Well, January saw a significant jump in activity - double digit gains in pending sales over last year and triple digit jump in listings from December 2019!
This resulted in the months of inventory equal to January 2018 and below Jan 2019 at 2.2 months - still a sellers market. We are seeing a leveling off of price increases which is healthy but the low inventory is putting a strain on that.
This week has been a BIG week for Keller Williams Realty. Our annual convention (called Family reunion) brought announcements that again we are #1 Real Estate Company in the world for $ volume and number of units and our growth has far exceeded the National Association of Realtors average.
There were 18,000 Realtors at the convention out of 183,000 Keller Williams agents world wide. During Gary Keller's vision speech he agreed with predictions that the current record low interest rates will continue thru this year and a slow movement from a sellers market to a buyers market. He noted that increasing student loan debt is affecting first time home buyers and if it continues it will dramatically affect the economy.
Keller Williams is announcing an amazing new consumer app.
This is brand new and you can test it out by downloading it here
This is just part of a whole lot of new software tools that are being made available for us to help our clients.
Some notable trends that were announced:
Wealthy people are putting less money in real estate and keeping more of their cash.
Many IPO's during the past year have failed or underperformed.
iBuyer programs (ie Zillow and Opendoor, cash purchase programs) executed irresponsibly are not sustainable - Keller Williams has already started an iBuyer program and the Hatch Homes Group can help you get the best from iBuyers if that is of interest.
The average tenure in a home has increased to 10 years and is increasing
The percentage of people using a Realtor is the highest ever at 89%.
81% of people believe that real estate is a good investment with most believing it is better than the stock market.