The Market is Choice

You’re hearing it every day - on the news, on the radio, in the papers: the market is changing. It’s slowing down, and one of the factors contributing to this is that buyers are now overwhelmingly reporting that the banks are changing how much they can borrow for a home.

There’s never been a better time to purchase a great home. We’re currently seeing more quality stock on the market than we have in a long time, giving buyers choices. Thanks to lockdowns, the majority of properties are better presented and maintained than they’ve ever been.

During the boom, many homes were purchased on emotion, but that’s been flipped on its head as emotion has taken a backseat to pragmatism in the face of a changing home market.

Getting back to basics, what should you prioritise when looking to buy?

• Know your budget range. You don’t shoot if you don’t have a target - know how much you have to spend.
• Get the best you can for the money you have. Total cost of ownership (TCO) is becoming more important, so keep this front of mind when looking at property.
• Ensure it’s structurally sound, warm, and dry. Again, this ties into TCO. Don’t be blinded by great views or a stellar location - these are needs and wants, but make sure you don’t compromise on a strong and sturdy home to get them. Know the costs prior to purchase if you decide to take on a project.
• Consider the view from the inside out, not just the street appeal. You might find a home on a good street that doesn’t look the best, but if it meets your affordability criteria and satisfies your space and layout requirements, it could be a wise move. Plus, there’s always the potential to add value.
• Work out the balance. Compare the price points from house to house, considering factors like the condition of the bathrooms, kitchen, and general maintenance.

Defining what you need and want, writing it down, and sticking to it is imperative in a market where you have greater choice. Despite what people might tell you, if you find the home and property that meets all your criteria, the time to buy is now!