Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris.
- Commissions will continue to go up, not down.
- Buyers who remain in the market are more serious and more qualified, with less competition. They are, however, more educated and motivated enough to find inventory without you, so be careful that your buyers aren’t more aggressive than YOU are in finding their dream home.
- House flippers will go away. Their margins won’t be great enough. As of this podcast, Redfin reports that 49% of investor buyers have stopped buying.
- Low-margin brokerages and teams will either right-size or go out of business. EXP is growing exponentially as a result.
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5. Due to higher interest rates, creative mortgages will return as well as more government loans with looser standards. Rates will eventually settle into the mid-6 % range and rate hikes will stop.
6. The Macro trends of people moving to the countryside and secondary markets will continue. Voluntary simplicity and Starlink are of course factors contributing to this. The secondary markets that are still close to big cities will continue to be popular, and a good place to invest.
7. Appreciation / Inflation / The growth rate of home prices will average out to about 5% in 2023. Remember that according to Case Shiller, between 2020 and 2022, the average home price grew 45%!
8. Employers will have to allow for continued remote working in order to keep their best employees. This will continue to put stress on Commercial Real Estate, driving up vacancy rates, especially in urban environments. Look for interesting conversions of those spaces.
9. For Sale By Owners will list more quickly with skilled Realtors, thanks to fewer qualified buyers and the complexity of the market.
10. Some of the ‘convenience companies’ that emerged during Covid won’t be viable anymore due to higher gas and food prices. Boxed.com has already filed for bankruptcy.
11. The quality of leads you’ve been buying will continue to deteriorate and become an even worse investment. The cost will skyrocket even as the quality nosedives. Some agents will go not just get out of the business as a result but quit the business owing money on their credit cards thanks to their speculation on leads.
12. Agents and brokers who are unwilling to adjust to the new market, requiring new skills will wash out of the business. This includes pricing skills, being able to compete for scarce listing inventory, and utilizing strategic prospecting to find the right homes for qualified buyers. Listing presentations will become much more competitive as sellers become more careful and picky. It will become more and more a skills-based market and less relationship-oriented.
13. Agents must embrace more proactive lead generation and will be greatly rewarded for doing so. It’s faster and more effective. The agents with pending transactions now, FOUND the business, played matchmaker, and created their transactions. They’re not dependent just on the MLS!
14. Agents will have to be much more exact in their pricing strategies or wind up with an expired listing or be fired before it expires.
15. No one cares more about your success in real estate than Tim and Julie Harris and all of our Harris Certified Coaches!
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