The most common mistake buyers make is they do not have their finances in order, according to Colm O’Donnellan. The most common mistake for sellers is that they do not have all the relevant paperwork in order such as title documents, planning permission, site maps etc. This can be very frustrating for both buyers and sellers.
Olivia Lynch agrees on the importance of getting your finances in order, and she also advises against not thoroughly researching the market: “Buyers often rush to purchase out of fear of missing out, neglecting to compare properties or assess long-term value”.
"It is crucial to understand local pricing trends, review recent sales, and explore various options before committing. As soon as you feel the property is right, that is the time to go for it.”
Kyle O’Brien identifies another problem with buyers, in that they “are placing multiple offers on different properties all over the city".
"While we understand this is because there is such demand and such little supply, making offers just to be kept informed and updated is a mistake”, according to Kyle.
Tony Kavanagh has advice for both buyers and sellers, “for sellers – it is often skimping on the marketing of their asset and as a result not informing the whole market of its availability. A property for most people represents their main asset or at least a very substantial asset, getting the correct advice when selling is vital, taking a considered and planned approach to maximising its value.
"For buyers – in a strong market often buyers are too conservative with their bidding and often they only learn this through hard experience.”
Sheelagh McGann finds most buyers are very well prepared and knowledgeable on the market, but states that sometimes sellers do not prepare their homes significantly for sale.
Pat Callanan agreed that lack of preparation is a common mistake: "For a buyer this means not having funding in place, and for sellers it is when they have outstanding issues with the property when they are going to market".
Deirdre D'Arcy says the key in minimising mistakes that cause both stress and time wasting for buyers and sellers lies in the advice given to both parties throughout the process: “Sellers should engage an agent who they trust and have a rapport with. This will allow them to gain relevant and valuable guidance from the beginning which will invariably create a smooth sale from start to finish. Engage with the experts and let them know what is important for you throughout the sales process”.
“Buyers should speak with someone they know or trust who can give them insights into the process, which can be totally daunting. In this market be ready to go, know your financial limitations, including all the extra costs and although easier said than done, try not to let emotions take over. Have all of your research done on the area before you start bidding.”
Martin O’Connor sums up what auctioneers find to be the mistakes of buyers and sellers: “Buyers are very well informed and are well prepared in terms of their finances as they know that it's a competitive situation and they need to be fully ready. In this active market vendors know that they have to present their properties in good order to attract the best prices.”
