1. Know the market
Knowing whether the market may go up and down can be helpful. Look at % growth over last 3 years, available houses for sale and for rent on realestate.com.au
2. You can’t pick the bottom (or top) of the market
Don’t get stressed about $5,000 or $10,000. If you’re buying a home that you will live in for the next 5 of 10 years, todays price will be irrelevant. Median house price in 2019 - $407,000. Median house price in 2009 - $280,000
3. Get your finance organised
Think about passing on a copy of your preliminary finance approval with your offer to the agent (black out any personal details like approval amount). The agent will often tell owner that you are a stronger buyer.
4. Be respectful to the owners
Don’t offer a really low first offer; owners often feel insulted and then can be harder to get them to be flexible on price
5. Try to understand the vendor’s motivation
Timing of settlement can be more important than $5,000. Are they building? You can offer a delayed settlement. Are they waiting for kids to finish a school term? You can offer a flexible settlement date and that can be worth $$ to a vendor.
6. Think about resale
Not the $$$, but the salability. Only 70% of buyers consider buying a house with a North frontage… when you sel,l will you only be appealing to 7 out of 10 buyers.