Trying to purchase a home in a low inventory market is hard enough, but when the prices are rising rapidly, even a month can make a difference to the price of properties and whether or not you can afford to buy!
A client was in this exact situation. They had spent six months actively looking, putting offers in on properties, attending auctions and losing every weekend to the hustle of looking at home after home.
Key points:
- Saved $50,000+ on the purchase price
- Found via door knocking, purchased OFF-MARKET for $1,820.000 during lockdown.
- 4/2/2/2969m2 in the perfect location in Mt Eliza
- Buyers purchased the FIRST property inspected with Marble St. after having looked for 6 months by themselves.
- Purchased Oct 2021 for $1.82M. Value as at Dec 2022: $2.4-2.5M.
Market conditions
The market conditions that our client was attempting to purchase in were some of the most challenging we have seen in years. According to CoreLogic, from Feb 2021 to December 2021 the median value of Mount Eliza houses has increased by 29.5%. That meant over a three-month period, while they were looking for a new home within their $1.9 million budget, house properties were quickly rising to be outside their price range. For example, a house on the market for $2 million, within 3 months would have increased to $2.15 million. Unfortunately, our client’s budget was not increasing in line with market conditions and missing out on property after property was costing them money and ultimately their ability to find the perfect home for their family.The quicker you buy, the more you save
Despite best attempts and repeated offers, our client had not been able to win on the market against other buyers. Failed offers were a result of being outbid and out-negotiated every time. They were aware that with each passing month, there were fewer homes in their price range and their hopes for finding their perfect home were fading.When Marble St. was engaged to assist them to find a new home, our first step was to provide them with a list of homes that matched their criteria, as quickly as possible.
Our approach is always to start with in-depth market research, followed by door knocking on suitable homes. This means we were able to provide a quality list of houses that were either off-market or pre-market.
By focusing on off and pre-market homes, we can also access a larger inventory of potential matches, as well as be able to negotiate a better and fair price without the intensive competition that comes with homes being sold on the open market or at auction.
First home inspected was a charm
For our client, we were able to present a well-qualified list of homes and it was the very first home inspected that was the winner. While this first property was a perfect match for their criteria, being an off-market property, they had the luxury of being able to inspect several other off the market properties before they made an offer.Currently, Marble St take on an average, 21 days to find and purchase homes for their clients and provide an average saving of $150,000 on the purchase price.
Generally, savings come as most properties purchased through a buyers advocate are off-market. This means that the seller has more flexibility in the price they are happy to accept as they are not having to pay real estate commissions – which translates into a win-win for both seller and buyer.
After inspection of several off-market properties, we made an offer on a home on Allison Road, Mount Eliza, the exact location they were looking to live, within their budget of $1.9 million.
Time to find and close was less than 30 days.
What the client had to say
“What can we say about Marina? She is worth her weight in gold! After 6 months of dragging our kids around houses every Saturday, and missing out at multiple auctions and private sales, my husband and I were starting to get quite despondent. Thank goodness someone recommended Marina to us as she has just managed to secure our dream family home, in less than a month! Hallelujah! Marina is a skilled and savvy negotiator and is extremely well-connected and well-respected in the real estate industry. She loves the thrill of the chase and securing a great deal for her clients, even with exceptionally tight timelines. She is a driven and determined character but is always polite, punctual and professional. She is also happy to take calls or queries any time of the day which was important to us. Marina was able to present us with multiple off-market and pre-market properties which was extremely valuable to us. If you are a bit sceptical about the value of an advocate just ring some of Marina's clients. They couldn't speak more highly of her. Marina we look forward to inviting you over to have a cocktail by the pool when lockdown ends!”Savings to the client and the value of a buyers advocate
- Savings were provided in the form of time to purchase. While they purchased the first property viewed with Marble St. they took their time to view other properties for another few weeks before making an offer. They were afforded this in a competitive market as the property was not listed for sale (off-market)
- The speed to purchase was less than a month, helping them to avoid more market increases. Since the purchase, the property value has risen by >$500k. This increase would have put the property price out of their budget.
- $50,000+ was saved off the purchase price.
- They finally could put an end to the weekend inspection routine.
When engaging an experienced buyers advocate you access a level of local knowledge, and the ability to access properties not available through the usual channels. In addition, the time to purchase is dramatically reduced due to the advocate's knowledge of the local marketplace.
Marble St. is a premier Buyers Advocate on the Mornington Peninsula. Get in touch to discuss your needs. Our first meeting is free and the fees are fixed before we commence work. For every one of our clients, they have come out financially ahead.
Take a look at some of our clients, and the numbers to see how they stack up.