Putting your best foot forward in Sydney’s property market

Navigating Sydney’s property market can feel daunting. So here’s your roadmap to putting your best foot forward. By taking these proactive steps and presenting yourself as an organised, prepared buyer, you increase your chances of landing your dream property. We have sold many homes here and we know that it’s those buyers who appear serious and ready to move that will have their offers accepted.

7 proactive steps for buying in Sydney’s property market

1. Get pre-approval

Pre-approval for a home loan eliminates stress, so you don’t let your perfect home slip through your fingers.

According to ABC, around 75 per cent of home loans are currently negotiated through mortgage brokers. Aussies are no longer loyal to one bank as they chase the best interest rate.

A mortgage broker can assess your financial situation, calculate your borrowing power, and connect you with the best loan options. Pre-approval is a green light to vendors, showcasing your seriousness and ability to secure financing.

2. Know your budget before the search begins

Setting a realistic budget is crucial. Consider not just the purchase price but also stamp duty, legal fees, inspection costs, potential renovations, ongoing costs like strata levies (if applicable) and insurance.

With a clear budget, you can make a strong offer on a property that truly fits your financial capacity, saving you time and the disappointment of falling for properties outside your reach.

3. Nail your presentation

Once you’ve found “the one,” it’s time to shine! Here’s how:

• Get your ducks in a row: It pays to be able to move through the process quickly. So get your ducks in a row, i.e., have a solicitor and building/pest inspector on standby, and organise your deposit so you can act fast and jump ahead of competitors.
• Clear communication: Express your genuine interest to the selling agent. Be upfront about your budget and any conditions in your offer to demonstrate your seriousness. Clear communication builds trust and avoids misunderstandings.
• Documentation at the ready: Have all your documents – pre-approval letter, identification, and deposit information – readily available. This expedites the process and shows your preparedness.
• Subject to finance: Most offers are subject to finance approval. As mentioned, having a strong pre-approval demonstrates your commitment to securing the loan quickly and can give you an edge over other buyers.

4. Understand the market value and avoid lowball offers

While negotiation is part of the game, unrealistic lowball offers often backfire. Research recent sales of comparable properties to understand the market value. Base your offer on this research, leaving some room for negotiation. A fair offer demonstrates respect for the vendor while positioning you competitively.

5. Enlist a solicitor or conveyancer

The sale contract is a complex document, and we highly recommend engaging a solicitor or conveyancer to review it thoroughly. They’ll explain the legalese, protect your rights and guide you through the settlement process. Their expertise can save you from costly headaches down the road.

6. Organise building and pest inspections

Don’t be fooled, as a beautiful façade can mask hidden problems. Arrange for a building and pest inspection before getting emotionally attached. These inspections identify structural issues, potential termite infestations and other hidden problems. A clean report strengthens your offer and provides peace of mind.

7. Show flexibility around settlement

It always pays to be flexible once you learn the seller’s settlement needs, which their real estate agent should be happy to pass on so you can get ahead of competitors. For example, the sellers might prefer a longer settlement period because they need more time to find their own dream home.

Buying or selling in Sydney? Get in touch with HPA

Following these steps will help you navigate Sydney’s property market confidently. Remember, a little preparation goes a long way. So, get organised, present your best offer, and soon you’ll celebrate your Sydney property success! And feel free to give us a call if you have any questions.