"I should have bought a house last year...."
You may have some buyers today that will say: "I should have bought a house last year. I feel like prices have risen so much. Why would I go out there and compete with multiple offers and all these buyers? I think I'm just going to continue renting and see where the market goes."
When we hear this question what should we do as a professional real estate agent and someone whose job it is to help people build wealth?
Remember: The first person you have to sell is yourself. When you can help people become homeowners rather than renters, you're helping them build wealth quickly. The average renter has a net worth of about $5,000. The average homeowner's net wealth is 40 times that number.
We need to demonstrate to renters that it's in their best interest to buy. We can do that by talking about the power of interest rates. You might say, "Hey, totally hear you. I understand where you're coming from, but here's something that's interesting. What if I told you that you actually made a good decision by not buying last year and you'd be much, much better off buying this year instead."
Your buyers will be listening to you now because they want to know how you're going to do this.
"If you bought a home, even at the lower prices last year, you would have been paying at least one percentage higher in your interest rates. Maybe instead of 2.6%, you'd be paying 3.6%, or 3.75%. Believe it or not, that interest rate has a much more of an impact on what you're going to pay for that home over the lifecycle of the home ownership than the purchase price. In fact, if you buy a home today, even at the higher prices, your payment is likely to be lower than if you bought the home last year, even though it's gone up a little bit in value. Over the course of 30 years, you're going to save dollars. Would you be interested in looking at becoming a homeowner?"
People like to be proven to be smart. And when you congratulate them and say, "actually, you did a great thing by waiting."
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