Seeking Approval: House hunting when you have pre-approval

Have you ever saved up your hard earned cash to eventually go out and purchase that one item that you have had your eyes on forever…. And then it is unavailable?

Purchasing a property can have a similar affect, so it pays to plan ahead and seek pre-approval. If you have decided that you are ready to buy a home, you might find yourself racing to your nearest realestate board or jumping online to find your dream house.

Hold your horses!

We are all seeking approval in some way or another, and a pre-approval letter from a choice lender shows that you’re a serious buyer ready to make a serious purchase.

We are living in a highly competitive market in Kyneton and regional Victoria. The demand is high, and properties are rushing out the door, with hungry buyers patiently sitting tight on a waitlist.

By arranging a pre-approval letter through your mortgage lender, you become very appealing to the seller. And this is crucial in the current housing market.

A pre-approval letter states that there is a lender out there who believes you are capable of owning and paying for a house. The letter – which is valid for between 60-90 days – locks in a mortgage rate and is your ticket to ride when you commence your house-hunting.

Seek pre-approval from your lender of choice and show the seller you’re serious, then come and speak to me about the current property market in Kyneton and surrounds. And let’s find you a home. For further information and to make an appointment visit www.jenniferpearce.com.au

Looking for Love: what to look for when inspecting a property

Buying a house is, for many, the largest financial investment you will make. It pays to be diligent when inspecting a property, but what is it that you should be looking for?

You could liken looking for a property is similar to looking for the perfect partner. Sometimes a property might show cracks, some sagging or leaking – all signs of age. It can be easy to be distracted by a beautiful designer couch or stylish interior decorations, but it’s what’s under the surface that counts.

It’s important to conduct a simple maintenance check before you purchase… this could be the difference between buying a dream home or a very expensive nightmare.

At your next property inspection, keep an eye out for the following:

  • Water stains, corrosion and mould.
  • Sagging ceilings.
  • Unlevel floor.
  • Large puddles of water in the backyard.
  • Fine cracks in the plastering inside.
  • Bathroom and bedroom mould on the ceiling or floors.

If you are enthusiastic about a property and you think you’ve found ‘the one’, a building inspector can offer an expert opinion and guide you through options for solving any building issues.

A dream home is one that you create. If you remove all the objects within a property upon inspection and assess the heart of the house, you might be surprised with how close you to finding love you actually are.

To discuss your property desires and dilemmas, contact Jennifer Pearce who can provide you with an assessment of the local property market. Visit jenniferpearce.com.au for further information and to make an appointment.

Planning to Purchase: Buying Property in Kyneton

I have many potential buyers contacting me for advice on how to get into the Kyneton property market. With regional Victoria increasing daily as a destination for first home buyers and those looking for a tree change, I advise my clients to be as prepared as possible so that when that desirable property is up for sale, they’re ready to go.

To start looking for a property, one must always know their budget. Now is the time to get finances in order and speak to a mortgage broker or a bank to set expectations.

It is advisable to have saved around 20% for a house deposit to avoid paying extra fees in insurance.  Interest rates are very low at the moment, but the regional Victorian market has increased. It can be concerning for the potential buyer to work out when the right time is to buy, but know that you will be ready in your own time.

When you meet with your bank or broker, they will assess your current financial situation, looking at your savings, your income, your assets and any ongoing financial commitments such as car loans and other mortgages.

It’s important that you are realistic about what you can afford. Your bank or broker can provide advice on this, but you also don’t want to be living off canned beans for the rest of your life! Shopping around for a good interest rate takes time, but it can also save you thousands in the long run.

Before you start placing bids on dream properties, consider getting a loan pre-approval. These can last up to 6 months and sets an affordable price range for when you start house hunting, showing sellers that you’re serious about buying.

And finally, it’s time for you to find a house to buy. As you look for the balance between lifestyle and comfort, Kyneton heads into its glorious autumnal season. To discuss the Kyneton property market, please contact me at jenniferpearce.com.au.

Kyneton: Looking back over the last decade

It’s no secret, Kyneton is a magical place but what did the township look like ten years ago?

In 2011, Kyneton had a population of just under 4,500 and since then has doubled in size with over 9,000 people… and growing!

The popularity of Kyneton has increased, with its close proximity to Melbourne and serving as an accessible town for city commuters as well as a sublime community that is very appealing to tree-changers. It’s easy to see why Kyneton is now a thriving regional destination.

Over the past decade, Piper Street has reclaimed its position as the town’s shopping precinct, back from when it was the original commercial centre of Kyneton during the goldrush. The historical streetscape is a gastronomic destination, with many opportunities to dine and shop in the glorious bluestone buildings and storefronts that have been carefully preserved over the last ten years to make this part of Kyneton a memorable experience.

With hot restaurants, friendly cafes, and beautifully tasteful retail stores at the town’s fingertips, Kyneton has also seen growth with young families moving to the area which is complemented by the wonderful array of schools in the town.

As we near the end of 2020, the median house price in Kyneton is $665,000. Back in 2011 it was $375,000 (REIV). Over the last ten years we have seen an increase of the median house price by $290,000. With the average house price across regional Victoria in 2020 as $443,000 – a 5.1% increase in property prices across the country regions – Kyneton certainly has a bright future for growth.

Summer is a wonderful time to explore Kyneton and its surrounds; from its sensational historic bluestone buildings to the miner’s cottages and quirky shopfronts. While you are out exploring, try one of the amazing eateries in town and support local. Adventure seekers beware – you may want to become a local after just one visit to this beautiful town!

Race to the fenceline: Kyneton’s hot summer ahead

With the restrictions easing up in metropolitan Melbourne, we can shortly expect an influx of visitors to our beautiful town. And what better time to experience Kyneton, then on the cusp of summer.

The government recently announced that first home buyers who purchase a new property before the end of 2020 are now able to receive a $35,000 grant. On top of this, first home purchasers can sign up to a home loan with just a 5 per cent deposit.

The regional Victorian property market is expected to increase over the next twelve months and we have already seen an increase in demand for properties in Kyneton.

This new financial package was aligned by the Federal Government announcing an extra 10,000 places to its first home loan deposit scheme for newly constructed houses, which in turn will support our local tradies.

This coupled with the minimum 5 per cent deposit for a home loan means skates will certainly be on for new properties for the remainder of the year and heading well into 2021.

With regional Victoria looking to be a hot spot for real estate across the coming 12 months and beyond, there will be interest around empty blocks of land with new builds in mind. Construction and development will be on the rise to meet supply and demand across regional areas, in particular the Macedon Ranges and Bendigo shire.

For current home owners in Kyneton, this is a prime opportunity to look at possibly upsizing or downsizing depending on your needs. For renters looking to buy, now is the time to investigate future properties being prepared for selling. For city dwellers looking for that tree change lifestyle, now is the time to start having conversations with your local agent, as when the ring of steel comes down there’s going to be a race to the fenceline!

For a consultation on your property or to put your feelers out in the current Kyneton market, please contact me at jenniferpearce.com.au.