Sellers all over the country and especially the Pacific Northwest are excited about the sudden and constant rise in house prices. This is extremely beneficial to sellers who back in 2009 wondered if they would ever be able to recoup the losses they had on their homes.
Those losses have turned into strong gains but even stronger pain for buyers. The challenge is that many buyers have now been priced out of the original market they wanted to buy in. That doesn’t mean there aren’t excellent opportunities out there for buyers, but it does mean that buyers are going to have to alter their expectations and be more open-minded to other areas and housing type options.
I remember when I was helping my sister look for her home in a dramatically-inclining housing market she just couldn’t find what she wanted. I sat her down and explained to her that she needed to stop limiting herself by being black-and-white about her options. I mentioned that if she was willing to drive one minute more beyond the strict border she had created for herself that many other options would be available to her. I pushed her further and told her to be open to look at other house styles.
After a week of her learning to be more open and not so black-and-white she was thrilled to find her new dream home. The bonus is that she got way more house for her money and the extra 30 second drive was well worth it.
How many more options would be available to your buyers if they were to open themselves to looking at options that are not quite turnkey and may need some work? Or may take another five minutes of driving time? Or are perhaps classified as multi-family duplexes with an opportunity for some extra rental income versus a standard single-family home? Maybe there is a commercial building with a second-floor loft space that is just begging to be converted to a residence. Or is there some odd space in a floorplan that could be added as that crucial fourth bedroom? Outside-the-box thinking wins in this market.
In today’s highly competitive market buyers must widen their search, broaden their location horizon and be flexible and open to new things.
Smart buyers are making sure to have a top notch real estate agent in their corner because using the right agent can give you a competitive edge. The market is going to continue to have low inventory so buyers need to change their strategy. And you should change your strategy when it comes to communicating opportunities for buyers, because they are there for agents and their clients who look hard for them!