Autumn is upon us, which means the peak time for the home buying market will begin to slow down… Or so we thought. According to Rightmove, the Autumn 2021 housing market is still as fast-paced as it has been all year.
This is likely because people were originally anxious to buy or sell a home during the pandemic, understandably keeping their health a priority. As restrictions slowly eased and our confidence to return to the outside world was rebuilt, families and couples that were patiently waiting to move home safely on their terms finally took their chances, but it seems this was the same idea for many.
Therefore, buyers are facing hot competition right now. The number of people viewing properties and chasing their dream home is at the highest record ever, double the rate seen in 2019 before COVID-19 arrived. Despite this, however, it shouldn’t put you off of pursuing your buying and selling aspirations.
“To be in pole position in the race for the best property, you need to have greater buying power than the rest of the field,” explains Rightmove property expert, Tim Bannister.
In the most competitive market ever, experts are noticing a trending pattern in sellers turning to those who have closed a sale on their home already, in a chain-free situation, or have no need to sell at all. These have recently become known as “Power Buyers”.
So, if you’re planning on selling and moving into your dream home, there are a few things you can do to put yourself in the right position to secure a quick and easy move, according to the latest trends.
How to become a Power Buyer
How you can become a “Power Buyer”
1. Sell your current home before you buy
If you need to sell your current home in order to move, the best advice we can give you is to start the selling process now even if you haven’t yet enquired to buy a property. This is because many sellers are interested in and choosing those with sales already agreed, to make the process easier and as stress-free as possible for them.
It may sound like a risk to list your home before finding somewhere to buy, however securing a property without a buyer of their own is much less realistic. Some people are even opting to sell their home first and then move into rented/temporary accommodation so they have time to find the right home for them.
2. Make a good impression on a seller
During a viewing or meeting with the seller, it’s vital you make a good impression. First impressions last, so be sure to show up on time, have your documentation ready, and also be respectful and make good use of the seller present. Ask questions, sound interested – it will make a big difference.
Also, Covid-19 is still upon us and affecting many lives. If any parties wish to maintain social distancing guidelines during the viewing, let’s respect their wishes.
3. Save and save and save
This point is more to keep you well-prepared as the buyer.
Saving up before buying a home is vital for a successful move. A “Power Buyer” will have healthy savings before they enquire. These savings will be ideal for emergency situations and will enable you to settle in your home knowing you are stable financially.
4. Consider cash buying?
Hearing a potential buyer is interested in purchasing your property with a cash offer will definitely ease the mind of a seller and interest them more. The primary reason sellers prefer cash buyers is because there is a low probability of the deal being delayed or falling apart. Plus, you won’t need to get a lender involved so deals can close faster.
In addition to this, if you are a cash buyer who doesn’t need to sell a property in order to buy, you will be most attractive to vendors, so make sure to communicate this detail with your estate agent.
How to become a Power Buyer with Peter Lane & Partners…
We can all be Power Buyers with Peter Lane & Partners…
Here at Peter Lane & Partners, we don’t like to be considered “just another agent”. We have been at the forefront of the property market for 30 years, and during that time we have built an award-winning service to provide to all buyers, sellers, vendors, and first-timers.
Get in touch with us today to discuss your move with our brilliant team.
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