Spring 2024 Must Know Real Estate Market Facts

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On today's show Tim and Julie Harris give you the bottom line, hard cold facts about this real estate market. Know these facts when speaking with the public about what is truly going on in the housing market. This is an election year and that means the fear and loathing over the economy, housing market, interest rates and inflation, social issues will only intensify. You know that the headlines can't be trusted, but the facts can.

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Here are the facts.

*Inventory rose again, albeit modestly, from 556,000 listings to 560,000 actives.

*The same week last year, inventory actually fell from 421,000 to 420,000.

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*For context, the all-time low (ever!) was only 240,000 active listings in 2022. And for more context, pre-COVID, pre-COVID Boom, in 2015, listings were at 1,081,000.

*Where are you finding inventory for your buyers?

*33% of listings have at least one price reduction before selling.

*All in all, the total number of homes active for sale is up 30%.  That's 6 straight months of inventory growth.

*The median home price is slightly up from last year, at $430,000.

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*Nationwide, the average days on the market are 47.

From NAR this week:

National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023), and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024).

Yun also explained that rents will calm down further, which will hold down the consumer price index (CPI) and make the Federal Reserve cut interest rates.

Yun said that based on April's employment data, there are six million more jobs compared to the pre-Covid highs, and jobs are boosting home prices.

Bonus:

BUYERS don't know the difference between an Exclusive Agency and a non-Exclusive. Know the difference.

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THIS WEEK'S TOP REAL ESTATE HEADLINES

Dominate or Be Dominated: Real Estate Agent's Guide to Crushing Competition

Real Estate Agents:  Are you finding that most of your deals are with people who already know you?  That's normal, and that's great...until you run out of 'easy' deals.  

What happens when you meet someone new, someone who might be talking with other agents and trying to decide who to represent them when buying or selling real estate?  What if their spouse also has someone in mind?  How can you more easily win their trust and earn their business?  Do you feel you can compete and win in any situation, in front of any personality style or price range? Read more »

How To FINALLY Find A Home For Your Buyer!

Where's all the inventory?  Yes, it's growing, but it's also all selling nearly immediately.  There are buyers who are all cash, loan-committed, or at least pre-approved, anxiously waiting for you to get them what they want ASAP.

You need two things: to get your buyers in contract and to find more listings for your own inventory. Read more »

How To FINALLY Find A Home For Your Buyer! (Part 2)

7.     Connect with Assisted Living Care housing intake directors.  Most people pay for their assisted care living costs by selling their homes and cashing out the equity.  The housing intake coordinators are a great source of those leads.  Provide value by being a liaison between the homeowner and the director, and the director will love you!  Modify your Pre Listing Package to include contacts for estate sale specialists, pet rescue, moving and storage, etc. Read more »

Agents: Buyer Pre-Qualification Scripts and Systems For THIS MARKET!

Real Estate Agents: Are you finding it challenging to determine which of your buyer leads will actually buy? Will they buy with YOU?

Facts:

-There are more buyers in today's market than there are listings to sell them.

-Even when your buyers are both motivated AND qualified, you have no guarantee that you'll find them the right house, win a potential bidding war, and soon you may have to worry about how you'll get paid for your hard work.  Prequalification just became more important than ever! Read more »