Hey Realtors...
There is a shift in the Real Estate market in Central Ohio.
Talk to agents and they say it has slowed down. Most lenders say they are doing fewer pre-approvals and business has slowed. The inventory is going up in the MLS as are days on market. Appraisals are often coming in short. All of this shows a shift in the market and perhaps we are seeing the end of multiple offers and homes selling far over asking price.
The question we need to be asking ourselves today is "what are we doing to be ready for a new market?"
We have been in a seller's market for several years now and many newer agents don't even remember what it was like when days on market were 30, 60 or more. As inventory rises so do costs to sell homes, the need for advanced marketing and stronger negotiation skills and the ability to explain the shift to sellers. If the shift keeps going you will want buyers and listings may become less important.
So what do you need to do for the market shift? How about...
- Update your marketing to attract more buyers
- Improve your marketing for your listings and revise your listing presentation to address the new market conditions
- Prepare to spend time and money marketing your listings
- Do your homework when pricing and be prepared to fight low appraisals if it is appropriate.
- Practice your sales pitch t sellers to make them understand that the market is far different from even a few months ago.
- Go old school to get buyers (open houses, mailers, working first time buyers etc.)
- More...
Adapt or be left behind.
As always... if I can help with any mortgage needs just message me.