FOMO – Fear of Missing Out

Many parts of the housing market are experiencing low levels of stock; hence the increased prices we have been experiencing, particularly in key lifestyle areas such as the Sunshine Coast.  So, whilst your own home’s value may be rising, so too is the likely value of any property you will purchase after you sell.

Eventually, more supply will come onto the market and the frenzy will abate somewhat; but until that happens, we can expect prices to keep rising in the short-term.

If you are in the market to buy right now, you may be finding it difficult to secure the ‘right’ property, due to the rapidity at which houses are being sold.  We have noticed increased feedback from buyers not only lamenting missing out on a property, but also seeking advice on how to avoid missing out.

It is critical to take steps to ensure you can act quickly if and when a property comes along that you are interested in.

Our advice is as follows:

  • If you are not already receiving property updates from Wright Place, let us know and we will set you up to receive an email each time a new property goes live on our site.
  • Set up notifications on your phone or email from property websites such as Domain and Realestate.com.au.
  • Have your finance preapproved, so you are in a position to make an offer.
  • Don’t delay – contact the Agent immediately to express your interest and to organise an inspection.

As far as sellers go, it is also important in a rising market to ensure you buy another property quickly, to avoid paying even more as prices continue to escalate.  Waiting a few months could cost you thousands of dollars.