If Sydney and Melbourne are any indication of what could be in our future, the housing market could become very hot within the next year. Mortgage brokers in Baldivis, Rockingham and across the Perth market have been expecting the market to “heat up” for awhile. Even though prices went down for the June quarter, we don’t see this lasting past the end of the year.
Why It is Wise to Be Prepared
The entire Perth market is positioned for extreme growth. Interest rates are still at an all-time low and prices actually fell in the June quarter. In Melbourne and Sydney, the market is rising enough that every month someone waits to buy a home can cost them thousands of dollars over a 30-year home loan. Consumer confidence is rising. The falling dollar is making Australian exports more desirable, which can have a ripple effect on the economy.
In Sydney, the median home is only on the market for nine days before it is sold. Some of the better “deals” don’t officially make it to market before they are sold. Whether you are thinking of buying your first home or upgrading your current one, it may be wise to make preparations to move quickly on a desirable home while prices are still low. Here are a few tips that can help you move fast.
The most important thing you can do is to call a mortgage broker and get yourself pre-approved for a home loan. We will be more than happy to do this for you at Smartline Rockingham. That way, you will know how much you have available and how much you can afford to offer if you find a home that you want.
Have Your Team Ready
Besides your mortgage broker, you want to have a solicitor and inspectors ready to go on a moment’s notice. Remember to have inspections done and paperwork approved by your solicitor before signing anything.
Prepare a list of non-negotiable features for your home. Eliminate any that don’t have all of what you are looking for.
To learn more, call us today: (08) 9527 1800.