Buyer’s Market vs Seller’s Market

If you are planning to purchase a house, it’s important to know the right timing to enter the market to avoid being left behind. There are two types of markets you have to know about: the buyer’s market, which caters to people who want to buy a home, and the seller’s market, which is perfect for people who are ready to sell their home.

Find out the differences between buyer’s market and seller’s market as well as some strategies to help you negotiate and land a good deal.

Buyer’s market

A buyer’s market occurs when a real estate supply exceeds the number of buyers. This is the perfect time for homebuyers to enter the market due to decreased prices and more houses on sale. As there are a lot of options, both buyers and sellers can negotiate for other prices and offers to maximize the market and close a deal.

How to Know if it’s A Buyer’s Market

  • Lots of houses are on sale in the market
  • Houses are sold slowly and below the list price
  • Prices continue to drop

Home Buying Tips in a Buyer’s Market

  1. Negotiate an offer that’s less than the asking price, due to the decreasing prices asking for a discount is commonly done
  2. Ask the seller for other concessions (closing costs, closing date flexibility, inclusions of appliances and furniture, repairs and renovation)
  3. Know your options and compare deals, it’s your market as a homebuyer so you have to take your time selecting the best offer

Seller’s market

A seller’s market happens when the real estate inventory is low and the amount of homebuyers is high. This is the right time for sellers to come in since homes sell faster and many buyers are interested and willing to spend more. In this market, lots of bidding wars (multiple buyers competing for the same property) occur since there is a shortage of housing. 

How to know if it’s a seller’s market

  • Homes sell fast, leading to fewer options in the market
  • Houses are sold above the list price
  • Prices continue to rise

Home buying tips in a seller’s market

  1. Brace yourself for bidding wars by deciding on a price limit based on what you can afford
  2. Prepare your good offers (getting pre-approved for a mortgage, strong finances, etc.)
  3. Act fast so you can buy your dream house before anyone else, too much waiting can let a good deal slip so you have to grab it before it’s gone

Take advantage of the right market

Knowing when to enter the market depending on your needs is crucial to a good deal. A buyer’s market and seller’s market are all about the supply and demand of homebuyers and properties, so as a home buyer, you have to get ahead by analyzing these changes before diving in. 

Are you ready for the buyer’s market?

Let us help you find the right timing to enter the real estate market. Get a free consultation from the buyer’s agents at Buying Perth Real Estate. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

5 Things Homebuyers Overlook During A Property Visit

As a home buyer, one of the things that you should definitely do when looking at homes is personally visiting the property. This is how you assess whether or not that specific property is right for you. Even before the home inspection, you get to check if the home features suit your needs and preferences. Moreover, you get to see early in the home buying process if there are relevant concerns about the home. This will save you time as you will be able to further narrow down your options. Aside from simply looking around the house, there are other things that you need to do during your visit. For a more comprehensive evaluation of your home options, here are 5 things homebuyers overlook during a property visit:

Checking out the recent redecoration or renovation.

Major renovations are definitely a plus in a home. Aside from elevating the lifestyle of the homeowners, they can increase the value of the property. However, it is a must to be wary of minor renovations or redecorations. If you can smell fresh paint, check out the walls for possible discoloration against older paint jobs. Sellers would want their home to look its best despite minor issues. Recent paint jobs could mean that they might have been done to cover dampness or cracks. You would need to fix these later on. It would be best to know about these beforehand so your buyer’s agent can discuss these potential issues with the seller.

Turning off the lights.

A property is always staged first before listing in the market. During open houses and property visits, the seller or listing agent would want everything to be perfect. Hence, the home is staged in a way that lets potential buyers see it as a perfect home. Lighting plays a key role in setting the atmosphere and mood in a room. With this, when visiting a property, you would want to try to turn off the lights. This will show how the room actually looks and how it actually feels to stay in it. It is also best to check this during the day as it will let you know where the natural light comes in and if there are dark areas around the house.

Taking a moment of silence.

If there are other buyers during your visit, it can affect the overall noise within the house. If you can, take a moment of silence to check external noises that you can hear from within the property. Go to each room and check the level of noise. If you can hear too much noise inside the house, this can be a deal-breaker no matter how perfect you think the property is. You wouldn’t want to live in a home that is in a noisy neighbourhood. Remember that you have to be comfortable in your own home.

Turning on all the water taps, hot and cold.

Water pressure is an important factor that needs to be checked in a property. It is a basic need and it could be a big inconvenience if there is an issue with the water supply in the property. You can check this by turning on every tap in the house. Make sure to also ask about the age and condition of the water and heating systems.

Looking outside the windows.

Aside from the interior, the areas surrounding the property should also be a factor in deciding whether or not you want to purchase the home. Look outside the windows to check the views around the property. The views outside will have an influence on how it will feel, either cramped or bright, living inside the house. It can highly influence your everyday mood once you start living in that house. Potential developments around the property can also affect the value of the home.

