In this episode, Let's Talk Market Data. For the last several months ever agent has experienced a change in their business. If you are a new agent, you probably are trying to figure how to jump in to the business. Anyone every jumped double dutch? You kept trying to figure out the best timing to jump up. Or how about when you go swimming and you know the water is cold. When do you jump in, being stuck is real. Or how about you want to be successful so badly that you are all over the place.
Again it's not anyone's fault that the market is different. I can't remember being in a situation where, market time has gone up, median sales prices are up, we still have multiple offers, interest rates are up and inventory is low. Even real estate agent went to DC to speak to congress about giving incentives to encourage landlord's to sell their homes. We are all trying to get creative to find more inventory.
Demographic Drives to housing demand.
In 2022We've increased in population
- 1 million more in 2022Births
- 3.7 milliondeaths 3.3 million
- Divorces 690,000
- Turned 30 in 2022 4.4 million
- Median age of a first time home buyer is 36 up from 33 in 2021
Tourism from other countries to the U.S. is up since the pandemic. Normal interest rates are around 5.3% and today we are near 7.1% as of thursday May 11th, 2023. Talk to your mortgage professional for the current rate.Homes sales new and exsisting are bottoming out. even with new construction. Lumber prices are down, but the cost to move it to the U.S. is high because of tariffs.
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