One risky behaviour emerging among desperate buyers is placing simultaneous offers on multiple properties in the hopes of securing one.
This poses a significant risk as buyers could end up contractually obligated to purchase more than one property if their offers are accepted.
Many buyers mistakenly believe they can simply walk away if they haven't yet paid their deposit.
However, an accepted contract is legally binding, and sellers can obstruct the release of the deposit or sue for damages if the buyer reneges and the property sells for a lesser amount.
Realmark Urban Residential Sales Consultant Audrey Vaslet, speaking to The West Australian, highlighted the increasing concern of buyer’s remorse.
She explained that in the rush to outbid others, some buyers felt overwhelmed or regretted their decisions once the financial reality set in, or feared they had overpaid.
"Occasionally, some buyers even deliberately get their finance declined or fail to transfer the holding deposit, ignoring the selling agent in hopes of escaping the contract," Ms Vaslet noted.
"However, this can lead to potential legal action from the seller."
Understanding how different agents handle the offer and acceptance process is crucial for buyers. It's important to know what level of communication to expect regarding your offer and whether you'll have the opportunity to make another bid if your first is too low.
Understanding the seller’s key preferences, such as a quick settlement, a rent-back period, the exclusion of certain chattels, or fewer conditions attached to the sale, can also be crucial.
Ms Vaslet recommended using set date sale campaigns, which typically involve conducting two or three home opens over two to three weeks.
"We find this strategy not only helps buyers ensure they are making the right decision but also achieves the best possible outcome for sellers without leaving money on the table," she said.
Additionally, Ms Vaslet mentioned that many transactions are happening off-market, with sellers often requesting long settlements - sometimes up to six months - or adding conditions that the sale is contingent on them securing another property within a specified timeframe.
"This flexibility can greatly benefit buyers, who avoid the stress of competing in the open market," she said.
"These buyers may also have a property to sell and are less pressured to quickly secure offers."