I taught a class today based on the chapter in Gary Keller's book, Shift, which addresses how to change a reluctant buyer to a willing one. The book gives four great ways to encourage that reluctant or fearful buyer to become a ready, willing and able buyer.
1. Why wait – the hazard of timing the market
Ex Explain to your buyer that while he or she is waiting for the price of that house to improve, interest rates may go up. We all know what an impact even a slight increase in the price of a mortgage can do to home affordability. Make sure that your buyer understands it too!
2. Trading Up – Don't Wait!
IfI If your buyer is trading up and selling that starter house in a soft market, it is likely that the softer market in the upper price range is going to save him big money. Yes, the starter home might have lost value but the move up house will have lost even more money even if it is the same percentage. Upper priced homes tend to see bigger price reductions in a soft market because demand is more greatly impacted. If the market is a strong market, there will still be more demand for the lower priced home than the upper priced one. If the more expensive home is increasing in value, then the buyer should jump on it now before the price goes through the roof!
Less is More - Fewer Choices Make the Decision Easier
Ironically, a plethora of choices makes it harder to reach a decision! When there is increased inventory a buyer may find it hard to make a decision and instead will want to see them all - resulting in analysis paralysis! As realtors, we need to help them refine their wants and needs as part of the decision making process. Figure out what is really important and then focus on findng those homes to show. Keep reiterating how these homes meet the buyers want and need list. These are the homes that will achieve the buyers' goals. When presented with a few great choices most buyers will find it easier to make a decision. They appreciate the agent who has listened to them and met their needs. a
Of Offer a Best Buy List
I I loved this last suggestion - Make a weekly best buy list and post it everywhere. Buyers love to think that they are on top of all the new listings but your list will be more than that - Your List is the Best Buy List. You will come across as the market expert - the one with the finger on the pulse of the market and all the new listings. This can be your value proposition!
Al Although this blog is really written for agents, of course I love working with buyers and answering their questions. If you are looking for a home in the DC metro area, please give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com. If you want to start your home search now, just click here!
If you want to see what is for sale in Washington DC, Chevy Chase and Bethesda, check out these links below:
Bethesda Single Family Luxury Homes
Chevy Chase Single Family Luxury Homes
Luxury Single Family Washington DC Homes
Washington DC Single Family Homes Under $1 Million
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