How to tell buyers to stop worrying about rates?

Question

So many prospecting leads come through on a daily basis, and the same answer is always, “waiting on rates to drop.” But why wait? The people who waited when rates were 2-3% are the ones still waiting at 7-8-9%

Russell Brazil · Answer

Why try to convince someone to buy who doesnt want to, when you can work with people who want to buy already regardless of the interest rate enviorment?

Eliott Elias · Answer

Ask them what they would rather have, rates be at 2% and be outbid by 10 investors or rates be at 7% and can negotiate under asking

Kenny Smith · Answer

@Garrett Lewis

100%.  At least in my market, the thought is, if rates do continue to drop, prices will most likely start going back up when the sideline buyers get active again.  OR, you could buy now, get a good deal on a home, deal with the higher rates for the time being, and re-finance when rates drop.

Can't change the price of your home, but you can change the rate!

Galen Ikonomov · Answer

Garrett, the people you are talking on the phone are not buyers. These are people that are wasting your time. This market is the best opportunity for buyers that have presented since probably 2010. Explain to them that when the rates are going to back down the competition will be fierce once again and also the over asking price offers will be back. Right now a house that is listed for $500,000 sitting on the market for 65+ days, not updated and multiple price cuts, you can swoop for $450,000 even less. Give them these examples. People have absolutely no idea what to look at as far as rates and the only thing they listen to is their neighbor Joe that was a Real Estate Broker 45 years ago and the TV that is panicking them.

You need to be firm on the education also understand what is a buyer and what is a person that woke up yesterday and decided to buy a house and started googling around.

Nate Sanow · Answer

Buyers always can and will walk from buying. There is no persuading. There is only being ready for and more connected to the slightly more motivated buyer.

Theresa Harris · Answer

They are tire kickers.  Let them sit on the sidelines while others buy properties where the numbers make sense with today's rates.  While rates have gone up, they were historically low for too long and people forgot what 'normal' interest rates are.  Lots of people had rentals when rates were higher and still managed to make money.

How to tell buyers to stop worrying about rates?

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