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How to Become a Power Buyer

How to Become a Power Buyer

As the days become shorter, children have gone back to school and you’re starting to think about turning on the heating, it may feel like summer has drawn to an end, but the autumn housing market is still as fast-paced as it has been all year. With hot competition, the number of buyers chasing every available property is at its peak; double the level seen in 2019 before the pandemic began. If you have been considering a move, you will have no doubt noticed how fierce the competition is.

In a market that is more competitive than ever, we are now seeing sellers turning to ‘power buyers’; those who have already found a buyer for their own property, are chain-free, or have no need to sell.

To get the leverage you need to secure your dream home, here is our ‘to do’ list on becoming a Power Buyer:

Firstly, get a sale agreed on your current home before you buy. If you need to sell to buy, put your home on the market now! Many sellers are only looking for buyers with sales already agreed.

Our next piece of advice, is to ensure you have your mortgage in principleif you’re a first time buyer. One of the first things a sellers’ agent will ask is to provide confirmation from a lender that you are able to afford the property in question. Get ahead of the game buy having your mortgage in principle and proof of deposit funds ready.

Finally, if you are a cash buyer, make it known!Cash buyers or those who aren’t tied into a sale will be more attractive to vendors, so ensure your estate agent is aware you are ready to act fast!

There is no doubt that the post-pandemic market can feel like a minefield for buyers. If you would like any advice on how to navigate the process, or would like more tips on becoming a Power Buyer, get in touch – we would love to hear from you!

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