It’s a sellers’ market, and with so many folks competing for limited inventory, it can be easy to lose motivation. Part of my job – that may be overlooked – is keeping my clients (buyers especially) motivated during such highly competitive times. Not only is it a Realtor’s job to make the transaction go smoothly, but our clients must meet their goals, too. Here are some tips on how to stay motivated in a sellers’ market:
- Be honest about the market and current prices. Before starting the touring phase, it would be wise to have a tough conversation about the current market and how competitive it is. Discuss what homes are selling for (purchase price, closing costs, due diligence expectations, etc.) If they are selling for more than market value, then your client should know this before we even begin looking at homes. Start out prepared and informed.
- Work out a budget and stick to it. It’s important to start the homebuying journey with a clear budget in mind. Make sure you’ve done your income budgeting and know exactly how much you can afford for a monthly mortgage payment. This may seem like common sense, but in today’s marketplace, it can be easy to forget that budget when you encounter a bidding war or find ‘the perfect home.’ Before suggesting a higher offer, it’s our job to make sure you aren’t agreeing to pay more than you can handle.
- Get in fast. We all know the saying, “the early bird catches the worm” and this is true for the homebuying process. It’s a good idea to put in an offer early, but you also want to do your due diligence. You may need to take advantage of virtual tours, or view the home’s exterior and surroundings as soon as it hits the market. Putting in an early offer with a strict deadline in such a competitive marketplace may help you set the pace of the sale.
- If they can’t go, go for them. If you aren’t available to make a showing, allow us to go for you and video-call or record a video for you to view later. It’s still necessary for the buyer to see the home in person, but if done thoroughly, you’ll see any trouble spots along with the positives. Placing offers using video tours has become very popular amidst the global health crisis.
- Keep in touch… often. It’s important to return phone calls, emails, and texts. Unfortunately, many realtors make the mistake of not being active enough with their outreach to clients. They may be busy with other showings but being hard to reach, not returning calls, or not keeping in frequent contact with their clients, could frustrate and demotivate them.
- Ask about expanding. Unfortunately, right now buyers may find it exceptionally hard to buy a home in their ideal location and they could become disheartened. Think about the possible alternative areas to buy. Are you working from home? For how long? Could you possibly move further away than initially planned and continue to work from home or even commute only a few days a week? The key is to never be pushed to buy in a location you are not comfortable with, or that might be too far, but think about the possibility and whether or not it would be feasible to meet your homebuying goals.
- Stay positive. Keep a positive attitude even when you’re frustrated. Confidence will keep you motivated to continue the hunt.
As your realtor, I am more than just someone who writes contracts and negotiates deals. We understand we have a large impact on the pace and tone of every home buying process and people look to us for guidance and expertise. Our attitude affects our clients and if we are confident during the process it will encourage you to be confident, too. It may be difficult in a sellers’ market, but confidence and optimism will go a long way toward finalizing a sale.
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