With the buying season officially upon us first home buyers should be honing their negotiation skills to ensure a good deal on their first purchase.
According to national brokerage Mortgage Choice, this spring marks the ideal time for first home buyers to enter the market.
“At present, we’re looking at higher than average property listings with lower than average competition between buyers,” Mortgage Choice spokesperson Kristy Sheppard says.
However, as positive consumer sentiment grows so too will buyer demand, “which may mean now is a good time to act”, she says.
But getting into the market at the right time doesn’t necessarily mean first home buyers will bag themselves a good deal.
First home buyers looking to crack the market should be mindful of classic selling tactics, such as being told there are many competing buyers or being rushed into a quick sale.
It’s also important to sharpen your buying tactics in terms of starting your offer low and playing hard on price negotiation.
Just $5k or $10k could add thousands to the cost you pay on your home loan, so it’s important to drive the price down as low as possible.
It’s also essential to have a thorough understanding of the market in which you’re considering buying to ensure you pay the right price for the right property.