How do you deal with a market correction? We’re experiencing a severe correction in my town. There are 17 resale homes on the market, at this time. That’s as close to being VOID of inventory in a town as I’ve ever experienced. It’s not a pretty sight.
What I’m doing is meeting with the new team members and coaching them on how to secure expired listings and fsbo listings. We’ll be seeing both, especially the For Sale by Owners. When there are not many real estate signs visible, homeowners who need to sell are “flexing their muscles.” Those muscles usually fatigue quickly, but they feel their oats at the onset.
I’m searching for land. We have three subdivisions secured, and one of them will go live in a couple of months. There are two going through approvals, and two new offers being negotiated. That’s a total of 5 subdivisions that will be priced according to the current market with a few “loss leaders” to get them off the ground.
Those who have subdivisions will always have resale properties on the market. Those who search for land will always have subdivisions. The key is to keep the cycle going and not have any voids. The voids will bring a real estate agent to his/her knees in a changing market.
Just a thought to end my day….and I do hope to end it soon from a 4:30am start!!!