Easter is traditionally one of the most busiest times in the real estate market. With four days of relaxation on the horizon, and winter just around the corner, many families hop at the chance to visit open inspections if they’re looking to buy. Sellers eager to move-on before autumn ends are equally as enthusiastic.
This Easter is no exception. Realtors around the nation are expecting it to be a seasonal peak in activity as many eager home buyers absorb additional property supply.
Auction rates across the country are high. Sydney’s clearance rates hovered around 80 percent during the closing weeks of March. Melbourne recorded clearance rates of 73 percent. Adelaide 62 percent and Brisbane 63 percent.
Buying Over Easter
If you’re looking to buy a home this Easter, then make sure you’re prepared. Smart buying now will see you reap the rewards when it comes time for you to sell later on down the track. This means researching the market thoroughly, focusing on the areas you like, and looking at neighbouring suburbs. Also shop around for a home loan that offers you the best rate and features, and is tailored to your needs.
The key to finding a ‘good buy’ in terms of a home and a home loan is making time to research the market, and paying attention to detail. Patience is a must, along with diligence. Constantly be on the lookout for new property and deals, and know what represents value for money.
Conduct an internet search of property’s that are for sale. List the following:
- The low and high prices of property in the areas you like. Look at what’s currently on the market and what’s sold over the last 6-months.
- List home features, land size, rate costs and the number of bedrooms and bathrooms each property you like has.
- Make a note of each property’s location – near beach, a park or transport etc.
- Print out the homes you like and make time to go and see them.
- Use the back of your printouts to take notes about each property. List you likes and dislikes. You can then compare these when you get home.
When looking for the right home loan write down the following:
- The lender’s name.
- Their interest rate.
- Type of loan – fixed, variable etc.
- Fees, costs and any other charges.
- Loan features.
- The size of the deposit you’ll need to secure the loan.
- The cost of the loan over the full-term.
Then compare these to find yourself the best loan. If you’re unsure or don’t trust yourself to accurately make home loan comparisons, then contact a mortgage broker. They can help you to conduct home loan comparisons and assist you to find the right home loan. But, just be mindful that they’re limited to the lenders on their panel and that they may not be able to carry out comparisons of lenders and home loans on your list.
If you’re serious about buying over Easter, then get home loan pre-approval before you start looking at homes. Make sure your credit history is as good as it can be before you put in an application. Also reduce your credit card limits so that you have more borrowing power. You can always increase your credit card limits at a later date, if you need to.
Thinking of Buying a home over Easter? contact eChoice and find the right home loan for YOU today.