The worsening affordability constraints and the rising competition are making housing conditions “grim” for homebuyers in Australia.
Hello Haus founder Scott Aggett said the year has been challenging so far for many homebuyers as they navigate the changing environment due to the impacts of increasing rates and surging inflation.
“I saw so many people making mistakes that ending up costing them thousands — I wanted to help educate people and show people how to do it properly,” he said.
Mr Aggett pointed out five trends that have been playing out this year among buyers:
- Buyers often have to get two to three lenders.
- When looking for properties, they are likely to go over 300 listings.
- They commit 90 hours in searching for property.
- They often miss out on average of five properties.
- Exhaustion causes them to compromise on their chosen property and overpay.
With these trends, Mr Aggett said there are parts of the buying process that homebuyers should focus on in order to successfully navigate the market swiftly and to lessen the stress and risks.
“It currently takes most homebuyers an average of 7 months to make a home purchase. We are helping consumers transact in less than 90 days,” he said.
“The other benefits are we are removing the stress of the unknown, agents can’t play games with you – and you will never pay an emotional premium again.”
Below are the four specific parts of the process buyers should be mindful of:
- Finding a property – Buyers must know what they want and how to find it off-market. Finding properties this way would provide greater choice and less competition.
- Analysing the market — Buyers should try to take advantage of free research tools online to have a deeper understanding of the market and give themselves edge over their competitors.
- Negotiating a deal — Buyers must know what strategies to employ when finalising a deal with an agent. They should ask the right questions to have more control of the negotiation.
- Transacting legally and financially — It is a must for buyers to have a good grasp of the whole process and understand the legal and financial obligations of buying a property.
Photo by Liza Summer from Pexels.
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