Today’s podcast is Part 2 of Covid 19 Housing Crash Coming Soon?
Did you know that 01/21/20 was the 2 year anniversary of Covid 19 appearing in the USA? We have all now experienced the 3rd worst pandemic in the history of humanity.
What long-term effects will the pandemic have on housing (and civilization on a whole?)
Remember, listen to part 1 here: https://timandjulieharris.com/2022/01/21/covid-19-housing-crash-coming-soon-real-estate-training.html
What happens next? Will there be some sort of epic correction? Will interest rates cause that?
A – Currently we have record LOW forbearance rates at less than 1.5% of mortgages and fewer than 1% of mortgages are in foreclosure.
B – Fannie Mae has predicted that rising interest rates in 2022 will indeed affect housing demand, but only by 3.2% fewer loan applications, almost all of them being first-time buyers who are priced out, FHA and VA buyers. So far, even with rates inching higher, loan applications are up 8% this month.
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C – New Construction will come to the rescue on some level. Homebuilding has increased by 15.6% since 2020 with 1.7 million units set to be built this year. Keep in mind this is a mixture of single-family, townhome, condo, and multifamily.
What should an agent do?
1 – Recognize that your number one job in your practice is to generate listing leads, contact them, prequalify, present, negotiate and close. The buyers will come.
2 – Recognize and embrace the fact that you will need to do more, know more, and make more contacts to meet or exceed your goals this year. More agent competition and fewer listings to go around. Be the one with the listings.
3 – Know about new construction, know how to work with builders and new build sales reps.
4 – Stop expecting a market correction or crash. It’s not happening.
5 – Get involved in coaching so we can keep you educated, motivated, and in action!
Question….did you download your fill-in-the-blank business and life plan yet?
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