Buyer’s Market vs Seller’s Market

11/22/2021 Clive Elliott Homebuyer Tips, Perth Real Estate

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

Negotiate an offer that’s less than the asking price, due to the decreasing prices asking for a discount is commonly done
Ask the seller for other concessions (closing costs, closing date flexibility, inclusions of appliances and furniture, repairs and renovation)
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

Brace yourself for bidding wars by deciding on a price limit based on what you can afford
Prepare your good offers (getting pre-approved for a mortgage, strong finances, etc.)
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.

Why Perth is the Ideal Place to Start A Family

11/18/2021 Clive Elliott Perth Real Estate

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.

Is 2022 the Perfect Time to Buy a House?

11/02/2021 Clive Elliott Homebuyer Tips, Perth Real Estate

As the world continues to shift, so do housing market trends. The real estate trends are shaped by different factors depending on the situation every year. If you’ve been wondering if waiting until 2022 is the perfect time to buy a house or just take advantage of the current low rates, read these predictions as well as some tips to help you prepare as you navigate the market.

Property Market 2022 Predictions

1. Rise of commercial spaces

As lots of companies continue to shift to hybrid/remote work due to the effects of the pandemic, the need for smaller office spaces is in high demand. Fulfillment centre spaces for e-commerce have also been increasing for small and big retailers to service their consumers. Multifamily units, both newly built and renovated, have also become popular for families and the working class on a mortgage or rental basis.

2. Technology continues to play a role in the buying process

The current generation of home buyers entering the property market makes use of technology to assess their choices, review, and research on suburbs, and communicate with agents. Being visible online and social media is the best way to buy or sell a house and connect with a tech-savvy generation.

3. Competition remains fierce, but it’s slowly calming down

Due to the pandemic, housing inventory has become limited with sellers withdrawing their listing. Due to the limitations, prices have soared and bidding wars became aggressive, which may intimidate first-time home buyers. However, as of August 2021, the bidding wars are beginning to drop, making the market a bit easier to break into for all kinds of home buyers for the months to come.

4. Welcoming suburban living

From urban living to suburban living, lots of home buyers have been slowly considering the charm of peace and quiet the suburbs bring from the hustle and bustle of city living. As lots of companies switch to long-term remote work, people can now choose to live outside the centre at a much more affordable price and just commute when necessary. This shift to living the suburban dream leads to lower prices for both suburban and urban housing units.

4 Tips for Home Buyers in 2022

1. Prepare for mortgage requirements

Housing markets are competitive and homebuyers must stay on top of the requirements and changes, especially when applying for a loan. Depending on the mortgage type, improving credit score, settling debts, and having a stable or increased income are a must for starters.

2. Maximize online resources and technology

Utilize virtual tours and appointments to save time and effort while researching neighbourhoods and houses. Social media has also made it possible to easily connect home buyers and sellers, making it easy to compare offers and avoid getting trapped between bidding wars.

3. Prepare a budget for housing and other expenses

Upon shortlisting neighbourhoods and houses to choose from, setting a budget is the next step. Have a budget for housing expenses to be used for maintaining or improving roofing, HVAC systems, and design (i.e. heating, ventilation, and air). Don’t forget to also have a budget for personal expenses, such as family needs and health concerns. After having a budget for housing and personal needs, make room for property taxes and homeowner’s insurance.

4. Save beyond the expected costs

When it comes to buying a house, savings are the first to be easily depleted. It’s important to save beyond the expected costs and the down payment so you can be financially secure even when the unexpected happens. After setting a budget, make sure to have a healthy amount of savings enough to cover at least six months of bills and essentials.

Make 2022 the Year to Welcome Your New Home

It’s never too late to buy your dream home. With these predictions and tips, let 2022 be the year you achieve your goals as a home buyer.

For more assistance, get a free consultation from the buyer’s agents at Buying Perth Real Estate. These experts have vast experience in real estate and they can definitely help you find the best property options. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

Is 2021 A Good Time to Buy a Property in Western Australia?

04/30/2021 Clive Elliott Perth Real Estate

Have you thought of buying or investing in a property in Western Australia? Do you think you are financially and mentally ready to purchase a new home? Aside from considering your finances, one of the many things that you need to take into consideration when purchasing a property is timing. Knowing the right time to buy a property can help you lessen the risks of your investment and avoid a sudden drop in the value of your property.

To know if you are buying a property at the right timing, you need to do your research. You can also seek help from your buyer’s agent to give you information about the real estate market in WA.

With the current COVID-19 pandemic, purchasing property might be currently out of the question for investors due to the economic crisis that most countries face. But the situation of the Perth real estate market is different.

Perth’s Economic Rebound

Perth is one of the cities that made a very efficient response to the pandemic. Although the city had lost several months to lockdown, they immediately made a fast recovery from COVID-19’s economic impact. Thanks to the WA government’s well-controlled handling of the pandemic.

