INVENTORY DOWN ! What’s a buyer to do?

By
Real Estate Agent with Halo Group Realty, LLC

As we watch our local supply of homes dwindle rapidly…many buyers have found themselves wishing they had acted quicker or at least been willing to stretch their price range to acquire the home they really wanted.  

We as Realtors tried to persuade them only to be perceived as trying to hurry a purchase.   Now with time running out they may be faced with paying that higher price with less to choose from.

As one agent recently said…“it is less costly to adjust to a more expensive home than to improve a lesser home”…and of course home improvement should be limited to the maximum resale value the neighborhood will allow.  

So…what do we tell our buyers and how do we best serve them so they have a better chance of acquiring the home of their dreams.

 

PREPARATION

In this market if you have not acquired your buyer’s pre-approval letter or proof of funds in advance…then YOU are not prepared.

Sometimes it’s tough to do but you must insist on this information to accompany the offer…and offers of course need to be made quickly.  Sellers are not just looking for the highest offer.  They want to make sure your buyer can get to closing.

Cell phone pics of the earnest money and option checks can be uploaded quickly but most importantly a competitive offer with support that your client can pay for the home should be sent out first …and mention that all other paperwork will follow. 

 

ALWAYS READY

Not everyone can drop what they are doing to view a new listing.  This is where you come in. Know exactly what your client wants in the area they are looking for.  Preview the home and if it meets 90% of your clients criteria call the listing agent.  “I have a very interested and qualified buyer that will be viewing your listing soon.  The property has been previewed and it would be to your advantage to allow us time to place an offer.”   That would also be a perfect time to send the agent the buyer’s pre-approval or proof of funds…of course all this with your client’s permission.

 

COMMUNICATION
THIS IS KEY!   Stay in courteous communication with the listing agent.  I’ve seen offers rise to the top of the list of consideration just by good communication.

 - Share you client’s desires

 - Reassure the agent and be proactive in everything

 - If your client backs out, sincere apologies can go a long way and you will win the respect of the listing agent.

The competition can be fierce in the market but by being prepared, ready and willing to go the extra mile good Realtors can best serve their clients and build a strong pipeline for the future.

 

Posted by

 

      Kerry Downs with Halo Group Realty Kerry Downs with Halo Group RealtyKerry Downs with Halo Group RealtyKerry Downs with Halo Group Realty    

Comments (2)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Buyers have to stay on top of things and act. Inventory is down but it is still an excellent time to buy.

Mar 03, 2014 01:17 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Kerry - I aware of several buyers want to wait longer for better deals, but inventory is decreasing.

Mar 03, 2014 06:46 AM