How to put your best offer on a house for sale in the competitive Adelaide Hills market.

The Real Estate Institute of Australia (REIA) released information related to concerns about the shortage of stock and high competition in the current market. While it’s exciting to see the strongest selling market we’ve ever seen in the Adelaide Hills, it’s also more challenging for people to secure that property.

Date:

28-Apr-2021

Category:

Buying

Tags:

Author:

Amanda Smith

How to put your best offer on a house for sale in the competitive Adelaide Hills market.

The Real Estate Institute of Australia (REIA) released information related to concerns about the shortage of stock and high competition in the current market. While it’s exciting to see the strongest selling market we’ve ever seen in the Adelaide Hills, it’s also more challenging for people to secure that property.

According to the REIA, it’s creating a number of issues, specifically concerning the letter of offer. The report voiced that agents aren’t informing purchasers that their notice of offer should represent the best and final offer. And, that they won’t present their offer to the vendor – both of which are a no-no because, by law, any offer in writing must be presented to the owner.

At Nitschke, we ensure all offers are communicated to the owner, often within minutes. In the heat of a negotiation, some people aren’t in a position to put an offer in writing. Our team will communicate this to the owner, too.

The report also showed that agents are omitting or adding certain conditions to the offer forms, submitting letters that aren’t compliant. And advising that offers that are accepted must sign a contract. Again, this is untrue and not the process we take. Yes, the letter starts the process but it’s not a formal contract.

All offers on properties must be in writing

In South Australia, every offer must be put into writing. The salesperson must submit all offers to the vendor (the seller) and the property will remain on the market while the options are considered. This is different to an auction, where there’s a level of commitment for the vendor.

With private treaty sales, a seller can choose to pull the house off the market for any reason. It’s always up the vendor. Once agreed, both the purchaser and vendor must sign a contract.

This can make it hard to navigate if you’re buying a house in the Adelaide Hills, especially in this current market. If you’re looking to purchase a property right now, it might be worth putting an expiry date on all your offers. For example, 48 hours, so you always get a response from the owner. We advise going in with your best and final offer – the biggest deposit and the highest house sale price you can. Because you might not get a second chance.

We understand that things are moving faster than ever. This is why you should present your most lucrative offer. If you can, avoid a ‘subject to sale offer’ because the reality is, there will be other people who are ready to buy and move in. Our team of Adelaide Hills real estate agents are happy to walk you through extra options (such as the type of campaign) if you have a property you need to sell first.

We’re helping families just like yours, secure their new home in the Adelaide Hills. Let us guide you through this historic time, too. Get in touch with our friendly, experienced real estate agents on 8391 5004 or use this contact form.