As a buyer, market dynamics will often dictate the outcome of your property purchase.
In a buyer’s market, an agent will be inclined to bend over backwards to assist you. They will do everything that they can to arrange after-hours viewing, respond quickly to emails and calls, and work overtime to conclude a sale – as you, the buyer will have many other options in this type of market.
In a seller’s market, there are likely to be many buyers lined up for any one property – and therefore, you as the buyer will need to work harder to ensure that you attract and retain the agent’s attention and assistance.
Being a buyer in a seller’s market, it is a very good idea to make contact with an agency and ask them to put your requirements into their buyer’s database. If an agent is aware that you are a serious buyer, and understands your requirements, they will better placed to think of you when a suitable property comes onto the market.
How do you make yourself appear to be a serious buyer? Get your finance approved up front. Do necessary research on a property before your viewing – check out the area, comparable properties on the market and prices of recently sold properties – this will enable you to make an offer on the spot if necessary. Avoid the temptation to delay your decision by requesting multiple viewings and bringing along your extended family to consult - taking too long to consider a property in this type of market will generally lose you the opportunity to purchase.
In a seller’s market, a buyer making a low, unrealistic offer is generally not a good idea. You are not going to be taken seriously – make a realistic, informed and genuine offer that will make it easy for the agent to secure the sale in your favour.
