It’s a tough market out there: auction clearance rates have been over 70% nearly every week for months now. We have seen properties selling for way over their reserve prices, at prices that were in another stratosphere compared to what the agent was quoting. It hurts if there was an under bidder at auction and to miss out on a home that you love.
Some buyers react to being beaten at a competitive auction by diving for cover. They take a long time to lick their wounds and recover from such a brutal reminder of how difficult it can be to buy their dream home (or any home for that matter!). And when they resurface, they often make the very same mistake they made this first time: falling for a property that everybody else seems to want and coming across the under bidder at auction.
The trick is to stay in the market: persist and educate yourself on what constitutes a good property and what prices are reasonable. Believe it or not there are good buying opportunities out there, but you have to be active in the market in order to find them – so just don’t give up!
DISCLAIMER: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.