Home Buying Mistakes | Don‘t Do It
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What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast, where joining us is Rich Harvey from Property Buyer. Welcome to The Real Estate Podcast, Rich.
Thank you very much, Craig. Pleasure to be on.
Well, we're rocking through 2022.
What common buying mistakes are homebuyers making after COVID-era market shifts?
I guess Christmas seems like an eternity now because of the amount of people you've probably seen since we last spoke. What are some of the most common mistakes that some homebuyers make have been making, particularly over probably the last two years during the COVID?
We see homebuyers make a lot of mistakes, Craig, particularly at auction. But I'll start with the first one, and that's just a lack of direction and a lack of clarity. A lot of buyers jump onto the real estate portals and they think, I'm just going to buy this home because it looks good. They don't think about their social network. They don't think about the commute to work. They don't think about where their kids are going to school. So what I mean is that lack of research is a fundamental thing that the buyers must do and create what I call the buyer's brief. Second mistake that a lot of buyers make is they buy before they sell. Now, it depends on the state of the market. You can buy before you sell only
when it's a really hot market. And that's the only time. But you don't want to be caught when you've already bought and you're struggling to sell your home because then, you know, you're at the mercy of what another buyer may or may not pay for your home. But probably the biggest mistake I see is just becoming emotionally attached to one particular property where a buyer just walks in, falls in love with it. The couple say to each other, oh, darling, we have to have this one. And the agent looks in their eyes and goes, oh, I've got this one. So it's very important to be, and it's hard as a home buyer to be a bit detached, but you've got to understand there'll be another property. If you miss out on this one, there will be another one around the corner.
May not come up tomorrow, but you've got to keep looking and looking. Another mistake we see, Craig, is just really bad negotiation tactics. You know, I've seen some home buyers offer full price for fear of missing out, or they'll rush in at auction and just offer a really stupid high opening bid, or they just don't know how to bid at an auction. And I encourage buyers out there, don't make what I call a frustrated purchase where you might have been looking for 12 months and you're just over it. You're just completely over it. You go, another Saturday, I'm going to be sick. And then you're going to buy the next house you see and regret it. You've got to future-proof your thinking and think, how is this house going to serve me both now and in the future?
And I think the other last one mistake we see is just a procrastination and a fear of moving house. Let's face it, we've all got junk in the cupboards and we've got to sort it out and we've got to give stuff to the charity bins and get rid of the junk and wondering how is our furniture going to fit in the next property. But moving house is a great opportunity to recalibrate. It's just a great opportunity to write a new chapter in your life and moving forward can be a really good option.
You know, looking at buyer fatigue, I think that has really played into the vendor's hands. I mean, if you're a vendor, if you own property that you're selling, that's just a sort of an upswing because the prices are being pushed up as a result of that whole buyer fatigue. And sometimes they might only be one property away from getting it for the sort of money that they were expecting, but they hit that sort of point, that absolute ceiling where they've hit the buyer fatigue and they've gone, right, we're just going to buy this at all costs. We have to get out of the market. Are you finding that?
Yeah, exactly. And I think for us as buyers agents, we just push through.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:02–0:23
2
What common buying mistakes are homebuyers making after COVID-era market shifts?
0:23–4:14
3
Why is creating a 'buyer’s brief' important before viewing properties?
4:14–6:09
4
When is it risky to buy a new home before you’ve sold your current property?
6:09–6:45
Speakers
2 identifiedMore from Aussie Real Estate Podcast
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