What's more important than the interest rate you're paying on a home?
It's the price you're paying for a home, obviously.
So when we're talking to our potential buyers, this is something we should be talking about with our social audiences, our sphere of influence, our farm areas, and really beating this drum that they need to refocus their attention on this idea that prices are coming down. And we have some real opportunities in the market.
The way we're gonna frame that up is gonna say:
"Hey, listen, a lot of people get really focused on interest rates. But I want you to start looking at price because some smart buyers that I know, some savvy buyers are really starting to get out there and find some incredible bargains. There's really two areas that I like to talk about with all my friends that I think are huge opportunities.
One of them is luxury housing. There's a 38% drop in the last quarter of 2022 in luxury home sales....
Now here's another question that a lot of us are getting:
Is the market turning into a buyer's market?
This is really a market-by-market conversation. But I will tell you that we could easily have a situation in a lot of markets where you actually have a couple different markets within the larger market.
Here's what that means:
Markets aren't just one thing. They are a whole list of price bands, right? So you have lower tier price bands, mid tier price bands, and higher price bands. And in your market, as the market is transitioning, it's not all one thing. So you could have a lower tier price band that's still a strong sellers market. Lots of demand because that's where first time home buyers go, right?
But then as you move up the ladder, you might see that at the higher tiers—the luxury housing, for instance—that it is a buyer's market.
So what's the defining factor here?
You gotta ask yourself, how do I...
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