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Guiding Clients Through Housing Market Volatility
The rapid shifts occurring in the housing sector recently are creating confusion and emotion for many of our clients. As their trusted real estate advisors, it’s our duty to provide steady guidance rooted in market facts and trends.
According to recent data, a record high 6.9% of listings reduced their prices during the 4 weeks ending October 29. This wave of price cuts signals that home values are beginning to buckle under the pressure of spiking mortgage rates now hovering around 7% for a 30-year fixed loan.
Yet, the inherent see-saw relationship between rates and prices keeps monthly mortgage payments in a more stable range for buyers over time. Whether rates or home values dip lower, overall housing costs hold steadier than inflammatory headlines might suggest.
As new listings pour onto the market — up 5.8% year-over-year in late November — buyers are regaining some leverage for negotiations, which smart sellers are factoring in.
Right now, clients need our expert guidance to make logical, informed decisions rather than emotional reactions. Our role is to explain how rates and prices generally counterbalance each other as market conditions evolve.
By determining clients’ goals, budgets and trade-offs, we can identify optimal buying and selling opportunities even amid the uncertainty. Patience and persistence are essential for finding the right listing or offer.
Rather than making drastic predictions, we must clarify the complex dynamics at play. Skillful agents filter out market noise to uncover the best paths ahead for each individual and family.
Now more than ever, clients are turning to us for our counsel. Let’s rise to meet their needs with knowledge, insight and compassion. By taking a steady, tactical approach, we can build trust and unlock success for our clients, no matter which direction rates and home values trend next.
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