How can you be ready no matter what the future holds for our business? For starters, make sure you have solid business planning.
Has your market changed? Are the bidding wars calming down? Have sellers asked you why they don’t have an offer a few hours after hitting the market?
As I talk with REALTORS® from around the state, I don’t hear as many stories of homes with dozens of offers or other extremes. I see inventory levels rising modestly. Properties are taking a few days or weeks to sell. The number of sales has eased off from all-time highs, too.
Don’t get me wrong—we still have a very healthy real estate market in almost every area of the state. The number of sales compares favorably to pre-pandemic levels. Median prices—even if they have dipped slightly in some cities compared to a few months ago—are mostly higher than at this time last year.
Those of us who have been in this business a while know that every market shifts. What we don’t know right now is exactly how rising interest rates, the talk of a potential recession, and other factors will play out. We can view trends and look at economists’ forecasts, but financial patterns are easier to spot in the rearview mirror. What we can do, though, is prepare.
How can you be ready no matter what the future holds for our business? For starters, make sure you have solid business planning. Make plans now for how you will operate in the future under a variety of market conditions. It’s always a good idea to build a financial buffer to see you through tough times, whether they come from market forces or a personal situation. Continually build your knowledge through real estate courses, designations, mentors, and interactions with other agents and brokers.
Rest assured that Texas REALTORS® will be there for you no matter what comes our way. That’s how our association has been doing things for over a century now: looking out for REALTORS® and property owners. You can rely on Texas REALTORS® for the forms that protect you and your clients, like the new and revised ones detailed on page 20. You have access to risk-management resources, such as talking with an attorney on the Legal Hotline. You can build your skills and know-how with classes and valuable designations, including the prestigious GRI and the Texas Affordable Housing Specialist. You can network with your peers at events like the Shaping Texas Conference to be held in Fort Worth in September. You get access to zipForm as a member benefit and discounts on dozens of products and services. And you benefit immensely from the unparalleled advocacy Texas REALTORS® provides in the political, legislative, and regulatory arenas.
No one forecasted the market of the last few years—at least not to the level we experienced. Those who predict what’s coming next can provide no guarantees. But if we make sure to prepare individually and collectively, success is one thing we can count on.