Mum was right, patience is a virtue

Growing up, my Mum always reminded me to be patient, (thanks Mum) and to be happy waiting. This is a challenging skill (yes, it is a skill), one I certainly have not mastered and trust me, I have a 9 month old baby, it has been tested. But you know what? Now, when buying property, patience is everything.

“Patience is a key element of success.” Bill Gates (<— pretty smart bloke)

Global markets are currently presenting some of the strangest conditions economists have ever seen, record fiscal policy, record indebtedness, global recession, spiralling unemployment, rising geopolitical tensions but at the same time equity markets are running with the bulls (with a hefty portion of volatility mind you). The irony in all of this is that there are numerous experts predicting opposite results - imminent doom and sonic boom (<— see what I did there?). But they cannot both be true at the same time, or can they? We currently live in unprecedented times (man I hate that COVID phrase, but it now puts a smile on my face every time I say it) - but what to do?

“To lose patience is to lose the battle.” Mahatma Gandhi (<— super patient bloke)

BE PATIENT

Whether you have found your next home or are on the hunt, be patient. Good things come to those who wait. I recently completed a negotiation for a client that took nearly 5 weeks! 5 weeks! Do you know why? It is because the vendor was not mentally prepared to accept a market price because the market for their property had changed. But the interesting thing is, if we made our ultimately successful offer 5 weeks ago (had we not been patient) it would have been rejected as it took the full 5 weeks for their attitudes to shift. In prestige markets, at least in Brisbane, we are experiencing a two-speed market, a market when two properties can be for sale at the same time, for the same price, but with drastically different offerings. This should not be possible in efficient markets, but it is caused by those who understand current conditions and are willing to meet the market and those who do not (yet). The worst thing you could do would be to lose patience and simply pay what is being asked without fully understanding the true value as of this very moment, but this requires patience and experience. Supply is low at the moment, but it won’t be low forever, don’t come down with a serious case of FOMO - it will hurt later.

When we set our negotiation strategy with clients, I provide the evidence to prove true value, then we enter the negotiations with the attitude, “if we lose, it’s because someone was willing to pay more than true value, and that’s okay with us!” Negotiation is so much easier when you have an attitude like this.

All-in-all the message is simple - BeWise BuyWise

Give me a call today to have a yarn about the weather (spectacular right?!), and maybe, show you how we can help you BeWise and navigate the brave new world together.

JC

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