Looking Beyond the 2023 Housing Market
Today I want to talk about 2023, what made this such a challenging year for many agents, and why I see opportunity ahead for agents equipped with the right knowledge.
I get calls every day from agents that tell me that 2023 was not a great year for them. I also get calls from other agents that actually did really well in the market in spite of the fact that this year we have seen less inventory than we have in over a decade. It's been a tough time for agents because the volume of selling homes has been down. That means that with fewer transactions to go around, some agents have been feeling the pinch!
If you have been getting stressed because your market doesn't have the sellers that it used to have, some of that is likely because you have sellers sitting on the fence who aren't thrilled about the interest rates that the market has to offer – especially those sellers with interest rates that begin with a “3”! This stalemate has created pain for a lot of agents: the pain of sellers not wanting to move, the pain of lack of inventory, the pain of higher interest rates, and the pain that prices haven't come down either.
The fact that prices haven't come down is a direct result of how strong our market really is and that means that an agent armed with the right facts and attitude. This January, at my 2024 State of the Market I am going to be discussing exactly that. Even though 2023 created some challenges for our industry, boy have I also seen some opportunities emerge too.
It's totally normal in this market for agents to be fearful. However, when you are fearful and making fear-based decisions, it is even more important that you are operating with facts. That's why getting the kind of information I present at the State of the Market is so important.
For example, did you know that right know this is one of the most important times in history for buyers to get great deals? And I know some people are thinking, "Denise, how can you say that? Interest rates have doubled!" I know that even though interest rates have doubled, seller motivation is still higher. In every market there are buyers and sellers that need to move and I want you to be the agent they call.
That means that you have to find a way to be the detective and find those opportunities for your buyers that exist out there. I want you to walk away from the State of the Market knowing where the opportunities are and what you need to do to increase your buyer and seller business pipeline.
When you know what's ahead in our industry for the next five years, you are going to get excited and charged-up because the future of our industry is going to be thrilling – so get ready!
For those of you who are thinking that the 2024 housing market is going to be dull and stale, I say, “Absolutely not!” We are in for in incredible ride. Come to my State of the Market – in all the decades I have been doing this it is easier than ever to attend since we are doing it online. I am so excited that I get to share with you the research and solutions that will help agents drive a more successful business in the new year.