Episode 059 - The Rise and Fall of the Real Estate Economy

You may have heard that interest rates are going up and that it’s a sign that the sky is falling and it’s 2008 all over again. Is it time to panic? We here at Thinking OTB are giving you a warm blanket, some tea, and telling you it’s all going to be ok. The market is changing, but that doesn’t mean it’s all doom and gloom. We haven’t been silent about the differences between 2008’s market and today and how there is still opportunity for some real outside the box thinking to still make a huge difference for yourself and your clients in the near future.   As agents, it’s our job to know all the details of what the market is doing and understanding the history of the market and doing our best to be as realistic as possible about where we go from here. The truth that remains is that home buying continues to be one of the best ways to build wealth and legacy, even with rates going up and the market slightly slowing. This is the time that is going to test us as professionals because patience and attention is going to be the best qualities you as an agent can have to help your clients navigate the market and make good decisions about the future.   “We're not done yet, unfortunately. The feds are trying to slow inflation down, and it's going to slow down the demand here. But the bigger thing is that we're seeing contracts come in and still competitive, and we're still seeing multiple offers. So, with that being the case, I think the prices are going to continue to rise here and they're going to stabilize.” – Steve   “If you want to buy a house, you have to get on it. There's going to always be these variables to buying a house or any kind of investment that are going to fluctuate. Right now, the prices are not going to drop. Prices are not going down. They might not rise as fast, but they're not going down.” – Bernie   “I think that the agents that are listening need to immerse themselves and understand the data that's happening so that they can have intelligent conversations with their clients. Have some patience