Real estate is a dynamic field in which each transaction presents new and (sometimes) exciting challenges. It is not uncommon to navigate this large financial decision with emotions leading the way; however, knowledge of the current market can assist in making decisions that are beneficial for all involved.
Market conditions can change on a whim. It is important to understand whether we are in a seller's market or buyer's market as that is the biggest factor that will determine whether or not a home sells. Understanding market conditions allows for conversations about expectations and strategy for success.
Emotions can interfere with a transaction for both buyers and sellers. It is helpful to have clear benefits for your customer/client to ease their mind about the transaction at hand. Understanding why they are buying or selling in addition to the benefit they will reap from doing so will diminish stress.
Setting the price is key. Be sure to understand how any price suggestions were concluded. Have detailed discussions about the local, recent market activity to better understand what buyers are willing to pay.
Unrealistic home buyers will benefit from a knowledgeable agent. In addition to market conditions, an agent should be aware of the condition of a home, an estimated cost to bring the home to livable conditions and the type of loan product(s) that will allow for homes in varying stages of construction.
A dream home in a nightmarish location can be a problem too! This is a time when knowledge of the area can save the day. Often times, parts of towns have different neighborhoods that have different levels of appeal but similar construction styles. It is good to know the variety that exists within a specific area in order to move your client/customer closer to their ideal home!
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