All these and other things that you should check and do during a property visit will be taken care of if you have a buyer’s agent. With vast experience in helping buyers like you find the best home, they will make sure that you are checking the right things in a property. With the help of these real estate experts, you will be sure to get the best deals on the perfect home.

To schedule a free consultation with the experienced buyer’s agents of Buying Perth Real Estate, contact Clive at (08) 6215 0200 or 0412 926 190 or send an email to clive@buyingperthrealestate.com

Why Perth is the Ideal Place to Start A Family

Perth has always been on top of the list of Australian cities that are best to live in. With its tropical climate and relaxed atmosphere, many tourists fall in love with Perth each year. But these aren’t the only reasons why people move to Perth. 

This coastal city in Western Australia is also family-friendly – an ideal place to raise young children and teens. In Perth, you can find peaceful neighborhoods, a quality education system, good healthcare facilities, and endless outdoor activities. In this blog post, let’s look at all the reasons Perth is the ideal place to start a family.

1. Safety and security

Perth is considered as one of the safest cities in Australia boasting low crime rates. According to studies, 72% of Perth residents consider safety their top priority when they chose a place to live. And while there are safer neighborhoods in Perth to live in than others, you’ll generally feel safer and more secure to start a family in Perth than in other capital cities in Australia.

2. Quality education system

You don’t have to worry about the quality of education your children will receive when living in Perth as some of the top-ranking primary and secondary schools are located here. There are also notable universities located in Perth such as the University of Western Australia and Curtin University, Edith Cowan, Murdoch university, Curtin University  and Notre Dame.

3. Competitive salaries

Perth might not be the most affordable place to live, but the salaries are very competitive albeit being more relaxed in atmosphere. Over the years, Perth has become a thriving hub for the tech industry. A number of entrepreneurs and innovative startups continue to grow.

There are also many available jobs in different industries in Perth and you won’t find it difficult to join the workforce. You can find jobs in education, retail, manufacturing, agriculture, mining, and so much more.

4. Superb healthcare

In Perth, we value health. Perth offers free treatments in public hospitals, subsidized healthcare services, and modern medical facilities for residents. There are many healthcare workers who are experts in their respective fields and you won’t have to worry about treatments as most are available in Perth.

5. Diverse neighborhoods

You can choose where to live in Perth depending on your lifestyle. Fremantle has a busy seaport and offers historical buildings that people love to eat and shop in during weekends. Meanwhile, Cottesloe is an affluent area that offers beautiful beaches and exciting watersports. If you would like to live somewhere modern, you can consider living near the city center or in East Perth.

Perth is a melting pot of different cultures.  There is a wide rage of neighborhoods catering for all classes and cultures.throughout Perth 

6. Fun outdoor and recreational activities

Your whole family will surely have fun if you love the great outdoors! Perth boasts the most magnificent parks, play areas, cycling tracks, lakes, and of course, beautiful beaches. Aside from these, you’ll also love all the sports activities that you can learn in Perth – whether that be land or water activities. 

You’ll never run out of things to do in Perth – whether that be swimming, cycling, or hiking. Just within two hours from the city are national parks that boast great wildlife and mesmerizing views.

Starting a family in Perth might seem like a big decision, but it’s a decision that you won’t regret. Whether you are coming from a different Australian city or a different country altogether, Perth will surely welcome you with open arms.

Are you interested in looking for a property in Perth? The experienced buyer’s agents of Buying Perth Real Estate can help you. Get a free consultation when you contact Clive at (08) 6215 0200 or 0412 926 190.

The Benefits of Hiring a Buyer’s Agent

When buying a property, homebuyers have the option to either do it on their own or to hire a buyer’s agent to guide them in the process. Many homebuyers, unaware of the benefits of hiring buyer’s agents, choose to carry on this heavy task on their own and often regret it. Although it’s normal, homebuyers are often faced with challenges and problems along the way.

While you’ll surely be able to buy a property on your own, there are some perks you’ll miss out on when you don’t hire a buyer’s agent. So before you make that decision, let’s discuss some of the benefits of hiring a buyer’s agent.

1. A buyer’s agent knows what to look for in a house

An experienced buyer’s agent looks at dozens of houses on a regular basis. One of the benefits of hiring a buyer’s agent is that they know what to look for when viewing houses. They can identify red flags and potential problems that you might not be aware of when you view houses on your own. On the other end, they also know how to identify a good deal. They can explain to you in detail which houses will be a better choice for you to buy.

2. A buyer’s agent has extensive market knowledge

It’s important to hire a buyer’s agent that has extensive knowledge about your local real estate market. Every town and even neighborhood has different trends and insights that you need to know as a home buyer. When you hire a buyer’s agent who’s an expert at buying houses in your area, their knowledge and experience will go a long way when the time comes to make an offer on the property.

