Spring is here... now we need more inventory...
Well the spring market is definitely upon those of us in real estate. All of the agents I talk to are busy, loan apps are flowing in, and the market is busy despite higher rates and inflation worries. But one thing is missing...
Inventory is still low.
Like much of the last 2 years the market is seeing more buyers than homes for sale. According to many of the agents I talk to this means we are seeing...
So in a way welcome to 2021 again. But there are definitely signs that the market has changed. One example is that builders are running promotions, both with price reductions and with special interest rates. Offers are being countered on many houses, best and highest is not automatically happening... the market is definitely different.
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Last fall everyone was talking about "the shift" and it felt like the market was changing. What stopped it mid shift? Was it interest rates? Financial worries? Whatever it was there is definitely not the shift a lot of people predicted... in most ways it is still a sellers market.
So what is the rest of 2023 going to look like? Is the market going to shift this year or will it remain like it is today? What are you doing to make this market work for you?
I wanted to share a quote from a friend of mine that is a great coach and speaker, and I asked him what he would suggest an agent do.
"Homes sell every day in every market, and there are things that an agent should do in all markets, regardless of the market. So I suggest agents have 2 different plans... one that they execute every day in every market and one that they modify annually, quarterly or even monthly to adapt to the short term market. But don't change radically and don't panic is the most important advice I can give."
I think he is right... work every day, follow up with past clients, ask for referrals and keep pushing through. Summer will be what it will be, but we just need to keep working. Have a great spring.