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Anthony: Everybody wants to talk to you about what’s to come with the fall market. We are about a week away and we have a day today. The market’s going to be different. It’s in foile last spring as usual, low inventory, more buyers and sellers bidding wars. Now we’ve gotten into summer and I hear a lot of realtors say, “I had an open house, not as many people came as I thought, didn’t have as the turnout that I expected for guys.”
You have to remember how inventory works in the spring. The amount of buyers that are out there is up here and the amount of sellers is down here. As we get into summer, it starts to get closer. As we get into fall, the amount of sellers surpasses the amount of buyers. What does that mean? What do you need to do? We’ll folks, this is the number one way you have to prepare for the fall.
You have to be setting the right expectations with your sellers or you’re going to be in a situation where you’re going to have sellers that are going to say, “My neighbor’s house sold a week ago, six weeks ago, two months ago, three months ago for this much money. You can’t even sell mine for this much. What’s the problem?” They’re going to blame you. Anyone that’s done a lot of volume knows how that works. They know newer agents here that are, sometimes agents will only sell a few homes a year and say, “It doesn’t happen to me.”
You’re doing enough business. Things change. Here we are a week from Labor Day. What should you be doing? First of all, everybody I talk to has listings coming on over inventory after Labor Day, I’m sorry. What does that mean? That means that the inventory is literally going to skyrocket after Labor Day like it always does and end up peaking in late September, early October. How do you combat that? Set the right expectations with your sellers. Be in touch with your sellers.
All of these homes that you’re going to be listing over the next few weeks, be in touch with them all the time. Do not wait until you need a price adjustment to be in touch. Make sure you’re showing the market reports, market data, new active constant neighborhood. Make sure they’re aware of how much more competition that there is. I will only talk to you guys about this because I’m hearing a lot of it, I’m seeing a lot of posts about it on Facebook, both at our company and with other friends around the country, everybody is, after Labor day, after Labor Day.
What will happen on Labor Day comes, inventory is going to go like this. Homes are not going to sell as fast as you are hoping. I’m sorry to be the bearer of bad news, but in actuality it’s not bad news. It’s just the way the market works and that’s why the second biggest time of the year for price adjustments is early October. There is always the timeframe. There’s a lot of price adjustments. To be ahead of that, to be in good relations with your sellers, make sure to set the right expectations.
If you’re working with buyers, they should be thrilled. The next 90 days is the best time of year and the best time to buy in several years. I’m going to explain why in another video later this week or early next week. That’s all for right here on beautiful Fort Lauderdale beach my friends. Talk to you soon.