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Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: Is low inventory having a protective effect on the housing market? How long can it last?
In place of phones ringing off the hook, the past several months have offered the sounds of silence for many real estate professionals. Seller clients are sitting tight on their low-interest mortgages like a brood hen protecting a nest. At the same time, frustrated buyers are scrolling their portal of choice (probably Zillow, tbh) day after day, just hoping and praying to see something new hit the market.
Zoom out, and doomsdayers and naysayers are predicting a market meltdown of epic proportions. They’ve been doing so for quite a while, though. That either means they’re wrong, or we’re on the verge of — something pretty scary.
Although my crystal ball is in the shop, Michael Gifford dusted his off and took a look at the predictions of others as well, laying out an argument for a strong market in the months ahead. Get caught up with his analysis, then check out some other resources for finding new clients, nurturing past clients and making the most of every listing that comes your way.
The low inventory seller’s market gave real estate agents, buyers and affordability advocates fits throughout most of the pandemic and in the years beyond. Ironically, however, it may be having a protective effect on the real estate market, offsetting the probability of a bubble and keeping home values high.
This is just one of the factors Gifford identifies in his overview of the current and (short-term) future real estate landscape. Inventory-starved markets, significant pent-up demand and high levels of homeowner equity suggest that it would take more than interest rates to reverse the current trend.
According to Gifford, “Housing market sentiment is growing, especially in home equity investments. We’ve seen cautious optimism from institutional REITs adding HEIs to their portfolios.”
While this is good news on the macro level, you still need to make money moves to stay in business. Fortunately, our Inman contributors have plenty of ideas to keep you moving forward as we approach the second half of 2023.
This semi-retired broker is shifting the conversation around ADUs
Looking for new opportunities? How about a newish (and growing) product category? Veteran broker Kendyl Young is educating agents about the potential of ADUs as a value-added investment component for buyers and existing homeowners. “With her wealth of knowledge and dedication to educating others, Young is poised to revolutionize the real estate industry by promoting the benefits of ADUs and equipping agents with the tools they need to succeed,” smart home expert Brandon Doyle writes.
‘A listing is an asset’: Here’s how to make the most of your next one
When listings are rare, they need to be treated like the precious treasures they are. That’s why you need to make sure you’re leveraging the power of that listing to raise your professional profile and build your business. Here, Jimmy Burgess talks with Jimmy Mackin, CEO and co-founder of Curaytor, to outline a marketing blueprint that has a “compounding effect” on your business.
‘Do I need to disclose?’ Even more queries ChatGPT can’t answer
When you do get that listing consultation, you need to make sure you can show your expertise and land the client. That requires you to stay up on all of the latest rules and regulations as they apply to listings — not outsource the job to your AI bestie, ChatGPT. Bernice Ross provides seller questions that stumped the bot but that you, as the listing agent, had better have on lock.
EXTRA: ‘How’s the neighborhood?’ 5 buyer queries ChatGPT gets really wrong
How to keep in touch with clients in an authentic way
Rain or shine, good market or bad, your past clients and sphere of influence are the best of the best when it comes to providing the referrals that keep an experienced agent in business — no matter what. Let Mauricio Umansky help you create a plan to stay top of mind with current and past clients so that no one and nothing slips through the cracks.
Christy Murdock is a freelance writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.
