Is it amazing how DRAMATICALLY different buyers and sellers see the SAME real estate market?
How many times have you recently from a buyer, "If I wait to buy, prices will be lower."? Or from a seller, "If I wait to sell, prices will go up."?
Obviously, both schools of thought can't exist in the same environment. But, both sides are being optimistic to their benefit. Can't blame them, right?
Wrong. If you are working with a client on either side of the "line in the sand", remind them that if both buyers and sellers are at a standoff to see who will cave first, NO ONE will be buying or selling- resutling in a "standstill market". We all know that foreclosures and short sale property will trump that mentality, but less than 1% of homes are in that situation NATIONALLY. That leaves 99% of the market unwilling to listen to reason. When that happens, good luck being a buyer or seller. You are now defined as a "waiter".
There are GREAT opportunities on the market NOW, and all it takes is 25%-50% of the inventory selling to put things back into a state of DEMAND. In some areas, that will not likely happen for some time to come. But, in others, like Hilton Head Island, it is just around the corner.
There is always a TIME VALUE OF MONEY and if someone can do more with the money from a sale NOW than later, help them understand that they can achieve more by doing that and selling a bit lower than hoped, than waiting until they are FORCED to make the decision, leaving themselves exposed to a serious price beating.
And for buyers, the same applies. Buyers can do more with their money NOW than almost EVER BEFORE in the real estate market. Look at the state of things- Sellers are starting to get aggressive and SELL. That benefits buyers tremendously. The problem is that most of the buyers are waiting to see if anyone will "go into the pool first". Once someone does, everyone feels OK jumping in, and typically do so with more vigor.
All the best and continued success!
Comments (0)Subscribe to CommentsComment