Insider Knowledge: Conveyancing – A Sellers’ market means Buyer’s Beware
Our Conveyancing Team are observing that the current property market is very favourable for sellers in Queensland. As banks continue providing low-interest loan rates, there are not enough residential properties to meet the current demand. Agents are erecting ‘Just Sold’ signs before a ‘For Sale’ sign is even printed. So why do home buyers need to know about this?
In the past, an extension for finance may not have been a deal-breaker to a residential contract as both parties didn’t want to lose their best offer.
But circumstances have changed. Sellers now have the upper hand as properties for sale are in high demand. Many sellers believe they can sell at a higher price and might look at any opportunity they can find to terminate the contract.
At Conveyancing Home Qld, we take our responsibility to look after you very seriously. We want to alert potential home buyers to our current market situation. Our best advice is to ensure that buyers give themselves sufficient time to pay for the deposit, attend to building and pest inspections, and organise finance before signing the contract.
As banks are being flooded with applications, processing times are longer than ever, and extensions may be harder than ever to gain, without losing your chance to obtain your dream property.
We want to help. If you have any questions about your property purchase, please contact us at firstname.lastname@example.org or give us a call on 07 3236 2852. At Conveyancing Home Queensland, we are well qualified to reduce your stress in property ownership transfers.