How to handle the shifting market…
Are we headed for a recession? Stagflation? How will rising interest rates affect the real estate market? These are the questions we know are on your mind.
According to Social Capital’s Chamath Palihapitiya on the All-In Podcast, any time that energy prices have jumped by 50% or more in the last hundred years, a recession has followed. We have had an 86.4% increase year over year in oil prices.
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Additionally, the Federal Reserve plans to increase interest rates (we’ve already seen this and they say there’s more to come). This is to combat inflation, which is at least at 8% currently. So maybe we are headed for a recession. Fortunately, you have a real estate license so no one can make you unemployed.
What is stagflation? This is what central banks fear the most because it doesn’t have a clear resolution. Stagflation refers to a toxic combination of rising prices and negative gross domestic product. That combination creates economic stagnation.
How will you be affected and what should you do about it NOW?
1 – Monitor your mindset. If you’re spinning in a stew of negativity, uncertainty, and indecision, you’re not going to get into action. Make the decision to create your own success by helping as many buyers and especially sellers in a shifting market.
2 – Keep yourself Media Free. Go on a Dopamine Fast. Cut yourself off from anything except the most curated podcasts which support your mindset, your business education, and other interests that make sense for you.
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
3 – Accept and embrace the fact that you will need to make more contacts in more areas (spokes on your income wheel) in order to meet or exceed your goals this year and next. More proactive lead generation more consistently will ensure your success. There’s no time for laziness or complacency in a shifting market.
4 – Stop leading every conversation with ‘did you see what mortgage rates are doing?’ 25% of transactions in the past year were all cash. Everyone else buys based on payment. If that means your buyers spend $50,000 less than they would have, that’s up to them, not you. Lenders will react by reviving the 80/10/10 loan, 5-1 arms, 3-1 arms (adjustable rate mortgages), keeping rates lower in the first few years of the loan.
5 – Stop spending your money on stupid stuff. Branding, buyer leads, and building a team = are the 3 B’s to avoid. Unless you can definitively show a profit as a result of your expenditures, stop speculating immediately. Doing more of what doesn’t work will make you broke faster.
6 – Make the commitment to speak with (as in, on the phone or in-person), 100% of your past clients and centers of influence, asking them if they would like a comparative market analysis to see what their home is worth in today’s market. Inflation of prices is a motivation for many to cash out! If you have 250 people in your database and speak with 5 per day, you’ll speak with 100% of your list in less than 2 months. Then lather, rinse and repeat.