In a market grappling with critically low stock levels, buying a property has become highly competitive and fraught with potential pitfalls. The intense competition for lower-priced properties, with 40-60 groups sometimes attending home opens, mirrors the frantic pace often seen in the rental market.

A risky behavior that has emerged among desperate buyers is the practice of placing simultaneous offers on multiple properties in the hope of securing a home.

Complicating matters further, buyer’s remorse is an increasing concern, according to Realmark Urban Residential Sales Consultant Audrey Vaslet.

She noted that in the rush to outcompete others, some buyers felt overwhelmed or regretted their decisions once the reality of their financial commitment hit or feared they had overpaid.

“On rare occasions, some even deliberately get their finance declined or fail to transfer the holding deposit, ignoring the selling agent in the hope of escaping the contract,” Ms. Vaslet said.

“However, this can lead to potential legal action from the seller.”

Ms. Vaslet recommended using set date sale campaigns, which typically involve conducting two or three home opens over two to three weeks.

“We find this strategy not only helps buyers ensure they are making the right decision but also achieves the best possible outcome for sellers without doubts about any money being left on the table,” she said.

For the full article, see the Saturday June 22 edition of The West Real Estate.