What’s Happening in the Real Estate Market?

Are you curious about the state of the real estate market, what people think about it and how things are looking? There’s a lot of uncertainty in the market right now and many brokers and agents are feeling worried and even afraid to make decisions. But why is all this happening? Is there really enough evidence to prove that the ship is sinking?

Real Estate is always evolving. Whether you’re a brand-new agent or an industry veteran, there is always something new to learn. But with all of the noise out there, it’s easy to miss some of the key trends and news that can make a big difference in your business.

In this second episode of The Process, Preston Guyton and Travis McClure explain how being up-to-date with relevant data, insights, news and information can help you thrive in the industry. Hear from experts as they share the latest data and tips to stay informed, profitable and successful.

Importance of access to Real Estate data and information

What’s happening in the real estate market right now? A lot, actually. From the impact of small changes to large-scale, industry-wide challenges, there is a lot of information to keep up with. It’s easy to get overwhelmed by the superficial headlines or clickbait articles if you only listen to what’s happening on the surface. But keeping track of what’s really going on requires that you dig deeper and look past the surface level.

Preston and Travis emphasize that you shouldn’t let the market noise distract you from your clients’ needs. As a responsible agent or broker, you ought to study the latest reports so your clients can place their full trust in you. If you want to be able to make smart decisions about your business and the market, it’s important for you to understand the big picture and its intricate details.

The right data can help businesses get their message in front of the right consumers. But don’t focus on having an enormous amount of it; rather, focus on how to make sense of it; examine it from many angles and consider it in the context of business goals. Suffice to say, having precise data and information can lead to better business operations, cost-cutting measures, productivity increases, and superior customer service.

An Agent’s Perspective

Getting into real estate can be exciting, but it’s not without its risks. If you want to succeed as an agent or investor, you also need to be several steps ahead of the plethora of misinformation in the industry, one of which is the assumption that the market is always going up. But Travis and Preston affirm that the market is never stable. You need to be prepared for its ups and downs. Being aware of this can help you understand what to expect from the industry as a whole — and it is not a one size fits all market.

Another common mistake in the industry is comparing the house prices from the 70s and 80s to today’s market. Some people often say that the prices before were more affordable, ranging between $17,000 to $45,000. However, Preston points out that consumers and agents also have to take into account how much people earned at the time. During the 1970s and 1980s, people’s average annual pay would be around $10,000 to $22,000. Hence, comparing house values from years ago with today’s prices will not provide a fair assessment because it doesn’t factor in economic growth.

These popular myths only prove how important it is to have the right data at your fingertips so you can confidently answer your clients’ questions and set the record straight.

What does this all mean?

This industry is complicated but knowing what’s going on and where to find information can make all the difference. You need to be prepared for how technology is changing the industry. Automation and innovation will impact many aspects of real estate, including how firms identify and engage with clients and how they allocate resources. However, real estate leaders can take advantage of new technologies by finding ways to analyze data and make better business decisions.

The real estate market is not sinking but it is volatile. Nonetheless, you don’t have to be paralyzed by fear. You just need to make that you’re up-to-date on relevant, accurate data so you can make smart decisions and better serve your clients.