Buying in a Booming Market

There’s been much talk of the housing market being a seller’s market this year. Government initiatives such as the stamp duty holiday have fuelled a massive boom in the property market, with thousands of people taking advantage of the cost saving to buy their dream home or to put their on-hold plans into action.

COVID-19 has also made people re-evaluate their home, the available space, and the surrounding location, with many being driven to want larger homes, bigger gardens, and more rural locations, as more and more people started to work from home.

The market couldn’t quite cope with the high levels of buyer demand, which saw properties being sold in record time, resulting in an increase in house prices. Great news for sellers, not so great for buyers, struggling with increased prices and lack of supply. So if you’re needing or wanting to buy in this demanding market, here are a few tips to help you get ahead of the game.

Get ready
Work out what you’re looking for, and what are your deal-breakers, both in terms of the location and the property itself, so you can jump on the ones right for you, and not waste time on those that aren’t going to be suitable. Speak to a mortgage advisor and have a mortgage in principle agreement ready to go. If you would like any advice on getting mortgage ready, or to find out how to secure the best mortgage deal for you, please contact smarthomes’ mortgage advisor Louise Lewis on 0121 744 4144 (option 2) or louise@smart-homes.co.uk.

Ask an agent
It’s worth talking to a local estate agent with a good reputation as they often know about properties coming onto the market that haven’t been listed yet. If you’re clear about your budget, location and requirements, you might get a head start.

Be quick
If you really think the home you’ve viewed is perfect for you, don’t hang around debating it – get that offer in, and ask that the property be taken off the market.

Look below budget
To give yourself more choice, why not look under your budget, and see if you can add value by extending or improving? When you’re looking under budget, it’s also more feasible to put in an offer above asking price to make sure you secure the property.

See what properties smarthomes have for sale in Solihull and the surrounding area:
https://www.smart-homes.co.uk/search-properties/for-sale-solihull

Article source:
https://www.propertywire.com/news/how-to-buy-a-house-in-todays-market/