The real estate market is not always kind to newcomers and veterans alike. In what is definitely a competitive a market for buyers, losing a home to a deal that falls through or a last-minute offer by a competing buyer is a common occurrence. “If a home is well looked after and priced correctly, it will attract attention from multiple parties”, says Regional Director and CEO of RE/MAX for Southern Africa, Adrian Goslett.
But this shouldn’t be a reason to lose faith or get off the proverbial horse. There are a few cardinal rules to follow, according to Goslett, when the dream house becomes the one that got away.
Getting back in the game is first and foremost!
There’s little to no point dwelling on the past in most cases and real estate is no different. Today’s market, according to many industry professionals, is incredibly fast-paced. This means that while you’re thinking about what could have been, opportunities are flying by unnoticed by you. The important thing is to keep an open mind and keep trying.
Rushing in and settling is a big no-no!
The frustration of losing a house can often lead to desperation and despondency, pushing you to grab at whatever comes next even if it doesn’t feel right. “Some buyers may be inclined to buy the next available property within their budget just to get the process over with”, says Goslett. “This is not advised”. Remind yourself that you went into the process with a specific list of wants and needs. While you may compromise on some, it is important to stay true to most without abandoning them at the first sign of trouble.
Relook, Revise and Restart!
In times like these it is never too prudent a thought to relook at your budget. Revise whether what you’re able to spend is in line with your list of needs and wants. Most importantly, if it is necessary to do so, restart and save more to spend more.
It’s never too late to learn something new or to ask for help for that matter. This is true for the real estate market as well and many people might rely on the wisdom of their parents and friends for assistance. The reality, however, is that the market changes quickly and if you’re not fully plugged in, you won’t know what is best for you or for anyone asking your advice. Therefore, the best thing to do is to talk to your real estate agent about surviving the highs and lows of your property journey.