There is no denying that the property market is going through a change. Buyers aren’t feeling the same urgency to purchase as they were at the beginning of the year.
How do we know this?
Properties are taking longer to sell and there are less ‘serious buyers’ circulating. Don’t get me wrong, properties are still selling for very good prices, however, it’s the vendor with the most patience, reaping the rewards.
Another change we have noticed is that buyers have become less inclined to settle for a property that doesn’t tick all the boxes. They know they’re not having to fight it out, like they did earlier in the year, so they’re now taking their time to ensure the property is exactly what they are after.
But How well is this strategy serving them? And are they just setting themselves up for heartbreak?
Most buyers right now are super picky, some are so picky that they’re almost taking themselves out of the market and will probably end up buying nothing at all.
Right now, I’m chatting to so many buyers who are saying ‘We really loved the property, but there were just a couple things it didn't have. We're not in a rush to buy so we’re just happy to wait for the perfect property to come up’.
And these are the people who may never end up finding anything.
I hate to burst their bubble, but the perfect property doesn’t exist. Especially if you’re trying to get yourself a great ‘deal’.
Let me explain.
You don't want to rush into anything and you want every box ticked on your list before you get serious about putting in an offer.
Which sounds reasonable. Right?
The problem with taking this approach is you’re forgetting one small thing.
The home that ticks all your boxes, is very likely the home that ticks all the boxes of the buyer you’re competing against.
You know the ones… the ‘perfect’ properties that have huge rooms, great natural light, north facing rear yard, open plan living, great kitchen, big land in a really quiet street. You get the picture.
Well guess what?
These properties are on everyone’s ‘want’ list. These are the homes that sell for $100k- $150k above reserve as they bring out the emotional and desperate buyer.
It’s pretty rare to find your perfect home, at the perfect price. There has to be some give. Either decrease the ‘must haves’ on your list, or increase your budget.
If you’ve been in the market for a while and you’re yet to make a purchase, it’s very likely that you’ll continue to struggle to find and buy this ‘Perfect’ property without making some sacrifices.
Unless you want to keep attending open homes looking for that ‘Perfect’ property that rarely exists, you need to review your ‘must haves’ and make another list of what you’re open to compromising on.
What's my tip?
Look seriously at the different properties for sale within your budget right now and don’t be so quick to dismiss them. There are plenty of homes out there offering great value and you may only have to make a couple of minor changes to them to make them fit your needs and wants.
If you’re willing to compromise you’ll be surprised what properties are now on your ‘possible’ list and available for the price you’re happy to pay.