Buyers are research savvy
ASK any real estate professional and the majority will agree that buyers are more educated, and undertake more research during their buying quest, than ever before.
It is always imperative that buyers do their research, but even more so in the current economic climate given the tighter lending criteria currently in place.
Having an understanding of your borrowing power before signing a contract of sale ensures both parties can proceed with confidence.
Indeed, REIQ research has found buyers are taking their time during their property search and also inspecting more properties.
And these results, from research conducted late last year, are likely to be even more pronounced given the presently subdued market conditions.
The research found on average, buyers take about 11 weeks to find the residential property of their choice. Across Queensland, 23 per cent of buyers take less than one month; 20 per cent of buyers between one and two months; while 33 per cent say their search extended beyond four months - that’s a lot of Saturdays.
And typically the longer the search period for a property, the higher the value of the property being sought.
Over the past decade, technology has intermingled with our business and personal lives like never before.
Buyers of all kinds now often head online during their search and nowhere has this been more obvious than in their perpetual search for real estate.
Across the state, the REIQ research found that 40 per cent of buyers physically inspect five or less properties during their search, which is possibly a reflection of the amount of information that is now available about listings prior to inspections or attending open homes.
The average number of properties physically inspected before purchase was about nine, but most commonly buyers are inspecting between six and 10 (28 per cent) or between two and five (23 per cent). Seventeen per cent of buyers are inspecting more than 20 properties.
But one thing that hasn’t changed over the years is the importance to buyers of seeing the price and address of a property shown in an ad for a private treaty sale.
In the research, 96 per cent of buyers say that seeing a purchase price in an ad is important; while 94 per cent say that seeing the property address is important. These are consistent with the findings of similar REIQ research in 2003.