REIWA President Hayden Groves has urged West Australian home buyers to not hesitate to make an offer on the a property they are genuinely interested in.
Mr Groves said it is quite common for potential buyers, upon learning that the home they have set their eyes on has sold, to lament not submitting an offer because either ‘they thought the owner wouldn’t have accepted it’ or ‘they didn’t have their pre-approval for finance yet’.
Further to this, despite peoples’ interest in a property, many buyers don’t convey this to the selling agent. Often, this is because they mistakenly believe they will lose the ability to manage their own buying destiny if the seller and agent know they have high interest in the property.
Whilst some of these statements can be seen as ‘throwaway comments’, Mr Groves said they frequently represent genuine disappointment from interested buyers because they feel they have missed out on securing the property.
Mr Groves continues to discuss a common remark from buyers is ‘if someone else makes an offer, please let us know’ and delaying a buying decision is almost always a bad move.
According to Mr Groves, it is smarter to buy when there is less transactional activity as buyer competition drives prices up. You could find yourself negotiating blind and unaware of the quality of the competing offers if you are buying in competition with other purchasers. The last thing any buyer wants is to pay more than you would have if negotiating alone if your offer is successful.
Current Market Conditions
REIWA takes an outlook for the real estate industry in WA for 2017 and discusses that the market will continue to present good value for home buyers and investors. So if you’re thinking about buying, now is definitely a good time to take advantage of the market conditions.
Now’s a Good Time