Is It Time to Prepare for a Market Shift?By Barbara Pronin
If there is one thing certain in real estate, it’s that the market is always changing. Given that, seasoned real estate practitioners are always prepared for a shift. But at this moment in time, with prices still rising and multiple offers still the order of the day in many areas of the country, it’s hard to imagine that a substantial shift is anywhere on the horizon.
Mortgage rates are still at historic lows, and inventory, while slowly increasing, is still in short supply. With very little new construction underway, it remains a seller’s market, and until there is substantial movement in any of those areas, a market shift is likely to be slow. Meanwhile, many agents today are dealing with out-bid buyer frustration, top-dollar seller expectations, and potentially unsound customs such as the waiving of home inspections by buyers eager to purchase. Some newer agents, while mastering new technologies, have not yet had to focus on such basic skills as client development, objection-handling, or incubation. In the interest of an inevitable market shift, whenever it comes, there are at least four things savvy agents should be doing now:
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