The inventory of home sales is down over 20% since last year. For sellers, this means their homes are on the market for less time and the sale is able to close faster. For buyers, the low inventory can make finding the perfect home a very difficult process. How can agents prepare their clients for this reality and simplify operations? Keep reading to find out!
Set Reasonable Expectations
For most buyers, low inventory likely means fewer options in finding the “perfect” home. As a result, agents may have to encourage their clients to reevaluate expectations. Buyers should consider their “must-haves” and “nice-to-haves” and see how feasible they are. While it would be nice to find the perfect four-bedroom, four-bath home in your dream neighborhood, buyers may have to give some of those qualities up to secure a home. Instead, work to find a decent home within less specific criteria and upgrade to a better home later on.
Expand Your Search
Some neighborhoods may be much more competitive than others. Agents who are well versed in the local area can steer their clients towards a different location that has equally ideal listings. Consider the factors that draw the client to a specific neighborhood and search for a different one with similar characteristics. Agents should stay up to date on what homes as selling for, the average size of a home in the particular neighborhood, and so on to provide their clients with other options. Encourage the client to expand their search and consider other locations to find the right fit!
Preapproval
Clients can speed up the process by getting preapproved for a mortgage before house hunting. This is especially important in the current real estate market considering how fasting listings go under contract today. The buyer will be able to move on a home and beat others to the punch much faster when they already have preapproval. If they haven’t already, encourage your clients to get this approval before you even begin your search for a good home.
In such a competitive market, there is very little time to mule over multiple options. Agents and buyers should prepare for the low inventory, set realistic expectations, and have everything ready to go before starting the search for a home. Be sure to use your experience and local knowledge to help your buyers find the best deal possible!
Upcoming Local Events
Join the city of St. Petersburg at the 2021 Pride Picnic! On Saturday, June 26th in Straub Park, enjoy food trucks, festival vendors, and pride fireworks. The event runs from 2:00 PM to 9:00 PM and is $5 per person for admission.
Learn more about the event at the St. Pete Pride Fest Facebook page!