Over the past several years, the housing market has been up and down - and these constant fluctuations have constricted homebuying and selling activity. As a result, real estate agents are left trying to please clients in a difficult time, all while staying up-to-date with recent trends and shifts within the segment.
One such problem that has plagued the housing market for some time is the issue of low inventory. Without homes for sale, buyers will have to battle each other over what is available - and that will lead to bidding wars, higher prices and more headaches. It then becomes the agent's goal to find the hidden properties - and make sure their clients always have the best choices when it comes to new houses.
What is causing the shortage?
What then is causing the shortage of properties for sale? According to Colorado-based real estate broker Dick Greenberg, in an article for ActiveRain, there are several possible reasons as to why homeowners today aren't putting their homes on the market.
For starters, Greenberg pointed to a misunderstanding about the current housing market. Some people may not realize that homes listed today will sell fast - and for a good price - and that could be causing many owners to stay settled. Another possible reason for the low inventory is a lack of consumer confidence. The economy has been in rough shape as of late, and this could be inspiring some people to hedge their bets and stay out of the housing market.
In addition, Greenberg explained that many homeowners are afraid of listing because they will then end up being just another buyer competing for a shortage of homes. No matter the reason, he stressed the value of understanding the housing market. Real estate agents who know the inner workings of the segment will be better suited to adapt and grow, and this will allow them to take advantage of every opportunity.
Not only that, but access to high-quality information will make this goal easier. With CRS Data's suites and solutions, a trip to the local courthouse is no longer needed. Instead, acquire mortgage records, property data and much more online.
What can be done to help clients?
Given the current situation, real estate agents still have a number of options to help clients find homes while inventory is low. A focused professional can take action to ensure that each of their buyers has plenty of options to look at.
For starters, Chicago Agent Magazine recommended building a stronger professional network. Agents must work together in today's segment, and a wide sphere of influence will open up new learning experiences and shed light on those hidden listings across the country. Instead of meeting only with fellow agents, professionals should branch out and talk with attorneys, lenders, designers and builders. This way, all the bases will be covered.
Moreover, being timely and consistent will help agents work with their clients, the news source noted. Following a meeting, the best professionals always take the time to follow up right away, provide additional feedback and remain on the hunt for that perfect listing.