Q: “Denise, I have a number of clients who are concerned about the change in the real estate market. I am telling them that it isn’t like the Great Recession beginning but I don’t think they believe me. What information would you share with them to get them to calm down?”
A: It can be difficult to think logically after someone has been traumatized by what came before. However, clear thinking with facts is critical. If you have already addressed differences in lending practices now versus in the mid-2000s, then perhaps bringing in some additional statistics might do the trick. Here are a few stats to compare with now and then metrics:
- The stock market
- Interest rates
- Homeownership rates
- Median Sales Prices
- And more!
Your local stats should include: Median sales prices, homes for sale, homes sold, pendings, days on market and more – anything that can help paint a picture using facts.
In fact, we think that looking at concrete statistics is so important that we wrote a whole article that Club Zebra members can send to their clients which includes those fall 2008 vs fall 2018 figures. Here is the link: What A Difference A Decade Makes
I really encourage you to take a proactive approach and use this as an opportunity to connect with your clients. Give them factual information because otherwise they will draw their own conclusions. We are currently experiencing an adjustment which is causing the market to be healthier.