Losing a property to another buyer can be disappointing, but you must ensure that it doesn’t turn you into a vulnerable buyer.
You have to remind yourself to fight the emotions of missing out and stick to the fundamentals of your property search. One of the greatest risks is falling into the trap of wanting to buy the next property that comes on your radar. That’s a recipe for buyer’s remorse which can cost thousands of dollars as you buy and sell again.
As an experienced agent, I always advise folks to knuckle down and go again. New properties are coming on to the market all the time and one will eventually check most of your boxes and meet your needs.
So, in the face of any disappointment of having your best offer rejected, here’s a reminder of the diligence you need to retain in your property search.
Reset priorities
Review the features of the new home you’re seeking. Is your budget realistic? What features are essential and which ones are optional? Having the right strategy focuses your search and alleviates when you’re ready to buy.
Do your research
Continue to work with your agents on the areas in which you’d like to purchase and remain positive. Consider alternative areas that may be up and coming and will evolve. You may be able to afford a better home in an adjacent neighborhood.
Recent sales
Keep checking out the popular websites to find target properties that meet your criteria and set alerts.
Market mood
Talk to your agent about the mood of the market, as there’s no greater influence on the ebbs and flows of the property sector.
Make a move
When you find your dream home, put in a realistic bid and leave yourself headroom to increase your offer if there’s another buyer in the picture. Don’t low-ball because that puts you at the back of the pack. Be guided by your agent.
If I can help you sell your current property or buy the next one, please do not hesitate to contact me. We can discuss price trends, the market and strategies to ensure your success.