California

As the days get colder, the Side managing brokers in California are happy to send you this hot-off-the-presses update.

With the election behind us, there are still several stress factors when it comes to a high-level view of what’s happening in the market. Although the Fed lowered interest rates, buyer sentiment remains cautious. Many buyers are still wary of jumping into a market with interest rates higher than the heady “good old days of the pandemic,” when rates were three points lower.

Oddly, this lower buyer demand has not resulted in lowered prices. But don’t throw that economics textbook away yet! The market continues to shift in favor of buyers who are either upsizing or downsizing, leveraging the equity of their current property to come in with a higher down payment — or simply being able to more easily tolerate the higher prices while waiting for the refi market interest rates to come back down to earth.

All that said, it’s a great time to call your local loan brokers (you should have more than one) and learn about the different programs they have that may give you an edge with first-time and repeat buyers. This will also make you a valuable asset to sellers, since you may be able to offer the purchase opportunity to even more buyers (and can ring that multiple offer bell).

Speaking of bells, the winter holidays are fast upon us. Inventory typically drops, which provides an opportunity to list a home and have it stand out as one of only five homes available, instead of being just one home in a sea of ten or twenty.

And those nuggets of wisdom, dear reader, are our gift to you.

Actionable Advice for CA 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 regularly follow up with your clients.
• 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.
• Continuously Educate Yourself. Stay updated on new industry rules and best practices, now more than ever!

Questions, comments, recipe ideas for Thanksgiving? We welcome your input, just send us an email.