How To Exploit A Buyer's Market

Researching The Market
Spread The Net Further

A buyer's market sounds ideal - lots of properties for sale to choose from and being in a position to make offers below the asking price - so you'll really get the feeling that you can bag a bargain. But just how do you make the most of it?

By Kate Faulkner

1 Know What You Want

A lack of dithering is a must, so, without rushing into anything, make a list of all the things you need and want from a home, so you can create a list to compare properties by. This list might include living near a good school, within reach of good transport links or near shops. Or it might just be a south-facing garden and a parking space. Be prepared to compromise, but don't forget what's important to you.

2 Score Your Viewings

Every time you visit a property take your list of things you need and want from a home and score the property against each item on a scale of one to five, with one being the lowest and five being 'perfect'. That way, once you've viewed lots of properties, you should be able to narrow down your favourites much more easily.

3 Do Your Research

Find out what similar properties have recently sold for like the one you want to buy. That way, you can make an informed offer. It's also worth finding out the situation of your sellers - are they desperate to sell or in no hurry?

4 Get A Good Independent Financial Advisor

Make sure you have a good independent financial advisor and/or mortgage broker so you can prove to sellers you can afford their property AND because lenders are often withdrawing mortgage products soon after they've gone on the market. Go to Unbiased.co.uk to find one in your area.

5 Put In A Cheeky Offer

Once you know what you want from a property, what you can afford via a mortgage, and what the properties tend to sell for, you can then try to secure a property for less than it would normally sell for. The better your position, the cheekier your offer can be - for instance, if you have nothing to sell and are ready to move, your position is better than if your property is still to be sold.