This is my advice on handling transactions in a shifting market.
Today I want to talk about how to deal with a market shift as an agent. The market is shifting very fast, and when a market starts to shift, we see more transactions fall through than normal.
If your client is a seller, warn them of what’s going to come. Buyers will start to ask for more on inspections and may have financing issues. It’s important to manage the seller’s expectations so that they don’t decline these offers thinking it is still a strong seller’s market.
As a buyer’s agent, make sure your client understands what they can ask for after the inspection. If the buyer likes the property but they think it has too many issues, allow the sellers to respond. Sometimes that little step will keep the deal together.
It’s important to manage expectations and keep an eye on finances. As always, tell your buyers to not make any big purchases around the time of the transaction, or it could get canceled.
If there’s ever anything we can do to help, just reach out to us.