California

This past month has seen the introduction of radically new CAR forms and a radically new way of doing business… except for all of the things that remained the same, which is pretty much everything.

Media buzz around the NAR settlement has cooled, but some articles still claim it will lower home prices. We’ve maintained that prices are driven by supply and demand, not this settlement.

We continue to have historically low inventory and have high demand, even with higher interest rates. Q2 sales data backs us up: the statewide median sales price hit an all-time high of $908,040 and stayed above $900,000 each month this quarter.

Statewide, prices are up 7.5% over this time last year, while inventory throughout most of the state continues to decline. Many would-be sellers do not want to give up their sub 3% interest rates and want to move up, but are unable to between prices and current rates.

Rates are dropping and will likely continue for the rest of the year. This will help increase buyer activity the rest of the summer and into the fall.

We’ve only been dealing with the previously mentioned CAR forms and business practices for a short time and the MLSs are still showing co-op commissions — but this is about to change. Be prepared: attend broker town halls, watch Continu videos, and continue being the top agent you already are.

Actionable Advice for California Agents:

• Stay Updated on Market Trends. Regularly review market reports and trends from trusted industry publications. This market report is a great place to start!
• Enhance Client Relationships. Provide personalized service and maintain regular follow-up.
• Leverage Technology. Use the tools you have to stay in touch with your clients by providing value.
• Master Marketing and Lead Generation. Utilize both online and offline marketing strategies.
• Prioritize Training Sessions. Stay up-to-speed with all of the settlement-related changes that are going into effect and be better prepared to communicate these changes and strategies with your clients.

Side has dozens of recorded training sessions in Continu that cover all aspects of the changes — from forms updates to roleplays for buyers and sellers. Be aware, be knowledgeable, and you will be confident having these conversations with your clients.