What do you say to a buyer who thinks we're in a housing bubble?
The response to this is really important and you might want to speak about this just on social media. It's a great social media post to talk about because it's on people's minds. They're a little bit fearful of going into the market and paying too much, getting trapped, or thinking it's like 2009 again.
So here's your response (and it could be a video response or post response) where you say:
"Hey, several buyers have asked me recently, is this a good time to buy? Or should they wait until prices fall? What they're really asking me is, are we in a housing bubble? Right? And the answer is no.
In fact, we have several solid economic indicators that show us that we're not even close to a bubble. And we're actually in an incredibly healthy real estate market and home prices are likely to rise going forward for the next several months.
Here's a couple of reasons why:
1. The number of homes in the market.
We have a record low number of homes on the market. So in all of recorded history of real estate, we've never had this low of inventory of homes. We currently have about 2.1 months of supply. Compare that to having about nine months of supply when we were going into the Great Recession. Completely different, right?
2. Home prices are also rising today due to the lowest interest rates in 60 years.
We've never seen this level of interest rates, your parents and your grandparents haven't seen this low of interest rates before. We're the only generation that gets this low of interest rates. But the actual cost of home ownership has gone way down. The national percentage of median income needed to purchase a home is now only about 14.9%, the lowest in decades. And you compare that to the Great Recession where it was closer to 26%. We are in such a great position now.
If you're ready to make a change or you're thinking about making change in your housing situation, I would love to help. Give me a quick call, text, or direct message and I'd love to have a conversation with you about it."
So now you're addressing their concerns, but you're doing it in a real way with real data, not just pulling information from the air. You're actually giving them real hard data.
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