Trying to force a "Bottom"...a desperate attempt on the part of buyers after the bottom is long over???
I suspect that the reason I am having such a difficult time telling buyers and their agents "The price is such and such, the owner won't listen to lower bids", is just that--they are trying to make it happen by forcing their way to a lower price.
In my experience, when this kind of activity surfaces, it is a real sign that the housing downturn is over.
Sales are happening only when you inform your buyer of the facts.
Here, at least in The Hamptons, the bottom was all of 2009 until the middle of 2010 and after that, prices stabilized. Now they are inching higher and the buyer can see that....if you show them.
In a desperate move, those buyers are running out to buy a house "at the bottom" long after it has passed!
How do we convey to our buyers that this is what is happening? How do we let them know that if they try to FORCE the lower price on this market will mean that they will not find a house.
HERE'S WHAT I AM DOING NOW:
- Make it clear to all buyers that the market is moving ever so slightly higher through your ads, your emails and your everyday conversation...let them know early in their search and make sure they hear you.
- Show comps--actual trades that reinforce your claims....Give them copies of your sold properties so they can look at them and review them if they have to.
- Most people think homeowners who list now are desperate to sell---you must debunk that notion and do it with evidence--more listings that are in contract!
- Make more homeowners aware of their need to "price it right" Don't ever (especially now) tell them: "I will price it there for now and we can go lower later"...never nhappens. YOU WILL LOSE THE LISTING BEFORE THEY LOWER THAT PRICE!!
What are you doing to make sure the buyers now know the truth? How do you make it CLEAR to them?
- I would love to know what my fellow AR members are doing to get sales rolling in. THOSE WHO ARE SITTING BY THE WAYSIDE WHILE OTHERS ARE GETTING DEALS DONE ARE THE AGENTS WHO ARE NOT FULLY INOFRMING THEIR CLIENTS/CUSTOMERS!
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY. The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate
Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
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