Are you thinking now is the right time to buy a home? You're right! It is a great time to buy, but be sure you're prepared before you jump in feet first ... Here are 7 things you need to know about buying during a downturn:
1. It’s a great time to buy and hold. If you can invest in the market now, then it’s a great time to do so as the market will rebound and the property values will rise.
2. Interest rates are historically low right now so it’s never been a better time to borrow money!
3. Banks are offering incredible incentives. Speak to your bank or mortgage broker to establish which incentives are available to you.
4. There are incredible opportunities out there! Sellers will likely be more flexible during this time and there is less competition at the moment so you may have more room to negotiate.
5. It’s best to enlist an Agent to help you buy. And some available homes for sale won’t be on the open market during uncertain time, which means your Agent is key for connecting you with those ‘off market’ sellers. Your Agent should work harder for you during this time so ensure you choose one who will be in your corner and think outside the box.
6. When considering ‘off-market’ properties, be sure to look closely and do your due diligence as some sellers will not have prepared their home for sale by fixing repairs or having pre-list inspections done. These may be ‘opportunities’ but be sure to investigate thoroughly.
7. Be sure to engage your mortgage broker before you place an offer … During these uncertain times, lenders are bogged down and being more stringent on application so settlements may take a little longer and things tend to change from week to week. Keep your mortgage broker involved in your personal situation all the way through, disclose everything, and be patient – doing this will get you the best possible result!
Contact me if you have any questions or would like advice on how to go about buying in this market - I'm here to help! Click on the CONTACT tab to connect with me immediately.