Many areas are experiencing a hot real estate market and have shifted to a seller’s market. This is despite the COVID-19 pandemic or perhaps because of it, as well as the subsequent record low-interest rates. While current conditions are prime for sellers, they can make the process more challenging for property buyers. Navigating a seller's market can seem daunting for prospective buyers, however, they can still position themselves for success and zero in on their ideal property.
It is important to note that preparation is key, especially when vying for the dream house. Homes in a seller's market typically don't remain on the market for very long. With that in mind, it is advisable that any home buyer shopping around on the market should already be pre-approved, or at least qualified. A home buyer, with their paperwork at the ready, has the upper hand since it ensures that they can act fast and put in a timely offer on properties they are interested in.
Being knowledgeable about the entire process allows any transaction to run both smoothly and swiftly, which is why hiring an experienced real estate agent can give home buyers a significant advantage when purchasing a property in a competitive market. Buyers that work with an agent will receive guidance throughout the transaction, from researching comparable properties on the market to submitting a reasonable offer to the seller once they decide on a home.
The property market experiences cycles of seller's and buyer's markets, but the basics of real estate do not change. Undoubtedly the pandemic has brought about the most drastic change to the market in recent times. But it is important to note that every market presents an opportunity for good deals, as well as bad ones. Homebuyers that are well prepared, patient, and follow the guidance of an experienced agent will be able to leverage a seller's market and ultimately find a property that suits their budget and lifestyle.
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Statement by
Richard Gray
CEO Harcourts South Africa