by Bernice Ross, CEO BrokerageUP
We have moved through the “great pause” and now are in the midst of the “great reinvention.” As an agent, you have a unique opportunity to reinvent yourself and create the business you want in the “new normal.”
If you’re ready to thrive in the midst of all the upheaval, here are seven key trends to watch plus action steps to take for your business:
1. Recognizing pricing trends using ‘high intent’ metrics
Economists agree that supply and demand are the best prognosticators of future prices. If you want the most accurate picture of what is happening right now, Mike DelPrete recommended focusing on “high intent” metrics.
On the supply side, this is the number of listings coming on the market. On the demand side, pending sales provide a snapshot of what is happening today rather than using closed-sale data which relies on 30-to-90-day old data.
Action step: To have the most up-to-date assessment of what is happening in your local market, watch for changes in these two metrics. When there are more pending sales than listings taken or if these two numbers are in parity, prospect for sellers. When there are more listings than pending sales, prospect for buyers.
The pandemic forced most businesses to operate remotely. As the lockdowns lift, many owners and employees will be continuing to operate remotely.
The current data is showing a trend towards “resuburbanization,” where people trade the convenience of living downtown for more space and a less expensive lifestyle outside downtown metro areas. Here’s what several Connect Now speakers reported seeing in their data:
McMansions are making a comeback as more people create multi-generational households or merely need more space to accommodate working from home.
Movement out of downtown communities to walkable areas in the close-in suburbs, small cities and rural areas.
A surge in second homes sales in areas located a two to four-hour drive away from major metropolitan areas.