How to Motivate Sellers to List in a Low Supply Market
63% of Buyers Expect a Price Reduction During Covid-19
Based on a recent flash survey conducted by the National Association of REALTORS some interesting expectations have emerged that can have a direct impact on your ability to create sales in your local market.
Watch this quick video to learn how buyers and sellers attitudes are mismatched and how to have conversations with sellers about price reductions and repositioning their home in the marketplace.
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The Power of Demand Based Pricing
Have we hit a hard ceiling on pricing in the country?
According to a recent study the number of homes receiving over full price has fallen dramatically. In addition the appreciation rate has slowed to 3-4% in many areas of the country. Here are some numbers that provide some insight:
- The share of U.S. homes that sold for more than their list price in 2019 fell to 19.9%, the lowest annually since 2016.
- Homes that sold above list last year typically brought in $5,100 more than the asking price, down from $5,500 the year before.
Even with record low inventory and strong demand buyers are now resisting higher prices. Why? One reason is income, over the past twenty years incomes have been relatively stable with very little growth.
So how can we help sellers navigate the changing market landscape? One way is to explain demand based pricing. Watch the video to learn how identifying and explaining buyer demand to a seller can help them position their home to attract more showings...
Overcoming Seller Reluctance + 2020 Market Predictions
Are you finding that sellers are reluctant to put their home on the market?
You aren't alone! One big reason for buyers and seller to hesitate entering the market is low inventory. When sellers fear they can't find replacement housing it creates a self reinforcing loop of even lower inventory for buyers with fewer and fewer homes coming to market. As real estate professionals we need to be able to answer the question of how we can protect sellers when they place their home on the market.
In this quick video we provide some key insights into the market for 2020 as well as three key way to overcome sellers reluctance. In addition we have three reports from our friends at KCM Blog that provide clear insight into the market for 2020 including mortgage rates, home sales pace, and appreciation rates.
Mortgage Rates:
Interest rates are predicted to hover at 7 year lows and provide an incentive for buyers and sellers to enter the market.
Home Sales Pace:
The number of transact...
7 Ways to "Front Load" Relationships with Sellers
How can you ensure that a relationship with a new client will remain rock solid even when the inevitable bumps and challenges arrive?
One way is to understand the power and value of making emotional deposits into your client relationships. Emotional deposits can be as simple as listening, providing feedback, or communicating relevant information. But there is a powerful technique that can help you weather nearly any emotional storm which is front loading your new client relationships.
Watch and listen as Jim provides 7 Ways to "Front Load" relationships with sellers!
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About Jim Remley
Jim Remley is a nationally recognized expert in the field of residential rea...
Good Time to Buy or Sell - New Study Reveals What Clients are Thinking...
Have you ever wondered what buyers and sellers think about the market?
Inside the quarterly HOME Survey from the National Association of REALTORS we learn the answers. This quarterly report reflects consumer feelings about the housing market. It includes views on housing as a good financial investment, whether home ownership is part of the American Dream, if now is a good time to buy or sell a home, and perception of home price changes.
You can read the whole report by clicking this link:
You can also watch this quick video and see how Jim not only breaks down some of the numbers but provides scripts for talking with both buyers and sellers!
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Home Values Fall for the First Time in Seven Years - New Game Plan
Pending home sales surged in March up 3.8% (blowing past economists expectations of only .07%) but there is a catch the median US home value fell for the first time in seven years in April. Why are sales surging but prices are now falling?
The answer isn't that demand has changed. Buyers are still in the market and sales have ebbed and flowed with interest rates. What is changing are inventory levels. More inventory is piling up across the country. This means more to choose from for buyers and more pricing pressure for sellers. To attract a buyer sellers have to price their home's to compete against more and more inventory hitting the market daily.
Watch this video to explore a game plan for having three key conversations with your sellers to ensure they get their pricing right!
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Study: Based on 28 Million Sales the Best Day of the Year to List a House....
When should we list our home?
It's a question we often hear from sellers. Aside from the inevitable answer we want to give - right now - there is a new big data study from ATTOM Data Solutions that provides an actual statistical based answer.
Based on their analysis of 28 million home and condo sales over an 8 year period their study has revealed 5 key days of the year when sellers receive an average 10% premium over the market.
Watch the video for a quick script to frame this conversation with sellers.
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Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely rise from college drop out to real estate Ro...
NAR 2019 Study: Why do homeowners sell their home ?
Why do most homeowners sell their home?
It's interesting that most real estate professionals can't answer this question. But consider it's impact on your marketing strategy. If you know the motivations behind why a homeowners may need or desire a housing change it can dramatically impact your marketing plan and listing presentation.
The good news is that the National Association of REALTORS has provided an updated study of seller motivation. The study reveals the following reasons why homeowners consider selling. Here are the top five reasons listed:
- Home is to Small (15%)
- Move Closer to Family and Friends? (14%)
- Job Relocation (13%)
- Neighborhood Less Desirable (9%)
- Change in Family Situation (8%)
Watch the quick video to learn how you can use this information to target homeowners in your local market.
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How to Easily Overcome Zestimates with Buyers and Sellers
But Zillow say's the house is worth .....
At some point you will hear a buyer or seller say these words to you. How you respond can determine if you will gain a client's trust or potentially lose a listing or a sale. Ultimately buyers and sellers are driven by a need to feel confident in their decision making. What they are looking for is clarity and certainty. This is often why they go in search of answers from sites like Zillow and why they sometimes embrace Zestimates.
To be viewed as a real estate expert it's important to define yourself as someone who provides not just information but more importantly interpretation of data. You are the consultant, the adviser, and most importantly the clients advocate.
Watch and learn as Jim uses Zillow's own website against them by utilizing the Zillow Accuracy Chart as well as powerful scripting.
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