Shortly after mortgage rates spiked in the spring, the U.S. housing market took a turn. According to economists at Wells Fargo, sharply declining home sales, builder confidence and single-family construction have triggered a housing “correction.” Others, like the National Association of REALTORS®’ chief economist, are calling it a housing recession.
Whatever we collectively decide to label it, we are certainly seeing a downturn for the housing market. Home prices and transaction volume continue to paint a picture of a changing real estate landscape. According to homegenius Home Price Index data released by homegenius Real Estate, home price growth decelerated rapidly in September, and sales dipped 20% compared to August.
Many agents have already learned that the way they did business in 2021 no longer works for them. Buyers and sellers have totally different needs and concerns than they did a year, or even six months ago. With so much uncertainty and anxiety swirling around, you need to adapt your sales approach to meet new objections from prospects and clients.
Sellers are worried about whether it’s a good time to sell. Will they get a good price for their home? How long will it take to sell? How much money do they need to put into improvements to sell quickly and for top dollar?
Likewise, buyers are questioning whether it’s a good time to buy. What can they afford? Will mortgage rates keep going up? Are home values going to crash?
Today, your market knowledge is more important than ever before. Superior market intelligence and clear communication are critical to right-sizing client expectations and establishing trust. You can easily handle objections with detailed property data and supporting information to back up your professional recommendations.
The trouble is that most tools available to agents are outdated, clunky and don’t provide a single source of actionable market data to facilitate valuable conversations with clients. Take the legacy comparative market analysis (CMA)—a dinosaur that should be extinct by now. According to a survey by homegenius and the Residential Real Estate Council, it takes most agents 45 minutes or more to complete a legacy CMA report, and many use five or more tools.
That’s why homegenius has invested in emerging technologies like artificial intelligence (AI), machine learning and computer vision to create a better solution. geniuspricePro, provided by homegenius Real Estate, delivers next-level property intelligence in minutes.
Enter client conversations with an edge, conduct outreach with active prospects, and keep your entire sphere of contacts informed on the market.
Visit https://www.homegenius.com to see just how easy it is to make geniusprice technology work for you.