This is the lowest inventory marketplace ever recorded. Lower rates were great for buyer demand but, also great for refinances.
70% of all loan applications were refinanced loans.
What this means is the real reason people were not selling is that they were staying at a lower rate.
This is the conversation we are having to get more listings. Don’t discuss with a seller how hot the market is or how much they can get. They already know this and it is not a motivator. This has never been about money. This is about lifestyle, life change, and quality of life.
The conversation we are having that works is do you want to be ‘STUCK’ in your current home for the next 3, 7, 10 years because you did a refinance?
Or do you want to explore new homes that will better fit your life now and in the future?
Top questions you must be asking your buyers and sellers.
- Have you refinances your home? If yes, how long ago?
- Do you truly want to stay where you are currently living? For how long?
- Do you think there may be a better home for you out there?
- What life change has to happen for you to consider moving?
People are motivated by loss more than the desire for gain. So, this is the ultimate question.
If you were to stay where you are at what would you be giving up?
Nick McLean
Nick McLean Real Estate Group