Spring is traditionally a busy time for the property market – and this year is certainly looking very promising. Australia had a busy winter period marked by stronger sales volumes and higher buyer demand in some areas. And the momentum has kept going through to September.

Spring can be a fantastic time to make your property dream a reality. However, while there are usually more listings available, there are also many buyers around. This means that if you are hoping to secure a property this season, you’ll need to be well prepared and ready to pounce when the right property comes your way.

To help you prepare, we’ve pulled together our top tips for buying property in the bustling spring real estate market!

Top tips for buying property in spring

Tip 1: Identify your wants and needs

Our first tip is to make a list of all the essentials your property needs to have. This might be a certain number of bedrooms and bathrooms, perhaps plenty of space for children to play or a home office. Next, make a list of the features that fit into the want category. These are things that are not essential but would make for a fantastic bonus. They might be a pool, an extra parking space or an entertaining area.

Of course your personal needs and wants will depend quite a bit on your property goals. For example, will this be your family home, your empty nest or an investment property?

Tip 2: Narrow your search

Secondly, you’ll need to think about location. Which suburbs would be ideal? And where could you consider if it meant a better price or additional property features? Consider the realities of school catchment areas, commuting to work and public transport when narrowing your search, and be ready to expand your search area if it will help you to be more competitive.

Once you’ve chosen some areas to focus your search, get in touch with trustworthy real estate agents who work in those areas. They can then alert you when suitable properties hit the market.

Tip 3: Do your research

Once you’ve identified your key property features and location, take a look at recent sales of similar properties in the area. This will help you to get a feel for the median sale price so you can prepare your budget and finances.

Factors such as how long they were on the market for before they sold, if they sold by auction or traditional sale, and if they went for below the asking price would also all be handy to know, and will help you to be a more competitive buyer. You could also attend home inspections and auctions to gain an understanding into buyer demand in the area.

Tip 4: Review your financial position

Set some time aside to review your finances and gain a better understanding of your current financial health.

• Do you have enough saved in your bank, or equity in your home if this is a second purchase, for a home deposit?
• Do you have enough cash for all of the extra fees and charges associated with a home loan?
• Have you considered the five Cs of credit?
• How much would your budget realistically allow for mortgage repayments?
• Is your current employment secure?
• Will there be any major purchases coming up in the near future? Is there any room for trimming your current spending?
• Do you have any debts you need to pay off before you take on a home loan?

You should also research the current economic market and recent interest rate fluctuations, to know exactly what you are entering into. Talk to a financial expert if you need clarification or guidance.

Tip 5: Apply for pre-approval

Conditional pre-approval is when a bank or lending institution agrees to lend you a specified amount of money to purchase a property. This doesn’t mean formal approval for a loan. But it’s indicative that the lender is on board with you as a borrower.

Pre-approval is a fantastic way to make sure you are ready to act fast when buying property in a hot spring market. It will help you to understand your borrowing capacity and will be a valuable tool when communicating with real estate agents.

It will also give you an extra boost of confidence in your negotiations, while also helping to give an upper hand over your fellow buyers – a necessity in the busy spring real estate market.

Better yet, getting a pre-approval should only take a few days, depending on a number of individual factors.

Tip 6: Find a trustworthy team for buying property in spring

A team of property experts can be just what you need to get a leg up during the busy spring property buying season. Your team might include:

• Building and pest inspectors to check for faults in the property
• An accountant to help with your financial documents
• A conveyancer or solicitor to guide the legal process
• A reliable mortgage broker to help you find the best home loan to suit your individual circumstances.

Let us help you conquer the spring market!

Here at Lending Loop, we compare loans from more than 40 different lenders to help save you time, money and stress. And this is even more important during the busy spring property market!

Whether you’re a first home buyer or investor, have a low deposit or low docs, are refinancing or looking to purchase property through your SMSF, we can find the best solution for you. Give us a call today at Lending Loop, and let’s see how we can help!