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The 2024 Spring Market has Sprung

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Education & Training with The Lones Group, Inc.

The Lones Group, Inc.

The 2024 Spring Market has Sprung

Today I want to talk about our spring market, because spring has sprung! There is a very busy market out there. If you look at open house attendance, it is up. If you look at pending numbers, pending numbers are up in most areas. People want to buy. They have been waiting too long to buy.

Also, while interest rates are just holding still, people are finding ways to get out of the homes that they haven't wanted to stay in. This past year, 2023, has been a year that I would describe as a Year-in-Limbo. However, this 2024 is already shaping up to be an active year.

What I want you to do is to go into your MLS and find out for yourself what is happening in your area. There are three things that I want you to look for:

  1. Sales, Days-on-Market, & List-to-Sale Price Ratio
    This will show you the pace of the market and the price of the market. If you track these numbers weekly, it is easy to see whether your local or niche market is declining, holding-steady, or accelerating.
  2. Historical Sales
    Compare this year to the last three years. This will give you some perspective on how robust a start your area may be experiencing against previous housing market seasons in your area.

  3. Market Sweet Spot
    Try to figure out where your real estate market's "sweet spot" is. You do this by pulling sales in all price points. Then you look for which price points have sold the quickest and which have sold for the highest list-to-sale price ratio.

If you do these things, you won't just figure out where the market is hot, but what the market is buying too. It's important! This gives you an edge in case you want to bring a home to market or if you want to target advertising at that market for your own business.

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Marketing to sweet spot areas can be very lucrative. Let's imagine that I go into my MLS and I do my above research for an area that I work. For whatever reason, this area has condos that are selling fast and selling for top-dollar. That is a great moment for me to then send out a mailer to that area that says to potential sellers:

"There is a great opportunity in your area. As a condo owner, your product right now is in hot demand. Here is the proof for it. If you are thinking about of doing something to take advantage of this moment in the market, then get in touch with me because I am the market expert who has the data and understands what is happening."

That is the kind of thing that we need to be doing in 2024 to keep ourselves in and ahead of the market. It positions you in front of people with something of value to them. You need to be a market researcher and reporter. The more you can do that in your business, the better chance that you have of becoming the agent that you want to be.

So, remember, 2024 is here and it is going to be a great year, but you also have to put the work in. Get into your MLS, it is an incredible tool and you are paying for it! Utilize it as a lead generation tool to help you identify where your spring market is heating-up. Now is the time to take action!


By Denise Lones CSP, CMP, M.I.R.M.
The founding partner of The Lones Group, Denise Lones has over three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development and more, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.

The Lones Group, Inc.

Comments(8)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

We are still battling extreme Scarcity in most of our Price Points ! …………………………..

Feb 16, 2024 06:29 PM
Denise Lones

Michael J. Perry I don't think we are poised to see a dramatic shift in terms of housing shortage. There just aren't enough trades available and confidence among the building industry to build the housing that is needed as quickly as it is needed, but I do think that we will see increasing volume both on the listing and buyer side. People can only put off moving for so long. Figuring out where that volume will happen in your market and targeting it will be important for success. Happy MLS reporting - Denise

Feb 21, 2024 12:50 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing, make it a great Saturday and enjoy your

weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

Feb 17, 2024 04:26 AM
Denise Lones

Thank you Bill. It was a nice President's weekend here. - Denise

Feb 21, 2024 12:51 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Denise,
I'm reading that many markets are cracking down on short-term rentals. Do you think investors will be putting some of those properties into the market, easing the inventory shortage?

Feb 17, 2024 04:51 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Denise!!! Great information!!!

while interest rates are just holding still, people are finding ways to get out of the homes that they haven't wanted to stay in. This past year, 2023, has been a year that I would describe as a Year-in-Limbo. However, this 2024 is already shaping up to be an active year.

Feb 17, 2024 05:16 AM
Denise Lones

You are welcome Sham - Denise

Feb 21, 2024 12:53 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

With over a foot of snow on the ground our area is still in hibernation mode.

Feb 17, 2024 07:30 AM
Denise Lones

That northeaster hit your area? Spring is still coming. Good luck digging out. - Denise

Feb 21, 2024 12:54 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Denise I know we are about 32 days away till spring and as I look out my window in Denver we have 3 inches of snow over night.  Still a great blog!

 

Feb 17, 2024 07:35 AM
Denise Lones

Will Hamm Thank you! Remember, you make the market. Buyer's should be advised that today's buyer will have less competition than in the spring. - Denise

Feb 21, 2024 12:56 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Denise Lones most people do not realize that the Spring Markets actually starts before Springs.  Sellers especially need to realize that if they want to put their home on the market for the Spring months, they need to start to prepare their home now.

Feb 17, 2024 10:55 AM
Denise Lones

So very true. It always takes longer than the seller thinks, especially if there is deferred maintenance that needs to be addressed. Thank you George Souto - Denise

Feb 21, 2024 12:57 PM
John Pusa
Glendale, CA

Hello Denise Lones vary valuable detailed report for the 2024 Spring market has sprung.

Feb 17, 2024 03:36 PM
Denise Lones

John Pusa - Has your area dried up from all that rain yet? Thanks for keeping in touch. - Denise

Feb 21, 2024 12:58 PM