In today's competitive real estate market, buying a home requires careful consideration and strategic planning. Whether you're a first-home buyer or looking to upgrade, it's important to approach the process with diligence and awareness. To help you navigate the current market successfully, we at First National Real Estate Neilson Partners have put together five things for you to consider when buying a home.
Get Pre-Approval from Your Bank/Lender
Before you begin your house-hunting journey, it's crucial to obtain pre-approval from your bank or lender. This step will give you a clear understanding of your budget and ensure you're looking at properties within your financial reach. By knowing your financial limits in advance, you can avoid disappointment and focus on homes that align with your budget.
Key Change Finance is a Melbourne-based Mortgage Broker who can provide you with all the lending options available to you, along with the costs and advantages of each option. Book a consultation today.
Know Your Needs from Wants
Creating a list of non-negotiable needs is essential when searching for a home. Consider your lifestyle, family size, and plans for the future. Prioritise factors such as the number of bedrooms, proximity to schools or workplaces, and essential amenities like shopping and public transport. While it's natural to have desires and preferences, distinguishing between needs and wants will help you stay focused during the home-buying process.
Determine Your Preferred Location
Berwick is a popular suburb for home buyers in Melbourne's South East
Location plays a vital role in your daily life, so it's crucial to decide where you want to be and get to know your new neighbourhood. Consider factors such as proximity to public transportation, family and friends, and essential services. Research neighbourhoods that align with your lifestyle and preferences, ensuring they meet your current and future needs. By narrowing down your desired location, you can save time and effort by focusing on areas that truly suit you.
Consult with Your Local Real Estate Agent
While online property listings provide a convenient starting point, it's important to connect with a real estate agent who can offer valuable insights and assistance. Neilson Partners real estate professionals have extensive knowledge about the local market, upcoming listings, and negotiation strategies. By establishing a relationship with your preferred agent, you can benefit from their expertise, receive tailored advice, and gain early access to potential properties that match your buying requirements.
Act Quicky
In the current market, timing is everything. Stay proactive and act quickly when you find a property that meets your criteria. Attend open home inspections promptly and submit your offers without delay. Low stock on the market right now means little choice for buyers and by demonstrating your commitment and readiness to move forward with your purchase, you increase the chances of securing your dream home before others have the opportunity.
8 Ravendene Court, Markyknoll was popular amongst buyers looking for their dream home
Buying a home in the current market requires careful consideration and a strategic approach. Set yourself up for success by:
1. Obtaining pre-approval
2. Identifying your needs
3. Choosing the right location for you and your family
4. Consulting with your local First National Neilson Partners real estate agent
5. Act quickly
Remember, the key is to remain focused, adaptable, and proactive throughout the buying process. With these considerations in mind, you'll be well-equipped to make informed decisions and find the perfect home in today's competitive real estate market.
