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Real Estate Training & Coaching School

The UPSIDE To A Down Real Estate Market

Real Estate Training & Coaching School

Real Estate Training & Coaching School

Business, Careers

4.7669 Ratings

🗓️ 27 October 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206 IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com 1 Buyers in the new market now have more choices.  How many of your buyers were sidelined for months or even years, waiting to have more than one house to choose from?  How many buyers opted to not have to be in a bidding war? How many of those buyers also have a home to sell, who told you they would have listed, but where would they go?  When was the last time you spoke with them? Inventory has inched up over the past 90 days, if only slightly. Some homes are taking longer to sell, and as days on the market increase, so do the number of choices.  Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/?aff_code=670699 2.    Buyers don’t have to guarantee appraisal gaps anymore.  Homes are selling at or close to the list price, not massively above.  No more worries for you about deals dying because buyers don’t have the downpayment PLUS the appraisal difference!  This means each buyer’s savings actually goes further toward a stronger down payment, or keeping more reserve cash. 3.    Sellers actually need you.  Homes aren’t selling themselves anymore, pricing is more challenging, and staging matters.  No more beating down your commission because they really didn’t see your value.  The temptation to be a for sale by owner, or to not be particular about whom they list with, or to list with a discount broker is now waning.   REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris 4.    Commissions are going up on both the listing side and the buyer's side.  Caring, competent and skilled agents are now in high demand. Fear of missing out (FOMO), plus scary headlines = sellers need your guidance to figure out what is actually going on in the market.  Be the problem solver, the leader in an otherwise confusing market. 5.    Builders love you again.  Commission bonuses are already common, as high as 6% or more paid to buyer’s agents.  If you’re not talking to builders right now, you’re missing out on opportunities for both your buyers and yourself! Identify new construction neighborhoods in your area, visit the model homes, get the list of promotions, and get your buyers the house they’ve been waiting for. 6.    Builders also love buyers.  Most builders are now offering in-house financing with loan buy-down programs, which start at an introductory low rate, adjust 1 to 3 times, and then lock in the rate on year three.  This means buyers can afford more, still get a low rate, refinance later if they wish, and have a new home by the holidays. 7.    Homes are still appreciating, and rents are still high.  Thus being a homeowner still makes more sense than renting.  Real estate is still one of the best, most stable, most predictable investments you can make.  Thanks to inflation, you can still count on between 3 and 5% appreciation, year over year, according to the latest reports from many economists.  Remember that ‘appreciating less’ is different than ‘depreciating’. 8.    When you personally carry more listing inventory, your lead generation becomes easier, not harder.  Having just 30 days on the market changes everything.

Transcript

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0:00.0

Welcome to Real Estate Coaching Radio starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.

0:10.2

This is the number one daily radio show for realtors looking for a no BS authentic real-time coaching experience.

0:18.2

What's really working in today's market, how to generate more leads,

0:21.8

make more money, and have more time for what you love in your life. And now your host, Tim and

0:28.3

Julie Harris. Julie, what the heck is the upside to a down real estate market after all?

0:35.5

Well, I know there's so many negative headlines and doom and

0:38.5

gloom and the number of sales is crashed and this and that and the other. But there are some upsides to

0:43.6

this market. And let's define what a down market really is. Sure. Because as we've been sharing with you guys

0:49.8

the last couple of weeks, it looks like this is indeed going to be the worst market, real estate market,

0:54.4

in terms of home sales of our lifetime. So for those of you who just got your real estate licenses,

1:00.1

evidently you didn't get the memo. What were you thinking? Right. We're just kidding. Because we think

1:05.8

a market like this creates the most opportunity for agents that frankly are being proactive

1:09.9

with the right skill set.

1:11.4

But yes, we're looking at this year being the lowest number of actual home sales maybe in the

1:16.7

last three or four decades. The numbers are obviously aren't all in yet, but that is indeed what

1:21.4

it appears is going to be, this is going to go down in the history books. And for those of you

1:25.6

who are wondering what a tough real estate

1:28.6

market actually feels like, you have just lived through it. Congratulations. And there's every reason

1:32.8

to believe that we're at or near the bottom in terms of the actual number of transactions.

1:38.2

And last point, and I've made this the last three days because it's really important. Yes,

1:42.0

this is going to be the lowest number of transactions

1:44.2

and maybe recorded history for real estate sales in terms of a percent of homes that actually

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