What’s up? What’s Down? And What that means to you?
What’s up?
- Months of Inventory – 40%
- Medium Sales Prices – 3.8%
- New Listings – 10%
What’s Down?
- Closed Sales – 29%
- Active Inventory – 23%
What’s Flat?
- Home Prices
What does this mean to you?
As we all know, interest rates have slowed closed sales in the market, with a glimmer of hope for rates to Fall this year. “Fingers crossed…breath not being held,” but here are Piatt’s 2 cents for 2024:
Right now, almost 40% of listings on the market, have taken a price cut. That is more than “normal.” A normal market would reflect 1/3 of the inventory with prices cuts. We continue to grow close to the 40+ mark.
It’s a reflection of unaffordability. It’s a reflection of very high mortgage rates and how quickly rates rose in September and October. Which leads me to another 2 cents I’d like to share.
Prepare your clients for a PRICE REDUCTION. We are NOT in 2021,2022, or even 2023. Affordability will continue to be a huge issue. If rates don’t budge, prices will have to. Be prepared to have your systems and conversations in place.
As a professional, the best advice I can give you be RELENTLESSLY PREPARED! Relentless in the pursuit of LEADS, all day, every day. PREPARE to generate your own leads, create inventory and opportunity for yourself, and your clients.
- Schedule your day
- Prospect daily – no excuses.
- Don’t forget your SPHERE!
- Get automated.
- Stacy educated.
- Know your market.
- Get the right business partners to achieve this!
People will always have a reason to buy and sell real estate.
Death | Divorce | Duplication | Destination | DEBT.
Make sure you’re the FIRST professional they think of.
