of the year, but then the country went into lockdown and everything stopped. So where is the market now?
The current state of play
Despite the country officially being in recession and a looming unemployment crisis, the housing market has sprung back into action, in part due to the pent-up demand from that stagnant period and in part stimulated by the stamp duty holiday.
However, there is a supply and demand problem; there are a lot of people wanting to buy but fewer houses available, making it a seller’s market.
What can you do to set yourself apart from the crowd and ensure your offer is the one accepted? Here are all the tips, hints and information on buying a house you could need.
1. Use your position
Are you a first-time or cash buyer? If you are chain-free, you are in a much stronger position, so emphasise this when making an offer. Your vendor’s agent is very likely to ask this question, but just in case, always clarify when you put the offer in that you may be in a stronger position than other interested parties.
2. Act quickly
The market is moving at a fast pace and you need to be ready to make quick decisions; you may miss out if you take too long to put an offer in. Knowing what you definitely do and don’t want from a property can help you to be more decisive.
3. Preparation is key
Having a mortgage in principle demonstrates that you are in a stable position and ready to take the process forward. Being ready to go with a property survey will also show you are a serious buyer.
4. Increase your offer
If it’s your dream property and you can afford it, increasing your offer can clinch the deal. Before you do this, you have to be really sure it’s your dream property. Is the area right? Can you see yourself living there long-term?
5. Use a buying agent
A buying agent has unparalleled knowledge of the area and all the information on buying a house. They do come at an extra cost, however.
6. Appeal to their emotive side
Writing your vendor a letter detailing why you love the property can set you apart from other buyers.