Are you coming across more and more buyers who are giving up on the search for a home? Between bidding wars, rising prices, and low inventories - there's a lot of frustration for buyers.
When it comes to prices; are your buyers balking? Read on for some tips on how best to handle.
What's Causing These Prices?
It's a tough spot to be a buyer when homes are selling for 50,000 or more over the listing price - and regularly. A mere 5,000 over the listing price is hard enough to compete with for many first-time homebuyers but 5 figures over? Nearly impossible.
Low inventory is mostly to blame for the prices that we see skyrocketing across America. Especially in up and coming cities like Boise, Austin, Denver, and Seattle - there's way more people moving there than homes for sale. This creates an unnatural competition for buyers between the few houses on the market.
How to Help
Young hopefuls are hit especially hard by the high prices we're seeing. Do you have clients who have visions of making their first house a home? It's disheartening to see them disappointed again and again as an agent. Worse, sometimes clients think issues like these are the agents fault.
Obsessively scrolling Zillow, making rapid-fire offers, and stretching their finances thin - leaves buyers on edge. Agents all over are reporting that buyer-fatigue is real and with no end in sight, some have a glum outlook. Working with sellers is a dream right now as the ball is most definitely in their court.
In hopes of continuing a relationship with your clients, agents may want to be honest with them and advise them to hold onto their money in hopes of investing in the real estate market in the future. While there's no telling how long the housing market will continue to spike - and it's also true that home prices historically only go up long-term, there is always talk of a dip on the horizon.
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