From our Team Leader, Jeremy Callahan
Pay close attention, agents! The market correction has already started in Greater Chattanooga. Take a look at this 2021 vs 2022 Market Snapshot: every metric below seems to indicate we are leaving the extreme seller’s market and turning towards a more balanced market. Notice I did NOT say market crash- this is a market correction.
Inventory Levels and Price Changes are increasing while Closed Sales are decreasing And because homes aren’t selling quite as easily/quickly as before, Expired and Cancelled listings are increasing as well.
Couple this with yesterday’s news where the Fed raised the base rate by 0.75% and if you haven’t seen this before, it’s enough to make your head spin. Especially if you buy into the Dooms Day headlines.
I want to remind you that real estate is hyper local- what’s happening in Chattanooga is not what’s happening in Seattle. And what’s happening in the stock market has little impact on the real estate market. Historical data proves that repeatedly.
Agents- we have a unique opportunity – the tide is changing! This market correction to a more balanced market is actually a GREAT GIFT to us with many benefits IF you’re using the RIGHT LANGUAGE and the RIGHT STRATEGIES to accurately consult with your clients and capture the increasing levels of inventory that will be hitting our market in the coming months.
Today, I did a deep dive on what’s happening nationally and locallyright here at home – we talked about the local metrics, how to have data driven dialogue (facts over feelings) with your clients and prospects, discussed a positive perspective on the interest rate increases, and gave a dozen or more actionable steps you need to be taking in your business right now to THRIVE in this market shift.
It’s time to adjust your sails by adopting a new mindset and implementing new components into our businesses so you won’t be left behind
If you want a copy of today’s replay and the slide deck, let me know. It’s time for all of us to up our game and raise the bar.