ECONOMIC UPDATE
PART ONE: US REAL ESTATE MARKET
PART TWO: US ECONOMY
PART THREE: US REAL ESTATE TRENDS
PART FOUR: 2023 BUYER AND SELLER PROFILES
1) Sides Per Agent
2) Volume Per Agent
3) Listings with Price Drops
4) New Listings
5) Distressed Sales
6) Credit Conditions
7) New Homes
8) Challenges for Builders and Developers
9) Home Insurance
10) Generational Wealth Transfer
No real increase
Only 56,000 agents left the business
60% don’t sell anything, yet they’re counted in this statistic What’s the average on those who lead generate vs those who don’t?
4th highest all time
Look at the % of January each year
Is the floor for the entire upcoming year
Jan 23: 9% increased to 28%
Jan 24: 24% increased to 35%
January 25: 31% ... expect this number to continue to rise ahead this year
Anytime you see listings with price drops increase - you see more expireds on the backend
This is a SKILLS BASED MARKET KNOWLEDGE and SKILLS ARE REQUIRED
Baby Boomers: Control 50% of the wealth in the USA
19 Trillion of the 85 Trillion total is in real estate Millennials are coming into their peak spending years
11,500 people turn 65 every day
73% of people over 55 will give all of their estates to their children
OPPORTUNITY: Estate Planning - Seminar for people who have adult children
Gift tax ceiling changes after 2025
ECONOMIC UPDATE
PART ONE: US REAL ESTATE MARKET
PART TWO: US ECONOMY
PART THREE: US REAL ESTATE STATISTICS
PART FOUR: 2024 BUYER AND SELLER PROFILES
1 out of every 4 buyer in 2024 was a FTHB - lowest percentage ever First time home buyers are older than ever Is there a FTHB celebrity in Philadelphia? Can you become that?
Desire to Buy a Home is at an all time low
Do you have a MOPHIR for each of these?
10 weeks is a benchmark - average
Looked online 43%
Doesn’t differentiate which website
Every agent should have a website they’re driving traffic to
No real changes in these slides YoY
Buyers want info: Photos Floor plans
Keep reinforcing these needs
Reinforce and market
2023 Price Reductions
In the colder months you don’t see as many price drops because there’s a lot fewer homes that come on the market = Less Competition
Low inventory with low demand shows up like this. Not as big of drops when it’s cold.
SOI is still number one
Repeat Business is at an all time high
Consumers are valuing skills
Agents are following up better than ever
All time high: Consumers interviewing one agent 75% of the time 91% only two agents
You’re not competing with others - be first and you have a 75% liklihood to land the Buyer
Instead of experience: Survey should ask for knowledge instead of experience
Do you want an experienced dumb agent or an experienced knowledgeable agent?
