As the spring market abruptly ends, many agents will see the inevitable slowdown in metro markets. This slowdown will allow for a little extra time to reflect on the months prior.
The name of the game is giving buyers back their confidence. Fluctuating rates and an intensely competitive marketplace have left some buyers feeling rattled and exhausted. Here are four ways to help buyers get back into the game.
Help treat buyer fatigue
Buyer fatigue is real in 2022. Part of a real estate professional’s job is to help buyers get excited about their search again by first reminding them that the market will get a lot less competitive as summer approaches. Also, remind buyers of their ultimate goals and hone in on the lifestyle your buyer is after. Start introducing other locations and setups that could help achieve these goals.
Find alternative financing solutions
Much of the buyer’s stress right now is due to the fluctuation in rates, so it is essential to understand your buyer’s financing options and also to work with a creative lender. Some solutions that buyers are excited about right now include:
- “Lock and Shop,” which helps buyers regain confidence and shop for a home with a locked-in rate
- using a five, seven, or 10-ARM for buyers that plan to move
- buying down a rate via a seller credit now that the market is slowing.
Recreate move-in ready
For the past few years, move-in ready has been the strong preference for buyers, and prices reflect this trend. One way to give buyers more options is to partner with a reliable and talented contractor who can be on hand to provide quotes, ideas and timing for your clients. Work hard to find this person or team, and then invest in the relationship.
Sometimes, you have to look outside the box to find the perfect home for your clients. If you can’t find a three-bedroom house, try searching for a two-bedroom plus den/office and see what surfaces. You may also find a little cost savings for your client this way.
Also, don’t forget canceled and expired listings. First, make sure the property has not been relisted by another broker, then contact the homeowner to see if they are still interested in moving.
In a competitive marketplace, more than ever, buyers turn to experts in the field for creative, confidence-inducing solutions. Find ways to be the broker people think of when looking for answers.
Don’t give up on your buyers and show them regularly that you are working to help them solve their real estate-related search woes.