Imagine someone asking, "Jim, why should I buy a home now? I see a lot of negative factors: record-high interest rates, historically low inventory levels, and soaring prices. Is this the right time to buy?" I'll provide you with four compelling reasons. Ready? Let's dive in.
Reason 1: Sellers who've been on the market for 30, 60, or 90 days are starting to feel the pressure. They might resort to price reductions, creating opportunities for bargain shoppers like you.
Reason 2: Many sellers are now open to offering owner financing, especially if they've struggled to sell traditionally. They're willing to provide attractive terms, like a 4% or 5% interest rate.
Reason 3: Working with a skilled agent like me, we can help you uncover assumable loans. Approximately 70-80% of loans on the market are currently under 4%. We'll explore homes with assumable loans at lower interest rates.
Reason 4: Sellers are offering incentives....
How do you respond when a seller says they'll wait until spring, especially in the winter?
If you can't handle this objection, you're in a tough spot, right?
Let me share a powerful response because mastering the language of sales is key. It's not just about handling objections, but about providing food for thought to help them make the best decision.
So, if someone tells me, "Jim, we'll wait until spring and summer," here’s what I’ll say:
“I completely understand. I'll be here to assist you then as well. But here's something to consider. Many potential sellers are planning to wait for the same season, leading to a surge in listings. The advantage is better weather and more buyers, but the downside is increased competition.
Instead of one or two listings, you might face 10 or 20. More competition means buyer interest gets divided among many listings, potentially resulting in fewer showings and offers.
Millennials, who were the dominant force in the housing market a year ago, have taken a step back. It's been a significant drop.
Now, why are millennials pulling away from the real estate scene?
The primary reason is interest rates.
The real question is, who has taken their place as the leading group of homebuyers? Who's currently driving the market?
Well, it might surprise you, but it's the baby boomer generation, and they're making a strong comeback in the housing market. In fact, cash buyers account for 27% of the recent transactions, and many of them are likely baby boomers with disposable income, not overly concerned about interest rates.
They see opportunities in the market now that they didn't have a year ago when they were competing with numerous other buyers.
So, as you adapt your marketing strategies to changing market dynamics, consider focusing on baby boomers within your sphere...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...