Today, real estate buyers are looking for agents to help them find an ideal home, but the inventory is low. The industry has been feeling the pressure for some time now - it's not just about selling homes anymore. It's also about bridging the gap between supply and demand. Historic low rates made mortgages more affordable but as home prices skyrocket, buyers' competition continues to grow.
It's Still a Seller's Market
As a result of growing demand and record low mortgage rates, it's estimated that nationwide home prices have increased by 11.30% in 2020. In states like Florida, home prices went up by as high as 20.30%. According to Freddie Mac, growth is expected to slow to 4.4% in 2022, however, homes continue to sell fast as housing supply declines due to increasing building prices, supply chain disruptions, and other factors such as millennial homeownership.
With high demand driving today's real estate, we are also seeing a decline in time-to-sell, especially in markets like Miami, Los Angeles, San Francisco, and New York City. Homes spent an average of 25 days on the market before going under contract compared to 30 days in 2019. Considering that today's market has only 2.6 months of inventory compared to a neutral market with a 6-7 months surplus of inventory, real estate agents must work harder than ever to meet buyer needs.
Moving from Traditional to Digital Selling
The real estate industry is currently in a state of evolution - it's moving from "traditional" realtors to an era where buyers now have access to information that allows them to do their research, understand real estate jargon, know how real estate transactions work, and even understand real estate strategies.
As a realtor or real estate agent, it's now possible to connect buyers with your listings without spending time on advertising costs associated with print ads, billboards, and cold calling. With innovative online platforms like RealTrade, agents can now build their online business at absolutely zero cost. They can also easily help buyers find the ideal home and navigate the market while encouraging agents to work together and benefit from each other's support.
Introducing Buyer Need
RealTrade is a revolutionary crowdsourced platform that helps solve low inventory issues by offering a unique new feature that connects real estate agents with other agents and sellers to help buyers find and secure their dream homes.
NO OTHER PLATFORM offers this unique feature! Buyer Need can help you and your real estate business immensely as it is designed to expand your network and help you secure the ideal home your buyers always wanted. It also helps sellers decide to work with you. It even helps other agents secure a listing as it shows there are buyers available. This new feature can create more inventory and everyone can win: buyers, sellers, and agents!
Watch this video to see how Buyer Need brings the power of collaboration and community-driven real estate together in a single platform like RealTrade.
The Buyer Need Feature is a part of your profile's social feed on RealTrade. You can easily post the buyer need to your network, so hundreds of sellers and other agents in your area can see it!
You can help your fellow agents who are working with the sellers close listing faster by introducing them to one of your buyers. You can also post details such as the number of bedrooms, baths, square foot range, and desired price range.
The Buyer Need Feature is the first step in bringing real estate agents together into one collaborative community that works for everyone!
To learn more about how you can use this tool, log in to RealTrade and start interacting.
