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In today’s fast-evolving real estate game, traditional plays aren’t cutting it. So, let’s break it down for the real MVPs. Inflation has got everyone talking. The National Association of Realtors (NAR) dropped some stats recently that suggest real estate agents who’re vibing with the “traditional” single-family homes might be in for a cold winter. Existing home sales? Down by over 15% from last year. Ouch.
But it’s not all doom and gloom. Home prices have shot up by 3.9%. Still, with winter creeping in, the market’s gonna chill for a bit. If you’re like us and keep an eye on industry experts, you’ll know Selma Happ from CoreLogic is hinting at tough times ahead due to those pesky high-interest rates. “Since mortgage rates surged earlier this year, home sales activity has been trending along the lowest level since 2007. A combination of increased costs of homeownership and a lack of inventory is keeping potential home buyers on the sidelines.” With fewer homes on the market and the cost of owning one skyrocketing, potential buyers are chilling on the sidelines, Netflix-binging and rethinking their moves.
Industry bigwigs like CBRE reckon this might last till spring 2024. Yep, it’s not just the residential agents; even the commercial crew might have to tighten their belts. With the future of office spaces in limbo (thanks, WFH culture) and a dicey economic outlook, deals are frozen in place. So, is there a silver lining?
Here’s where it gets juicy. Investment real estate agents, especially the trailblazers at New Western, are making waves. Our ‘Flip Side Report‘ reveals a massive 93% of investors are game to buy an investment property this year. That’s a whole lot of action waiting to happen! Plus, with around 200,000 investors, over 15 million vacant homes to choose from, and the economy giving the green light for rental properties, it’s party time for investment real estate agents.
For licensed real estate agents with a thirst for success ready for a market that’s as dynamic as your playlist, it’s time for a power move. There are eight weeks left in 2023. Why not use them to set 2024 up to be your year? Level up and Make Success Happen. Slide into the career opportunities at LifeatNewWestern.com and apply to join us today.
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