What I wish I knew before buying my first home
http://www.abc.net.au/news/2018-11-23/first-home-buyer-advice-i-wish-i-knew/10547482
The process can feel like a game with changing rules
Buyers and agents seem to be locked in a game of distrust where everyone is holding their cards close to their chest.
I naively thought honesty would be the best approach and was happy to discuss my budget and how much I was looking to spend.
When making an offer, I was at times told I was "in the ballpark", only to find out the owner was looking for $50,000 more than I could pay.
Seemingly simple questions like "how much does the owner want?" was met with riddle-like responses like "the market decides the price" or "the owner has decided to go to market without a price as buyers have more information than ever and have a better handle of the value".
While I was being honest, it took me a while to understand the agents probably believed I was not being fully truthful about my budget with them.
There appears to be little choice but to play the game, trying to slowly feel out the middle ground.
It's also important to remember the agent works for the seller, not for you.
They will use sales tactics to try to eke out more from you to get more for the owner, and ultimately for themselves in commission.
What the expert says: Ms Higgins said buyers needed to make use of the vast volume of information online to gauge prices, and sift through all the mixed messages.
"I think we can understand the shape of the neighbourhood so much more easily, so again it's about doing your research," she said.
"If you're interested in a house you can get to know that real estate agent's properties, what they've told people and then what they sell for, and how closely they are aligned, or how far off they are.
"It is a lot of work, and it can be a really great fun project, but it does take time and lots of research.
"Ask lots of questions and really invest in the process."
