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Tips For Buying » Top 3 Tips For Buying In A Buyers Market

26 May 2011 (11:33)Author: Administrator

Change is in the air in Sydney’s Upper North Shore.

In suburbs such as Turramurra and Wahroonga, clearance rates have plummeted to 40% and
houses are taking between 68 and 85 days to sell. What does this tell us? It tells us it is a strong
buyers' market in the Upper North Shore of Sydney, and using a Buyers' Agent has never been
more important.

Buying in this type of market can be difficult with long negotiations and sellers often “holding out”
for higher prices. Sellers can be unwilling to meet the market on price and buyers won’t pay the
asking price. It’s a stalemate with both sides locking horns – and it makes for a tough negotiation
process for an inexperienced buyer.

With this in mind, here are I Rate Real Estate’s top 3 tips for buyers to find the best property for
the best price in a buyers market:

1.
Know what you can afford: Nothing happens until you have finance. It determines
what you can buy and your spending limit. It’s best to know your budget from the outset before
you speak to a Buyers’ Agent and begin your research. It will save a lot of time and give focus to
your property search.

2.
Know where you want to buy: Give your Buyers’ Agent no more than three suburbs to
search. Also get to know the suburb yourself by viewing properties, attending auctions and
getting an idea of selling prices. Your own research combined with your Buyers' Agent’s expertise
will give you a solid profile of your preferred area.

3.
Don't buy before you have sold: Having to sell a property because you have already
bought elsewhere puts undue pressure on the process. In the worst case, it can lead you to “fire
sale” your current home just so you don’t lose the property you have just bought. It’s a common
mistake made by many buyers and a situation you want to avoid at all costs.

The biggest challenge in a buyers' market is negotiating the sale. Always remain levelheaded,
know what you are prepared to spend, and don’t let your emotions take control.

Emotion is your enemy and is always the main reason buyers over spend on a property. Leave
this critical stage to your buyers agent and you can be guaranteed to you will pay the right price
every time.

Tags: buyers agent sydney

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