The housing market is still fast paced, as it has been all year, with buyers facing hot competition. There are now 19 buyers for every property on the market, which is double the number seen in 2019, pre-covid.
If you are considering a move, here are some tips on how to put yourself ahead of potential competitors in the market.
How can you become a ‘power buyer’?
1: Sell before you buy.
If you’re thinking about moving, experts recommend that you put your home on the market before starting your search. Sellers are more likely to choose buyers with sales already approved, as there is no chain attached.
You could consider selling first and moving into rented accommodation. This way you can take your time in finding your perfect property, with no pressure.
2: Getting a mortgage in principle (If you’re a first-time buyer)
A seller’s estate agent will ask about two things; whether you can apply for a mortgage to cover the cost of the property, and for a proof of funds to secure the deposit.
If you’re a first-time buyer, but you haven’t had a mortgage agreed in principle yet, you’ll preserve precious time by beginning this process now.
3: Let your estate agent know if you’re a cash buyer
Cash buyers who don’t need to sell a property for the purpose to buy will be appealing to vendors, so ensure your estate agent is aware you are ready to act quickly.
Autumn is traditionally a lively time for the property market as homeowners look to move ahead of the Christmas and the New Year.
Are you thinking of moving? Contact us today for your free property valuation.
*Rightmove
