One of the biggest troubles buying properties today is the unknown. Not knowing who the interested buyers are, not knowing how much the property will sell for and of course not knowing whether the agent is telling you the truth about interest levels. But at the end of the day, you have no choice but to believe the agents, because when you try to call there bluff, you end up missing out.
The best thing you can do for yourself is go to the open for inspections. If you’re truly interested in a property, then you want to do as much research into what level of interest other buyers have. If you sacrifice the open and view the property privately to begin with, you are letting go of valuable information that could save you thousands.
Say for instance you had a private viewing of a property and the agent of course tells you that the weekend was busy and they’ve been in and out of the property all week. At this point when it’s you one on one with the agent and a whole lot of love for your potential new home, you have no choice but to believe him or her and will most likely over budget for the property.
On the other hand, if you took the time to attend the open for inspection and not only once, but even went to the second and third, you can start to really gauge where the interest levels are. I would watch all the buyers, see there reactions and eves drop on their conversation with the agent. Someone who is being blatantly loud about negatives, usually are interested in the property, so track them especially.
I think a combination of both open homes and private viewings is worth doing. Use the private viewing for yourself to really get a good feel for the property. Though use the opens to keep in touch with the interest levels so you have an idea on how to budget for the property. If nobody attends the open, not always, but most of the time you have the upper hand in negotiation as there are no other interested parties. This just means you can start off with a low offer and start building from there.
At the end of the day, if you’re in the market to buy for yourself, investment or home, there is nothing more important and you should dedicate as much time as you need to the process. Buyers who don’t do their research tend to be the ones who over capitalise on their purchases.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.