48% of Buyers Aren’t Pre-Approved and It’s Costing You Deals
A new study from NAR shows what's going on with home buyers and it's really, really powerful data.
When we look at home buyers, these 2000 groups, we found that 52% of them had been pre-approved. So they've gone through the process and they're pre-approved.
When you look at the reverse of that number, that means 48% have not. About half the buyers you're competing with when you're in a multiple offer situation are just pre-qualified. They're not pre-approved.
Now you need to make sure that number one, you're having a conversation with your buyer about the importance of being pre-approved. And secondly, educating your sellers about the difference between the two.
One thing that I would encourage you to do is have a conversation with your buyers as a starting point. So here's what I would say with my buyers:
I'd say, "You know, we're still in an extremely low inventory market. Things are changing a little bit and a few more...
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