Market Forecast for Open Houses in 2023 and Why Every Realtor Should be Having Them
October 29, 2022
Open Houses Direct
With 2022 coming to a close, everyone is wishing they had a crystal ball to see what 2023 will bring in with regard to the housing market. One thing we do know in the short term is that the market has definitely shifted from a seller’s market to a buyer’s market. The increase of inventory with increased interest rates has shifted the market in favor of those buyers qualified and ready to buy. Buyers now have more choices, and they have the advantage when making an offer for the first time in almost two years. Many buyers had given up their search due to being outbid multiple times or by just not being able to find anything that wasn’t ridiculously overpriced or in need of a lot of work. Even though interest rates were low, they were still having to pay 10% over market or more really negating the favorably low interest rate they were getting on their mortgage.
Due to now the increase in inventory, we are seeing more buyers out looking again and with so many more options for financing than even a few months ago. Mortgage lenders have many options for either having a seller buy an interest rate down or variable interest rate options that can get a buyer into a house now with a mortgage payment they can afford. With such an increase in inventory, and buyers maybe having to be more flexible with their purchase price and location, they are driving around on the weekends and following Open House signs. Agents who are currently holding Open Houses are seeing more and more buyers following signs to find Open Houses, but also coming in unrepresented. Many real estate agents had no interest in working with buyers six months ago and so some buyers have been abandoned or forgotten about.
Many of these buyers that are back in the market to buy are starting their home search on their own by driving around and looking at the available inventory. Due to more buyers not wanting to engage with an agent until they find a house they like, Open Houses are absolutely necessary to make sure a potential buyer has the opportunity to see a home that is currently listed for sale. Many buyers are pre-qualified for a certain amount but don’t know what their options are with regard to seller buy downs or variable interest rate options which would allow them to afford a more expensive home.
So how do we then convert these unrepresented buyers who are coming into our Open Houses. One way is to have options for them that no other Realtor® has told them about. This is why we encourage every Realtor® to have a mortgage lender at their Open House to not only help to meet and greet potential buyers, but also to help educate them on what their options are. There are many buyers coming into Open Houses without being pre-qualified at all, which is why it is important to have someone there to talk to them about current interest rates and options. At Open House Masters, we have many lenders across the valley who want to help real estate agents sit Open Houses and help them convert these leads into escrows. All of the lenders on Open House Masters are trained in how to use the Open Houses Direct Check In system verifying a name and a phone number for ALL Open House guests as well. For more information about our Preferred Partners or about Open House Masters and our next FREE Open House Workshop or 21 Day Open House Mastery Course, go to OpenHouseMasters.com or contact Shannon Quagliata directly at 480-293-4579, email@example.com.