Possible Market Slowdown? Make the Most of It

If a market slows, buyer momentum often slows with it. As a result, agents should think of ways to keep prospective buyers excited about the process.

NEW YORK – A real estate market slowdown is the ideal time for agents to show clients what sets them apart from the average real estate broker. They can do this by concentrating on things such as strategy, communications and ways to save on the purchase price.

A slower market sometimes slows buyers’ momentum too. As a result, agents should think of ways to keep buyers excited about the process. This could include a conversation with a lender about new or different products, or scenarios that could bring attractive rates. Agents should also caution buyers against writing off properties that have sat on the market longer than normal.

Further, agents should highlight how a new home can enhance the buyer’s life, perhaps by living closer to family or work, gaining more outdoor space, etc.

During a broader market slowdown, agents can also offer information on alternative properties, such as an end-unit townhome that may be suitable for a single-family homebuyer or a home in a slightly different neighborhood.

As for sellers, pricing to the market from the outset is the best way to get top dollar for a property. If a property hasn’t sold in three to four weeks, agents should suggest making a price adjustment of 2% or more to attract a new audience of prospective buyers.

Agents can also take steps to strengthen their business, such as by opting for professional photography for spring listings.

Source: Inman (07/11/22) Busby, Julie

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