The importance of being decisive
Many years ago, in the early 90’s when I bought my first investment property at the tender age of 23, I had the luxury of floating about from agency to agency, admiring the houses in the window displays, talking to agents across their desk (face to face- a concept largely unknown by today’s property hunters) spending hours being driven from one property to another in a variety of clean and uncluttered vehicles and taking my time to later peruse the hard copy contract back in the office. If I was interested in a property (or two) another good old yarn was had with the selling agent, a few dozen phonecalls and weeks later we agreed on price and the agency arranged the paperwork. From memory, the period between verbal price agreeance and exchange was approximately a week or so… definitely not a boom period in one’s memory bank recall.
Fast forward to more recent years here in NSW, especially 2002, 2003, 2007, 2010 and 2013 it has been a different environment altogether and I can only imagine the laughter that emanates from the girth of a selling agent who is told by today’s buyer that they need ” a few days to think about it” before submitting an offer on anything decent in the popular median-price brackets of residential property. Here in Sydney, in the suburbs that we predominantly work in, demand and supply imbalances are prominent, with listings down to some of the lowest we’ve seen yet. It’s obvious that this is causing prices to move upwards, with more buyers in the market for quality (and even substandard) properties than there are listings.
In this environment, then, it’s crucial that buyers listen to the market and heed the signs for when they do decide to take action. Whilst it’s all fine and well to search online, nothing replaces picking up the “vibe” and activity of a market by wearing out that shoe leather and visiting opens, talking to agents and monitoring sales results and numbers of listings. I often hear from potential buyers that they have missed out on a property because they took too long to think about it, or their finances weren’t quite ready, or they had to conduct more research. My advice is to do your research first, know your values (and upper price limit) inspect carefully (as you may only get one opportunity) and come prepared with that chequebook! Being decisive today and taking informed action in this market is what is often required to secure property. A reminder too, that luck is what happens when preparation meets opportunity- a wise quote, indeed, for buyers of real estate.