A real estate agent has called out first-home buyers for being too fussy and urged them to better manage their expectations.
A-Class Agents owner Amir Jahan, 25, said he has seen an increase in buyers ‘wanting everything’ and missing out on opportunities because of the need for ‘perfectionism’.
‘They expect a palace – because they are too excited buying for the first time, they want everything to be perfect,’ he told Daily Mail Australia.
‘You can’t find something that is 100 per cent perfect because everyone’s tastes are different.’
Sydney‘s housing availability is at an all-time low, with sky-rocketing buyer and rental demand pushing up prices which are forecast to rise even further.
The NSW capital has a median house price of $1,473,038 with units priced at $852,766, according to the latest CoreLogic data.
Mr Jahan advised first-home buyers to concentrate on the ‘bones’ of properties and what they can afford, rather than the superficial things that can be changed later on.
‘Once, a man didn’t buy a property because he said it needed a new rangehood over the oven,’ he said.
Amir Jahan, 25, (pictured) has noticed some rising trends with first home buyers, such as being too fussy and wanting to show off to their friends
The Sydney real estate agent said first-home buyers need to do research so their expectations are realistic – otherwise they can miss out on great investments
‘You can pay $400 for a new rangehood. Why miss out on something that is good over a $400 fix?
‘The man, after months of looking for the perfect place, of course came back to me and said what everyone always ends up saying: “I wish I had bought it”.’
Mr Jahan said he has also noticed a rise in first homebuyers who want a mansion for a small outlay.
‘They expect a castle,’ he said.
‘They don’t realise what their money can get them but their standards are super high.’
He pointed to buyers ‘purchasing for the wrong reason’ as a main problem.
‘Sometimes the first-home buyer isn’t thinking their purchase is a place they will be living in or their first asset – they want to show it off to friends and family,’ he said.
One buyer Mr Jahan knew paid more for a one bedroom than a three bedroom apartment because it had a good view and ‘nice tiles’.
‘When I told her for the same price she could get a three bedroom, she said: “I want to have a nice place so that when my friends come over they say wow”,’ he said.
‘The one-bedders in the area have since dropped in value but she could have made money with a three-bedder because they are like gold – there’s not many on the market at the moment in her area.’
Mr Jahan has also seen a worrying trend of buyers wanting to get onto the property ladder without doing any research.
The successful real estate agent (pictured) said there is an increasing number of first-home buyers who expect a ‘castle’ or ‘mansion’, making research even more vital
‘They’re not researching it properly to work out exactly what they want,’ he said.
‘Don’t look at 200 two-bedroom apartments over six months.
‘Narrow down exactly what you want.’
Mr Jahan said it was even more important for buyers to avoid ‘dragging their feet’ once they get financial approval because pre-approvals usually only last three months.
After this time, re-applying may affect a buyer’s credit score.
The agent also said people need to act because prices continue to increase.
‘Do your research and know what you want otherwise by the time you decide, you can’t afford to get what you looked at six months earlier,’ he said.
The agent has also seen a rise in loans from the bank of mum and dad and warns although it is a good option, it can have downsides.
‘If you accept money from your mum and dad, don’t always accept their advice,’ he said.
‘It can delay a purchase because what the new generation wants is clashing with the what the older generation thinks is good for them.
‘Investment advice can be fine. Just make sure they’re not forcing their tastes on you – which I keep seeing.
‘Their opinion can get in the way but you need to be happy if you’re going to be living there. If it gives you good vibes, go for gold.’
Mr Jahan warned buyers to hide their enthusiasm from agents.
‘Don’t show you’ve fallen in love with a property. Many agents will take advantage of that,’ he said.
‘There might be no other interest in it, but the agent will use it against the buyer (loving the property) to try and negotiate the highest number they can get.’
