AVOIDING BUYER’S FATIGUE IN A BUYER’S MARKET

PUBLISHED 26 OCT 2019   

AVOIDING BUYER’S FATIGUE IN A BUYER’S MARKET

 

Finding the perfect property is tricky in any market, but even more so when the supply of properties outweighs the demand, allowing you the right to be pickier than usual. This causes a sort of buyer’s paralysis which can in part be blamed on the modern ability to search listing portals on one’s own.

Quit searching online alone
Buyers can waste a lot of time trawling through all the options online. Reluctant to contact an agent to search on their behalf, and confident that they know what they’re looking for, buyers throw themselves into the hunt for their perfect match online. But, much like online dating, listings can look entirely different when viewed in person and, while ticking all the boxes, can lack that spark that inspires commitment.

Agents, on the other hand, already know what properties are on the market and see new properties before the websites do. If you explain your wishlist to them, letting them know what you like and don’t like about your current property, and then allow them to search on your behalf, you can save yourself a lot of time.

Get out of your PJs and into some properties
At some point, you will need to stop scrolling through listing in bed and start viewing properties IRL. Counter to popular belief, most buyers don’t know what they want until they walk into the home of their dreams. Often, after being persuaded by an agent to look at a home they wouldn’t have considered on their own, a buyer will fall in love with, for example, the pool and entertainment area and suddenly the criteria of, for example, not wanting a home below street level is no longer important. 

Be cautious of waiting for the perfect 10
It is possible to be too picky. To avoid this, rate each property on a scale from 0-10, ranging from a property you would never buy to a property you would move into tomorrow if you could. What you will eventually realise is that a perfect 10 is quite often not realistic – the reason for this usually being that budget simply won’t allow for it. The price you pay represents the location, size of accommodation, and condition of the property. If the price is fixed based on what you can afford, then you might have to give and take on a combination of the three criteria. 

Don’t lose hope
Even if it’s not love at first sight, buyers should not become disheartened too early in the process. On average, buyers view roughly around 10-12 properties before finding their perfect match within a buyer’s market. In a market with fewer properties and lots of buyers, it might be different. But in a buyer’s market, finding the right home can take a little longer.

No matter the reason behind the indecision, it is better to climb onto the property ladder as soon as you can. Like the economy, the property market has its natural ebbs and flows and can shift back into a seller’s market sooner than you might think. If you’re struggling in your search for a new home, get in touch with your nearest RE/MAX Office to enlist the help of the best in the business.

*Advice sourced from Grant Gavin, Broker/Owner of RE/MAX Panache.