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When your search results don’t match any properties, don’t be disheartened, it may just be a matter of knowing what your money can get you and where.
Melbourne-based licensed real estate agent and buyers advocate, Cate Bakos, offers her expert advice on how to maximise your search results and find out what you can get for your money.
Do your homework
The thing is it’s so simple to start off on the right foot.
For example, clicking on the SOLD tab at www.realestate.com.au and selecting your own personal must-haves will help kick off a successful search.
Simply choose your preferred suburbs, dwelling type, maximum/minimum number of bedrooms and your budget range, and an array of properties matching your criteria will pop up.
The ‘Sold’ search tab can be a great tool to check how much homes, similar to the ones you’re searching for, have sold for.
Do take note of the sale dates though. In an aggressive sellers’ market you only need to focus on properties sold within the past three months.
Any older and the information is no longer reliable in terms of shedding light on the likely selling price.
If you can’t track down at least three properties that have sold in the last three months, your search criteria may not be a feasible one.
Don’t feel too despondent though. Tweaking just one must have may be all it takes to get your search back on track.
This process can be lengthy for some, speedy for others.
To fit your budget you may have to downsize by a bedroom – or opt for a different location. Picture: Realestate.com.au
Suburb, size or features?
From downgrading from a house on a big block to a smaller or subdivided plot to buying somewhere that’s definitely going to need an upgrade further down the line, you’ll eventually hone in on the areas you’re prepared to compromise on.
Often, it’s a simple switch to the next suburb.
Each home-buyer will compromise on different things, but keep in mind that until there are numerous sold properties showing up over the past three months on budget, the search is not ready to begin.
As difficult as this can be to accept, no search is worth embarking on until it’s fully feasible. Get the foundations of your search right early on however, and you’ll save yourself a lot of wasted time, energy and missed opportunities. Go on – reclaim those weekends!
Cate provides general opinions and issues to consider when buying property in the current market. These should not be treated as investment advice. Always obtain advice based on your individual circumstances.
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