If you miss out on your dream property

As much as real estate is a financial transaction, it’s important to remember it’s an emotional investment as well.

Which makes it all the more disappointing when you narrowly miss out on purchasing the property of your dreams.

So how do you get back on the proverbial horse to start the search all over again when you miss out on your dream property?

Here are our top tips…

Talk to the agent

Should your offer on a property prove unsuccessful, it’s important to understand why. Was it the contract terms, the offer you put in, or a matter of timing?

Talk to the selling agent to understand why you missed out, but then, more importantly, register your interest in similar properties.

Any sales agent worth their salt will then add you to their database and let you know when something similar becomes available.

Don’t forget to also talk to sales agents in the surrounding area to let them know you are a serious buyer who is actively looking for a property to buy.

Get crystal clear

What was it about the property that resonated with you? Get crystal clear on what it is you want (and don’t want from a property) and tell the relevant agents in the right area about your needs.

In a market that is moving as fast as it is at the present, it’s vital to be proactive about your property search.

That way, they can let you know what’s coming to market, and perhaps you can even get in to view the property before other potential buyers are alerted.

Cast a wider net

If there are specific features you are looking for in a property, but price proved the problematic factor, it could be time to cast your net a little bit wider, looking at suburbs and regions near your ideal area to live.

Sometimes there are more affordable options in the bridesmaid suburbs that surround key regions of property price growth.

Re-evaluate your strategy

Securing a property in a hot market requires a strategy, and if you’ve just missed out on a home you adored, it could be time to evaluate your game plan.

That might mean revising your budget, gaining pre-approval so you can act quickly, or trying to minimise the conditions you ask for in a contract so your offer is more appealing to the vendor.

 Don’t lose your nerve

Finding a property you love, then missing out on buying it can be a bitter pill to swallow, but listing volumes are currently rising meaning there is more stock now coming to market.

For buyers, that means there is more choice now available, and with a little luck and tenacity, you should soon find a new home to suit your needs.

You can talk to our agents about registering your property requirements in our database, or view the current off-market listings we have available here.

In the meantime, we’d love to assist you find your new home, so reach out to us on 1300 438 439.