Don't panic. That is the central advice that Professional builder editor David Barista gleaned from home-building professionals whom he asked about how to keep stock-market plunges – an annoying frequent occurrence of late – from derailing home sales.
“Traffic being down for a week or two, although not good, is not fatal," Bob Schultz, CEO of The New Home Sales Specialists, told Barista. Markets usually resurface at a more acceptable level.
Another thing to remember is that real estate historically is a better investment than stocks, Barista heard from John Rymer, principal of Rymer Stategies.
Sales staff can help jumpy buyers by offering to change a purchase agreement to a contingency contract for a couple of weeks until the chaos has subsided, Schultz told Barista.
Finally, Rymer suggested reminding buyers that they are buying a house as a long-term investment, not as a quick purchase they are trying to time like a stock buy. “Ask them, ‘Is this the house that meets your needs? Does it represent a good value? If so, let’s go forward,’” Rymer said.