– Crystal Vagnier – Select Group – Writer/Editor
Nope, it’s not just you. We’re in the middle of a 45% drop in the market over the last 30 days. It’s time to listen to what the market is saying and to adequately adjust your business model. We’re at a historic low for inventory and with astronomically high rates and prices; many potential buyers aren’t flocking to the market. It’s never easy to have the “hard” talk with your clients when things aren’t going their way, but it’s crucial. Sometimes the market just isn’t in the correct favorable circumstances.
Some facts to share with your clients to remind them that sometimes these things are out of our control:
- Increased rental prices have made it difficult for first-time homebuyers to save for a down payment;
- This continues to be the weakest period for homebuyers in 15 years;
- Interest rates have increased, cutting back funding for homebuyers on top of the financing and property prices;
- Loan practices have become stricter on their standards.
Reminding your clients about these conditions and easing into a conversation about price reductions is the best way to assist your sellers. Remember, the best agent is one that can advise their clients on how to manage their expectations with reality and the current market.