Based on the market shift cycle, where is the market heading?
We’re reaching one of the last installments of our “ Shift” by Gary Keller series. For our topic today, I’ll cover how you can master the market of the moment. I’ll also briefly touch on foreclosures, bank-owned REOs, and short sales as part of our discussion.
At 0:44 in the video, there’s an illustration that shows the life cycle of a market shift. If you follow the graphic, you’ll see that during the initial stage, there are fewer buyers and more sellers, which is exactly what’s happening in our market right now. Due to rising rates, fewer buyers can qualify for their homes. As a result, average home prices continue to increase.
You can use the slide at 0:44 to predict where the market is heading. It may take some time, but some of the things mentioned will happen. I want to highlight what we can expect in terms of foreclosures. The forbearances the government handed out during the pandemic are almost up, and this will affect the rate of foreclosures in our market.
As an agent, how can you best position yourself for this shift? Your tactics have to adapt to the changes and needs of the market. If you’re not well-versed in foreclosures, short sales, and REOs, then it’s time to do your research so you can be the real estate resource that your client needs.
If you have questions about this topic or have any real estate concerns, call or email me. Let’s connect! Also, if you want a free copy of “Shift” just reach out, and I’ll send it to you.