“All Things Real Estate” News
What’s Up?
- Sales price – 0.2%
- Days on Market – 20%
What’s Down?
- Closed Sales – 26%
- New Listings – 25%
What does that mean to YOU?
If I had a crystal ball, I could tell you but my 2 cents; something has got to give. Whether that is rates, prices, affordability, or inventory; one of these will need a shift to re-engage the housing market. And, with all that being said.…..People are still moving. Just not at the COVID pace.
People will always need to buy and sell real estate. Let me introduce you to the newly update FIVE D’S of Real Estate. (Used to be Four)
Death / Divorce / Destination / Duplication and lastly…. DEBT!
Let’s talk Debt:
Based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau (based on 2022 and 2021 data respectively), it can be calculated that each American household carries an average of $7,951 in credit card debt in a year. ANDDDD, more recently, Americans’ total credit card balance is $1.079 trillion in the third quarter of 2023, according to the latest consumer debt data from the Federal Reserve Bank of New York. That’s up from a record $1.031 trillion in the second quarter of 2023, leaving the balance the highest since the New York Fed began tracking in 1999.
Consider this, most households have $10k + in credit card debt, at an interest rate of 15% or more. If they can refinance their debt into one loan, one smaller overall payment, at a rate of 8%, their household debt become manageable.
Lenders, this was your tip.
NOW – ATTENTION AGENTS:
According to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
- 3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
- 10,849 divided by 24 hours in a day = 452 houses sell per hour
- 452 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, over 10,000 homes sell each day in this country. If you are an industry professional in today’s market, brand and top of mind awareness has never been more important.
- Engage your clients.
- Predict their behavior – the FIVE D’s
- Prospect for NEW clients.
Partner with Ticor Title to help your focus for the ABOVE!
People are still buying and selling real estate…make sure you know when they are ready, they think of you.
Death / Divorce / Destination / Duplication and lastly…. DEBT!
