Listen to Episode 15: Transitioning To More Of A Buyers Market
We are definitely not in a full-on buyers market, but we are starting to see it trend that way and finally buyers aren’t have to compete for 50k over list price (like 3 months ago). So the smart buyers are taking advantage of this time!
Now is their shot!
People that are holding off will probably end up in a multiple offers situation again. Homes are going and moving just not as quickly. People are seeing prices drop and I think they are expecting it to continue to drop, but some people were shooting for the stars with their list price and now they are going to a more realistic price for the home.
What are some of the things you as realtors have been working on to drum up business?
There have been so many people who have been back and forth about buying or selling and now I have the time and energy to revisit those people.
The past month (towards the end of summer) it seems like a lot of people are doing to career changes so I am seeing a lot of people reach out to me from the West side of the state (Seattle) and wondering about the Spokane housing market.
What have you seen from the sellers side?
I just had a listing come on and I am nervous about how the market is going. I was so overly meticulous with my CMA to make sure I didn’t price it too high but also priced it at the right value, but the housing is super unpredictable right now so I’m nervous. Now I am wondering how to get people to see the property. All the years I’ve been doing this I always forget how slow August is and January also sucks. I wonder if this is the same in other parts of the country?
My first transaction last year was in October and I started in August. It seems to be slow for everyone. Things are moving but they are more stagnant than they are used to.
Even in a busy market, August seems to be slower. They take a lot longer to get under contract. A few months ago you could price it at whatever and it would sell, but now it is hard to find that perfect price where you are getting showings but it may take longer to sell. I don’t think we need to rush into price reductions.
One thing I have been doing with my CMAs is calling agents with current properties and asking what it is pending at and not just looking at recently sold. Also seeing what you are competing against and where your listing would fit is a good trick. I still think it is worth putting time and energy into getting listings.
Clients want to price their home at top dollar
I’ve noticed this happening a lot lately coming off a HOT market and I just really try to educate my clients that that may have worked 3 months ago, but it may not be beneficial for them right now. It’s hard to give them the information and have them accept that their house isn’t worth what they think it is.
I always try to tell people I am in control of a lot of this like marketing, strategy, following up, making sure it is in all the right places when we are listing, but I don’t control the pricing. Nothing I do will help someone decide the value is there outside of marketing it the best I can. We give the best statistics to them, but we don’t control what something sells for. The client is still the boss. We are the general contractor to arrange it for them, but they are the boss.
Taking a step back, sellers are still making a very healthy profit on their home.
Reaching back out to all the people who are looking to buy and haven’t done anything and let them know that now is their chance to get in without competing, but you probably won’t be able to do another 50k under. It’s more accessible, but the seller is already probably chopping some off so you may need to meet in the middle. It’s all about cooperation especially in the transaction. We are all trying to get to the same goal and the more everyone works together and has understanding of the other side the better it will end up.
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ABOUT US -🎙 Agents Unfiltered is a podcast with the goal of connecting and building community between realtors nationwide. Get ready for some relatable and relevant information about “The Do’s, the Don’ts & the What The Fuck’s of Real Estate.”
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