In many areas of London the monotonous saga of property open days currently seems never-ending for those seeking to buy a property. In many cases these high stress and pressured situations are causing many buyers to slip into despair. The vicious cycle is further worsened by the almost guaranteed ‘best and final’ or ‘sealed bid’ situation an interested buyer is likely to experience a few days later.
Open days can be extremely lucrative for many vendors so it is no real surprise that they are fast becoming commonplace in this buyer-heavy market. Whilst they create an immediate sense of urgency and bring out the competitive spirit in buyers to secure the property, the situation can also be overwhelming and can cloud judgement. It is beneficial to be practical and plan ahead of entering the heavily populated property for sale so that you are not overcome by the situation. Despite there being many people willing to pay over the odds for the property at hand, you must remind yourself not to overpay; you may want to live in the property for the foreseeable future but you may also decide to sell the property at a later date. Any decision you make must be thought through and entirely logical.
In a market place where demand outstrips supply so greatly that the chance of the multitude of open days dying down in the immediate future is unlikely. Garrington can offer the following advice when attending an open day:
- Switch off from others at the property – focus on yourself and imagining if you could live there
- Try to find your own space – if there are others in the room move to a different room
- Do your homework – look at recently sold prices online so you can compare conditions and size
- Take your time – don’t rush as it may be the only opportunity you have to view
We have seen a record number of enquiries since the start of 2014; this is reflective of the frustration in the market place. With properties only being on the market for a few days, we are being contacted by those seeking a competitive edge over others.
My colleague James Rawes has written informative blog regarding Sealed Bids that you may also find of interest.