Part 2: How to get the edge as a buyer in 2022
Buyers are facing red hot competition right now, with a huge number of people chasing after every available property for sale. So if you’ve been looking to move, you’ve no doubt noticed or experienced how competitive it is.
Making sure you don’t miss out on the perfect property is now harder than ever, “You need to have greater buying power than the rest of the field,” says rightmove.co.uk data analysis expert Tim Bannister.
As sellers, the key moment is when you turn into ‘power buyers’: those who have already found a buyer for their own property. Without this moment you might miss the opportunity to secure your dream home.
So, how can you become a ‘power buyer’?
There are three ways you can put yourself in pole position to secure your dream property.
1. Get a sale agreed on your current home before you buy
If you’re going to be selling your home in order to move, the best advice from estate agents is to put your home on the market now. Many sellers are choosing buyers with sales already agreed.
Some people are even opting to sell their home first and then move into rented accommodation so they can take their time looking for their next property and be ready to move fast when the right home comes up.
“Everyone has their own unique plans, goals and needs. Knowing what the market is doing and knowing you have an estate agent working for you is vital!” Says Ian Macbeth Co-Founder of Avocado Property.
2. Create your 6 point plan
What is a 6-point plan? Let us tell you… Everyone should know what their three ‘must haves’ are for the property they’re looking to buy. These are three non-negotiables, the three most important factors and most likely the three reasons for the initial move. Telling anyone you talk to about these non negotiables is vital - estate agents, mortgage adviser etc…
The second three points in the 6-point plan are ‘would likes’, these are what would make the perfect property. Will you find a house with all 6 requirements? Unlikely, but if you can find one with the first three and then 1 or 2 of the second points you are
in for a win.
3. Buying a property is a team sport
Building a power team, builds a power buyer… To push to the front of the list of other buyers you must show the estate agents you are ‘ready to go’. As much as the industry gets a bad rep, facts are estate agents are in control of the communication and as a result, what information buyers share with them is vital.
- Make sure you have locked in a mortgage adviser your trust.
- Have a solicitor that you have already got quotes from and spoken to
- If you are selling a property make sure you pick your estate agent wisely (or just call us).
- Removal companies have been very booked up recently, so we would also advise getting quotes and picking a company early on in the process.
To sum it up, these three tips will help you get the edge and will transport you from a ‘normal buyer’ to a ‘power buyer’. It is vital in this market to make sure when you see the house of your dreams, you are ready to pounce.
If you need any advice or you have any questions please feel free to contact us, we'd be happy to help. Or you can book in a valuation here to start the process.