The housing market has exceeded all our expectations this year, with sales figures outpacing previous years and no let-up in sight.
Buyers are still facing stiff competition, especially for three and four-bedroom family homes close to East Renfrewshire’s ever-popular schools. The number of people bidding for each property is at its highest ever and double the level seen two years ago before the pandemic.
In today’s competitive market, how can you avoid missing out on your dream home?
The key is to have strong buying power and there are several ways you can do this:
Agree a sale on your home
If you need to sell a property to buy, the best course of action is to put your property on the market first. Sellers are more likely to accept an offer from someone who has secured a buyer or has exchanged contracts as this will mean fewer delays. Some people are even moving into rented accommodation so that they can find the right property and move fast.
Get a mortgage in principle
If you are looking to buy a first home, it’s essential you have a mortgage agreed in principle before you even begin to look for a home to buy. If you don’t have this, a seller will not accept an offer from you. If you are a second stepper, talk to your lender or mortgage broker to find out what you need to do in order to port your existing mortgage or apply for a new one if you are at the end of the mortgage term. \
Make it clear if you are a cash buyer
Every seller wants to sell their home to a cash buyer – there are no delays, no lenders’ dictating timings and the process is quicker. If you are a cash buyer make sure you clarify this as you will be a much more attractive prospect to any potential sellers.
The problem recently has been lack of supply, especially houses with three or more bedrooms. However, more properties are coming to the market and according to Rightmove, the number of new listings in the first two weeks of September was 14% higher than the last two weeks of August. Autumn is a busy time as people want to move before Christmas and New Year so there should be more choice for those looking to buy.