As the housing market continues to shift in favor of the buy side, many agents have been left struggling to help their prospects cut through the noise and keep buyers engaged. Although all signs point to buyers gaining more and more leverage, many still have a bad taste in their mouths after missing out time and time again for the past year. As well, many are simply too influenced by the doom and gloom brought forth by the news media and feel that market sentiment has turned against them. This brings a prime opportunity for expert real estate professionals to take market share through fierce conversations with buyer prospects looking to take advantage of a market that’s quickly becoming more advantageous.
First, let’s take a look at some objective facts. The ratio of weekly new listings to weekly price reductions in the North Texas MLS is currently hovering around 50%. That means for every two new listings that hit the market, there’s on price reduction, a substantial clip. This shows that sellers that missed the tail end of the buying frenzy aren’t being stubborn. In fact, they’re showing a massive amount of motivation as they have solid equity positions and can afford to take asking, or even below asking, price and still come out far ahead of where they would have if they sold last year. Couple that with a rise in inventory and this creates a great opportunity for home buyers.
Rate are predicted to remain in the mid 5% range for the foreseen future. If and when the economy heads into recession territory they may even begin to fall. Buyers have the opportunity to lock in a solid rate, choose from a wider array of available homes, and avoid having to offer well over asking price and make appraisal guarantees. This is a premium situation for buyers.
This is where you come in. You need to be having conversations with your buyer clients about what’s happening in the market and how they can take advantage of it. This doesn’t mean that you should be trying to convince them to buy a home right now. Instead, you should be having conversations about their plans, their timeline, and what they want to accomplish. If you’re able to have these conversations and help them understand that there’s more inventory to choose from and less competition when making offers, you’ll be in a much better position to help them succeed in today’s market.
The fact is, you’re not competing against the market, or even other agents in your market. You’re competing against a media narrative that wants t sell doom and gloom fo profit. Bringing valuable perspective and information to your buyer clients in a time of shift in imperative for you to thrive.
If you’re not having these conversations, you’re missing out on a huge opportunity. The market is shifting in favor of buyers and those that are able to take advantage of it will be in a great position to succeed. Don’t let your clients miss out on this opportunity. Talk to them about what’s happening in the market and how they can take advantage of it. They’ll be glad you did.