How can you navigate a changing market and continue to succeed?
Today we’re bringing you the first part of a new series we’re doing based on the book “Shift” by Gary Keller. If you need the book, just reach out to us; we’d love to send you a copy. We thought this would be a useful series because we are seeing a market shift happen right before our eyes.
At 0:54 in the video, you can see our market data from the last 30 days. The shift has been more gradual than this, but this data should illustrate what we’re talking about. Just in the last 30 days, we’ve seen a 22% increase in active inventory. However, we’ve also seen a 20% decrease in the number of homes sold. If this trend continues, our inventory should level out soon.
Another factor we need to consider is our interest rates. In January of 2022, they were around 3.45%. Now, they’re at 4.72%, and they’ll likely increase further as we head deeper into the year. On top of that, inflation has been increasing the costs of everything, so buyers have less purchasing power.
As you can see, things are shifting towards a more balanced market. How can you navigate this? Your ultimate goal should be to maintain or increase your market share. For example, if you closed 30 homes last year, try to close 30 homes again this year. Since we’re in a shrinking market, you’ll have grown your market share by selling the same amount of properties. This way, when the market bounces back, you’ll have a greater share, and you’ll be able to sell many more houses.
“Shift” has 12 methods to help you navigate a changing market. Today we covered No. 1, Get Your Mind Right, and we’ll cover more in the future. If you have questions in the meantime, please call or email us. We’d love to help!