Buyers are facing hot competition right now. The number of people chasing after every available property for sale is still at its highest ever, and is double the levels seen in 2019, before the pandemic began. So, if you’ve been looking to move, you’ve no doubt noticed how competitive it is.
In order to be in the best possible position to buy a property, you need to have a greater buying power over other buyers.
What we’re now seeing, in the most competitive market ever, is that sellers are turning to ‘power buyers’: those who have already found a buyer for their own property, are chain-free, or have no need to sell at all.
There are three ways you can put yourself in pole position to secure your dream property.
If you’re going to be selling your home to move, the best advice is to put your home on the market now. Many sellers are choosing buyers with sales already agreed.
Some people are 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.
In many cases sellers are reluctant to put their property onto the market before they have found somewhere to buy, It is more the case now that sellers won't take an offer seriously unless that buyer is in a firm position to proceed.
If you’re looking to buy a first home, but you haven’t got a mortgage agreed in principle yet, you’ll save valuable time by starting this process now. The first two things a sellers’ estate agent will ask is to provide confirmation from a lender that you are able to apply for a mortgage to cover the cost of the property, and proof of funds to pay the deposit.
With so much competition, sellers can easily discount those who aren’t in the most powerful position to proceed on a purchase. It is imperative that buyers have their finances lined up before making an offer.
You can request a quick no obligation chat with the friendly team at Home of Mortgages via this link - https://bit.ly/3dNRnEW
Cash buyers who don’t need to sell a property to buy will be attractive to vendors, so make sure your estate agent is aware you are ready to act fast. The definition of a cash buyer is someone that has funds available in a bank account. If you need to apply for a mortgage, you are not a cash buyer.
In the current market, it’s a real advantage to be a “Power Buyer” and have already sold your current home, subject to contract, when looking for somewhere to buy. This could put you ahead if there are other offers already on the table
If you need to sell, Contact us today to discuss how we can help you become a 'Power Buyer'
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