Overcoming Buyer's Fatigue

David Tilley • June 7, 2021

How you can succeed in a seller's market 

 One of the few markets to be benefitting from the current national and international Covid19 situation, is the local property market. Each Monday morning, mainstream media trumpets the record-breaking auction numbers, sky-high prices and unprecedented crowds at auctions and open homes. In the last few months, I have attended open homes with queues around the block, bid at auctions with hundreds of attendees and witnessed properties that have sold even before the first open inspection.
 
If you are trying to buy a home in today’s market, you may be feeling frustrated, disillusioned and disheartened. In other words, you may be suffering from ‘Buyer’s fatigue’. Rich Harvey, from propertybuyer, outlines the key signs of Buyer’s fatigue, including: feeling overlooked by agents – Real estate agents are swamped with enquiries and offers on new properties, and may therefore struggle to respond to every enquiry. You, the potential buyer, may feel ignored, and then disappointed when you hear that the home you were enquiring about sold for a price you would’ve happily paid; feeling overwhelmed by the competition – the queues at open homes, the crowds at auctions, the speed at which the price climbs at auctions, can all be overwhelming for any potential property owner who is simply looking for their family home; feeling misled by price guides – yes, price guides can indeed be way off the mark of the final selling price, but in all honesty, sometimes even the RE agent has no idea what a desperate, emotional buyer is willing to pay; feeling underwhelmed by listings – you check realestate.com.au each week to plan your weekend open inspections, but find yourself becoming frustrated that your boxes are not being ticked; and feeling like you want to rush your decision, foregoing the necessary property searches and building inspections just to secure a home before someone else gets in before you.  

In today’s market, how can you overcome Buyer’s fatigue? My first recommendation is that you engage a buyer’s agent. Real estate agents regularly and reliably keep me up to date with available properties in relevant areas because they know that my clients are ready to buy. As your buyer’s agent, I act on your directions but without the rush of emotion that can be so overwhelming in the heat of an auction or price negotiation. The research and reports I undertake on potential properties, as well as comparing recent sales, means that I can give an informed, and at times more accurate, price estimate for properties that fit your brief.  
Keep the search focused. Have a clear idea of the type of property you are looking for and of the areas you like, but in today’s market, be prepared to search on the fringes of your suburbs of choice. As demand increases, it will work in your favour if you are prepared to look just outside your area of primary focus. You could snag yourself a good buy that over time, may benefit from the ripple effect.
Be nimble with your decision making. Once you decide to make an offer on a property, move quickly to exchange contracts. Make sure your solicitor or conveyancer is ready to move for you, too.
Be flexible with your offers. You may not have more money to offer but perhaps you could forego the cooling off period, or make any number of other concessions that will entice the vendor to accept your offer.  
Don’t forego the necessary searches. No point landing a bargain if there’s a block of flats about to go up next door, or the building inspection turns up some costly issues.
Be prepared to play the long game. Securing the right property for you takes time, commitment and persistence. Take the time to choose a team of professionals who can offer you encouragement, support and the right advice.  

If you’d like help navigating the current Real estate market, please contact me for a free one hour consultation. I’d love to help you secure the home of your dreams, or the fantastic investment property that will help build your nest egg for the future.