You might think the competition has been strong at the Adelaide Oval this year, but it’s like AFL finals every day in the surrounding real estate market.
Agents are reporting that North Adelaide real estate is hotting up; unit prices in North Adelaide have risen 40 per cent and houses 17 per cent since the Adelaide Oval upgrade was announced in 2009.
There is even talk of properties going like hot cakes, the moment they are listed.
So how do you prepare for this sort of showdown?
Let me scramble up into the coach’s box and share some tactics from a conveyancer’s perspective.
Smooth disposal rates for vendors
If you have property in North Adelaide, or any market where there is high demand, you need to be on your game to make sure you help your property sell as quickly as possible.
The key is being ready to go to contract to ‘tie up’ your buyer.
The best tactics are:
- Instruct either your conveyancer or your chosen Form 1 preparation business to order the required statutory searches as soon as the Sale Agency Agreement is signed with your chosen agent.
- Instruct the agent to prepare a draft contract including the basic details like the Vendor’s name and the property details, this is then ready for completion with the purchasers details and sale price once an acceptable offer is received.
- Make sure the Form 1 is prepared the moment all required searches are received.
- Make sure to sign the Form 1 in readiness for service on the purchaser once the contract has been executed.
Most high quality agents will do this on your behalf.
Pre-season training a must for buyers
If you are heading to North Adelaide or a similarly hot real estate market to buy property, the most important thing you can do before you come up against your competition is to get your finance ready.
The game of real estate in a vendor’s market is often won or lost on how quickly purchasers can make their offer.
Under the law, buyers have the home ground advantage insofar as you will always have two business days cooling off after the service of a Form 1 and the Contract being executed.
You should use this time to look a little closer into the property and your decision to buy.
If you decide you don’t want to proceed with buying the property you can “cool off’ within these two business days by following the requirements as set out in the Form 1.
Let the games begin!