Losing a property at auction 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 property search.
Whatever you do, don’t fall into the trap of feeling that you have to buy the next property that comes on your radar, regardless of whether you love it. That’s a recipe for buyer’s remorse and a mistake that could cost thousands of dollars as you buy and sell again.
As an experienced agency in your suburb, we tell people to knuckle down and go again. New properties are coming on to the market all the time – and one will tick all your boxes.
So, in the face of any disappointment at auction or having your best offer rejected, here’s a reminder of the diligence you need to retain in your property search.
Reset priorities
Check that you’re happy with the features of the new home you’re seeking. Having the right strategy focuses your search and alleviates pressure when you’re ready to buy.
Do your research
Continue to talk to agents about the areas in which you’d like to purchase and the types of homes available. Repeat phone calls will signal your strong intent.
Days on market
This tells you how quickly properties are being sold. It is usual for homes to sell between 30-60 days on the market. Anything faster will point to a strong market. You’ll find this information on a site called Residex.
Recent sales
Discover this information on one of the popular real estate websites, such as Domain and realestate.com.au. Compare properties that are similar in style, size and location, or the results won’t mean much.
Market mood
Check auction clearance rates and “days on market” to take a temperature check of demand in your target suburbs. There’s no greater influence on the ebbs and flows of the property sector than market mood.
Hot buttons
Being definitive about value is tricky. Features such as a home office or new kitchen can command a premium with buyers.
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.