Buying a home? Here's how to do it in a seller's market

Much like other parts of Australia, areas of Queensland are hotter than ever when it comes to the housing market's speed and crowded nature. With supply and demand out of balance, homes aren't sticking around on selling platforms, and properties are often being snapped up before you even get the chance for a detailed second look.

While this is excellent news for sellers, it isn't quite such a good thing for buyers that prefer to stay out of the fast lane with their property purchases. But that doesn't mean it isn't possible to bag your dream property – it just means you'll need to be a little smarter about getting there.

Want to get ahead? Here are a few of the ways you can make sure you're prepped and ready as a potential buyer:

Get your finances fighting fit

The first step to successful property ownership is finances that are sorted, in order, and ready to go. By taking a closer look at your money ahead of time, you can better understand all the financial requirements that come with buying a home. That includes anything from what, exactly, is in your budget to how much you can borrow and which home loans you're eligible for.

If you're not so hot on financial management or are struggling to get your head around the huge range of options available, hiring a professional is never a wrong move. A mortgage broker or advisor can point you in the right direction and provide you with a good idea of what you can and can't do without the need to do the legwork yourself.

Pre-approval is also a valuable option to consider, especially if you're working with a broker. By getting pre-approval, you've got a solid idea of how much your mortgage will cover, allowing you to look for properties within your specific bracket. The easier you can make the financial side of property shopping, the better.

Know all the fees before your commit

If you've found a property you love, you may be tempted to jump in head-first based solely on the listing price. But there's more to consider than the price tag that the seller is offering. Stamp or transfer duty applies to most property purchases in Queensland unless you happen to be part of an exemption scheme.

Other fees include mortgage insurance, legal costs, and even valuations and inspections. Get clued up on what you'll have to pay on top of the asking price, and you're in a far better position to purchase a suitable property.

Check out what you can get for your money

Picking a property based solely on its asking price may make sense to someone inexperienced in the housing market, but understanding value and what things are worth can ensure you're getting the best use for your money. Online resources for property sales and open houses are great ways to understand the value of individual properties. The better an eye you have, the more chance you will spot a great-value property within your budget.

Speak with estate agents

Local estate agents are the ideal source of knowledge, information, and upcoming house listings. If you want to be in the know on properties that aren't yet available, working with a local agent is an excellent choice. Asking them to keep an eye out on suitable options can be invaluable to getting ahead and getting to look at brand-new properties before they are snapped up.

At Sparrow Real Estate, we work with our customers to provide the most current information on the housing market and give you a first look at new open houses and listings. Connect with us in Brisbane, and we'll work with you to find suitable properties quickly and effectively that match your budget and requirements. A little expert help and insight can go a long way towards getting you on that property ladder.

Check out auctions

Auctions are an increasingly popular option for house sales, which perfectly suits the competitive Queensland market. Housing auctions are alien to most people, and often your first experience of these events is when you're bidding on a property you love. But taking the time to understand both online and offline property auctions can help you feel confident in bidding. The more you know, the better you're able to gauge whether a property is worth betting on. Not to mention, you'll have a better idea of when it's best to carry on increasing your offer or bow out of a bidding war.

Have everything prepped to move fast

A fast-paced market means you must match pace if you want to snag a property you love successfully. Having everything ready, prepped, and in order can allow you to make quick decisions and submit enquiries immediately, without any delay. If you aren't moving fast, someone else likely is – so it pays to have everything streamlined, pre-approved and ready to go.

Ready to check out the Brisbane property market? With our top tips, finding the perfect home or property is that much easier. As property experts, our team at Sparrow Real Estate is here to make the process as quick and easy for you as possible. Start with getting your finances in a good place, and everything else will follow – and as with any significant purchase, there's nothing wrong with seeking professional support and advice.

Want to stay in the loop on Brisbane properties? Get in touch with our friendly team at Sparrow Real Estate today and let us know what you're looking for. We'll get you on our list and make sure all the best, suitable potential properties come your way.