It's no longer FOMO but FOOP

May 11, 2018 7.48 pm by. Lyndell

Southern Highlands property prices are changing.

With a changing property market now quite obvious, buyers are now concerned, not with FOMO (Fear Of Missing Out) but with FOOP (Fear Of Overpaying) as they are not too sure about a new price adjusted market. The issue can be now, whilst you may not be missing out on that home you love, you may be a little uncertain about what is the current market price you should pay.

To avoid spending too much (you could save the amount of your stamp duty which is significant) do lots of homework. There are great tools on the internet now for comparing prices, land values and past current sales. Don’t go back further than the last three months on past sales as you will find you may be comparing higher priced homes than you need to. This will slew your¬†homework and you may, after spending a lot of your time on research, pay an inflated price by mistake.

The most important thing always is with buying property is try not to buy a house simply on your emotions. Most homes these days are presented beautifully and it is easy to get swept away with the perfectly presented kitchen, the bedroom with gorgeous throws and pillows and you dream this is the house you will be living in. Perfectly presented, shiny, tidy and dusted. In reality, you may keep a wonderful clean home, beds always made and flowers in vases, but look around at your home you are living in right now. Does it look like the perfect Open House you just must buy, and if you do, your home will always look just like that? Most likely, unless you live alone, have lots of time on your hands, your home will look lived in. Children’s toys on the floor, the bed doona pulled up in a rush, dishes in the sink, the yard a little overgrown. That’s life, that’s real. Try not to fall into a fantasy of a perfect home and buy with too much heart and not enough head.

If you like, have a chat with me, I am always happy to help.

 

Lyndell 0415 680 018

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