Get ready for a change in climate
The current climate shows that Adelaide is in a housing boom. Homes in Adelaide are selling in just 32 days on average, which is pushing house prices higher. House values are up 6.1% over the past three months. Although sales and values are rising, listing numbers remain well below normal levels, meaning that competition to secure a home is high.
Because of this, owning your own home may seem like an impossible dream however, with interest rates at historic lows, housing affordability is as cheap as it ever has been, making it easier to own a home, either as an owner-occupier or investor.
Considering a home that may need some TLC could be one way to negotiate a lower price however, to do this means being tactful.
Here are some tips to ensure the best possible outcome:
- Know what you can afford – your broker can assist you to determine your affordability when looking for a home and will have great advice when it comes to the best deals to suit your circumstances
- Never enter a negotiation empty-handed – people often underestimate how much repairs will actually cost so obtain quotes from tradespeople to give you ammunition when requesting a price reduction
- Separate your emotions – distance yourself from the outcome so you can present your side logically and regardless of the outcome don’t give in to negativity
- Remember this is someone else’s house – accept that concessions will have to be made on both sides. Listen to the owner so you can determine what you may be able to offer to counteract the price reduction you’re after
- Don’t be afraid to ask – it certainly can’t hurt and worst-case scenario is they decline the offer.
Need some Advice about loans?
A mortgage broker can help you find the right loan and secure the finance that’s most suitable for you. It will also ensure you avoid making mistakes.
Any questions you may have regarding loans, contact Annette Tothill on 0420 973 551.