By now, your clients probably understand that our market is going through a shift. Without putting things into context, current changes can seem pretty scary to the average buyer or seller. It doesn’t help that the media tries to sell fear to get more viewership. How can you put their minds at ease and get them back on track? I have three statistics to share with you that will put our market in context, and get your clients back on the road to buying or selling:
1. Homes sold last year compared to homes sold this year. The national media thinks nationally; what they say doesn’t necessarily apply to your market. They may talk about home sales dropping nationwide, but that doesn’t mean they’re falling in your area. Position yourself as a local expert people can trust over national news sources.
2. Days on market. How long does it take to sell in your market right now compared to the historical average in your market? Days on market are likely trending up, but they may still be well below what historically is considered normal.
3. Months supply of inventory. Make sure your clients understand that any market that has 4 months or less of inventory is considered a seller’s market. While your market still likely favors sellers at entry and average prices, demand probably slows down as you enter the luxury-price ranges. Familiarize yourself with where your market is at for all relevant price points.
I hope these statistics help you put our market in context and allow you to ease some of your clients’ fears. If you have questions about this, email me or jump on my livestream and ask me then. Don’t forget to tune into our Luxury Friday streams over on youtube or go to www.LuxuryFridays.com, either. I look forward to hearing from you!
Founder & CEO | Luxury Listing Specialist Designation (LUXE)
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