Four ways you can get your buyers excited about the market again.
Have you heard? 25% fewer contracts were written in the last week year over year. Interest rates are up, and many buyers are feeling discouraged. What can you do to keep them engaged? Today I want to share four tips to keep your buyers interested in purchasing a home:
1. Use the news to your advantage. Most outlets predict rates will continue to rise until inflation comes down. Let your buyers know that rates will likely only go up, so they should purchase a home sooner rather than later to lock in a better deal.
2. Demand in the Intermountain West is expected to stay strong. According to the top economist for the National Association of Homebuilders, demand in our area won’t be as affected as in other parts of the country. If buyers want to wait for demand to fall further, they might have to wait a long time.
“Demand will remain relatively strong in our area. ”
3. Revisit new home communities. Builders were struggling to meet demand for a while. When they approved projects a long time ago, they thought their homes would fly off the shelves. Now, some of them might be struggling to find enough buyers. You can connect these builders with your buyers to help them find a fantastic new place to live.
4. Construction material costs remain high. Looking at the supply side of the housing market, it looks like rents are going up and will remain high. If you have a buyer who just wants to keep renting, let them know that the rents will only increase as our market slows down.
If you have questions about these tips or anything else, please call or email me. I am always willing to help!
