Traditionally the last quarter of the year is a busy time for most people in the property industry. In our experience, this quarter presents vendors who wish to sell and have the deal finalised by the end of the year. Therefore making it a great period for purchasers.
The pending shut down over the Christmas break and the traditional slow start to the new year through January and into February creates a sense of urgency from most vendors to have their property locked away with a buyer before Christmas, even if it is only an unconditional exchange with settlement in the new year. This sense of urgency traditionally creates more supply both on market and off market, and from what we are witnessing in the market at the moment this year is no different. This is highlighted more by the fact that most of this year has shown a lack of good investment properties for sale.
For buyers this urgency from vendors, means that sale terms can be just as important as the sale price. Below is a few tips for buyers looking to take advantage of the buying opportunities at this time of year;
1. You need to be knowledgeable of the market you’re looking to purchase within. It’s important you are in a position to move quickly to negotiate an agreed price, terms and commence your due diligence period immediately.
2. You need to have a refined due diligence process that will enable you to conduct your due diligence analysis in a quick time frame.
3. You need to have a professional team of consultants (solicitor, building inspector, valuer, financier) who are ready to act quickly, and you need the time and effort to manage these consultants to work within the tight time frames.
If you feel the above key three steps have prevented you from making a commercial purchase this quarter or year, please contact Prosper Group to discuss how we can assist you to overcome these hurdles and help you purchase a commercial property.