http://CBAClientEngagement.com/blog/archive_202210/sort_entrydatetime-desc/ We were happy to host another exemplary real estate agent panel for our next podcast episode! Kimberly Sans (Sea Coast), Megan Gerber (Fayetteville), Jennifer Coleman (Triangle), and Tammy Watson (Triad) shared their most effective methods for getting to "Yes" whether working with a seller, industry professional, or a family member! http://CBAClientEngagement.com/blog/1278/what-moves-her:-getting-to/ Thu, 06 Oct 2022 01:09:45 -0500 Rick’s ramblings…..October 2, 2022It’s not every day that the chief economist for the National Association of Realtors®, Lawrence Yun, openly declares, “We’re in a housing recession.” Coming on the heels of three months of national pending home sales declining when compared to 2021, the proclamation reverberated in the industry. Indeed, the pace of sales nationally has tumbled from an annualized rate of 6.5 million units in January to 5.19 million based on August’s results. Inventories, still exceedingly low by historical standards, are once again building. And as the national home price appreciation is slowing, they are still forecasted to rise a total of 9.6% for 2022.  It was bound to happen.Closer to home, the Triangle in total has had total sales drop by 7% through the end of August with the median home sales price increase by nearly 21%.  And the Triad total sales were up roughly 6% in home sales while prices increased about 17%.Coming off the sugar highs of 2020 and 2021, the pace of real estate sales is returning to levels comparable to 2019. Which was not a bad year at all for buyers and sellers of residential real estate. Yet for those buyers and sellers who became accustomed to lines down the driveways for open houses or ten offers for every listing, the return to real estate reality is still proving a shock to the system. Others who’ve been around the block, however, tend to view current circumstances as an appropriate rebalancing needed to restore a sense of sanity.Not only is the market returning to reality, but also the fundamental economics of the brokerage industry. The last few years have witnessed an explosion of new companies and business models purporting to transform the real estate business and provide real estate professionals with unprecedented incentives. Many were fueled by funds raised in public offerings with investors all salivating at the chance to capture their share of the immense dollars generated by the buying and selling of homes. In many cases, these companies rode the crest of a time when sheer growth was rewarded in valuations with little need to demonstrate a path to profitability. It reminds one of the quote about if you’re losing money each time you sell something, just sell more.Over these last months, publicly owned companies in the real estate space have seen their overinflated stock values plummet an average of 75-80%. Many had never once in their history produced a profit, nor had even demonstrated a feasible path to do so. What does that matter when you could raise another round of nine-digit funding to burn through as you capture market share? Today, the cracks are being revealed with massive layoffs becoming the norm and statements from CEOs about changing expectations and strategy. In some cases, the very model on which the firms were founded is now shifting as rebates are no longer provided to buyers or big checks are no longer struck to lure a top agent. Gravity may only be ignored for so long.The next few months may prove uncomfortable in real estate due to the overarching macro-environment, higher interest rates, and fewer buyers than the prior year. It is temporary, as the fundamental drivers of real estate are undeniably present, and we live in markets where so many others wish they did as well. I, for one, remain totally bullish on real estate in the long run regardless of the current scenario and we collectively have decades of experience helping our agents and clients navigate rapidly changing environments. So, what is more enduring than the amazing gains in home values and equity for owners?  To me it’s the experience and professionalism of a Realtor® who is committed to the old fashioned values of service, trust and dedication.  Both a good thing for the long run future of Coldwell Banker Advantage.Data sources:https://www.nar.realtor/newsroom/pending-home-sales-dropped-2-0-in-augustTMLSTriad MLS http://CBAClientEngagement.com/blog/1269/the-market-from-our-perspective/ Tue, 04 Oct 2022 03:10:54 -0500