Buyer & Seller behaviors are changing
Hey there, buyer and seller behaviors are changing. Yes, that is Shana Acquisto, she’s a luxury broker. And we’re going to talk about how their behaviors are changing, how we need to stay up on the market, how to position your listing for success and what you should do to re-engage your buyers.
Yes, absolutely. So we you know, as we know in this business, things always change, right?
Do it consistently evolve? Yes. It it is. So sometimes you have to stop and think, OK, I’ve heard a couple of times of something that’s different than what we’ve been seeing. That is your key to think. Should I kind of recalibrate my strategy? Should I do something a little bit different?
How can I separate myself right now and be like, you know, on the cusp of this change? You know, so when we talk about listings so well, buyers and sellers, the key is to stay on top of the market in some of these things that we’re going to talk about are things that you do regardless.
It doesn’t matter. Something you should be doing all the time, you know, as a real estate professional is staying on top of the market. And how you do that is you go into your networks and you have these reports. There’s a lot of reporting features that you can get into. Do the networks polls. I like to look at it week to week. So week to week and see because, I mean, things start shifting.
And by the time the next light pulse comes out from CCAR, we could already be seeing these changes implemented. So I think that staying on top of the market is key and that’s just talking with people listening. And your stats in Ntreis is really important to stay on top of. So that’s That.
Now, Stacy has an update on Monday between week as well, and this company specific stuff. But when you see that, you see the flow of what’s going on as well from our economy here. And, you know, we’re we’re large enough that it is so it kind of looks like the overall market as well.
It is because we have a good you know, we have a number of people who are out there working full time that, you know, we have a good sampling of data to go by, certainly.
So let’s talk about listings. How do you you know, how do you set your listing up for success? Well, if you keep going down the road that we’ve been going all this time, you may be in trouble. So knowing the you know, the current market is great, but some things you might want to consider are your listing. You have to price it properly. That’s one of those things that it doesn’t matter.
Right. You could always do that. And where we live, we know that people even in the market where there were no homes available, you have to stage your property properly. It has to be a nice property in great condition. And that gets you the top dollar. Right.
So what, your neighbor sold their home for three or four months ago or even last month, for that matter, is not the same as it can be right now. So it could be totally different. So that’s where you’re going to have to educate yourself. And I am a believer of showing them the facts. Don’t just tell them something, show them right. And when they see it, then I find that when they come back to you with a question of, wait, did we price it right?
Wait, they don’t have those questions because you showed them. And if you continue to do that each week, don’t just do it right and you list and then you never talk to them again until it sells. You’re going to have weekly conversations with them, stay on top of it and provide this data every week.
That way they are feeling good about you as their agent and where they are. You know, in the market, because when it changes. And they’re not seeing the same results as their neighbor did. They’re going to look for you. Why can’t you get this home sold, right,
So and if you’re checking on it, you would know that their neighbor’s home sold and you’d know you might be next because they price theirs lower for comfortable home. And you had a strategy. So you’ll have a way that you want to attack this, but then you will be staying on top of it for your clients as their agent. Yeah.
And then from a buyer’s standpoint, you know, think about the buyers that are still out there. I would think about your buyers that, you know, they’re like, um, wait until the market changes. I can’t compete. I can’t put fifty thousand above list or one hundred thousand. I just don’t have that cash.
Can’t do it. Think about those guys. I would re-engage with them because we are starting to see contingencies, you know, offers coming in with contingencies, getting accepted, option fees or option periods are coming back into play. You know, some of these things that kind of went away before the appraisal guarantee, you know, the addendum for the appraisal, all of those things.
I think, you know, you could come back and get those buyers and maybe they now have a chance and maybe they have a chance now before, you know, in kind of a slower period. Right now, I don’t think things are going to crash. We talked about the market and is that going to happen? But balancing, I think, you know.
Combined with the time of year in school starting, it’s typically a little slow, but I think, you know, people catch on and they’re OK to wait. They’re OK to wait for a little bit until, you know, things change. And I think, you know, that’s what we’re seeing right now. A little softening of the market now.
And it’s going to take us quite a while, though, to catch up on inventory, because we do have super short inventory right now. And I think we’re still under one month of inventory supply, if I’m not mistaken, or pretty close to that. And, you know, a balanced market has significantly more than that. So it’s going to take us a long period of time if people start listening to kind of catch up.
So I have a question for you. It so before maybe in the middle of the summer when we had all these multiple offers and everything, they were going way above market, there was a value that people were trying to sell their home for. And then it went above that the new price, when people are listing their home in the late summer as opposed to the middle or earlier this summer, is the the appraised values are seem to be coming in fine now.
And those are all getting reflected on the price from early summer, really coming in high sometime early summer when people were listing their home for whatever that price is, isn’t now listed for a higher number because it will. Oh, it has appraised value. So that’s why you’re not overpaying above the list price.
But if you have a seller that wants to list high and thinks they’re going to get multiple offers, that’s where you need to educate them and show them these these facts so they don’t, you know, because the market did get reset and the prices are not up here because there’s been enough closings that the prices are here. Right. So going above and beyond that, you’re already there. Right? It’s kind of like the you’re listing the home at the fifty thousand above right price. If that’s so.
Yeah, it’s a new market price and yes, for sure. Yeah. That’s a good way to to go over it is the new market price has been established. Perfect. Yeah.
And then something that we do is talk to other agents. So still do that, you know, talk to the other agents. Hey are you having showings. I see your property now has been listed for two days. What’s up with that. What’s up with that. So have these conversations with other agents and build those relationships. They’re very valuable, right.
Other agents having that network of other agents, I think contributed to our success to so have friends outside of Acquisto Real Estate, have all of these, you know, their colleagues and brainstorm together and work together and then be present on things like Show Me Your Listings was shown on Friday and log in there as an agent and share off what’s kind of
Going on, whether you have a listing or not.
Let’s let’s see how you become more knowledgeable talking about different things, also about the listings. We kind of it always kind of drifts off into a different topic. But it’s great because we’re kind of all masterminding together and discussing things. And, you know, it’s great. Great stuff. That’s excellent. Thank you.