Months Of Inventory/Days on Market...And What We Are Doing About It!
By Joe Kilner
A little over a month ago we talked about months of inventory. The inventory problem is a real one here in West Michigan, and Nationally. The only time when it's not a problem is if you are one of those fortunate sellers who are NOT also buying...but most of you are not in that category. I’d also like to share the stats for Days on Market. In 2015 the market was doing very well and everyone was so excited that homes were no longer languishing, but were selling overall, in less than two months! It was a seller’s market then, and it's a whole different ball game now. Below I included Days on market for 2015 and Days on Market for 2020*
Avg Days on Market 2015
Avg Days on Market 2020
Greater GR Area
East Grand Rapids
*New Construction is not included for various reasons.
I know this above is probably not a surprise to any of you. We cannot control the inventory or the days on market of course, but obviously, as a realtor everyday I need to ask myself, what am I doing for my clients who need to buy NOW to turn the tables of the market in their favor? If you are simply taking your people through what's on the market and writing offers with everyone else, it's just not enough. We work harder. We have to. Our clients deserve the best.
Below are what we are doing for our Need to Buy Now Clients:
Target their favorite 3-4 neighborhoods with a letter campaign asking if people are thinking about selling. We go door to door and put a letter on people’s doorstep, telling them your story and that you want to live in their neighborhood. It's time consuming, and a lot of work...and it works!
We call and network with other realtors constantly to see what they have coming on the market. We have developed a great reputation with our realtor-partners over the years. I make it a point, whether I am on the listing side or the buying side to communicate professionally and purposefully so that every time another realtor see’s my name behind an offer, they have a positive reaction, and want to do business with me. Networking and playing well with others is super important, and especially so here in West Michigan where our small-town feel means that reputation matters more.
Work with the very best lending team with the absolute best reputation for getting the job done. Let's call this “Bulletproof Lending” . We use Josh Nawrot’s Team from Northern Mortgage. If you’d like to be linked up with our lending team, please contact me today! Why does this matter? In West Michigan, we are very local and family based. Very few people use online/National lenders because they cannot move with the alacrity necessary to win the day. Josh and his team will, they have a great reputation and they do not drop the ball.
Actively search for listings and when we find one, we always think of our existing clients first. Obviously these situations need to be a win-win for both sides of the transaction, and it's a beautiful thing to see them come together, especially in this market. Staying proactive and asking your clients and all of those people in your network what your clients needs are: by email, text, call, or social media, is a great way to find those diamonds out there. And they are there, but they can’t be found if you don’t get on it.
The bottom line is that no one will work harder (or smarter) for you to find the right home especially in this crazy market. On that note: If you are looking to sell or know someone who is thinking about it, please let me know!