Hey guys, the market is shifting. If you can feel it in your market, you're not alone. One study that's backing this up is a study that's just been done by realtor.com. It shows that of the top 300 Metro markets in the country, 45 are seeing significant price adjustments happening.
I'll give you a couple examples:
Des Moine, Iowa — 32% of the listings have had a price adjustment
Midland, Texas — 28% of listings have had a price adjustment
Toledo, Ohio — 26% of listings have had a price adjustment
Metairie, Louisiana — 24% of listings have had a price adjustment
Where I live, Portland, Oregon — 20% of listings have had a price adjustment.
So not every market's having this yet. But we're certainly seeing sellers starting to be wise to the fact that buyers aren't just going to pay infinity anymore. There is buyer resistance to pricing. We've seen the largest run-up in pricing. Prices have hit an all-time high. And buyers are starting to put the brakes on.
That's why we're seeing a little bit of activity fade with buyers on the street and the number of offers and number of showings that are occurring. So it's really important when we're sitting with a seller to talk about their peer group and what's happening in your localized market.
Look at all the people you're gonna be competing with when you enter the market. I call that your peer group.
“Hey, of the eight listings that are most similar to yours, that people would probably look at when they look at your listing, if it looks like four of them had a price adjustment in the last 30 days. Which means they started too high and then they came down.
We don't want to be like one of those guys coming down later on, we want to price a property right. We want to be one of the most competitive so we drive showings, drive offers, and hopefully multiple offers to your home. There's still multiple offers happening, but it's only on those properties that are priced right coming out of the gate. So that’s something for us to take a hard look at.”
Those are the kinds of conversations that we need to be having. And really diving into price as a big part of our value proposition, understanding that we are the experts in price and demonstrating that is super critical in this market.
If you'd like some extra guidance and mentorship as we enter a less hot market, join The Path Performance Coaching Platform.
The Path is a mentorship program for agents and brokerages, which includes:
+ 18 Weeks of Daily On-Demand Coaching so you can find more high-quality leads more often and turn them into more listings
+ Hundreds of Downloads - System, Forms, Checklists, and scripts to make your job easier
+ Live Coaching - Multiple Times a Week
+ Goal Tracking and Activity Tracking
+ New Marketing Assets Delivered Weekly
And you get two weeks to try it out for free. Visit https://www.erealestatecoach2.com/Three%20Reasons to get started.
Implement game changing lead generation strategies, grow your sphere of influence, improve your presentation skills, build systems, tap into follow up tools, learn time management strategies, and tap into your true potential.
This is your time to create the business and life you deserve!
✔ Take Control of Your Career!
✔ Manage Your Time Effectively!
✔ Attract Clients Instead of Chase Clients!
✔ Plug into Proven Systems!
✔ Tap Your True Potential!