There’s one auction weekend left before Christmas. And that usually means a busy peak for real estate transactions before a lull over the summer break.
But this year, the nation’s top buyer’s agents predict, things will be different.
Real Estate Buyers Agents Association (REBAA) president Cate Bakos said while January was traditionally a time when the real estate market sleeps, this summer was likely to spell a season of work.
“For many people their overseas plans are on hold, state border closures are questionable, and agents haven’t been making an income to fund a holiday,” said Ms Bakos.
“With pent up demand and many anxious buyers missing out as booming auction conditions run hot in major capital city and regional markets, vendors will be keen to capitalise on the improved consumer sentiment and are likely to push sales into January.”
Ms Bakos warned buyers to be cautious about feeling pressured to buy at any price.
“There is no doubt FOMO is affecting many people who feel they might be priced out of the market in 2021,” said Ms Bakos. “In a moving market like this, buyers need to make sure they are buying the right property and not making a costly mistake they will later regret.
“Buyers are urged to review the recent comparable sales carefully, understand the changed market conditions we’ve encountered since the Federal election and Australia’s first COVID outbreak, take into account the price fluctuations during these times and calculate their upper limits accordingly.”
Here are REBAA’s tips to buying well in 2021:
- Get your finance pre-approved
A fully credit-assessed pre-approval is not a recommendation, it’s a MUST.
- Familiarise yourself with the sales agents
Be friendly to the selling agent and tell them what you are looking for. A prepped and realistic buyer is an easier assignment to genuinely assist with.
- Be clear on your brief
Clearly determine where you want to buy and what you want to buy. Cross-check that your budget matches your wish list and separate your essential ‘must-haves’ from your ‘nice to haves’.
- Don’t compromise on your ‘must-have’s
Do not buy something that doesn’t have every “must-have”. It will lead to regret, a likely sale, and lost opportunity. FOMO is dangerous if you start compromising on things you shouldn’t.
- Analyse comparable sales data and be realistic about sales results setting new records
In a fast-moving market, comparable sales can be reset on a weekly basis, and a vendor’s price expectation will no doubt increase as the sale prices around them do.
- Hire a professional
If you aren’t feeling up to the task, hire a professional who buys property for a living. A REBAA accredited buyer’s agent can help save you time and money in the property search. They are experts in searching, evaluating and negotiating property and work on behalf of property buyers independent of commission. Visit www.rebaa.com.au for a full list of national members.