Housing Market Uncertainty: Insights and Clarity in Jax Real Estate
Oct 30, 2023
What a whirlwind couple weeks. π΅π«
There's more uncertainty in the market now than we've seen in a while.
Call me crazy, but after running through my deep dive on the market and advancements in our coaching material, I have never felt more clarity about where things stand and what to expect locally. π
That said, let's dive into this week's update!
Pressure Building
If you don't know Ricky Carruth, you should check him out.
He's a Realtor (or real estate agent if we're anti-NAR these days) in Gulf Shores, Alabama and has a strong social media presence.
I saw this post he made and couldn't agree more. π
The story of this market is outside forces (rates) pushing buyers to sit on the sidelines and potential sellers to make what they have work.
It's not a surprise to me that prices haven't fallen because that only happens when demand is less than supply. βοΈ
It should really be telling you that the floor on home prices is higher than we think.
If rates continue higher, we will likely see activity slow (varying by location). This isn't because people lack the desire to take action though.
Should rates come down to 5-6%, an election/recession possibility I point out in my latest MarketPulse 360 presentation, we'd see a feeding frenzy that would rival 2021. π₯
New Home Builders Growing
The national stats for new construction were released over the past week and I wanted to compare to our local market. π§
You can see that both in Jacksonville and nationally, the market share for new builds is rising.
This is driven by buyer incentives, rate buy downs, and available inventory relative to existing homes.
The powerful story in Jacksonville is how much of the market is now new construction (~25%). πͺ
Our builder association, NEFBA, is one of the top 5 in the country and we're seeing how important that has been when keeping our market chugging along.
Finding Opportunity
Are you keeping up with your people even if they can't make a move right at this time?
Now is when you make sure you have a game plan for the next 6-12 months with your clients. ποΈ
What specifically would cause them to take action? What's their life like if they don't take action?
Know your trigger points so you aren't caught behind the 8-ball. π±
Keep them regularly updated so they know where things stand.
This builds your value and avoids misunderstandings should things change or they decide they're done waiting.
If you want help tracking the market and communicating it to your clients, check out my course which you can get immediately. It will help you bake data into your processes which is critical to succeed in today's market.
Also, I'll be opening up enrollment in my coaching membership in the coming weeks. Make sure you're on the waitlist to get in when the time comes. It will be the best $100 investment you'll make each month. I guarantee that.
Don't wait. Take action this week to build your future. π
Whenever you're ready, there are 3 ways I can help you:
- π― Market Insiders Coaching Membership: Join an exclusive group of Realtors focused on becoming experts in our local Jacksonville market. This membership gives you access to monthly live coaching from yours truly, a member-only community for private updates and discussions, and additional resources to address clients questions and supercharge your business.
- π©π» How to Use Market Stats in Your Business: Accelerate your business growth by learning how to use data. This course will help you more easily understand the market, improve your client presentations, and increase your conversion rate with clients. No finance degree required as I lay everything out in very simple terms.
Rated 9.84 out of 10 for value to their business by 100+ Realtors.
- π Schedule a live presentation: Want to learn in person? I offer the MarketPulse 360 presentation that connects all the dots (national to local) so you get a comprehensive breakdown of today's market. It's 2 hours of beautiful charts designed to give you all the major trends you need to know about and address the most common questions in the market. You'll walk out feeling more confident, with resources to use in your business, and a level above the rest of the Realtors who are wandering around blindly.
