Is Spring Selling Season Far Off?

Spring is approaching and home buyers and sellers won't be far behind.

As northern parts of the United States start melting, it means that the spring home selling season isn't far off.

You may be thinking "What will this year's prime selling season look like?" "Will it be better or worse than last year?"

I don't believe we're out of the woods yet as far as seeing foreclosures continuing to make a mark on the marketplace. They will continue to pop up almost everywhere. Seeing listings advertised with 'short sale' notices is becoming very common. I've been showing many homes, where the sellers either owe more than the listing is worth or the sellers, who took out 100% financing loans, just a couple of years ago, are trying to break even on their sale.

So what does all of this mean?

Don't let the national news media get you down. Homes are still selling! Not all listings will sell in this market, because there is an over-supply of homes in many areas. What you need to do is get your seller to understand the realities of today's market. Pricing and condition are absolutely critical! With all of the listings that continually come up as "expired", agents are wasting a lot of time and money on listings, where the seller won't price it correctly or they won't showcase the property to show in its best light.

It's time to qualify your sellers more closely. If they aren't truly motivated to make a move, then tell them they should wait or if you have to, refer them to another agent. A lot of homes aren't selling during their listing period. If a property is going to expire 2 or 3 times on the market, do you want to be its first agent?

Also, buyers will need more help in determining their mortgage options. Make sure your buyer clients are pre-approved for a mortgage before they start their home search. Mortgage lenders today are often requesting additional borrower information and document re-verification prior to the closing. Make sure that you allow enough time in your purchase agreements to get a buyer's loan approved. Some mortgage programs are taking more time than normal due to underwriters and others wanting to check and re-check all of the information. Some buyers are dragging their feet, trying to figure out when the market is going to bottom out. That could be a mistake if they wait too long.

You also should be educating your client base about what's happening in the market. You can share information with them by sending e-newsletters, writing a free real estate blog, mailing monthly market updates, phone calls and even 'pop-bys'.

Your existing (active and inactive) clients and prospects are watching the same nay-saying, news media that you are. If you don't think they're getting the full story (they're not!), then it's your responsibility to tell them what's really happening in your area.

Be proactive! It'll be a boost to your business! You'll feel better about things, because you're taking steps to improve your business and your area's economy!

To your success,

Dan

Join FREE Network For Real Estate Referrals & Ideas: ActiveRain Real Estate Network

All content copyrighted © 2008 - Dan Weis, Agent Success Coach