|Existing home sales projected to be down by 1.18 million units by December; a whopping drop of 19.3% over last year. The average national sale price is projected to drop by $16,700; a 7.68% decline. It leaves one wondering if there is a bottom to this slide.
At some point in time buyers that have been sitting on the sidelines will begin to make a move. Either directly or indirectly that decision is affected by the health of the economy. While the economists out there will analyze the situation into their paralyzing conclusions – the folks with the cash are just waiting for someone to make a move. And some are already starting to kick the tires and feel out the market.
For the sellers, both the patient and the impatient, the process can’t start soon enough. And for the real estate professionals representing them the burning question at hand – “is there a buyer in the house?” Well maybe they just go by another name.
Renters who are tired of renting year after year are looking for that moment when the economics work and not necessarily when the market has bottomed out. They view those years as lost home value appreciation and they are anxious to become participants. These potential buyers are already familiar with the market area, the neighborhoods, school systems, etc. and only need someone to assist them through the process. While investors are watching the market closely to try and define the bottom it is the renters that will most likely make an earlier jump.
Are mortgage rates and qualifications a problem for a lot of these folks? Perhaps, but prices are falling and you can’t afford to avoid them as a potential market. Representing a seller in today’s market requires more concentrated marketing effort than in years past. Competition for a limited number of buyers by a large number of agents has compounded the situation. The fiduciary relationship and personal commitment you made when you took that listing dictates that you leave no stone unturned.
The Seller Agency Council has addressed a number of these issues for its members in monthly webinars such as these recent editions:
- Ten Things You Need To Know To Be A Market Area Specialist
- Knowing and Understanding The Trends
- Loan Limits In Today’s Market – What This Means To You
- Short Sales
If you are struggling in finding that elusive buyer for your sellers you may want to check out what the Seller Agency Council has to offer. Their Accredited Seller Representative (ASR) course is now available online and it explores representing today’s sellers in detail. You can learn more about the course by visiting this link, or copying and pasting the following link in your browser's address window: http://www.realtyuonline.com/asrcourse/seller-agency.htm