More than a quarter of home buyers now pay cash, no mortgage needed, so efforts to outbid them require clever tactics.
Despairing home buyers competing for properties against cashed-up downsizers and first-timers shored up by the bank of mum and dad can, with a fair share of cunning, still give themselves the best chance against their wealthier rivals, experts say.Home buyers face keen competition at auction.It’s a growing challenge for anyone relying on a mortgage to buy, as more than one in four properties on Australia’s east coast were purchased entirely in cash in 2023,. This totalled $129.
Trying to understand the vendor is another valuable tactic, BresicWhitney chief executive and chief auctioneer Thomas McGlynn said. “It’s important to have extra conversations maybe with family members, your mortgage broker or bank prior to that auction,” he said. “Sometimes, just even a little more might be enough.”
“That might not necessarily mean their very best offer, but it needs to be strong enough for the owner to take the property off the market. A lot of owners are nervous about auctions – it might fail to sell or go for a lower price – and want to avoid that rollercoaster.” If the cash-strapped buyer has to go to auction, they should act confidently and aggressively to try to out-psych their richer rival bidders. In a straight race between a V8 car and one with two cylinders, the V8 will always win – unless the driver is tentative, Kennedy-Green says.
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