In the last few weeks, Sydney’s housing market has gone back to the future– to the last run of boom years before we knew what coronavirus was.
The brief stumble to median prices since 2017 and during the pandemic is now a distant memory, with a consistent monthly rise since the second half of last year. In fact, values are now at a new record high.
Hopeful buyers are facing intense competition, low levels of new listings, bumper crowds at auctions, sale prices that are well above price guides and vendors’ reserves, and a long and gruelling search.
Being able to compete is crucial in this market and having an edge could be the difference between securing your dream home or wasting your time, energy and money and constantly missing out.
By enlisting the services of a buyer’s agent in this rising property market, here are five strategic advantages you will benefit from:
You only need to look at auction clearance rates lately to see the heat in the market. In Sydney, the percentage of dwellings selling under the hammer has been above a mammoth 80 per cent and close to 90% for several consecutive weeks.
At a time when prices are rising rapidly, an experienced buyer’s agent can help you to move quickly when speed is of the essence.
They can work with you to identify your needs and wants, weed out unworthy potential purchases, hone in on the exceptional prospects by organising all the due diligence for you and then strike as quickly as possible.
By working on the ground day in, day out they tap into established networks of sales agents and other real estate professionals. As a result, buyers’ agents get a heads-up about future opportunities before other buyers.
They also have access to “off-market” deals that never make it to popular property listing websites. These are potentially golden opportunities that you would never ordinarily hear about unless you are in the know – like a buyer’s agent is.
2. Market Insight
When markets are moving quickly, it can be easy to fall into the trap of using outdated data that are not reflective of current conditions.
If you’re going it alone when prices are booming, having as much knowledge about a suburb; its performance; its future prospects; what a dwelling is reasonably worth; and whether you’re making an informed decision, is crucial.
A buyer’s agent has their finger on the pulse of the market every single day and can offer a realistic assessment of what is happening and how much a property is likely to be worth.
3. Expertise and Professional Representation
One of the most valuable elements of the services provided by a buyer’s agent is negotiating directly with sales agents.
Would-be buyers working on their own will spend a lot of time and energy sniffing out opportunities and then have to mount a whole new challenge by making an offer and haggling with the real estate agent.
This is bound to be even more stressful in a booming market.
A buyer’s agent will work in your best interests, cutting through the mind games and tricks of the trade, to get you the best purchase price possible. They speak the same language. They know how things work. There is a mutual respect and understanding. A successful buyer’s agent will work their relationships to your advantage and make sure that out of a list of potential buyers for a property, you are at the front of the queue in terms of access to information and being informed about whether any offers have been made.
When competition is tight and there are often plenty of other prospects waiting in line, it is invaluable having an experienced and savvy advocate in your seat at the negotiating table.
Buyers’ agents know their local areas like the back of their hand.
When you are buying in a large and varied market like Sydney, especially when prices are running hot, you want a buyer’s agent who is especially familiar with the ins and outs of different areas and local streets and their individual growth drivers.
But you also want someone who can spot capital growth opportunities.
Popular suburbs are in the midst of a feeding frenzy and the outlook is for exponential growth. Just see what the major banks’ economists are expecting in the short-term.
Right now, being able to anticipate future movements is very helpful.
A buyer’s agent who is on top of the market can spot areas about to take off and will allow you to quickly jump on opportunities that you would otherwise miss.
Their foresight and intimate market knowledge can also help you consider areas that were not on your radar.
The uncertainty, pressure and stress of buying in Sydney right now can be a lot to bear.
A buyer’s agent is your partner in the process, helping you to find potential deals and negotiating best price to make your dreams a reality.
But they can also provide encouragement and guidance during the whole buying process, from setting a realistic brief, to finding the right property, to organising the various inspections and ultimately closing the deal.
Put simply, the market is moving fast and without the support of an experienced buying professional, you will be at a disadvantage. To ensure you get a competitive advantage and do not miss the opportunity to secure your ideal property, consider using a buyer’s agent.