Anthony: Do not judge what you can do in 2023 based on what happened in the second half or fourth quarter of 2022. This is a message that I’ve been delivering pretty much in every speech I’ve given for the last 10 days, and I’ve noticed it’s really, really resonating with many. I think it is because I think many have been doing that.
What we saw in the second half of 2022, particularly the fourth quarter of 2022, was a very unusual time. It was the slowest fall since 2010. That’s actually statistically been released now. I’ve been saying it for three weeks, for the last Friday morning they reported it, and it was an unusual time. We’ll probably say it again in another 10 or 12 years, but it was an unusual time. It was very slow.
It was a mix of mortgage interest rates, seasonality, and don’t forget, good old elections. Midterm election years are always slower, so was in 2010, a midterm election year. This is something that I have been noticing talking to many realtors all over the country, is many are basing their predictions, their goals, their hopes for 2023 based on the way that the end of 2022 went for them.
Folks don’t do that. Just because it was a slow period of time doesn’t mean your head should go the sand and you should be getting down about your business. It was an unusual time. Yes, it was slow. Many buyers hit the sidelines. Many sellers also hit the sideline because they don’t want to give up their rate. Oh, well, it happens. Life moves on. People will buy, people will sell. Activity is up dramatically since really even before the first of the year. Really since after about Christmas, activity went up considerably.
If you remember, I had said all fall, “It will pick up after the first of the year. Get ready.” Go back and look at my videos. You want to say I’m wrong? Go look. I had said, “All fall, it will pick up after the first of the year. You better be ready.” The message that I’m delivering to you here today from New York City is, do not base your goals, your hopes in what you think you can do in 2023, on what was the slowest quarter in real estate in 12 years. Don’t do that. You can do more.
I’m right here at New York City, just got back from speaking at Brown Harris Stevens. They just hit their 150 years in the business. Congratulations to them. I spoke yesterday right here several times at Inman Connect, at the annual Inman Connect conference. I talked about this exact message here, and many people in the crowd were excited to hear it. That’s all folks. Keep that in mind. Get after it and crush it in real estate. Thanks.