YOU have 15 minutes to decide whether this is the home of your dreams. Scary, right?
Before you make one of the biggest financial investments of your life, here are three things to look out for during a property inspection:
There is plenty of evidence that our property markets have changed.
The hot ‘sellers’ market’ we saw in the past few years, where vendors called the shots and the price of many properties increased at a dizzying rate, is now gone.
Now there are more properties for sale than there are buyers, because many buyers are becoming a little nervous and holding back with their purchase decisions.
We are now in a ‘buyers’ market’ — where home-owners and investors have the balance of power on their side.
Lisa and Jeremy Mitchell are putting their townhouse up for sale in a spring market that analysts are expecting to be dogged by fewer listings and falling prices.
But the couple from St Kilda East, in Melbourne’s inner south-eastern suburbs, aren’t worried about weak demand for the three-bedroom townhouse in a quiet street that they will be auctioning next month.
LAST December we wrote a column on how to sell your home in a slow property market. We received a lot of critical feedback saying the market was booming and not to be so pessimistic.
Now, seven months later, reality is setting in particularly in Sydney and, to a lesser extent, in Melbourne.
Hindsight shows the Australian housing market peaked in September last year.
By the time Ben Everingham was 24 he’d already bought his first two investment properties.
Fast-forward to 2018, and Ben is 33. He’s already managed to build his dream home on the water on the Sunshine Coast, bought and sold 11 properties in Sydney and Melbourne, and formed his own property investment business, called Pumped on Property.
As a first-time home buyer, you probably assume your realtor or real estate agent will do the dirty work of negotiation for you. While that may be true, or you might take a DIY approach selling by owner, make sure you’re not missing any opportunities to bargain for what you want—whether that involves closing costs covered, the entire house repainted, or an extended move-in date. After all, the worst thing a seller can say is no, and you won’t know until you ask.
There are three requirements when you buy a home:
The purchase agreement must be in writing
There must be an offer and acceptance
There must be “consideration,” which is usually an exchange of money for property
To finalize an offer, then, you’ll need to submit an offer or counteroffer which the seller then accepts. Or you may accept a counteroffer from the seller. That gets the ball rolling.