Selling brokers in today’s market are working 5 times harder than listing brokers. Each buyer they are working with has fewer homes to choose from and if they do find a home that they would like to make an offer on chances are they will be competing with other home buyers. So, unfortunately, more often than not, the selling brokers are just as frustrated as the buyers they are trying to help……and it does not look like there is any relief in sight.
8 Tips to help prepare buyers for todays market realities:
- Be selective of which buyers you invest your time with.
- Meet with each prospective buyer and do a buyer presentation, so they have a better idea what they are in for, the realities of todays sellers market and you understand their needs, limitations and motivations. Some buyers are saying they don’t want to be in a competing situation….this may not be reasonable in todays market.
- Ask the buyers to complete homework BEFORE you start showing them houses.
- Buyer has to be pre-underwritten with a local lender.
- Buyer must interview and choose a home inspector before looking at houses.
- Buyer needs to be prepared to put at least 3 to 5% down in earnest money.
- Buyer needs to be prepared to move quickly on any homes that come on the market.
- Thoroughly discuss multiple offer situations, escalation clauses, offer and counter offer scenarios.
Our goal as real estate professionals is to set our buyers up for success. Put them in a position to win while having a move forward strategy if they don’t.
The real estate market in Kitsap County continues to be in a pressure cooker for buyers. There are 23% fewer houses on the market than last year, prices are up 11% and climbing, interest rates are edging north and we have more King County people looking west as they get fed up with higher prices, time killing traffic and now have fast foot ferry service to 3 ports on this side of the water.
The moral of the story, be selective about who you work with as buyers and focus on working with sellers.