Is your market changing? Is the answer to that question a little more complicated than a simple yes or no?
What we are hearing, seeing and experiencing in most cities around the country is what can best be described as “A Tale of Two Markets.”
Market #1: Great homes, priced well are still getting multiple offers and selling far above list price. The market is still hot – buyers are still competing and sellers are still getting those above list, great terms offers!
Market #2: Home seems good, priced within reason but does not get multiple offers, does not sell above list price and may actually sit on the market for a week or two before someone decides to offer (a not full price offer that is).
As you look at your market, your sales over the last month (or your offices sales) do you see some examples that fit into each of the above?
Now, how can we use this information to create business and best help clients looking to buy and sell today?
Buyers: Call up buyers and leads from a couple months ago – the ones that got frustrated with the competitive market or weren’t ready to submit such competitive offers. Share with them “The Tale of Two Markets” and how you can now find them opportunities and a chance to win them a house without competing or offering crazy terms, maybe even under asking!
Sellers: You cannot under price a home – under priced homes just get more offers creating more competition driving up the price. Be reasonable in pricing of course, the target here is to price on the lower end of the range, not the upper. Over priced homes become “Market #2” homes and end up ultimately selling for less than if priced correctly in the first place. Explain the market, share the data and price correctly.