I talk to buyers every day and a comment I often hear is “I’d love to use a buyers agent to find my property but I really can’t afford it because I need to put every dollar toward my purchase”.
I buy property for a living and reckon I can do two things pretty well- 1. find great property that grows in value over time, and 2. find it quite quickly.
In this current market property prices are rising by around 1% a month.
That’s $10k a month on a $1M home
$20,000 a month on a $2M home… you get the picture. Every month you don’t buy is costing you, and most of us don’t earn enough to keep up with the price rises.
That’s not even the worst part.
Let’s assume you’re pretty savvy and manage to buy without overpaying and you’ve chosen a good suburb, street, and property type that grows in value at say 4% a year for the next decade.
Now let’s also assume I could buy you a slightly better property that grows in value at a slightly better 5% for the next decade. That tiny 1% extra on a $2m property means my purchase will be worth $200k more than yours in ten years time. Ouch.
So, perhaps instead the questions to ask yourself in a rapidly rising market: how fast can you buy, and how well can you buy? How much is it going to cost you if you don’t use a good buyer’s agent?
