Is it OVER, is the 10-year+ housing BOOM finally over? Is the real estate ‘bubble’ popping? What are the leading indicators that will give you real, unbiased housing market information?
Do your own research and do it daily! Use the following tools to track specific things occurring in your market. Why daily? Because you’ll detect early warning signs and trends and be less likely to believe drama in the headlines. You’ll have more knowledge and confidence!
Tools and resources you can use:
– Your daily MLS Hotsheet.
– The market reports your board of Realtors generates monthly (in your email)
– Local housing reports.
– Your own day-to-day experience with showings and negotiating
– This podcast
– Premier coaching
– Top LISTING agents.
Reminder, you promised yourself you would become a HARRIS Coaching client. You are done wasting time and ready to follow a proven path. Now, while you are here make the next natural step and join the 1000s of other agents as a HARRIS Real Estate University coaching member. No more waiting or procrastinating. Join now. Here is the quick and simple enrollment.—-> YES, Enroll Me Now In Premier Coaching. I WILL make NOW my best year ever!
Mindset Tip: The above information sources are forward-looking, leading indicators. The ‘ news headlines’ are outdated information that is usually 60-90 obsolete.
What matters most when knowing the trajectory of your real estate market:
1 – Inventory. This is the number of homes which are for sale currently. Not the pendings, not the temporarily off the market, just the actives. Is that number going up or down? By how much? Can you see a trend or is it staying about the same? Is there a certain price range or zip code that seems to be changing or is the whole market trending?
Note: 20 ‘Hidden’ sources of homes for sale. https://timandjulieharris.com/2022/05/02/20-hidden-sources-of-homes-for-sale-real-estate-training.html
Mindset Tip: Trust, but verify. Often times an article will have an attention-grabbing headline but the actual content of the article won’t be about what the headline leads you to believe. (Most people won’t read anything past the headline.)
2 – Days on the Market. Are they going up, down, or staying basically the same? Does it depend on the price range? What’s the relationship between the number of homes on the market (inventory) and the days on the market? When there are more homes available, do the days on the market stay the same? (That means the inventory is instantly being absorbed).
3 – Showings. There are systems that tracks the number of showings. Get data from these data sources. If you or your office has a lot of listings start there. Are they going up or down? Are your open houses still super busy or has traffic slowed?
4 – Showings on New Listings. The number of showings in the first 7 days, 2 weeks, and 30 days assuming the house hasn’t gone into contract or closed. This information is critical because you will learn about the number of new buyers entering the market.
Mindset Tip: Now more than ever…BE MEDIA FREE. Be VERY careful not to be sucked into the negative vortexes of the news. If you find yourself reading an article, or consuming content that makes you feel pessimistic and almost depressed know that you are being manipulated.
5 – Number of offers on properties. Are there still 10+ offers on each available home or are you the only one bidding? This can depend on the price range as well. Don’t assume all facts apply to every neighborhood.
6 – Builder inventory. Are the builders starting to advertise again? Do they have inventory homes that aren’t in contract (aka Spec Homes), which are available now to buy or complete the build?
Mindset: Be incredibly careful who you allow to influence you. Don’t base your market knowledge on salacious headlines, social media, or on unqualified coaches, trainers, etc. 99.9% of all active agents (coaches and trainers) have only sold real estate in market conditions that didn’t require higher-level skills. We are leaving the ‘branding, lead buying, branding, influencer, fake expert’ trend behind. The new market will belong to the agents who have the skills to solve others’ problems at the highest level. Skills can’t be faked.
