Conquering the Offer: How to Secure Your Dream Home in Australia
So, you've found your dream home – congratulations! But the journey isn't over yet.
Residz Team 2 min read
So, you've found your dream home – congratulations! But the journey isn't over yet. Now comes the nerve-wracking part: making an offer. Here's your guide to navigating the offer process in the Australian property market.
Discounting the Dream: How Low Can You Go?
There's no magic number for the perfect discount. Here are some factors to consider:
Market Conditions: Is it a hot seller's market or a buyer's market with more listings? In a hot market, offering at asking price or slightly above might be necessary. #sellersmarket #buyersmarket
Property Comparison: Research recently sold similar properties in the area. This can help establish a fair offer range. #comparables #propertyresearch
Property Condition: Does the house need major repairs? Factor in renovation costs when making your offer. #propertyinspection #renovationcosts
Listing Length: If the property has been on the market for a while, you might have some negotiation leverage. #daysonmarket
The Bidding Battle: Are You Alone?
Unfortunately, there's no way to be certain you're the only interested buyer. Here's what you can do:
Talk to the Agent: Ask about the level of interest and if any offers have already been made (though they might not disclose specifics). #realestateagent
Open for Inspections: Attend open houses to gauge competition and see how many people are showing interest. #openhouse
The Counter-Offer: Negotiation Dance
The seller might counter your offer. Here's how to strategically respond:
Analyze the Counter: Consider their counter-offer in relation to your research and budget. Is there room for compromise?
Don't Overpay: Stick to your budget and walk away if the counter is unreasonable.
Beyond Price: Sweetening the Deal
Price isn't everything. Here are some ways your offer can stand out:
Fast Settlement: Can you offer a quicker settlement date? This can be attractive to sellers who want to move on quickly. #fastsettlement
Vendor Occupancy: Are you flexible on the move-in date? Offer a delayed settlement or allow the sellers to stay rent-free for a limited period (consult a lawyer for legalities). #vendoroccupancy
Beyond the Basics: Other Considerations
Building and Pest Inspections: Factor in potential repair costs identified in these inspections when making your offer. #buildinginspection #pestinspection
Subject to Finance: Include a clause making the offer conditional on securing finance. #financeapproval
Remember:
Get Pre-approved: Secure loan pre-approval before making an offer, showing you're a serious buyer. #preapproval #homeloan
Seek Professional Help: Consider a buyer's agent to guide you through the process and negotiate on your behalf. #buyersagent
By understanding the market, crafting a strategic offer, and considering these additional tips, you'll increase your chances of securing your dream home in Australia. Good luck!
Share this post
How it works
Property
Confirm you are the legally registered owner or authorised representative.
Report
Receive your FREE property report.
Control
You are in control. Create your property listing.
Property
Confirm you are the legally registered owner or authorised representative.
Set your DreamPrice
This is not a listing and you are in control. We will not share your details with any 3rd parties.
Receive demand updates
We will surface and share demand for your DreamPrice.
Property
Follow a property annomoulousy
Community
Follows help us share demand, bringing more properties to market