Real estate markets across the country are shifting. What used to be a buyer's market is shifting toward a seller's market. What can you do as a buyer's agent to help your clients successfully acquire properties in this changing market?
1.) Pre-qualify buyers, not only financially but know and understand their level of interest and how quickly they need to purchase.
2.) With tighter lending guidelines, it is more important than ever for your buyers to get pre-approved prior to looking at properties and making an offer.
3.) Sharpen up your negotiating skills. In this market, it is not uncommon for your buyer to find him/herself in a bidding war.
4.) When making an offer, if the property is priced at or near market value, encourage your buyer to offer a strong price. close to or at asking price. If there are multiple offers, your buyer may not have another opportunity to up their price.
5.) Encourage your buyer to try to be flexible and mindful of the seller's needs. For instance, if you know the seller would like to stay in the home until the end of the school year, if your buyer is flexible, offer to allow the seller to rent back until the end of the school year.
The Jackson Hole market is shifting. There are very few entry level homes $400,000 - $600,000 on the market. Prices in this segment of the market will likely head up, and the longer buyers wait, they'll get less house for their dollar.
The best advice to agents, in this market, is to qualify your buyers and be selective with whom you choose to work with.
To your success!
Teri McCarthy, ABR, CRS, RSPS