Part of what we should be doing with our clients, especially our buyer clients, is educating them about the reality of the market.
Here's one example of that:
Did you know that right now in America, 48% of buyers are offering above list price by about 2.9%? So when we look at that on the average purchase price in America, which is about $357,000, it's roughly $10,000.
So 48% of the buyers in the market are offering over full price. That number being an average of $10,000.
Now that's an interesting bit of education we can share with buyers to help them understand what they're dealing with when they're out there in the marketplace.
Then you can pair that with another important piece of data, which is:
On average, buyers are gonna compete on a listing 68% of the time.
68% of the time buyers are gonna be competing with another buyer in the marketplace. Because of that, they've gotta be super competitive when they're bringing that offer in. And the reason why we wanna be super competitive is because the typical buyer gets the bat, once they a find home, and they swing the bat, but they miss the first two attempts.
So the first two attempts, most buyers are not connecting. They're not getting in contract. For most buyers, they're getting a contract on the third attempt to buy a home.
So again, it's education, it's understanding the market. It's letting people know what their expectations should be coming into the market because if they expect that when they enter the market, they're gonna buy the first house they see. Or they gonna be able to put together the first house they fall in love with, it may not happen.
We've gotta give people some expectation of what's happening in the market.
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