Hi, it’s Tom Ferry, in conjunction with Keeping Current Matters. Today, we’re talking about the market in April of 2019.
Are you familiar with the Home Price Expectation Survey? It’s a quarterly publication created by surveying a nationwide panel of over 100 economists, real estate experts, and investment and marketing strategists, and it maps out where home prices are headed over the next five years.
Well, they did something really interesting lately you should know about. Because we’re off to such a robust start to 2019, their Q1 2019 report actually increased their projections for both 2019 and 2020. They adjusted their home price appreciation expectations this year from 3.8% all the way up to 4.3%.
Now, for 2020, which they had originally projected to experience lower appreciation numbers. Not a depreciation, but just slower growth. They actually revised their projection from 2.5% to 2.8%. Now, I don’t know about you, but that’s kind of a big deal.
It means that any fear that exists out there in the marketplace, is simply unfounded. And that’s where you come in, my friend. Remember, consumers don’t like uncertainty. Nobody does. When they’re unclear on which way prices are headed, they become hesitant to make decisions. You need to realize that right now, that is a big part of your role in delivering this good news to consumers, so they feel confident in making a move.
So, here’s a few thoughts. Based on all five years’ worth of projections in the Home Price Expectation Survey, somebody who bought a $250,000 home today, will experience $42,617 in increased net worth over the next five years, simply due to increased home equity. Now, I don’t know about you, but I think that’s something you should be screaming from the rooftops.
This is great information to share with the people in your marketplace. Whether you create a video, or flyers, or postcards to your farm, or simply get out there and knock on doors, and have face-to-face conversations with people in your community, they’re going to appreciate you. You’ll build your reputation for being the knowledge broker in their minds, and you’re going to help them make more confident real estate decisions, so that they can move on with their lives.
Does that make sense? This is an important time for you, my friend. There’s a lot of good news in this quick video. Share, share, share. Be the knowledge broker. Keep the people in your database and in your town informed, involved, and clear on what’s happening in the market, and your business is going to go up.
Good luck, my friend, and we’ll see you next month.