I refused to buy a property if rushed by brokers

April 18, 2024 | 03:07 pm PT
I refused to buy a property if rushed by brokers
Townhouses and apartment buildings in HCMC's Thu Duc City in July, 2023. Photo by VnExpress/Quynh Tran
When I go on house tours, I always walk away as soon as the broker told me I would miss out if I do not buy the property immediately.

I have never subscribed to the "fear of missing out" (FOMO) mentality, so I do not understand how people rush to buy a property at any cost whenever they prices rising.

Recently, I saw beautiful house listed for sale, so I went to check it out. However, I have yet to check the house and market prices thoroughly before the broker who took me to view the house sneakily mentioned that "several interested buyers have promised to transfer their down payment right this after."

Hearing that, I know the broker was trying to rush me into buying the house, so I just left.

While I have not won big during previous property booms due to this mindset, I have also not lost big when the real estate market freezes. In general, I just want to accumulate my asset at a moderate pace and wealth preservation is more important to me.

The story above was shared by reader Luc Binh Trang in the comment section of an article about people buying apartments hastily for fear that prices will rise further.

Other readers have also shared similar stories:

Reader Binh Luan:

"Nowadays, property sellers being wealthy and opportunistic brokers who want to make huge commissions have driven up real estate prices significantly.

In the alley where my house is located, there was a property listed for sale online for years. Every time a broker brought a client on a house tour, I would often hear them give out different prices. These prices may vary by up to a billion dong (VND1 billion = US$39,331.4) in just a few hours. In the end, I still have no idea what the exact selling price was.

As this can even happen in real life, I imagine online listings must be filled with fake prices to attract potential buyers. So, anyone buying a house at this time needs to be extremely cautious."

Reader Thu Cuc:

"Real estate brokers are inflating property prices and playing into people’s fear out missing out to rush them into buying properties that they have not been able to sell for years. Everyone, especially individual investors, should not be hasty and reckless when buying houses. The chance of 'riding the wave' is very low and the majority of investors will end up getting their money tied up instead of reaping profits like those before them.

Those with genuine needs for accommodation rarely accept buying houses or apartments at high prices. Most of them will wait for the amendments to the Land Law to take effect before buying as they will tax those who own multiple properties, reduce speculation, and resolve legal issues. The housing supply is also forecasted to increase in 2025-26, which will push house prices down."

Reader Ngoclucbkhn:

"Most buyers tend to look at the past to make decisions in the present, yet few have the skills to analyze previous trends to predict upcoming ones. Most markets usually have temporary spikes and plunges. We need stay calm and wait for the market to stabilize. I hope that with the widespread information about the recent price inflation, people will think twice before rushing to buy properties."

So what is your viewpoint on this matter?

*These comments were translated into English by AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.

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