Since WA isn’t reliant on greatly affected industries such as tourism, the global economic turmoil had a lesser negative impact on them compared with other areas. Perth’s economy has been sustained by its continuous income from the mining industry. Moreover, the prices of iron ore and gold, which are WA’s major commodities, have surged and helped with Perth’s economic rebound.

Perth’s economic recovery also provided an opportunity for a growing property market.

The Situation of Perth Real Estate Market

Perth’s real estate market was quick to bounce after months lost due to the lockdown. Due to historic low-interest rates that are being offered by banks and other lenders, a stronger and wider demand has gone up. With the help of government incentives such as Homebuilder support and stamp duty concessions as well as the growing interstate migration from the resources sector, demand continues to grow while supply remains tight.

Add to that the improving economic atmosphere as vaccines begin to roll out and businesses start to reopen, Perth’s dwelling price growth according to Real Estate of West Australia (REIWA) is expected to rise at a rate of 15% in 2021 and 2022. With further growing confidence in Perth’s real estate market, Perth’s real estate market is on track to record double-digit growth for the first time in 11 years.

If you are deciding if it is a good time to buy a house right now, we would say yes. Now is indeed a good time to buy a property in Western Australia, but be careful to select areas that will give you certain growth.

Use an experienced Buyer’s Agent to guide you through the process of finding, negotiating, and guiding you through to final settlement. Get a free consultation from Buyer’s Perth Real Estate and connect with experienced buyer’s agents or call Clive Elliot at (08) 6215 0200 or 0412 926 190.

5 Tips for Buying an Investment Property During an Unstable Market

04/29/2021 Clive Elliott Investment Tips, Perth Real Estate

It can be scary to purchase an investment property when the market is unstable. During periods of economic uncertainty like where we are today, real estate prices tend to be more volatile and many inexperienced investors often make impulsive decisions.

While you shouldn’t rush into buying an investment property during times like this, it can also be beneficial when you do it right. As unstable as a market can be, you can still buy a property that can profit you.

Here are a few tips for buying an investment property during an unstable market:

1. Follow experienced investors.

There’s a saying that you shouldn’t follow the herd, but instead follow the one who leads the herd. When buying an investment property, look for the insights of experienced investors and professionals when it comes to the real estate industry. There will be many voices telling you what to do or what to buy, but choose to listen to only those who are credible and trustworthy to give you advice.

Experienced buyer’s agents can help give you market insights and advice on what type of property can profit you during an unstable market. They have surveyed many properties in your local area and keep up with market trends almost every day.

2. Find a location with a strong local economy.

A good property location doesn’t necessarily need to be near the Perth CBD. Accessibility is definitely an advantage when investing in a property but another thing that you can check to know if a location is worth investing in is its local economy.

A location with a strong local economy will have a higher resale value in the long run. If there are thriving industries within the community, there will be a higher demand for properties. However, you should still do your research on the area’s economy. Since the market is currently unstable, will this thriving economy last until after several years? Consult your experienced buyer’s agent as they can help you with researching your target location.

3. Look for areas with room for development.

Aside from the current local economy, one more thing that you should look for in an area is its room for development. Are there government infrastructures that are planned to be developed? Are there new businesses that will be built? New infrastructures like hospitals and schools will create a demand for workers.

An area with a thriving community and which supports job growth is a good investment choice as it will help increase the value of the property.

4. Be aware of additional costs.

When purchasing a property, proper financial planning is essential to ensure that you are ready to make this investment. Buyers are always advised to save up for a deposit and have a regular income to finance the mortgage. However, the deposit payment and monthly mortgage aren’t the only costs that buyers should take into consideration.

One thing that most investors overlook is the additional costs that come with purchasing a property. Buying a home requires different transactions with various professionals. Hence, these entail additional fees such as lender’s fee, settlement costs, and upgrades. Make sure to be aware of these expenses so you can factor these into your budget. When planning your finances, make sure to have enough savings buffer so these unexpected costs won’t derail your budget especially during an unstable market.

5. Think long-term

When buying a property during an unstable market, you might be tempted to buy something that seems profitable today, but will be useless in five to 10 years. For example, today, because of the global pandemic, we see many people buying properties in isolated areas. When things get back to normal, will these properties still be valuable?

Just like we’ve mentioned earlier, learn to keep up with market insights and look at properties in areas where there is a lot of room for development and growth.

Plan carefully before you buy during an unstable market, learn to manage your risks and to assess your risk-to-profit ratio. Don’t be afraid to ask advice from real estate experts on what type of property will profit you the most in the long run.

Contacting an experienced buyer’s agent is essential as they will have greater insights into the market, a wide base of contacts with agents, and other marketing avenues that they have built up over decades in the real estate industry. Buying Perth Real Estate has decades of experience in the Perth real estate market and has a recognised reputation of delivering positive results for all their buyers. Get a free consultation from us today.

CategoryPerth Real Estate