BUYERS IN A SELLERS MARKET

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By: Jessy Richards, Intern

It’s a sellers’ market, but buyers want in, and fast. We all know there are some areas where we *cue the Rolling Stones* can’t always get what you want. Buyers will need to realize that, since there are more buyers in the market than there are sellers, that there may be some limitations on the buyer’s side. Realtor®.com posted an article on the compromises buyers may need to make when looking for a home that shows constant and continuous elimination in the showing process.

I believe that from a Realtor’s® standpoint there are other areas that need to be met first with their potential buyer. Below are two important considerations that a buyer must discover so that their Realtor® can find the right home for them.

  1. Five Needs. The first step of this approach would be to figure out your five needs. What are five things that you, the buyer, absolutely need in your next home? These five things can include: an open floor plan, a huge backyard, a single story home or many other real fixtures that are attached to the property. Keep in mind that needs may change from looking at multiple homes, and these should be refined with your Realtor® before the showing process begins.
  1. The Icing on the Cake/One Must Have. This is what makes or breaks your purchase. For example, Treasure Coulter (Realtor® at Keller Williams) talked about a time when a couple was searching for a home, and the wife would go inside and scope the house out while the husband looked around the property. The husband would come back and say this house didn’t work for them. Treasure finally asked what the main issue was about the homes they looked at. The husband responded that his daughter needed an Olympic size trampoline for her future sports plans, and the yards weren’t large or flat enough. This is one real example of what a client MUST HAVE in their next home.

These two viewpoints are crucial in the showing and buying process and for a Realtor® as well. A Realtor®can then show different homes to their client that meet the needs and musts, and also recognize what intrigues the buyers or dissatisfies them about the properties.

By the end of the showing process, there should be three homes that meet your needs and must haves. Be aware that you may not get your first choice in homes because of competition in the market. So always have a second house to choose from – keeping in mind the five needs and the icing on the cake are on that list as well.

The Scenic City Team executes these areas very well, from locations to searching the MLS, to the specific type of home that meets the buyer’s needs and expectations. Contact us today for more home information in the Chattanooga areas, or if you need any advice on the real estate market. I hope you have a great day, and thanks for stopping by!