Unfortunately, it happens all the time and disappointment is the result. Buyers losing the property they love because they want to think it over or keep looking in case something better comes along is the adult version of letting go of a balloon – you’re never going to get it back.
Think about it. The house you love and want to talk about and ponder overnight before making an offer could be the same house someone else was thinking about the night before. The situation becomes even more frustrating when buyers see the property they love sold for a price they would have been prepared to pay.
Here are the most common mistakes buyers who miss out on the home they love make.
Thinking the market hasn’t bottomed out yet
Generally, the only sign we get if the market is at its lowest point is when it starts to improve. By then it’s too late, as the market will have begun escalating and you’ll end up paying a higher price.
Waiting for a price reduction
It may surprise you to know that many properties are sold before they have an advertised price reduction because somebody made an offer and the owner accepted it. This means other buyers don’t get to see it or get a chance to put an offer in. Buyers commonly miss out to the person who steps forward.
Not listing your current home for sale
Many people worry that if they list their home before they find their next one, they could end up having to rent for a while (or worse, move back in with the parents or in-laws) if they sell before they buy. However, if you are serious about moving, it is important to be ready to buy. And that means having your own home sold or at least listed to ensure you will have access to funds for a deposit.
Many buyers fear there could be something better or they’re making a mistake if they make an offer too quickly. However, in our experience, most buyers end up back at the first home they looked at, often disappointed to find it has sold while they were shopping around. If your heart and head are telling you, ‘this is the one’, don’t over think it. Make an offer.
Not having your finance in order
Shopping around and applying for a loan takes time. To avoid disappointment, it is strongly recommended that you obtain approval in principle for a loan before you start seriously house hunting. This will also give you your spending budget.
Not letting your agent know you’re looking
Some homes these days are listed for sale without being advertised at all. This is called a Silent Sale. We have just listed a property silently and will be alerting buyers that have registered their details with us and whose requirements and budget match the property, inviting them for a VIP inspection.
Don’t let the home of your dreams slip away because you failed to act. If you love it, make an offer.