Spring is traditionally the hottest season for property, with buyers and sellers springing into action. There are more listings and more properties sold than any other season, with the REA finding that market action increases in early October.i
Due to the increase in listings, buyers tend to have more to choose from during spring, which is why you often hear that this season is the best time to buy. The warmer weather and longer hours of daylight is thought to play a factor in encouraging people out of their homes to inspect properties, and it’s also the best season for making your garden look its best – who can resist blooming flowers or a thriving veggie patch?
It’s no surprise that the last few years have seen major changes; one being that in 2022, spring wasn’t the property boom it usually is.ii However, it’s still to be seen how this year will pan out for property, so it’s worth being prepared.
To be ready to buy this spring, it’s important to be organised by doing your homework and getting your pre-approval in place.
Refine what you’re looking for
While increased choice is a good thing when you’re looking for something special, it can also make it harder to decide. Set aside time to consider what your ‘musts’ are in a property and what is a ‘nice to have but not essential’.
Take some time to think about your desired location, how many bedrooms you’re looking for, whether you want a garden, and how much maintenance or renovating you are willing to do. What is an absolute must – such as a home office if you’re working from home – and what could you compromise on, for instance, not having a garage if street parking is viable?
Research ahead of time
If you have established the location you’ll be looking in, now is a good time to research how the area is performing. A simple search online can give you visibility of properties that have recently sold in the area, how much they sold for and how long they were on the market.
Real estate institutes, such as REIV, tend to list data such as the top growth suburbs by median house and unit prices, which is also helpful to note.
It’s also useful to visit the area in person and attend some auctions. This will give you a greater sense of the neighbourhood and as well as preparing you for upcoming auctions.
Review your finances
Now that you’ve researched the property market, it’s time to make sure your finances are in order. Revisit your budget to see how much you will be able to spend, or create one if you haven’t already, but hopefully you’re already on track. Can you make some reductions in the short-term to help you over the line come spring?
If you haven’t already, check your credit rating so you have a firm idea of how much you can borrow. You may also be able to make some steps to improve your score, however you can’t rely on this too much given spring selling season is just around the corner, so be pragmatic.
Apply for pre-approval
While pre-approval applications can be turned around quickly, it would be beneficial to start the process shortly if you’re planning to buy in spring and we’re here to help you every step of the way.
By having your pre-approval in place, you’ll know exactly how much you’ll be able to afford but give you confidence when negotiating a price and may also mean real estate agents take you more seriously. However, it’s worth noting that pre-approval only lasts for 3 months, so if you don’t buy in spring, you will need to go through the process again at a later stage.
Spring into action
To prepare for spring – a time in which you’ll hopefully land your dream property – contact us to start the pre-approval process and get organised. With your ducks in a row, you will be ready to act when the time comes.
i https://www.mortgagechoice.com.au/news/is-spring-selling-a-myth-when-is-it-actually-the-best-time-to-sell-your-home/
ii https://www.corelogic.com.au/news-research/news/2022/what-happened-to-the-spring-selling-season
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