Could F.E.A.R. be sabotaging your property search?
It’s time to talk about change, fear and how fear of change could be sabotaging your property goals.
Even when we’re facing so much uncertainty due to COVID and lockdowns, we can all take action to “control the controllable”.
Fear is a very natural human response to change.
Change is scary because we haven’t been there or done that before and nothing is guaranteed.
If we are comfortable and safe as we are, we naturally prefer to maintain the status quo than introduce the risk of moving to a worse position.
My super power is to guide committed buyers through the fear to make great property decisions.
Decisions that make them better off.
There’s a mnemonic for fear that relates so well to buyer self sabotage.
False Evidence Appearing Real
Here’s what it sounds like:
Prices can’t keep rising….I’m going to wait and see what the next few months bring.
I heard of someone whose bank valuation came in short so prices are obviously inflated and it’s too risky to buy now.
You’ll never pay a fair market price at auction in a market this hot.
I’ll have to settle for X as it’s all I can afford.
And so it goes on...
If you recognise you’ve been finding reasons not to move forward with your property search then read on for a gentle nudge. Now there are, of course, things we don’t, can’t and will never know for sure.
But there are plenty of things we do know and logical assumptions we can make based on data.
There are also safeguards we can put in place to protect against risks depending how likely and severe they are.
So, what do we know and what can we logically assume?
Lockdowns will be fewer and smaller when vaccination rates pass 80%
Interest rate are unlikely to rise before 2024
Buyer demand is unmatched by supply; evidenced by auction clearance rates, shortening average days on the market and reduction in dated stock levels prior to lockdown....pent up demand will drive a strong spring and summer season.
When Australia’s borders reopen and immigration resumes, there’ll be two years to catch up on....and when temporary residents become permanent residents, many of them will buy property
By the time this calendar year is over - and we have dropped off the last of the 2020 lockdown-affected sales data - the national housing market will have grown 20%.
The numbers tells us price growth is slowing - but still growing - and analysts predict another 5% in 2022.
When you understand the target market and the target segment within that target market, you can reliably price properties with confidence and avoid overpaying even in a rapidly rising market.
Back to the question of change and avoiding the perceived risk of being worse off.
Whether you’re thinking about buying your first property, an investment property or upgrading your home consider this:
If that money isn’t somewhere else earning you more than your property investment would return, every day you’re not moving forward to secure that investment is leaving you worse off.
When you’re armed with the right information, buying isn’t scary at all.
That's why my buyers aren't letting a crisis go to waste.
Until inspections resume, we are not buying property.
But we are planning, analysing and readying for the moment things open back up.
It’s actually the perfect time to take a client brief and run the market analytics that underpin our property scoring algorithm.