How to find that right property

[lostis]

Hi Guys,

I am currently looking at purchasing for the first time and am getting rather overwhelmed at searching for the right one. The amounts of people I'm seeing at open houses and stories about lots of FHB more or less throwing money at agents/vendors due to inexperience at negotiating is making me question whether it's possible to get good prices by just looking at the various real estate websites or window shopping through the REA offices.

What are people's thoughts on getting a Buyers agent to assist for my first purchase?

I am not looking at spending more than low to mid 200K so will it be worthwhile for me to get a Buyer's agent?

Would i be missing out on the buying EXPERIENCE by using the aid of a buyers agent?

 

[Propertunity]

I am currently looking at purchasing for the first time and am getting rather overwhelmed at searching for the right one. The amounts of people I'm seeing at open houses and stories about lots of FHB more or less throwing money at agents/vendors due to inexperience at negotiating

Yep, that's been our experience too

is making me question whether it's possible to get good prices by just looking at the various real estate websites or window shopping through the REA offices.

IMHO that strategy will not work well under these particular market conditions.

What are people's thoughts on getting a Buyers agent to assist for my first purchase?

I'm quite obviously biased. But a good BA will use their networks to try to get you a good property that has not yet hit the market - i.e. silent listings. That way you don't end up competing with all the other FHB's.

I am not looking at spending more than low to mid 200K so will it be worthwhile for me to get a Buyer's agent?

Only you can make that decision. I will be the first to admit that we as Buyers’ Agents are not for everybody.
If you:
• have the time and patience to go looking for a property or properties, attending ‘open-for-inspections’ and auctions,
• know what price you should be paying for a particular property,
• get calls from Real Estate Agents when good value properties are about to come onto the market (before they are advertised),
• are confident putting in offers, negotiating and dealing with Real Estate Agents and the games they play,
then you probably don’t need us.
However, generally, we can save the fees you pay us (sometimes many times over) by negotiating the purchase price well. Of course this is not always possible in a ‘hot’ market, but you’d still benefit from all the other skills we bring to the table.

Would i be missing out on the buying EXPERIENCE by using the aid of a buyers agent?

Yes, you'd have to be missing out on a least part of the 'buying experience'. You just have to weigh up what you are prepared to pay for the experience

 

[Peter_Tersteeg]

Initially I spent a bit of time getting to know the market. If I was at an auction where I had no intention to buy, I'd enter the bidding early with a really low bid.

It helped get my confidence up. I guess the I could have got into trouble by buying a house 30% below market value

 

[Jacque]

Hi Guys,

I am currently looking at purchasing for the first time and am getting rather overwhelmed at searching for the right one. The amounts of people I'm seeing at open houses and stories about lots of FHB more or less throwing money at agents/vendors due to inexperience at negotiating is making me question whether it's possible to get good prices by just looking at the various real estate websites or window shopping through the REA offices.

What are people's thoughts on getting a Buyers agent to assist for my first purchase?

I am not looking at spending more than low to mid 200K so will it be worthwhile for me to get a Buyer's agent?

Would i be missing out on the buying EXPERIENCE by using the aid of a buyers agent?

Hi Lostis

Agree with Alan's post below about the overall benefits of using a BA. He sums it up nicely , though I would add that the removal or lessening of stress during the entire buying process can also prove to be a real bonus when using a BA. No more having to put up with wasted inspections, phone-mad selling agents and the general rollercoaster of emotion that accompanies most property searches.

Most BA's charge either a commission or a flat fee. Flat fees are preferable, as it doesn't matter as to how much the property costs but rather what type of dwelling it is and how wide your search area encompasses.

What part of Sydney are you looking in?

 

[Modal Harmony]

Hello, your comment "low to mid $200k" seems fairly low to me. What did you have in mind?

The whole process is overwhelming, but the experience is quite invaluable!

 

[lostis]

Firstly, thanks for the input. It really does help a newbie like myself to know where other people are coming from.

What part of Sydney are you looking in?

I am looking for 2 bedroom units around the area of Parramatta/Granville/Harris Park.

One advantage I see from using a Buyers agent this first time is that from discussions with them and overall experience (throughout my purchase) i can probably gain some knowledge with how they do things and use it myself in future.

I hope to eventually get the confidence to go out do all these things myself. But I don't wanna end up paying dearly for a mistake this time because this being my first purchase, I haven't a clue what I'm doing