Read the blog below:
Anthony Lamacchia – September 4th, 2018
Hey, everybody. I want to talk to you about the fact that it is now September. Today is Labor Day. We are going to head into the fall season. What can you do with your buyers, what can you do with your sellers, what can you do with everybody to try to get as many sales as you can between now and the end of the year?
There’s a couple things I want to point out about this year that is different than I’ve seen in years past. For one, this August housing inventory is actually higher than last August. It’s the first time in four years that there was more inventory, more homes for sale than there were the prior year.
I checked yesterday, I looked at a lot of stats and at my last here in Massachusetts, same thing. This is also the case across most of the country. I’ve talked to you guys about negative articles and using those things with sellers. The market does seem to be cooling a bit in a little bit even more than a normal summer cooldown. What I have heard from a lot of Realtors in our company and out and about and around the country is all, “The fall is gonna be huge. The fall is gonna be huge. The fall, the fall, the fall.”
I’d like to tell you I don’t want to be negative because I don’t necessarily think it’s going to be a bad fall. We are going to see a ton of homes get listed for sale in the next two to three weeks. A ton, okay?
When that happens, what do buyers do? Yes, buyers like it because, oh my god, I have some choices now. I have choices, but it also makes them pause, it also makes them more tough, it also makes them more greedy and say, “No, now I want an even better deal on the house.” Then you get sellers who’ve seen all their neighbors selling for over asking and so on when their house isn’t doing that– Sorry, that’s just the LaMacchia children.
When their house isn’t doing that, they’re frustrated about it. I just want to point out that you should be explaining this to your buyers, making it clear to your buyers that, “Hey guys, inventory is going to go up.” Every single year, the peak of inventory is the first week in October. I can tell you now we’re going to see that this year. We’re on track for that you’re gonna see a large increase in inventory over the next three weeks. I do think, well, the pending sales will be pretty good and then it’ll probably stall a little bit when inventory gets real high. This is a tremendous time. This is the best time, the best time to buy a home.”
There is no better time to buy a home than from August to Thanksgiving. I say it every single year and only half the damn buyers listen. We always put a blog out. I want to say the name of the blog is like Four Reasons that Buying a Home in The Fall is Better. We’re going to put that blog out again this year. Explain this to your buyers and explain how they need to take advantage of the higher inventory.
Then with sellers, explain in the opposite. “Hey guys. We’re going to do our best to sell your home as for as much as possible, but keep in mind there is substantially more competition than there was six months ago.”
In many cities and towns there were one, two, three, four, five homes for sale in March and those same cities and towns there’s 15, 20, 30 now. Maybe not thirty but a comparative example would be 12, 15 or 18. Well, that’s a lot more inventory and a lot more competition. Sellers need to be reasonable. We all know the most sellers aren’t reasonable, so you need to use third-party data.
Use those MLS reports, use those on-market snapshots, use the newspaper, ad– not ads, newspaper, articles about what’s going on in the market. Use it to your favor for buyers, use it to your favor for sellers. Don’t just think that you talking is going to get through to them.
People don’t always believe– Well, they usually don’t believe what they hear, they believe what they experience. If you show them the data in the MLS, show them the data, show them the articles, things like that, they’ll believe it more.
That’s all folks. I’m taking my kids swimming for the afternoon, after a morning of doing some work. I wish that everybody has a good day. All right. Happy fall, well, it’s not really officially fall. Happy fall, I wish you all the best of luck selling on the fall season. Thanks.