On the other hand, hiring a buyer’s agent who’s not knowledgeable in your area nor has decades of real estate experience, can be a bad move and can cost you thousands of dollars.

3. A buyer’s agent is a buyer’s advocate

When you hire a buyer’s agent, they become your advocate. Buyer’s agents are loyal to the buyers and will promote their best interest in every possible situation. They will be the ones to negotiate the best prices for the buyer and can potentially save you thousands of dollars. 

Buyer’s agents will act on behalf of the buyer and will do everything to help buyers get the best prices and terms for the property they are buying.

4. A buyer’s agent can help secure financing

For many home buyers, especially those who are buying their first property, looking for the right financing option can be very confusing and challenging. A buyer’s agent can help you navigate through all your financing and mortgage options so that you can understand and choose which one is best for you. A buyer’s agent can also help you secure financing and get pre-approved.

5. A buyer’s agent will know how to write real estate contracts

A buyer’s agent can help you write a real estate contract that can present you in the best way possible to the seller. Writing a good real estate contract is the key for your offer to get accepted by the seller. Aside from this, a buyer’s agent can help you meet deadlines that need to be set and make sure that all the important details of the contract are correct.

So, do you still think buying a property alone is a good option? Hiring an experienced buyer’s agent will definitely make your home buying journey easier and more satisfying. An experienced buyer’s agent is surely worth every dollar,so you better invest in hiring a buyer’s agent so you can buy a property with no doubts and regrets. 

Contact Buying Perth Real Estate at (08) 6215 0200 or 0412 926 190 to get a free consultation and buy the property of your dreams.

5 Benefits of Having a Smart Home

Smart home technology is one of the must-haves in home improvements today. It is also something that most home buyers look for when purchasing a new home. Aside from being impressive, having a smart home has a lot of benefits. It will make your lifestyle easier and will make everyday living more efficient. However, like all other home upgrades, it also entails additional costs. Before you make this investment, it is best to know the benefits of having a smart home.

What is a smart home?

Smart home technology utilizes an automated system that connects various appliances and features in your home. It lets you control all your smart devices through your computer or mobile device. Some systems can even allow you to control it using voice command. As impressive as it sounds, having a smart home actually provides homeowners with a lot of benefits.

1. It provides convenience.

With a smart hub where you can control all your smart home products, you can manage your home easier. It will allow you to control your appliances and devices in a single controller – it can be your computer or mobile phone. With this, it is important to look for the best smart hub – one that will be compatible with all your smart devices at home. 

If you have a smart home, there’s no need for you to physically go to your appliances or devices just to switch them on or off. You may not realize it immediately but this provides utmost convenience in your everyday life. For instance, while you are on the way home from work during summer, you can already turn on the air conditioning system. Your place will be able to cool down as soon as you arrive. It will save you a lot of time and let you proceed with your routine with no hassle. 

2. It gives you peace of mind.

Have you ever gone out of your house and wondered whether or not you have turned off the lights? Or worse, whether or not you are able to lock your door? With smart home technology, you will be able to check the status of all devices that are connected to your smart hub. In case you accidentally left the lights on or forgot to lock your door, you will be able to fix it with just a few clicks. No need to go back home and it will give you the peace of mind that you need.

3. It maximizes security and promotes safety.

One of the best advantages of investing in a smart home is being able to maximize the security features of your home. A surveillance system is a good security feature. However, you can even make it better by connecting it to motion detectors and automated door locks. You can even turn on notifications and receive alerts whenever any of your security features get triggered.

A smart home also promotes safety. No need to worry if you left your electrical appliances working. Since you will have full control of all your devices even if you are not at home, you’ll be able to monitor them and turn them off just in case. This will reduce the risk of fire hazards that can be caused by overheating appliances.

4. It is energy-efficient.

Since you will be able to control your devices anytime and anywhere, it can be guaranteed that all appliances that need to be turned off are turned off while you are not home. Also, smart home systems allow you to automate and schedule the times when you need your appliances to work. This is usually helpful when it comes to heaters and air conditioning systems. By smart usage of these appliances, you will be able to conserve energy and even save money on your electricity bill. Moreover, you are also able to provide a positive environmental impact by making your home energy-efficient.

5. It increases your home’s value.

Having full control of your smart home devices wherever you are might be the most compelling advantage of having a smart home. But aside from the benefits that the homeowners experience every day in their smart home, it can actually provide a bigger benefit in the long run. With the smart home system that is installed in your home, it will increase the value of the property. When the time comes that you decide to sell your home, you will be able to sell it at a higher price than other properties that do not have smart technology yet.

With all these benefits, it really pays off to invest in a smart home. To help you find the smart home that is perfect for you, feel free to consult with the experts at Buying Perth Real Estate. These buyer’s agents have ample experience that can provide you with the best real estate deals for your smart home. 

Give these experienced buyer’s agents a call at (08) 6215 0200 or 0412 926 190 or email us at clive@buyingperthrealestate.com.