The best way to prepare yourself to buy a property post lockdown

The best way to prepare yourself to buy a property post lockdown

Buying property in victoria right now, whether it is in Melbourne or regional and coastal Victoria, is tough. With lockdown restrictions beginning to ease, we are expecting a delayed and highly competitive spring selling season. FOMO (fear of missing out) will become a reality for home buyers, with significant pent up demand, competition will be fierce for newly available properties. 

What should you do to avoid disappointment? Work with a buyer’s advocate.

How a buyers advocate improves your chances

Securing a home without assistance tends to take a home buyer 12-months plus. Contrast this length of time with 63 days (Infolio’s average buying time for clients). It’s a clear indication you’ll be more successful in buying a property post lockdown with help.

Our team is almost 50% faster in securing properties for buyers than at the end of 2020, where the average was 90-110 days. And that’s a direct connection to this changing market. Buyers have never moved quite this fast, and agents are willing to sell as they have a great deal of property they need to move on before the end of the year. Current restrictions only permit one-to-one inspections, making it practically impossible for an agent to stand at one home all day to allow for these individual inspections.

Working with experts who know the property market’s ins and outs will be essential if you want a new home by the end of this year.

What we expect to see once we come out of lockdown 

We anticipate a delayed spring selling real estate season, similar to 2020. However, as we emerge from lockdown, there’s going to be a lot of frenetic activity! 

With high demand, buyers will likely compete for a small pool of properties. For vendors, this is positive. However, for purchasers, prices are likely to surge and securing a property will become more complex. 

Considering the rules around open houses and auctions, we foresee properties will move without delay—agents will act on a first-come, first-serve basis. Use this to your advantage because it’s a window of opportunity. If you see something you like, make your move!

Four ways to improve your buying chances

1. 1. Be tactical. To secure or at least be in the running for purchasing a home before the end of 2021, you must be proactive. Pinpoint your preferred properties, ignore the quote and start working out the value. Don’t be guided solely by the Statement of Information.  
   2. Talk to an expert. At Infolio, we know our markets inside out. We will show you the full market including off-market opportunities and properties listed from a variety of agents.
   3. Be the first to inspect the property. If you love it, chances are a lot of others do too. Get in there to view it as soon as possible.
   4. Get the contract immediately. Be upfront and ensure the agent knows you’re interested and complete the due diligence quickly.
   5. Make a compelling offer. If you’re confident that the property’s value matches the asking price, submit a clean and unconditional offer with a deadline. If you don’t have to wait for the auction, don’t. 

Is your heart set on buying a property in Victoria before the end of the year?

We encourage you to get in touch with our Infolio team. We understand the property market’s changes intimately, and our track record shows we have the expertise to get you that dream home—regardless of lockdown madness. Talk to us today!