Timing is pretty hard to ignore when it comes to most things happening in the world. (Of course, we all have to have the savvy to recognize the element of timing in order to maximize opportunities that, in many ways, “come with” advantageous timing.)
Whether that happening is meeting a future client “by chance” in the market, achieving a personal best in last Sunday’s 10K Race for the Cure or landing a coveted new listing in your market area’s most prestigious neighborhood, everyone needs a little luck and optimum timing to enhance methodical preparation for race-day efforts or to capitalize on meticulous listing presentations and comprehensive, well informed data resources to back up those presentations.
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Robert Campbell, the founder of the Real Estate Rockstars podcast, believes agents can make timing work to their advantage when they actually define timing to their advantage. Campbell suggests paying attention to timing in these terms:
- Look to existing home sales.
- If homes are selling, the market could be on an upswing.
- If sales are slow, the market cycle could be declining.
- Look to and analyze home-sale statistics from your local MLS and then compare those statistics with prior periods to better forecast current/future market trends.
- Look to new home building permits.
- The businesses and corporations intending to build those homes needing permits heavily research market conditions. Use that research for and to your benefit.
- The fewer number of building permits, the lower the building confidence in the local market.
- Look to default notices and foreclosure sales.
- When default notices and foreclosure sales are high, economic uncertainty is high.
- When default notices and foreclosure sales are high, property values and home sales could fall.
- Look to interest rates.
- Focus on the 30-year fixed rate…this is the rate most people look at when trying to predict market trends.
- Make sure to consider interest rates as just ONE aspect of choosing to participate in a local housing market.
Campbell believes that when real estate agents focus on the above elements of timing, they may see their success rate rise to 80%-90%.
Thanks to InmanNews’ Pat Hiban for source data.
Also read: Podcast: Social Selling vs. Prospecting – 20 Simple But Effective Prospecting RULES!, California Home Sales See Worst in 4 Years, July 2019 Existing Home Sales Increase as Mortgage Rates Decrease