4.3 million home sales<\/a> this year, significantly down from the 6.12 million sales in 2021, but roughly the same as 2009 to 2012.<\/p>\n\u201cIf you look at the trend line, given the overall economy, there is not a whole lot of room to go, to get to the bottom,\u201d Keller said. \u201cYeah, you could drop down to 3 million, but we haven\u2019t seen that in 30 something years in what was a completely different setting than you are in now. In modern times I think that number is more around 4 million, so I don\u2019t think we have anything shocking in the real estate space.\u201d <\/p>\n
Fewer overall transaction sides means the average number of sides per agent this year will come in at roughly 5.7 sides, however, the average market volume per agent is projected to come in at $1.44 million, the fifth highest year on record, he said.<\/p>\n
Keller attributed this to the increase in median home sale price which is projected to come in at $382,000 for the year, 7% above the trend line of 4% annual increases.<\/p>\n
\u201cPeople say it is way overpriced, but it is not phenomenally overpriced,\u201d Keller said. \u201cThe trend line goes up 4%, which is the expect annual appreciation of building a home. In 2006 we were 21% above the trend line and now we are only 7%. Think about it this way, if next year real estate holds, meaning that it doesn\u2019t go up by 4% we are just barely above the trend line and if it drops by a percent then we would be only 2% above the trend line.\u201d<\/p>\n
In addition, Keller noted the wave of first-time Millennial homebuyers and move-up Millennial homebuyers who are hitting their peak earning years will be hitting the housing market in the next few years, giving agents more reasons for optimism.<\/p>\n
Keller concluded the discussion by circling back to the opening mantra of \u201cwe are the storm.\u201d<\/p>\n
\u201cIf you do the work, you will have a great year in real estate, regardless of the market,\u201d Keller said. \u201cIf you don\u2019t do the work, and spend your time trying to avoid contact with people, you aren\u2019t going to like this industry very much.\u201d<\/p>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Gary Keller took to the stage at the 2023 Keller Williams Mega Agent Camp in Austin, Texas, Tuesday morning with his usual bravado: a black-and-white video featuring his favorite animal, the buffalo, in a thunderstorm, alongside a motivational message for agents. Rather than fear the storm, Keller Williams agents embody resilience and adaptability to conquer […]<\/p>\n","protected":false},"author":2,"featured_media":4477,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,1],"tags":[],"_links":{"self":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts\/4476"}],"collection":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/comments?post=4476"}],"version-history":[{"count":0,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts\/4476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/media\/4477"}],"wp:attachment":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/media?parent=4476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/categories?post=4476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/tags?post=4476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}