Starting this week, I’m proud to introduce an all-new, once-a-month show in conjunction with “The Oracle” Steve Harney and the whole KCM Crew.
We’re calling it “How’s the Market?” and it’s intended to keep you up-to-date on market data so you can make sense of it, communicate it clearly with your clients, and become that “knowledge broker” consumers know they can turn to for all their real estate needs.
PS: if you’d like to get more insights into what Steve Harney and his team at KCM can do for you click here.
Let me know your feedback in the comments below!
Below is a transcript of the show…
How’s the market? How often do you get asked that question every day? That’s exactly why here at Tom Ferry, once a month, in conjunction with KCM, Keeping Current Matters, we’re going to distill the data. We’re going to keep you up to date, and we’re going to help you make sense of it so you can do the same for your buyers and your sellers in your market.
Today, we’re going to look at buyer behavior and some surprising stats. Let’s start with each year where the Federal Reserve banks, center of microeconomic data, asks, “Do you believe that home ownership is a good investment?” Well, in 2016, my friend, 59% of people in the United States said, “Absolutely, yes.” In 2017, that number jumped to 60%.
So, with all the craziness of the changing market halfway through 2018, what do you think the number was? Well, it actually jumped to 65%, which means the American people understand home ownership is a really good idea. But other data shows they’re a little confused right now and maybe even a little scared. I’m sure you see this.
According to the foot traffic report from the National Association of Realtors and the showing report from, the number of buyers looking at home has fallen dramatically. It was off by 5.4% nationally and has decreased more than 12% in the western U.S. When people are nervous, and you know this, when they’re nervous about buying, it doesn’t just affect them. It also affects the potential sellers who are thinking about putting their home on the market.
So what do we need to do? The answer is educate and reassure. Let me say it to you again. What we need to do is educate and reassure. Just like I’m filming this for you. I hope that you’re doing the same, and that it’s not just on a piece of paper, a flyer, or a newsletter. The bottom line is the message should be that home ownership is and has always been a great investment. And, as cliché as this sounds, now is the time to buy.
Now, you know if you just say that, and you don’t back it up with stats, like 2016, ’17 and ’18, what people are thinking about. If you don’t use the stats, you just sound like a cheesy salesperson. So use some of these stats to maybe illustrate or tell a better story about the national market and, if you’ve got it, the local market.