Pre-Market Offers Are On The Rise.
The 2024 property market has officially launched and ramped up, boasting a significant influx of new property listings. A notable agent in the Bayside area has shared that they've secured over 30 new listings, marking this year's start as their busiest ever.
While the bottom of the market has come and gone, I’m still optimistic about finding good buying opportunities. However, acting swiftly as the market is rapidly gaining momentum is essential. As the year progresses, securing a property at a reasonable price might become increasingly challenging.
A notable increase in pre-market offers is emerging across our blue-chip areas, particularly in the $3.5 million plus bracket. Buyers are exhibiting pent-up demand following the traditional quietness of January and the scarcity of available properties throughout 2023. When buyers encounter a property they want, they're not waiting for the auction; instead, they secure their position early in the campaign via a pre-market offer.
In the last two weeks, we have seen three excellent properties hit the market in Port Phillip and Stonnington. Within their first two weeks of the campaign, all three have received unconditionally pre-market offers. This trend underscores the need to be well-prepared when a desirable property becomes available, as it may be off the market before the scheduled auction date arrives.
How to be prepared for a pre-market offer:
Be confident in the property's value by conducting thorough research and seeking professional advice.
Understand the next steps after putting in an offer. Will the agent move to a highest and best offer scenario, or will it proceed to a boardroom auction?
Engage a reliable conveyancer or lawyer to review the contract of sale and ensure all legal aspects are in order.
Arrange for a building inspector to assess the property before making an offer. Don't hesitate to request additional time for this critical inspection, as it's essential for making an informed decision. Good agents will accommodate this request.
Work with a finance broker or banker to ensure you can present an unconditional contract. Subject-to-finance offers are unlikely to succeed in a competitive market, so financial preparation is vital.
Alternatively, enlist the services of a seasoned Buyer's Advocate who specialises in navigating these intricacies on your behalf. This is our expertise, our daily endeavour, and our bread and butter.
My parting piece of advice.
If you're considering a property purchase this year, I recommend acting swiftly. Particularly if you're looking at properties in the $3 million plus bracket, it's crucial to be ready to move when you find the right property. Otherwise, you risk losing out to another buyer who may present an unconditional pre-market offer, leaving you unable to compete.
Contact us today for a free 15-minute discovery call, and we can advise you on how to secure your next property.
Lauren Staley
Managing Director
Infolio Property Advisors.
