Wow, what a difference a year makes! Comparing this time last year to now, active listings are down 44%, average month’s supply of inventory is down 47%, and multiple offers/escalation clauses are the norm rather than the exception (greater Seattle market). I don’t know that anyone anticipated the market we are in today. The question is has your value proposition changed?
Our client’s world certainly has changed. It’s no longer Sellers hoping to get a reasonable offer within 30-60 days. Now it is how to get multiple offers within a week, determine the best price and contract combinations, make sure the home appraises, and prevent the hordes of Buyers from trampling the rose bushes during the open house! What about Buyers? This market is especially difficult for Buyers. Not credit approved yet? Forget about your offer being considered. Just saw the perfect house but want to sleep on it? Yikes, good luck it will still be available in the morning. What about those Buyers who are losing bidding wars time and time again?
So has your business changed to match this crazy new environment we are in? How has your marketing plan/listing presentation changed over the last 12 months? With so few listings it is less about marketing (buyers have no problem finding well priced homes) and more about your strategy for encouraging and managing multiple offers. What are you doing differently to write/present winning offers for your Buyers? Do you have a strategy for identifying off market properties?
2013 will be a terrific year for those Brokers who have adapted their value proposition to the new market. Our Brokers are already ahead in sales and commissions over the same period last year and last year we were up double digits from the year before! If you haven’t changed your approach to the new market and would like some help, give me a call. I would be happy to share with you what is fueling our success.