Everyone is aware of the situation with the economy, and that we are currently in what is called a “buyer’s market.” But what does that mean to you the buyer? I recently had the opportunity to talk to Boone Homes Vice President of Marketing, Tim Garrison, and he had a lot of insight into the new buyer’s market. He said a big problem is that many real estate agents are still using “seller’s market” tactics to try to move property, and that is not going to work in the current market. Agents need to switch their mindset to buyer’s market strategies.
So what is different about today’s buyer? Today’s buyer is using the Internet to help them define value, whereas in the past they relied on their family and agent for the information. Today’s buyer has more information available to them than ever before. However, they are being very cautious, because in today’s market they don’t have the luxury of having the appreciation of the home prices for insurance purposes. Therefore, they do not want to make any mistakes. The number one question asked by buyers today is ” Will they be able to re-sell it for what they paid for it?” People are considering the value of the product, rather than just the best price. In short, they are thinking more about holding their purchases more long term than short term.
What can agents do to adapt to this buyer’s market? Be prepared to invest the time and energy to educate, counsel, address home buyer concerns so that they feel comfortable with the transaction. This is important because there are fewer qualified buyers in the market today. Study and know everything you can about the market so you are prepared to answer all of their questions. Be ready to help buyers with their financing by partnering with the best lenders and settlement firms, and finally coordinate everything they need to help make the sale as easy as possible for them. Remember today’s home buyers are your “Future Ambassadors” for referrals.
At Boone Homes we are working hard to give our buyers what they want. From our new home buyer counseling sessions to helping customers make their own wish list, at Boone Homes we do everything we can to meet the buyer’s needs. Ask our customers, like Lois Farmer, and they will tell you all about the great experience they had purchasing a home from Boone. We truly do build every home as if it were our own. Now more than ever, buyers appreciate the quality and care that comes from buying a luxury home from Boone.