Catchphrases, soundbites and sayings.
They may sound pithy and clever but often they obscure the truth.
An estate agent recently said to me that “He who hesitates is lost”. He was referring to a nice apartment that has just become available and that it would sell quickly. I expect he may be right.
However, this is also the classic sort of chat from estate agents that many buyers believe even when the opposite is true.
I agree that the axiom holds true if you have done your research, know a property is a good opportunity but you hesitate due to a lack of self-confidence. There are countless people who have regretted losing a property because they did not act as swiftly as they could have done (another reason why it also pays to be prepared).
However, if you are making an irrational decision based on pressure then you’re likely making a mistake. Buying something without carrying out the necessary due diligence will lead to an expensive mistake more often than not. But creating time pressure is a classic sales technique.
This is why some buyers do unbelievably stupid things at auctions. They get caught up in a bidding frenzy because they can see the opposition. The same is true for sealed bids. The knowledge that other people are interested reinforces your belief that it is a good buy and also makes the property feel even scarcer.
This is one of the techniques Bernie Madoff used to ensnare his many victims. It is also why the developers like to sell properties in hotel rooms where they can create an auction atmosphere.
So if you haven’t done your research it often pays to hesitate. Indeed deliberate hesitation in a negotiation can be a fantastic weapon (depending on the situation).
I mention all of this because some estate agents are suggesting that the market is red hot, that buyers are falling over themselves to secure properties and that prices are soaring. As
I am not feeling particularly generous on this baking hot afternoon I will call it as it is – total twaddle.
Yes there are more buyers than there were two months ago, but I am pleased to report that they are being more selective (in most cases). Yes there are still occasions where you do not want to hesitate but these are for the exceptional and rare properties.
Quite simply, do not be fooled into making a rash decision.
If you are serious about acquiring a property, but are worried about making an expensive mistake or simply want to discover proven strategies to help you make an astute acquisition, then I suggest you get in touch here.