This
is nothing earth-shattering for any realtor who’s been around the block a
couple of times and seen the market go up and down once or twice. Even though it’s not information that’s going
to make you shoot soda (or any other beverage of your choice) through your
nose, I thought it would be good to include it here as a gentle reminder – and
perhaps allow you to share this with your clients. And if you’re new to the real estate world,
this might have been covered in school, but it’s possible you might have been
preoccupied with Pokémon Go or what our presidential candidates were saying
about one another out on the campaign trail.
I’m not asking that you provide me with a reason or excuse: I’m just
going to share it with you for your own personal illumination.
The
folks at Realtor.com
were kind enough recently to offer up a cheat sheet for surviving a seller’s
market. Times like these are not for the
faint-of-heart buyers, nor are they ideal for sellers who don’t take the time
to get educated (or get a really good agent – know any?).
Tip #1 to Buyers: Be on call. Many
will say, “If you're
only looking now and then when it's convenient, you're probably wasting your time."
They suggest treating
house hunting like job hunting. If someone calls with a lead, follow up
promptly to gauge whether it could be a good fit
– above all, don't linger.
Tip #2 to Buyers: Bring the paperwork. To
be taken seriously, buyers should
get a
mortgage pre-approval letter
– we have something better –
as
well as a "proof of funds" form from their bank to show they have
enough to cover a down payment. Timing
is everything.
Tips #3 to Buyers: Limit the contingencies. In
a seller's market, buyers may need to drop some of the contingencies.
Sellers
want
the
fewest hurdles
to
closing as possible. If your buyers come in with several contingencies — such
as "if" they secure financing — the sellers will
likely bypass their
offer and take another with less hassle. Also, don't
waste
your time low-balling a seller
– always put
in an aggressive offer.
Tip #4 to Buyers: Cast a wide net. Search
for homes outside
prime locations if faced with limited or high-priced choices. Buyers need to
carefully consider those
things on which they're
willing to compromise.
Sometimes properties
sit, even in a seller's market, because of a problem that is scaring other
buyers away such
as some renovation work that may need to be done.
Those
"flaws," however, might not be a big deal to your buyers. Finding
a
house this way can also cut down on the amount of competition you will face.
Again,
I know I’m not telling you anything you don’t already know, but it bears
reminding: you’re the key to getting the buyers to follow these four tips. It might make you feel like you’re back at
the kitchen table and you’re telling your high school child (or you’re the one
being told by your parent) that the future rides on getting this project or
homework done on time, but the payoff when it got done was well worth it,
right?
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