Buyers are facing serious competition right now, thanks to the huge number of people chasing after every available property for sale. If you’ve been looking to move for a while, you’ll have no doubt noticed how competitive the market is.
But don’t be discouraged. There are things you can do to help your position when buying a property and increase your buying power to effectively pip other applicants to the post.
What we’re now seeing is that in order to achieve ‘power buyer’ status buyers have already found a buyer for their own property, are chain-free, or have no property to sell at all.
How can you become a ‘power buyer’?
- If you’re selling your home in order to move, the best advice from estate agents up and down the country is to put your home on the market now or seller might dismiss your offer, choosing a buyer instead who has already sold their home. Some people are even opting to sell their home first and then move into rented accommodation so they can take that little bit of extra time finding their dream home, while being ready to move fast when the right home comes up.
- If you’re looking to buy your first home, get your mortgage in principle agreed now. The estate agent will ask you to provide confirmation of your mortgage in principle, along with proof of funds to pay the deposit.
- Make sure you let the estate agent know you’re a cash buyer and therefore ready to move fast.
Want to become a ‘power buyer’? Get your property valued and on the market today!