This is the final installment of three parts that will dissect the current property and rental market in the Mid-Western Region.
Buying, renting or selling a home is where the full range of one's emotions is explored, and entering a highly competitive market, like the one currently operating, only heightens the intensity.
Putting your foot in the real estate-door with little or no advice is much like shopping blindfolded, so in order to ensure a successful sale and the keys to a property are yours, a collection of Mudgee region real estate agents have offered their hottest tips.
No one knows the property market better than those who work in it.
Therefore, opting to get advice from agents or finance/mortgage brokers has been proven to be beneficial for purchases of all ranges of experience.
"Seek advice, talk to influencers whether it be real estate agents or someone in the finance sector. Don't stint on getting advice," McGregor Real Estate director, Bruce McGregor said.
"For people looking for a rental property generally, we recommend registering with an agency, completing an application for tenancy so you have pre-approval for a lease and can act quickly," Signature Properties director, Edwina Smith said.
"The important thing is to make sure you've made contact with an agent so that you're getting an advance warning as properties come into the marketplace," The Property Shop director, Andrew Palmer said.
"If people are unprepared, by the time they speak to the bank, the property is gone," Ray White Mudgee director, Trent Robertson said.
After getting advice, the next step is to set a realistic financial goal, whether it be for rental payments or a home loan.
While saving enough for what you anticipate to be your weekly rental payments or the minimum home loan deposit amount, which is currently five per cent of the purchasing price, doesn't sound too daunting, without a plan on how to reach the mark, "it's just a dream".
"Have something in mind, set a goal and make it achievable," Mr McGregor said.
If you have a plan without writing it down and making it definite, it's just a dream.- McGregor Real Estate director, Bruce McGregor
If praying the current price point plummets in the near future is your plan, The Agency property partner, Damian Kearns said it's time to rethink.
"Don't sit back and wait for prices to come down. Where we are at is where we are likely to stay and while I don't expect the level of growth we have experienced in the past 12 months to occur over the next year, I still think prices will continue to steadily climb albeit at a slower rate," Mr Kearns said.
Once you're organised and have successfully been given pre-approval from your bank of choice, next is attending inspections.
What do you do when you like what you see? Local agents say don't hesitate to make an on-the-spot offer.
"Just be as ready and prepared as you can be to act very quickly. You need to have your finances arranged, and make sure you are prepared to make quick decisions if you see the right place," Mr Palmer said.
"It is a competitive market for buyers and tenants. The person that gets it is often the person who has made sure they're ready to go and make quick decisions and can move quickly to secure it."
"Make sure you're available for inspections when the agency advises," Mrs Smith said.
If you are choosing to sell or rent out your home, sticking by the three p's - price, presentation and position - is your best bet.
"From a seller's point of view, presentation is key. It's got to look good online, the buyers these days are basically doing virtual tours," Mr Robertson said.
"People may have a mantelpiece full of family photos, that can sometimes put people off and feel like they're intruding. You want people to see themselves living there.
"On the flip side, you don't want to have just one lounge and no bedside tables. You have to create that home feel."
In the end, Mr McGregor said having real estate "is the biggest investment you make in life outside of marriage and children" and therefore is something you should not hold back on.
"People know the strength of having real estate behind them. It will stand by you. It's a long time goal and one of the greatest things to have behind you," he said.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Sign up for our newsletter to stay up to date.