Inventory is bleak, but there are still ways brokers and agents can help their clients find the right home.
The seller’s market is only getting stronger in 2021 as home prices continue to rise and inventories hit record lows across the country. While mortgage rates have inched up slightly, they remain low, enticing buyers to continue their house hunt.
There are several ways brokers and agents can help buyer clients navigate the current seller’s market.
1. Stay on top of your game.
Now is the time for buyers to work with professionals who are the best player for their team, with experience and expertise in the area and get a clear picture of exactly they’re are going to do it — there is no time to waste showing homes that don’t fit the bill. Keep consistent tabs on new listings and jump on opportunities as quickly as you can to stay competitive. Responsiveness and communication are key.
2. Set clear expectations.
Depending on buyers’ housing and financial situation, a low-inventory market is not a great time to wait for the perfect home to come along. Helping buyers adjust their expectations and get on the same page about non-negotiables. Paint colors can be changed, and additions can even be made in time, but things like location and lot size are permanent. Consider to buy outside of the search parameters as well, and be prepared to accommodate the seller’s need in many cases.
3. Avoid showing houses at the top of the budget.
When inventory is low and competition is high, homes tend to sell for over asking, and bidding wars are common. If you’re already at the top of your budget and they’re asked to go even higher, it’s probably not going to be worth anyone’s time. Looking at houses at the lower or middle tier of the budget will leave you room to bid a little higher than asking if necessary.
4. Consider alternative neighborhoods.
With close to half of the population working remotely these days, buyers may be more open to the idea of living in neighborhoods they may have not previously considered. Factors like commuting and access to public transportation are not as crucial as they once were, and many families are after access to outdoor activities instead. This is where buyers need Real Estate professional with knowledge of the local area.
5. What can you do to sweeten the deal?
Our agents do research to come up with several strategies that will help our clients win the homes they want.
6. Get creative with your long game.
Real estate professionals can gain a leg up through strong business partnerships in their communities. This could mean cultivating an exclusive relationship with a few builders who are working on spec homes so that you have an “in” for new homes coming on the market. Ask your Real estate agent what business organizations like local chamber, builders’ associations, and REALTOR® associations they belong – is a smart move for building a solid long game and important business relationships.
Life as we know it has changed, and for how long no one can be certain. Stay up to date on the latest market trends, predictions, and data, and update your strategies accordingly. Buyers will be looking for expertise, we at Dubrova & Associatres, LLC make sure to provide our clients with the knowledge they need.
Course: https://magazine.realtor/
