{"id":31062,"date":"2021-03-06T10:00:51","date_gmt":"2021-03-05T21:00:51","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=31062"},"modified":"2021-03-06T10:00:51","modified_gmt":"2021-03-05T21:00:51","slug":"worst-mistake-buyers-can-make-in-boom","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/worst-mistake-buyers-can-make-in-boom\/","title":{"rendered":"Worst mistake buyers can make in boom"},"content":{"rendered":"

PHOTO: John McGrath said it was one of the strongest markets he had ever seen. Picture: John Feder Source: News Corp Australia<\/em><\/span><\/strong><\/p>\n

Real estate tycoon John McGrath<\/a> has warned buyers need to avoid getting swept up in the current market hype and has given home seekers some stern advice.<\/p>\n

Home prices may be skyrocketing at levels rarely seen in Sydney\u2019s history but the worst thing buyers in this market can do is \u201cpanic\u201d, real estate veteran and McGrath Estate Agents founder John McGrath claims.<\/p>\n

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Mr McGrath told The Daily Telegraph it was natural for buyers to develop a sense of FOMO<\/a>, or fear of missing out, when seeing 10 or more bidders vying for a home at auction but cautioned buyers needed to be careful.<\/p>\n

\u201cYou don\u2019t want to stretch yourself,\u201d he said. \u201cIf you can\u2019t afford the prices any more, you need to change location. It\u2019s best to be flexible in this market.\u201d<\/p>\n

He added that it was one of the strongest markets he had ever seen.<\/p>\n

The \u201csocial proof\u201d of friends or family members jumping into the market could also put pressure on buyers to act quickly but some perspective was needed, Mr McGrath said.<\/p>\n

\u201cI am telling people don\u2019t panic, but don\u2019t delay because prices are going up,\u201d he said.<\/p>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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