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Happy New Year! Let’s get ready to Roar in 2024.
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. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206 IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris’s Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com
2023 was the weirdest year in real estate history, where we played interest rate ping pong, a hot first half, a slow second half, pricing all over the place, falling inventory levels, and predictions of a recession.
We followed that with 2023, where sales fell off a cliff, ending up with fewer than 4 million closed transactions, lower than lower-than-ever inventory, but by the end of last year, we finally saw things start to turn around. Refer to our end-of-year predictions podcast series for all the facts!
FREE Meet-Up In Your Area : Please RSVP now for the Tim and Julie Live Meetup near you – a FREE, fun, and casual event to kickstart your 2024 with motivation and focus! Gain invaluable insights, connect with industry leaders, and make 2024 YOUR BEST YEAR EVER. Secure your spot at https://app.getriver.io/tim-and-julie. Don’t miss out on inspiration, expertise, and networking opportunities. Let’s do this!
Are you ready for a New Year, a New You, and a New Market? Us too. Today we’ll talk about what to watch in your market so you can stay frosty with the facts, talk the talk, and feel 1000% confident talking about real estate with your past clients, your friends, prospects, and future clients.
Knowledge = Confidence, and ignorance = fear. We’re here to educate you, motivate you, and get you into action.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris
What to Watch in 2024
1. Inventory is everything. When inventory increases, your buyers have more choices, but your listings have more competition. You need to be tracking the total number of active listings not just in your market, but in each MLS area, zip code, and town in which you prospect, market, and transact.
Remember: As long as there is more demand than supply, prices will be stable or increasing. There’s no price crash on the way. Remove that thought!
2. Track what the builders are doing. Are they driving all of the sales due to builder financing, lower rates, and buyer and Realtor incentives? What’s being built in each area and price range? This is also part of your Inventory Tracking.
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3. Track price reductions. Which areas and price ranges seem to be struggling? What’s the average percentage of a price reduction? Is it big or small? Are you seeing fewer or more reductions?
4. Track the average Days on the Market for the areas you work. What seems to still sell in 10 days or less, and which areas or prices seem to have a lot of expired listings after 90 or 120 days on the market?
5. Track List-To-Sell Price Ratios. What is the difference between the final list price and the final sale price? Is it still 100% or more, or are homes starting to sell for less than the list price? How much less than the list price?
6. Apply all of your tracking data to each subject property you’re dealing with, whether it’s preparing an offer for one of your buyers, or getting ready to price a listing. Refer to our podcast: ‘Don’t go if you don’t know’ for an in-depth drill-down on this.
Homework: Set up your methods of tracking so you can stay frosty with the facts this year.
-Altos Research
-Your MLS Hotsheet
-HousingWire Housing Tracker (every Saturday)
-New Home Source.com
-Google Alerts for New Construction, Housing Market News in your area, etc.
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