Episode 034 - What's Happening with the Real Estate Market?

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By Steve Valentine and Bernie Espinosa, Steve Valentine, and Bernie Espinosa. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

It’s safe to say that the real estate market in Phoenix has been bananas, as Bernie would put it. Not enough houses, listings that close in days (or even hours), this is what we’ve been dealing with for the last year or so. But while not much has changed recently, things look to be cooling down a bit, if not moving toward real change. That means a change in attitude is needed to continue to be successful in this market, and today we’re talking about some strategies to help make that change.

Crazy Markets Breed Bad Habits

So, what does a cooling of the market look like? The truth is that because the market has been so fast, we’ve gotten used to that as being the status quo. When you get used to something being extreme, habits can form that will hurt you drastically once things start to settle down. Take a moment to look at the conversations that you’ve been having with your clients, and how you’ve been conducting yourself professionally. For sellers, a cooling will mean that listings won’t be going so far over price, and more care will be needed in making the listing itself.

If you’re not having conversations with your clients yet about a cooling of the market, you need to get ahead of curve before it leaves you behind. Bad advice can lead to overpricing a house thinking the market hasn’t changed or holding out for more money when a good deal is already on the table. In an industry where reputation is so important, avoidable missteps like these can have big consequences.

Don’t Miss Out on Opportunity

A cooling of the market isn’t necessarily a bad thing in terms of business. There is opportunity to be had in the connections you’ve made that didn’t move because the market was so bananas. Reaching out to clients who might have stepped back is a must when ground conditions change. Keeping an eye on how the market is changing and having a plan for when it does is going to keep you successful and your clients happy.

We’ll have more to come as we see how things play out, so get out there and start having those conversations, and have a plan, because there’s always opportunity if you’re ready when the winds of real estate change like they always do.

“We're still so far away from what a balanced market is. So, I'm not worried about that. And we still have a ton of growth going on in Phoenix. But a lot of the conversation has been about leveling off.” – Steve

“When you advertise a new listing, those crappy iPhone photos that you use are attached to you in that listing forever. When you look at Zillow or when you look at anything (in the) past, that shows your professionalism.” – Steve

“I just think that people are starting to take a step back a little bit. And I think people are going to have to be more realistic on pricing, versus the grind factor, and all that's going to change depending on location, the property, condition of it, all the things that matter, no matter what market we're in.” – Steve

“I would say as an agent, know your data, get your data, find some bullet points that you can really leverage with your buyers and sellers. Revisit past buyers, find out where they're at, re-engage, and then make sure that everybody in your respective community is educated on what's happening.” – Bernie

“Revisit past buyers. Learn about what their current situation is. Get your hands on information, like data that you can kind of intertwine into a conversation, leverage your stories and your personal experiences that you've had, and make sure that you have some field experience that you can also showcase when you're talking to some folks because I think there's a great little window here to revisit with people that you started relationships with, to either further nurture them and make their dreams come true right now. Maybe you can find them house.” – Bernie

Have a question or topic you’d like us to cover? Send us a message at:

Steve’s Instagram: https://www.instagram.com/stevedvalentine/

Bernie’s Instagram: https://www.instagram.com/bernzpix/

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52 episodes