It’s time to run toward the housing market. Today, I have some quick thoughts of encouragement for the real estate community as we look to 2024. I know it’s a holiday week, but I really want to share this message. And I have some cool stats too. Scroll quickly or digest slowly.
NOTE: This post is not about predictions or advice for buyers or sellers. We’ll have plenty of time to talk about 2024, but not today.
UPCOMING (PUBLIC) SPEAKING GIGS:
11/30/23 Safe CU “Preparing for a Successful New Year”
12/08/23 Free Q&A event for appraisers only (on private work)
11am PST one hour – click link here (see pass code)
Meeting ID: 832 2414 3890 Passcode: 007
01/30/24 Joel Wright & Mike Gobbi Event 9am (on Zoom here)
3/11/24 Yolo Association of Realtors (details TBA)
RUNNING TOWARD THE HOUSING MARKET IN 2024
The real estate business has been brutal this year for so many people. It was easy in 2021 when business was flying off the shelves, but the volume floodgates have turned into a trickle, and that’s made all the difference today.
Anyway, here’s what I want to say. It’s easy to contract and let fear and uncertainty dominate the mind and heart in moments like this. But today it’s key to run toward the market. I realize that sounds super cheesy and ambiguous, but it’s something I’m going to be emphasizing ahead. In short, it’s time to face the challenge of whatever comes in the future, know the stats, be a resource to clients, find ways to increase the size of your network, figure out how to be hopeful, and pour time and money into your business. In other words, discover ways to stand out while others contract. In Sacramento, we’re missing about 9,000 sales this year from the pre-2020 normal, but over 15,000 sales have happened. Which one of those stats will you focus on most?
Mindset is one of the most important things about today’s market, and the good news is that’s what we can control. So, however you need to do it, cultivate a mindset to win, serve, and be present for the people around you. Surround yourself with forward-thinking colleagues. Learn new skills. Change your focus. Diversify what you’re doing. Find things that bring you joy in life (and do them). Stop listening to housing doom voices that promote fear and use you for clicks. Oh, and if you’re doomscrolling constantly, maybe it’s time to step back to regain control of your life. One of the blessings of the internet is having so much instant information at our fingertips, and that’s also one of the curses.
Some questions to brainstorm for 2024:
– How do you plan to increase the size of your network this year?
– Who do you need to get to know?
– Who are the gatekeepers to the types of work you want to do?
– Who do you need to get in front of this week?
– How do you need to diversify?
– What do people need from you right now?
– What laws are changing that might create more work?
– What trends are we poised to see in 2024 based on current stats?
– How are you going to build good relationships with people today?
– How are people going to remember you during this housing downturn?
– If you’ve lost hope, how are you going to find it again?
– If you’ve become a negative person, how are you going to find optimism?
Okay, now some topics.
ARE SELLERS FINALLY STARTING TO LIST MORE?
I put out this video a few days ago to explain how housing supply can grow even without more new sellers. That’s basically what seems to have happened when looking at stats from September and October. I previously tried to explain this with graphs, but I’m not sure the concept landed. Anyway, here’s a word picture to help. Keep in mind, it’s possible we could be in the mist of slightly more new listings too. Only time will tell. No matter what, let’s be thinking about how these piles can change. Watch on Instagram, YouTube, Facebook, or LinkedIn.
APPRAISER PRIVATE WORK Q&A
Appraiser friends, I’m going to do a private work Q&A thingy on December 8th at 11am PST. My goal is to encourage and give some ideas for putting yourself out there to get private work. I’ll go through a presentation, and then we’ll do Q&A. One hour or more if needed. This is free. I’m not selling anything. Here is the link to the Zoom (Meeting ID: 832 2414 3890 Passcode: 007). ONLY for appraisers. This will not be recorded, so be there live if you’re interested.
8 COUNTIES SIDE-BY-SIDE
As I said last week, I’m taking a few more counties for a test drive with stats, so I thought it might be cool to see side-by-side comparisons. The one thing I don’t like here is some smaller counties have erratic monthly stats.
NEW: THE STORY OF FINANCING SINCE 2009
Here are some new visuals to show financing over time in Sacramento. I’m actually going to post a reel on my Instagram next week to talk about what more cash means and doesn’t mean. I wasn’t sure if these visuals would resonate, but people seemed to like the colors. One loan officer said Oregon Trail vibes (if you know, you know).
BAY AREA VISUALS
I spoke in San Francisco last month, so now I have some spreadsheets itching to be updated. Not sure I’ll do this every month, but I do like the idea of putting out some chaotic median price visuals here and there. I also have some volume visuals, but we’ll see on those.
NO TURKEY FOR ME
Thanks for being here. And Happy Thanksgiving to you. My family will be laying low for a few days, playing some pool, and hopefully connecting with friends since we no longer have local family in the area. We are not preparing turkey because we honestly just don’t like it. Last year we got Indian food takeout, and this year we might do something even more unconventional.
Questions: What are you doing for Thanksgiving? And what stood out to you most above? I’d love to hear.