Why “I Like It, But I Won’t Pay That” Is Costing Buyers Big
Are You Being Your Own Worst Enemy?
Every week I speak with smart, motivated buyers who accidentally work against themselves. If you’ve ever caught yourself saying, “I like it… but I wouldn’t pay that,” this one’s for you because that mindset could be costing you far more than you realise.
The Real Cost Isn’t Overpaying, It’s Not Buying at All
Sitting on the sidelines is expensive. Time out of the market, or missing out altogether, is often the ultimate price paid.
At an auction, there are really only two reasons a registered bidder doesn’t end up as the final buyer:
They genuinely can’t afford to go higher, or
They don’t think the property is worth what others are willing to pay.
Only one of those is a strategic decision. The other is often self-sabotage.
Comparable Sales: Your Only Reliable North Star
Let me say this clearly: You cannot determine fair value from a bank “free property report”, Mum and Dad, the agent’s price guide, or a neighbour’s opinion.
The only true indicator of value is: Recent comparable sales similar properties, similar land size, similar condition, similar location.
And here’s the kicker: Once a property sells, that sale becomes the new value. Whether you personally would have paid that price or not is irrelevant the market has spoken.
A Real Example From This Week
I was discussing a fantastic pre-market opportunity: A 2-bed house with parking in Newtown. Based on solid comparable sales, there is no world in which this sells on-market for under $1,800,000.
The buyer told me: “I like it, but I wouldn’t pay $1.8m for it.”
And honestly… it pained me.
Here’s the truth:
If you don’t like a property don’t buy it. Ever.
But if you do like it, you must understand where fair value sits.
If you can't afford it that’s simple. You move on and realign your expectations with the market. But if you can afford it and simply won’t pay today’s fair value… you become your own biggest obstacle.
This Newtown house at $1.8m is a brilliant opportunity. The buyer likes it. And yet… they walk away.
What happens next? Most likely:
They still won’t buy this year
Or they’ll buy in six months, after finally accepting they need to meet the market
And by then? The market may be up another ~2%
That’s an extra $40,000 for the same level of property.
If You Want to Buy Before Christmas…Now Is the Time
December is full of real opportunities. Sellers are motivated. Competition softens. The smart buyers double down not wind down.
If you're still in the hunt before Christmas, keep your foot on the gas. The right property is out there… as long as you’re willing to meet the market to be part of it.
If you want help assessing true value or navigating pre-market opportunities, just reach out. I’m here to make sure you don’t sabotage your own success.
