According to NAR, more than half of buyers said that the hardest part of the home buying process was finding the right home to purchase. Imagine how hard it is to find the right home in an area with low inventory? That’s what many buyers are facing now.
In many areas, buyers are eager to purchase a home. Perhaps they’re sick of renting or they’ve expanded their families and are itching to get out and find a great place to call home. However, if they live in an area with low inventory, they may become frustrated waiting for a home that meets their needs to pop up on the MLS. How can you help these buyers? Here are a few tips:
1. Explain the market. You’ve heard the saying, “knowledge is power,” and it’s true. The more information that your buyers have about their markets and the real estate process, the better able they will be to make a decision when they find a home to buy.
2. Reassure them that there’s a home out there for them. While popular television shows would have us believe that buyers look at three homes within the span of an hour, one of which is their dream home, in reality, the average buyer searched for twelve weeks and viewed ten homes before they decided to buy the one they purchased.* Some buyers look for longer, others may find a great home within a week or two. The point is, there is a home out there for your buyers, they just have to have patience and take the time to weed out the homes that aren’t right for them.
3. Have them write down their must-haves and deal-breakers in a home. Buying a home is a process of elimination, not a process of selection. At the beginning of their search, tell your buyers to write down what they’re looking for in a home, and use this list as a guideline. It will help them to eliminate homes that won’t meet their needs.
4. Treasure hunt the desired neighborhoods. If you have buyers who have their hearts set on living in a certain area, but there aren’t homes for sale there, treasure hunt the neighborhood and find any dormant sellers. Joe Niego’s Instant Inventory will give you the tools you need to create your own inventory.
5. Reach out to dormant sellers in your database. For most homeowners, their home is a personal reflection of them and is tied up with memories. This is why selling a home can be such a personal and emotional experience for many sellers. However, people want to move. Perhaps their home is too small for their growing family or they want to move closer to their family or friends. Maybe they wanted to sell earlier but the owed more on the home than it was worth. There are clients in your database who are thinking of selling their homes. Reach out to them and see what’s preventing them from listing their homes. Who knows—their home could be the perfect match for a buyer in your database.
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