Need help buying in a hot housing market?
Tue Nov. 3rd 2015
Saying that Auckland's property market is overheated is an understatement - it's practically on fire at this point. But it's still possible to buy, even for first home buyers.
We're not saying it's an easy task, but there are a few things to keep in mind that might help in your quest.
Always be prepared
This is a big one. If you're serious about buying a house, you need to get organised. That means talking to a mortgage broker, finding out how much you can borrow, and getting your deposit in order. If you're not ready, you won't be able to make an offer and you could miss out on a great house.
Everyone has the perfect house in mind - but if you're a first time buyer in Auckland, perfect is out of your price range. Figure out how much you can spend, check out the areas you like and get an idea of prices. You'll probably have to make compromises but remember, you can always move once your financial situation improves.
If you find something you like, don't be afraid to move fast. Being the first to make an offer means you're not compared to anyone else - and if the seller is keen to move, that could make a difference. If a property is going to auction a pre-auction offer can bring the sale forward and potentially cut out some of your competition.
Little things can make a big difference
Money isn't always the only thing that motivates sellers. Unconditional offers can be appealing to sellers, as they're assured of a sale without having to wait. Being flexible can also help - if you're willing to accept a longer or shorter settlement period, it could be helpful to a seller who needs to move on a certain date.
Get great advice
In the end, the best thing you can do is get help. If you're not an expert on the housing market (and most people aren't) then talk to someone who is.
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