The geographic location of your business is likely directly correlated to your outlook on the current market. As states begin to reopen, buyers and sellers have come back to the table unevenly across the nation. In areas like North Texas, the market has become flooded with willing buyers ready to pay more than asking for homes they feel they're still getting at a bargain going forward. Sellers, however, are still relatively hesitant to pull the trigger.
Whether it's concerns over safety, or just general outlook on the future of the housing sector, sellers are much less motivated to pull the trigger. Having a safe asset is appealing in times of uncertainty and so it's understandable that sellers are less willing to make a move until they're sure we're on the other side of this mess. So what does that mean for real estate pros?
Listings are now, and always will be, the lifeblood of your business. It's easy to get sucked into the bliss of fresh buyer business if you're operating in an area that's thriving on it right now. Our team specifically is having a record month. But we're buyer heavy, and that's a problem. We have to think long term if we're going to excel long term. For us that means getting back to basics and hammering for listings.
Expireds and cancelled are up exponential in our market and likely across the board. FSBO's are struggling to get any attention whatsoever as buyers look to move quickly on listed properties and aren't even taking a look off-market. There is plenty of opportunity if you grind for it. Yes, it feels like things are looking up. But this too shall pass. And by 'this', I mean the swarm of hungry buyers ready to make offers on the fly.
Buyer may get you paid, but listings make you rich. If you're not manically chasing them, it's time to start.
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