Just came back from doing some work on the Wyoming listing. The occupancy inspection is on Tuesday, and I wanted to be ready for him. I installed three smoke detectors and three gfci outlets. The seller is elderly and wouldn't be able to do it. It didn't take that long to do, and she appreciated it. I know some will say that is not the listing agent's job, and I agree. I usually don't do that for sellers; but sometimes I feel that little extra can make a big impression on our clients.
I attended a class this afternoon at the Keller Williams Southwest office. It was one of four new classes released by KWU (Keller Williams University) that are designed to take our businesses to the next level. Today's class was titled: "Buyer Mastery - Succeeding in a Buyer's Market". This class went over how to work with buyers in a perceived "buyer's market".
Some of the main points from the discussion covered: A buyer's market is defined as a market having more than seven months of listing inventory; A transitional market is one with 5-7 months of listing inventory (sometimes called a balanced market); and a seller's market is one with less than 5 months of listing inventory.
When there is an oversupply of houses: buyer's expect all houses to be a steal; they expect to have the upper hand in negotiations; they ask for concessions from the seller; they are hesitant to make an offer.
Is it a buyer's or a seller's market? Don't focus on defining the market; It doesn't matter what the market is; it's the only market we have; the market is not the most important reason to buy; focus on needs and wants and not on the market.
Long term successful agents don't care if the market shift is down, because they always act and work like it's a down market. They see a down shift as an opportunity, not something to dread.
I will continue more later. I'm glad I invested the time to go to this class. Even though I've been a realtor for 10 years, I don't know it all; and I need to keep learning...