Negotiating a spring bargain

Spring typically sees an uptick in property sales and this trend looks set to continue in 2023.

In the first week of spring, more than 2,400 properties were scheduled to go under the hammer – up 13 per cent compared to the first week of spring in 2022.

Coupled with property prices rising in recent months, it’s important to understand how to negotiate like a pro if you’re on the hunt for a bargain this spring. Read on for our top tips.

Tip 1: Comprehensive research

A deep understanding of the local property market can be a significant advantage. You’ll be in a better position to make an offer or bid with confidence. We provide a range of detailed reports that can offer insights. Whether you’re keen on specific suburb data or an estimated valuation of a particular property, we’re here to assist.

Hint: CoreLogic’s weekly Auction Market Previews are a valuable tool. They provide timely updates, ensuring you’re always informed about market shifts.

Tip 2: Secure your finances

When the right property comes along, being financially prepared can make all the difference. Discuss pre-approval with us now. Having pre-approval gives you confidence during price negotiations with vendors. It may also give you an edge over other buyers without pre-approved finance.

Tip 3: Understand the seller’s motivation

Gaining insights into the seller’s reasons for listing can give you an upper hand during negotiations. What settlement terms and deposits will be most attractive to them?

Are they relocating for work? Might they be open to adjusting the price for a more streamlined settlement process? Sometimes, offering a slightly larger deposit can make your proposal more appealing. Engage with the real estate agent to gather such insights.

Tip 4: Prioritise inspections

Never underestimate the value of thorough building and pest inspections. They can reveal potential issues with the property, which can be crucial during price discussions. If there are significant concerns, you may be able to use the findings from the inspection to negotiate a lower sale price.

Let’s Talk

If you’re in the market for a property purchase, reach out to us to organise your finance pre-approval and set yourself up for a bargain this spring.