{"id":2211,"date":"2021-04-29T15:18:09","date_gmt":"2021-04-29T15:18:09","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/04\/29\/tips-for-getting-reluctant-buyers-to-act\/"},"modified":"2025-03-13T02:37:32","modified_gmt":"2025-03-13T02:37:32","slug":"tips-for-getting-reluctant-buyers-to-act","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/04\/29\/tips-for-getting-reluctant-buyers-to-act\/","title":{"rendered":"Tips for getting reluctant buyers to act"},"content":{"rendered":"\n

While the amount of bidding wars and frustrated buyers indicates many buyers are already in the market, there are a lot of reluctant buyers who\u2019ve heard how cutthroat bidding wars can be, or have heard about homes going for thousands over list price. <\/p>\n\n\n\n

Last week, RealTrends offered several strategies agents could use to give potential sellers that little nudge<\/a> they need to put that listing on the market. This post will offer tips to get reluctant buyers to make the jump. While this market isn\u2019t right for everyone, some buyers will benefit by acting soon. Here\u2019s some data to help explain why, for some buyers, the frustration, competition and added up-front cost might be worth it in the long run. <\/p>\n\n\n\n

It is rough and tumble out there for buyers right now. And it can be quite a challenge and with the low inventory, especially a departure from what buyers have been used to. Reluctant buyers are nervous to compete. They\u2019re nervous about market conditions. They\u2019re nervous that we are at the peak. They\u2019re nervous of a repeat of the market crash of the late 2000s.<\/p>\n\n\n\n

Do the math<\/strong><\/h4>\n\n\n\n

Remind buyers who are concerned<\/a> about another real estate bubble that in 2000, 2005 and 2010, interest rates were significantly higher on residential property loans. Experts predict we\u2019ll see interest rates increase slightly throughout 2021, with some looking at 3.6%. For people looking for a home they plan to live in for three to five years, explaining the math can help them understand what would happen if the market went down and interest rates went up. <\/p>\n\n\n\n

For a lot of potential buyers, simply sitting down with them and going over the market conditions, concerns about a potential bubble, interest rates and other factors that affect their upfront costs, monthly payments and total purchase price. <\/p>\n\n\n\n

Regulate expectations and emotions<\/strong><\/h4>\n\n\n\n

One thing agents can do to help buyers curb the emotion is heavily frontload the conversation. It\u2019s up to real estate professionals to guide buyers through the process from a purely objective and logical standpoint\u2014remaining emotionless as they work through the process. <\/p>\n\n\n\n

Another way is to revisit reluctant buyers\u2019 expectations and needs\/wants a few weeks into the representation agreement. When buyers start the process, they\u2019re set on finding their dream home. That\u2019s not impossible in today\u2019s market, but many, especially those who need to buy\/sell in a hurry, might find it\u2019s quite different than they thought. It\u2019s really important to circle back and re-establish the ground rules for engagement:<\/p>\n\n\n\n