Seven Ways to Get Your Property Purchase Timing Right
How can you tell when is the perfect time to buy or sell your property? In any marketing venture, sports adventure, or even constructing a home timing is critical. It can mean a big difference between failure and success. We give you 7 things to consider just to help ensure you understand and know the perfect time to buy or sell a property.
1. Definition of your goals and development of business or personal plan
Establish your purpose in buying or selling the house. Write down your goals and specify the period you think it will take to do the research and review, as well as the time it takes to achieve your objectives. A clearer view of your goals is needed as well including the timetable reflecting when you want to realize your goals. You need to set up your own timetable of achievement. Do you want to keep a stable cash flow and maintain the increase of your capital growth? Work to move closer to your network, collaborate with your plans and set up a realistic budget.
2. Learn to understand and forecast property cycles geographically
Just like in other countries with different time zones, you need to learn which suburb, city, or geographic location performs best in a certain period of the year. Think smart and act savvy to outperform the market. Focus on regional areas with potential positive cash flow investors. Low rental or areas whose market are starting to decline may be a concern for the inner city units.
3. Be ready with your money
You need to prepare the cash before you start searching for a property. Identifying this main limitation helps narrow the search for the perfect property to match your goals.
4. Perform your research smartly and systematically
Spend your time wisely. Create an outline and then design your research. We have two basic types of research
First, is to find the perfect area suited to your lifestyle.
Second, is picking the perfect property within the area that would be perfect for your taste and goals.
However, if you are an investor, you may need to learn to use some tools and quantify your data for further analysis. Statistical and qualitative analysis are critical when making an investment decision. There are areas still undergoing developments or solid infrastructure development that offers low vacancy rates, which may give you a big difference in terms of price. Research and offers are very time sensitive. Use a check-list to ensure you have everything covered and look at a minimum of 50 odds properties in your price range.
5. Identify which months are ideal for buying properties
As we have already discussed, we need to identify the location that is good for buying properties because there are months where vendors are more interested in accepting offers such as in November and before Christmas in December. The reason is that this is the time of the year when investors close their books and start calculating taxes, especially land taxes. Meaning, the properties may be up on the market for some time. Another reason is that some buyers want a good resolution. They may want to sit on the Christmas table satisfied thinking that they will be moving to a new home in the New Year.
6. Timing is crucial for offering negotiations
Timing is the cornerstone of negotiation. This important technique causes you to win or lose a deal. One factor you should establish is the reason behind the property sale. Timing means how quickly you can come up with a counter offer. Remember, that each negotiation largely differs according to the circumstances. Agents often want to sell hurriedly at the end of the year because of the yearly target quota including the commission.
7. Learning how to move quickly to closing the deal
The point of exchange is critical. You are competing with another buyer for that property. You need to rethink your negotiation strategy. Engage your conveyancer to review the contract first and then proceed to the inspection of the property such as the pest control and materials. Offer and acceptance mean nothing unless the final contract is drawn. Using the Buyers’ Agent could facilitate the sale of the property. This is easier and a more time-efficient move. The vendor may want to test the auction first before releasing the property.
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