What to do when everyone wants the property you want
“Hello and welcome back to daily buying tips I’m Dean Berman from Berman Buys.
Today we’re going to talk about what to do when there is massive competition in the market for the property you want?
Firstly you must realise that property markets go through times of strong competition. Fuelled by factors such as low interest rates, less stringent borrowing and buyer/media confidence.
I feel like we are at a point in some markets where buyers were waiting and now are pouncing, like a hungry lion in the Savannah.
The more buyers the more competition, particularly for scarce properties. This is what ultimately causes prices to rise.
What should you do?
Understand that you will likely miss out on a number of properties before the right one falls into place. Don’t get deflated as this is simply part of the process. You need a degree of aggression when making offers. The offers need to have limited terms i.e. as close to an unconditional offer as possible. As the competition in many instances isn’t going to have conditions.
Conditions are things like the deposit amount, the settlement period, cooling off period, finance or pest and building clauses etc… It’s also very important to clearly convey your interest to the agent.
In this market it’s very common for a property to go under contract without you even knowing.
In summary, you want to generally put forward strong offers, with limited terms and be clear on your interest.
That’s a start to stay at least in line with the competition.”