Do Consumers want created ‘Hype’ or Market Reality?
April 7th, 2009 by Rich JacobsonI was reading an article over on ActiveRain last week entitled, “12 Things Agents do to Tackle Tough Times.” These points were based off of a best-selling book from a very well-known real estate magnate.
While I agreed with most of the points the writer was making, there was one that made me cringe. It was stated as follows,
10. Create Buyer Urgency. They call it a buyer’s market, not a waiter’s market. Yet when the market slows, buyers lose urgency to take action. Master the ability to sell the dream they are looking for… The lifestyle change.
To a certain extent, I guess I can appreciate the point they’re making. When real estate dynamics shift to a Buyer’s Market, there is indeed a tendency for some Buyers to hesitate or take a longer time to reach a decision. I don’t know if that’s necessarily a bad thing. Although you do run the risk of possibly losing out if another Buyer makes a move first.
However, I just feel there’s something questionable about ‘creating’ a market response, as opposed to simply allowing the market itself to dictate or influence behavior.
It’s the same issue I have with real estate folks who are constantly chanting:
“It’s a GREAT time to Buy!“
as though it were some magical incantation, and the more you say it, the better the chances of it actually coming true!
Our office, Windermere Real Estate/West Sound, Inc., has a really nice kiosk at the Kitsap Mall here in Silverdale WA. And just like floor time, our agents take turns making sure someone is in the kiosk to answer any questions.
This past week, while I was on my shift, a young Navy family came through and started asking questions about market conditions here in Kitsap County. They asked me,
“Is it a good time to buy?”
And my answer was, “Well, that depends. For some it may be a good time to buy. But for others maybe not.” So I took the next 10 minutes to explain how each Buyer is unique, has varying needs, financial capabilities, and circumstances. Each Buyer should be professionally counseled and evaluated to determine if buying a home is a realistic and prudent decision to make.
Even though it can be a really GREAT Buyer’s market, with loads of inventory, Sellers desperately reducing their prices, and loan rates at an all-time low, it still may not be a GOOD time for some to buy a home.
As real estate professionals, it is our job to know and understand our local market conditions, and to expertly analyze and interpret the relevant data for our clients. We don’t need to create or manufacture a ‘dynamic’ or an influencing scheme.
Today’s consumers want to be told the plain truth – the facts or realities of the market as it is. Not some created ‘Hype’ as we wish it would be.
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Rich Jacobson is a licensed real estate professional providing empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood.
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Tags: buyers market, hype, Silverdale WA Real Estate, truth, windermere
