How to beat the competition in a heated sales market

If you are trying to buy a house in a strong sales market, it can become very disheartening being knocked back time and time again. So, how can you beat the competition in a tight sales market?

Sjanna Sandalova

With some Perth properties only lasting on the market for a median time of 16 days, you may be starting to feel the pressure if you are a buyer.

If you are trying to buy a house in a strong sales market, like we are currently experiencing, it can become very disheartening being knocked back time and time again.

With lots of people attending home opens, multiple offers, and properties disappearing before they even hit the market, it can be extremely competitive for buyers to secure the property they want.

So, how can you beat the competition in a tight sales market? Here are some tips to get you in front.

1. Get pre-approval

Getting your finance pre-approved before you start house hunting could be the difference between your offer being accepted or being overlooked.

Showing the seller you are already pre-approved for finance, shows them you are serious about purchasing a house and are ready to do so.

In a market which favours sellers, they will lean more towards a quick sale, which means having your finance sorted puts you first in line.

2. Introduce yourself to the local real estate agents

Get proactive in the area you are looking to buy in and get to know the local real estate agents. By physically introducing yourself and letting them know what you are looking for, you are creating conversation in their workplace.

Agents are always looking for new buyers to join their database and will keep you in mind if something comes up that suits your situation.

3. Sign up to reiwa.com alerts and Off-Market properties

By signing up to reiwa.com alerts, you will be notified instantly when new properties that match your saved search criteria hit the market. You will also get notified about Off-Market properties that match your search, meaning you will have a first glance at homes for sale before other buyers do!

Being able to also view Off-Market properties will open doors to even more homes to choose from with your chances being higher as these listings are not advertised in the public eye.

For more information about Off-Market properties, read reiwa.com launches Off-Market properties to help WA buyers stay ahead of the pack.

4. Hire a REIWA buyer's agent

Hiring a REIWA buyer's agent will help you find the property you are looking for and increase your chances of securing it. Buyer's agents have a large database of selling agents and will be able to hear of properties becoming available firsthand.

It's in your buyer's agent's best interests to ensure you successfully find your next property, meaning they will do everything they can to ensure a successful outcome for you.

Read five ways a buyer's agent can help you for more information.

5. Offer more than the asking price

In some scenarios when competition is high, and your financial position allows you to do so, offering over the asking price straight out of the gate is sometimes the way to go.

A reasonably priced house in a good area can bring multiple full-price offers within hours of being listed. You can get the seller's attention by offering slightly more than they were asking, which might still be a great price for the house.

However, be careful when using this approach and avoid acting out of desperation or emotion. Ensure you seek professional advice from your real estate agent or financial advisor if you are thinking about placing an offer that is asking more than the sale price.