Waiting well
ARE YOU A PATIENT WAITER?
HOW can you Gain vs Lose from The power of watching and waiting versus reacting.
My greatest successes in Real Estate have come from witnessing, learning, deciding, then taking action - I never advise anyone to move blindly or fearfully without an understanding of what lies ahead.
RECAP
We’ve hit the Midpoint in the year -
What did we learn from January - June 2023? Rates and high inventory have both been on a climbing trajectory, a market of hesitance vs a gangbusters environment (cowering mindsets = slumping prices)- buyers are still shopping making offers too low but so many are ready able and willing to shop = they are hookable
UNICORN YEARS - UNUSUAL YEARS -
FACTORS 2020 and 2021
What happened during those years
Government quarantines
Monetary policy put money into economy vs now - where money is tight and costly Fiscal policy that sent paychecks to people
Remote work that sent folks into the marketplace
What is your GAMEPLAN? Are you following or leading IN YOUR MARKET?
(Speak numbers of bullet points) Are you waiting around for better days?
Timing - There is truth to what you call right timing.
What I am talking about is YOUR timing for selling and moving.
When I visit a seller for the first time - the first question I ask is When and Why do you need to move?
The speed of sale YOU require can affect your future success.
The speed at which a market is moving - is not the only predictor of success.
Contextual factors - Economy, Labor Market High or Low Rates, High inventory influences home sales but does not predict them., Have you ever shopped for something personal? You may have many alternatives but only one was just right for you. What is Magical about your home compared to others?
Sales activity - where is it? Buyers have dumbed their sales prices down - for affordability reasons (translating to a lower average and median prices which is down)
ARE BUYERS STILL OUT THERE? We’ve seen rates between 6 and 7 percent for over 10 months. HECK YES! BUYERS ARE STILL OUT THERE.
Fewer people can qualify, forcing some purchasers to buy less expensive homes AND WE ARE SEEING MEDIAN PRICE DECLINE.
Statistics that affect you - not the ones that are broad, national even city wide, what affects your home sale. Why? Because in certain areas there are still multiple offers!
Are you waiting around for better days?
Let’s talk about Facts
From 2017-2019 Rates of appreciation were between 5-7% Freddy Mac says
In 2017 7%
2018 5%
2019 4%
UNICORN YEARS
2020 11%
2021 18%
Across the country Local markets that are small to mid size are selling
Austin
Affordable market
Solid economy
Job market is doing well
Demand for homes is strong
My next topic will discuss how TO PLAY THE REAL ESTATE GAME
The conversation today is How much should I win? Should you Sell now vs Later
