In a slowing economy with rising interest rates, buyers’ needs change, and RE agents must adapt their skill set to serve this new type of homebuyer.
NEW YORK – Some Wells Fargo economists says the housing market is undergoing a correction as home sales, builder confidence and single-family construction decline.
According to homegenius Home Price Index data, home price growth decelerated rapidly in September after sales dipped 20% compared to August.
As a result, real estate professionals should adjust how they conduct businesses since buyers and sellers have different needs and concerns today than they had a year or six months ago. To sell homes in the shifting market, agents need to boost their market knowledge, clearly communicate to clients that they must right-size their expectations and establish trust.
Objections can be easily addressed with detailed property data and supporting information to back-up their professional recommendations. However, real estate professionals need more than just a comparative market analysis, which can take 45 minutes or more to complete and only uses about five tools to create an assessment of the market. (Also see Florida Realtors SunStats)
Investing in artificial intelligence, machine learning and computer vision-based tools can ensure agents have up-to-date information and that clients’ needs are met more accurately and quickly.
Source: RISMedia (12/28/22) Perez, Jose
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