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Hey there, everyone! Today, let’s dive into the intriguing realm of buyer psychology. The real estate market has seen significant shifts in recent times, and understanding these changes is crucial for both buyers and their trusted advisors.
To comprehend the current buyer psychology, let’s rewind to the market that prevailed between 2020 and mid-2022. During this period, the dominant sentiment among buyers was FOMO, the fear of missing out. It was a frenzy with multiple offers on every property, buyers willing to go significantly over list price, and a rush to secure homes.
However, everything changed when interest rates doubled in June 2022. Suddenly, buyer psychology underwent a seismic shift, transitioning from FOMO to the fear of making a bad decision. Buyers began to express concerns about high rates and soaring prices.
As real estate consultants, it’s our duty to guide our clients through these shifting tides. Often, clients will say they want to “wait,” citing high rates or prices as their reasons. But what exactly are they waiting for? It’s essential to ask specific questions to gain clarity.
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When a client mentions waiting for rates to come down, ask them what rate they’re waiting for and when they plan to start shopping. If it’s about prices coming down, inquire about the desired price level. The key here is specificity.
As real estate professionals, our role is not just to facilitate transactions but to be trusted advisors. By helping clients clarify their objectives, we empower them to make informed decisions. So, in today’s market, where buyer psychology has shifted, let’s be the consultants who provide clarity and guidance.
Remember, if you have any questions about the state of buyer psychology or the business of real estate in general, please don’t hesitate to reach out by phone or email.
