Posted on February 18, 2012. Filed under: Uncategorized | Tags: Agent, Bradley Inman, Brokerage, Business, Buyer, buying real estate, cash investors, commercial real estate, communications, effective branding, ENewsletters, Ezine, Facebook, Fence, forclosure, Frog Pond, frogpond blog, green marketing, housing trends, Inman News, interest deduction, international real estate investor, investment, Marketing Strategy, marketing tips, mortage, mortgage, Mortgage loan, moving, Real Estate, real estate broker, second homes, stock market, Susie Hale, vacation homes, Wall Street Journal |
Yes, It IS the Right Time to Buy a House! Whenever I think about this housing market, the expression “buyers sitting on a fence” comes to mind. In my mind I walk behind the folks with the dangling feet and … reach up, give them a hug and tell them it’s time to get off the fence and buy a home!
Right now is the perfect intersection of historically low prices and historically low mortgage rates. Add in the wide availability of homes ranging from bank-owned foreclosures to well-priced, seller-owned resales and the message to buyers is, “you can afford more home than ever.” But are potential buyers hearing this message or do they figure it’s just another Realtor® puff piece they heard for years before the meltdown?
It’s not for lack of WANTING to buy a home: a study by John Burns Real Estate Consulting released on Jan. 30 says 60 percent of consumers agree, “I do not want to rent the rest of my life,” and 59 percent say, “Ownership is what I strive for.” Our fence-sitters know that rental rates are soaring in many markets, so the prospect of paying a landlord forever is not attractive to them.
They also know mortgage interest payments are deductible on their income taxes. (However, they may think they must now pay 20 percent down to get into a home. You must educate them on that.)
No, buyers are clinging to the fence top because they fear losing their jobs … and then their homes. They’ve seen millions of homeowners thrown out on the street and they don’t want to commit to that path.
So while the Wall Street Journal is publishing great articles such as “Is Now the Right Time to Buy a House?”, you will still have to craft messages aimed both at buyers’ heads – and hearts – to coax them off that fence.
What to do?
First, if you are not already a subscriber to the Housing Trends eNewsletter, then sign up right now. It’s free, it’s branded and customizable, and it’s full of the facts today’s younger adults need to make a baby step toward homebuying. Send it to your e-mail list and post the link on your Facebook page. Make sure you utilize the Messages section to focus on your very-local market. And be real. They don’t care you’re a “Top Producer.”(Certainly, that matters, but remember, it’s “what’s in it for me”, that matters most for consumers.) They want to connect with you as a person who can help them with a decision that will change their life. Your message needs to be filled with “You”, “Yours”, and more “You”, not me, me, me…
Second, realize these younger potential buyers will need a step-by-step plan. Think of this as putting a mattress next to the fence so they can land safely! Understand they need a realistic appraisal of their job security and ALL the expenses it takes to buy – and keep – a home. If you are totally honest, you may have to tell them to wait. But your payoff will be huge: they will tell their friends you are honest, and that “street cred” is hard to get. Tara-Nicholle Nelson recently wrote a column for Inman News, “4 steps to buying a house in 2012.” Start with that information and add what you know these buyers need to know.
Most importantly, understand it will take more than your selling expertise to help these folks. It will take love and a lot of extra effort. They do not want to be “leads”; they do not want to be “sold”; they want to be your partners in this process.
Can you do it? Sure you can! Start with a hug …Read Full Post | Make a Comment ( 3 so far )