According to data just released by CoreLogic, Australian house prices are still on the up and up. In Adelaide, the median house price rose by 1.4% in the month of March 2024, well above the national average of 0.6%.
And, because it’s still such a competitive housing market, finding your dream home can feel like winning the lottery.
But just like winning the lottery requires some preparation, so too does securing your perfect property. At McGrath Real Estate, we understand the excitement (and sometimes stress) of entering the market. We work tirelessly with sellers to ensure their properties are presented beautifully, priced competitively, and widely promoted to attract a pool of qualified buyers.
If you’re looking to buy, being “offer-ready” can make all the difference in securing your dream home. Here’s why having your ducks in a row before you start looking around is crucial and how we can help you be a competitive contender.
The power of pre-approval.
Imagine finding your dream home only to discover financing delays mean you’re out of the picture. Pre-approval for a mortgage lowers this hurdle. By getting pre-approved, you’ll gain several advantages:
- Know your budget: Knowing your borrowing capacity allows you to focus on properties that realistically fit your finances—no more heartbreak of falling in love with a home you can’t afford.
- Stand out from the crowd: A pre-approval letter demonstrates to sellers you’re a serious buyer with the financial backing to close the deal. In a competitive market, this can give your offer a significant edge.
- Move quickly: Pre-approval streamlines the mortgage process, allowing you to react confidently when the perfect home hits the market. No waiting for loan applications to be processed – you’ll be ready to submit a firm offer immediately.
Be market-savvy.
Knowledge is power. Before you start your search, research the area you’re interested in. Look beyond listing prices to see what properties are actually selling for. This will give you a realistic picture of current market value and help you craft competitive offers. The professional sales team at McGrath Real Estate have in-depth knowledge of local markets and can provide valuable insights to guide your search.
Be ready to act.
Adelaide’s housing market can move fast. In a competitive scenario, an agent often doesn’t have the opportunity to come back to you for further discussions. If it’s good, sellers may decide to accept an offer already on the table. This emphasises the importance of being prepared to submit your best offer right away.
McGrath Real Estate: your partner in success.
Expert mortgage guidance: Our network of reputable lenders can guide you through the pre-approval process, ensuring you get the best possible terms for your situation.
- Market insights: Our local agents are experts in their communities. They stay up-to-date on market trends and can provide valuable insights into recent sales and current property values in your area of interest.
- Strategic offer negotiation: We’ll work closely with you to craft a competitive offer that reflects your budget while remaining attractive to the seller. We’ll guide you through the offer process, ensuring it’s clear, concise, and presented professionally.
Finding your dream home.
By partnering with McGrath Real Estate and taking the time to be prepared, you’ll enter the market with confidence, ready to act quickly and decisively when you find the home of your dreams.
Here are some additional tips to ensure you’re offer-ready:
- Get a home inspection contingency: This protects you by allowing the option to back out if major repairs are necessary.
- Consider a conveyancing contingency: Factor in the potential costs associated with closing. Having an experienced conveyancer on hand will help with the transfer process.
- Be transparent about your timeline: Are you flexible on a closing date? Communicate your needs clearly to avoid any delays.
Don’t let your dream home slip away: contact the professional sales team at McGrath Real Estate! We can help you navigate the buying process and guide you towards a successful offer on your perfect property.
To learn more, phone our office on 8350 4200, or drop into 42 Brighton Road, Glenelg.