Slow buyers can still miss out as prices cool

It's exciting yet testing times if you're in the market and seeking your first home. Your radar will be finely tuned for price reductions while watching the interest rate picture.

The old cliché about swings and roundabouts comes to mind in this situation. What you may lose in higher mortgage payments, you'll likely gain in lower prices.

To be a smart buyer, establish your budget, research like crazy, and jump when you find the right property.

These few ideas may be able to help you maintain focus on your property search. 

Price persistence

By all means, seek out price reductions and stressed sales. However, be aware that sweeping statements about the national market do not necessarily reflect the value of property in your target area or suburbs. 

Research approach

As you watch the local market, focus not just on the price but on properties matching your desired style and location. Values can change from street to street, so double down on the accuracy of your due diligence.

Line up finance

Organise your finances before embarking on a serious search. With interest rates on the move, you need to be clear about what you can afford. Without a budget, you're wasting your time.

Loan sunset

A preapproved loan doesn't last forever. Eventually, you'll have to return to the lender to have the approval reissued, possibly at a higher interest rate. So, arrange a pre-approval only when you're ready to take action.

Quick reaction

While reports suggest buyers are more cautious, that's not true for all of them. Don't discount the possibility that another buyer could beat you to the punch or outbid you. Slower responders often lose the opportunity.

NOTE: The information in this article is general in nature and provided as a general overview  only. Always consult your financial advisor or accountant for advice specific to your personal circumstances.