Gazumping could be banned by Govt to cut 'stress' of buying a house

The video discusses the stress and challenges faced in real estate transactions, highlighting a personal experience and survey results showing high levels of stress among buyers and sellers. It addresses the impact on the property market, including costs and future purchasing hesitations. The practice of gazumping is examined, particularly in a seller's market. The government is considering legally binding agreements to make transactions cheaper, faster, and less stressful.

What percentage of sellers reported stress due to delays in the real estate process?

• 62%

• 24%

• 69%

• 46%

Why do mortgage brokers believe government action is necessary in the real estate market?

• To promote more estate agents

• To reduce the number of buyers

• To address the costs and risks of moving houses

• To increase property prices

What is the term used to describe the practice of a seller accepting a higher offer after already agreeing to a sale?

• Gazumping

• Flipping

• Bidding

• Auctioning

What is the government's proposed solution to make real estate transactions less stressful?

• Raising interest rates

• Increasing property taxes

• Introducing legally binding agreements

• Reducing the number of estate agents

In what type of market does the practice of gazumping become more prevalent?

• Buyer's market

• Balanced market

• Seller's market

• Stagnant market