How much is your time worth? Buying a home used to be a simple process, see house, inspect house, purchase house.
But times have changed and the level of competition in the housing market means that it’s rarely that easy. Speak to most prospective homebuyers and they’ll tell you a similar tale of the weekly auction merry-go-round and their exasperation at struggling to secure the right home in the right location at the right price.
According to a survey released by UBank last year, 14% of Victorians spend, on average, 10 months searching for a home. The national average is a staggering 6½ months.
Home seekers will spend an eye-opening 18,000 minutes simply viewing potential homes. That’s almost 13 days !
And while you might think that half a year isn’t a long time to wait from the start of your search to signing those purchase papers, it’s only once you start the process and get into the nitty-gritty that you start to realise how much work is involved in buying a home.
So what is your time worth? If the thought of spending your valuable downtime in real estate purgatory doesn’t appeal to you, a buyer’s advocate can be your lifeline.
The home search begins with questions such as is the market weak? Is now the right time to buy? Where do I start?
Inevitably it will take hours upon hours of internet trawling to find a home that ticks all the boxes. And that’s not counting your background research on the areas you want to live in. Are they close enough to schools? Is there ample public transport nearby? The list goes on.
Then comes the selling agents and potentially dozens of open for inspections as you narrow the search.
Are you exhausted yet? Help is at hand.
A buyer’s advocate will undertake all of this work for you. Their intimate real estate knowledge allows them to quickly frame a market around your requirements and do all of the legwork, tracking down potential properties and presenting them to you for your appraisal.
Most buyer’s advocates will also have access to off-market and wholesale deals, giving you an edge on the rest of the competition and increasing your chances of coming out in front.
When it comes time to buy the process of actually buying the home will vary depending on whether the vendor is accepting offers, or if they’re taking the property to auction.
Either way, for an inexperienced buyer the process can be stressful, not least because failing to secure that perfect property means going back to square one and beginning the search all over again.
A buyer’s advocate can maximise the chances of successfully securing your new home. They’re skilled negotiators who know where and how to tread in order to wrangle the best possible deal. It’s a similar story at an auction, where a buyer’s advocate’s well-honed bidding skills and auction techniques, as well as a lack of emotional investment in the property, can be huge assets.
And remember, usually a buyer’s advocate won’t be getting paid until you’re happily settled with your new home, so if they don’t land that first property for you, they’ll be back on the hunt until they find you a better property at a better price.
If you value your time (and your sanity) when searching for a new home, a buyer’s advocate is almost always your best bet. Make an appointment today to see how we can save you both time and money on your property purchase.
Luke Assigal, Managing Director
Parley Property Advisory