“I think everyone, at the end of the day, just wants to get the deal done and come to a fair middle ground,” said Kelsey Kroon.
Kroon, who has made a name for herself in real estate before the age of 30 and who has appeared several times on Bravo’s reality series “Million Dollar Listing,” offered Realtors® some advice on how to tackle the latest struggles in the industry.
“The market has been really strong, it’s a healthy market. Unemployment is really low. There are a lot of buyers, but inventory is low, due to demand. Summer is typically peak for real estate, but for the rest of the year, I think the market is sustainable,” said Kroon.
With low inventory, Kroon warned that sellers shouldn’t get too “greedy.” “I’ve worked with sellers who, because they were aware that it is a sellers’ market and people are willing to pay a premium, they got a little too ambitious with the price and lost a deal. Be realistic, agents should do comps of the neighborhood. Take account of what value your homes offer. Be reasonable and be willing to negotiate,” she advised. But she also said that sellers should do the work.
“Staging makes a world of difference. Most people don’t have a vision. Invest in things to get the house moved. It’s a worthwhile investment. Flexibility is also important,” she added.
As for buyers in this market, she said despite low inventory, buyers shouldn’t settle, but should move quickly. “Buyers should be firm and clear on what non-negotiables are. If there is a property that really hits the mark on what they are looking for, think long-term. If you’re buying for an investment, that’s different than the end users. If you’re going to live there, buy now. Most people stay in their home for at least ten years. If it’s an investment, be harder with negotiations. Buyers should do a lot of showings to see the whole spectrum and what’s available. Knowing the market is really important too.”
“Buyers should do adequate research and have a realistic budget,” Kroon added. “Don’t make demands that aren’t realistic. Research is important. Communication between the Realtor® and the buyer and seller is also important.”