Buying property in London |
I have just had a fantastic weekend in Budapest with Serena.
It is a beautiful city pockmarked by the scars of communist rule.
Indeed, learning more about Hungary’s history, once again confirmed that I hit the jackpot by simply being born in London. Anyway, I can highly recommend a visit.
But I am back to the grindstone – I was inspecting properties for our clients yesterday and was asking one of my stock questions, “How many people have you shown the house to?”, when the agent started bemoaning one buyer who has been looking for 18 months.
In short, this buyer had looked at every property the agent had listed for the last 18 months and still hadn’t bought.
So, what are the mistakes they could be making when buying property in London?
- They are unrealistic about what their money could buy
- They want the “perfect” house
- They think prices are too high despite being outbid on several occasions
- They are not very good at negotiating
There are a whole host of other reasons too, but what do you think the agents think of them?
- They are timewasters
- Even if they do finally agree a price on a property, they will be difficult to deal with
- The only upside is that the agent can use them to hit their viewing targets
So, how likely will it be that this buyer will be the first person the agents call when a really good opportunity becomes available (this includes the properties they have that never reach the websites)?
If it comes to a competitive bidding situation, how likely is it that the agent will recommend this buyer over another buyer who has been organised and decisive?
The simple fact is that if you have been looking for a property for over a year and haven’t found a property you like, then you are doing something wrong. There are a few exceptions to this, but when people come to me for help saying that there has been nothing available that matches their requirements, I can usually give them examples of several properties that they have missed. Otherwise, there is a fundamental issue that needs addressing.
In the example above, the buyers think they know the market and that prices are too high. But they have thought that for 18 months despite the fact that prices are up c. 12% in general and more for the best properties, i.e. the ones they have liked but been outbid on.
Buyers thinking prices are too high simply because they are higher than they were before
This often happens when the market changes direction and is a classic example of people thinking prices are too high simply because they are higher than they were before…
Unfortunately, for these buyers they are making several mistakes simultaneously, so they and the estate agents are all getting frustrated because of the amount of time being wasted and the opportunities being missed, not to mention the stress involved.
Unfortunately, the majority of buyers commit similar mistakes and end up acquiring a property that is not the best they can buy, often at a high price, because they eventually make a decision out of desperation and frustration.
To avoid months of wasted time and stress you need to have a clear plan for acquiring a property which is founded on proven strategies and tactics otherwise you are inviting disaster.
Contact Mercury Homesearch
So, if you would like to put the foundations of a plan in place, you can request a 15 minute Strategy Call with me by emailing my assistant, dee@mercuryhomesearch.com or calling 02034578855 (+442034578855 from outside the UK).
During the 15 minute call you can ask me any questions you like about the market or we can discuss any problems you think you will have trying to find your ideal home or investment property, so that I can show you the steps you need to take to avoid the wasted time, money and stress suffered by the majority of buyers.
Please note that I will not discuss the service we offer on this call even if you are interested. The focus of the call is to give you exceptional advice. So, if you are open to receiving helpful information, simply email my assistant, dee@mercuryhomesearch.com or call 02034578855 (+442034578855 from outside the UK) now to arrange your complimentary strategy call.
Topics | Buying property in London ; Buying property in United Kingdom
