Upgrading your property in a hot market

Interest rates are at an all-time low, and housing supply across the country is struggling to keep pace. With increased demand, sellers looking to upgrade can be certain that they have the upper hand.

But how do you ensure that you don’t miss out once your current home is sold?

There are a few options to help put you in the best position to bridge the gap and beat the competition into your new home.

Preparation is key

Quite possibly your property will sell like hotcakes, so be prepared to act quickly.

Make sure you have a clear picture of what you want in your new home and work out what’s important to you and your family.

Be sure to speak with local real estate agents who can give you a heads up when new properties that meet your criteria become available.

In a hot property market, homes often sell even before they are even scheduled to be advertised. So being proactive is essential.

Seek pre-approval

As part of your prep, it’s important to get your finance in order. Being pre-approved makes you much more attractive to the vendor.

Also, in a hot market, any conditional offer such as the sale of your existing home are often rejected by vendors. For this reason, it can make more sense to get the sale of your current home well underway before you start to shop around for a new one.

Assess your options

Depending on your situation, you may want to consider different financing options such as bridging loans or relocation loans. These attract higher costs but can offer greater flexibility around timing.

As with all major purchases, it’s important to assess all your options before making any commitments.

A Liberty Adviser can help you explore the various finance options available and find the right loan for your needs and timeframes. To find out more, contact a Liberty Adviser today.