You learn something new every day in real estate. Even after 31 years in this business, I'm still learning.
I learned something fascinating this morning based on a study from Zillow:
In the last half of 2020, the number of listings taken week by week were about even with 2019.
There's a sense that there's a lot less listings in the market as a result of of us not taking as many listings, but it's just not true.
In the last half of 2020, we've taken as many listings as a nation as we did in 2019. But it doesn't feel like that.
So why doesn't it feel like that?
It's like if you own a grocery store and had a delivery guy come every Friday to fill your shelves with the same order. But what has changed is the number of buyers walking into your grocery store and how many products they're buying each time they come in.
If more buyers are coming into your store and buying more products from your shelves, it's going to seem like there's not as much on the shelves...
One thing we're all challenged with right now is the speed of the market — or how fast listings sell as soon as they hit the market.
When you listed a house in a traditional market, you would have 90 or 180 days of market time. During that market time you'd able to be able to put out just listed cards, call and farm neighborhoods, host multiple open houses, and receive sign calls from your marketing. And with all that marketing, you would be able to convert those interested people into more buyers and sellers.
So every listing could easily lead to five or six more opportunities for more buyers and sellers.
But today things have changed. Every time you put a house in the market, it's generally selling within a few days with multiple offers. So you're getting robbed of that extra marketing opportunity.
But you can change that by using what I call a Marketing Sequence.
A marketing sequence simply means that you have a strategy about how you...
My friend and superstar REALTOR Adam McGrew recently shared a unique concept that he uses when talking commissions with sellers. He focuses his script around what the competition is offering and how the seller can be more competitive in the market.
His first step is to print a map of the area along with a list of properties that are currently for sale near the new listing. He then researches the compensation offered to buyers agents and highlights this information in his presentation. Next he asks the seller a simple question "So, you do want to be competitive, right?"
Not only do most sellers want to match the current compensation offered to buyers agents in the market, many want to incentivize buyers agents and encourage more showings by offering a higher compensation percentage.
Watch the video for more details...
According to a recent study by Trulia.com - "Among the 100 largest U.S. metros, conditions in 50 are now shifting in favor of buyers, a ten-fold increase from just five metros a year ago. They determined this shift by examining an average of three buyer/seller balance-of-power indicators and analyzing how they’ve changed in the last year (from January 2018 to January 2019): the share of listings with at least one price cut, the monthly median days on market, and the sales-to-list price ratio (how a home’s final selling price compares to its list price). All three have shifted in favor of buyers.
This shift also shows up in other common housing metrics. Homes sitting on the market longer, for example, can also help push up monthly measures of inventory because home shoppers can count on listings remaining active for longer, giving them more options at any given time.
The shift in favor of buyers is also happening where home values have risen the most over the past six...
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