There’s no doubt that the real estate market continues to change. With so many negative headlines, it’s time to sort out the good, bad, and ugly of today’s market. Let’s stick to the facts and talk about what all this really means to you, our listeners who are out there helping buyers and sellers every day.
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On today’s show, we’ll discuss six key facts and how to use this information with your clients and prospects.
Fact #1: It’s true that new housing permits are down 4% this month, but here’s the interesting thing: Single-family home permits are UP by 2%. The 4% that’s being reported is due to a decline in permits for multi-family construction.
How well do you know the new construction in your market? What are the different products available, where are they priced and what kind of builder incentives are being offered?
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Fact #2: Headlines say that we’re headed for a ‘frozen market’ this winter, with sales down 2% month over mont and 15 to 20% down over last year. In 2021, there were 6.6 million sales. We are projected to close 3.96 million sales this year, the lowest volume of sales since 2010, during the Great Recession.
You can focus on the fact that there are fewer sales, or you can decide to focus on YOUR sales. You don’t need a million sales. Most of you need 12 to 24 sales yearly to have an amazing lifestyle. Be proactive and be the one who IS selling instead of being an agent who uses fewer sales as an excuse to be lazy.
Fact #3: Interest rates are averaging 8% now. Though this is a major increase versus the radically low rates of past years, it is actually about average in history. How has this affected the market? Investors, flippers, and some first-time buyers have left the market.
This leaves cash buyers, motivated sellers, and people moving mostly for circumstantial or lifestyle reasons. You must be more proactive to find those prospects!
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Saavy mortgage lenders are promoting free refinance programs for the next 18 months. Remember: marry the house, date the rate. You can always refinance.
Fact #4: There is still more demand than there is supply. Last month, 69% of homes sold in less than one month. Homes that sold had an average of 2.6 offers, and 26% still sold for more than the list price.
This means that 1.6 buyer prospects lost the battle and are still looking. How are you being proactive in finding a match for your qualified and motivated buyer clients?
Fact #5: Not everyone cares about high interest rates. Nearly 30% of last month’s closings were ALL CASH transactions.
Fact #6: Not ALL First-time buyers have left the market! 26% of sales last month were first-timers. There are well-qualified, well-paid, healthy downpayment, high-credit buyers out there; you just have to be the one working with them!
Remember, now more than ever, your mantra is ‘if it’s meant to be, it’s up to me!’ This means you must be more proactive, make more meaningful contacts and have competent conversations with prospects and clients every day if you expect to not just survive but thrive in this new market.
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