Tracking Trends: Your Clients Are Watching Closer Than You Think
Jun 17, 2024
It's crazy to think that all the answers are already out there.
It's just a matter of paying attention and seeing the big picture.
Eyes to see and ears to hear, if you will. ππ
While this is widely applicable, let's consider how it relates to our businesses today.
Take mortgage applications, for example.
The numbers have been published each week for years, but if you're like me, you've only started paying attention to them in the past year or two. π§
For reference, here's my most recent update on apps:
Let's start with what the numbers are showing.
There was a 15.6% increase in mortgage applications the week of June 8th compared to the prior week. π₯
This was in response to a decent decline in mortgage rates over that same time.
On the bottom half of the graphic, theres a chart of my Mortgage Momentum Index (MMI).
This is a proprietary tool meant to show us the overall trend in mortgage applications. Without the MMI, it can be hard to see the big picture since the weekly numbers bounce around so much. πΌοΈ
Currently, the MMI is showing that mortgage demand had plateaued a bit after a big Spring rise.
The question we're left with is if we'll see demand keep rising after last week's big jump in applications? π€
Finding Opportunity
There's a bigger point I don't want you to miss.
After keeping up with mortgage applications for some time now, it's clear that people are paying close attention to rates. π‘
Each week, mortgage applications are moving higher and lower as rates fall and rise, respectively.
People are watching the numbers and taking action within a week or two.
Honestly, I wouldn't have guessed consumers would respond so quickly to rate changes, but they are. π²
My guess is they're watching more than just rates given the wide range of available market information.
Unfortunately, so much of it can be misleading. π₯΅
This further emphasizes the importance of keeping your clients updated on a frequent basis.
If you have a list of future buyers & sellers, they should be receiving valuable updates frequently. π¬
They don't need to be super in-depth, but you should be texting, emailing, mailing, calling, or social media messaging (whatever works!) them an update on rates and any major update that are relevant to stay in front of them.
Most importantly, it keeps you a part of their A-team - valuable professionals assembled to help accomplish their goals in a world where they're being bombarded by ads and offers from other real estate services.
You'll also find that these updates will sink in to your own brain and you'll naturally start to see opportunities and feel confident discussing the market. π§
You've got this!
And if you'd prefer some guidance, consider becoming a Market Insider with me. π
Dr. Alex Stewart
Founder
Are you a real estate agent and looking to grow your business using information like this?
Here's 3 ways to dive deeper:
- π― Market Insiders Coaching Membership: Join an exclusive group of Realtors focused on becoming experts in our local Jacksonville market. This membership gives you access to monthly live coaching from yours truly, a member-only community for private updates and discussions, and additional resources to address clients questions and supercharge your business.
Rated 9.65 out of 10 for value to their business by my members. - π©π» Digital Course: How to Use Market Stats in Your Business: Accelerate your business growth by learning how to use data. This course will help you more easily understand the market, improve your client presentations, and increase your conversion rate with clients. No finance degree required as I lay everything out in very simple terms.
Rated 9.84 out of 10 for value to their business by 100+ Realtors. - π Schedule a live presentation: Want to learn in person? I offer the MarketPulse 360 presentation that connects all the dots (national to local) so you get a comprehensive breakdown of today's market. It's 2 hours of beautiful charts designed to give you all the major trends you need to know about and address the most common questions in the market. You'll walk out feeling more confident, with resources to use in your business, and a level above the rest of the Realtors who are wandering around blindly.
Rated 9.74 out of 10 for value to their business by 600+ Realtors.
Realtors: want to be confident discussing the market?Β π
If you're like so many of the Realtors I meet, you know understanding the local market is one of the most important things you can do as a real estate agent.
Everyone asks "how's the market?" when you meet them and the way you respond either opens a door of opportunity or shuts it.
Most Realtors have the stats but don't know what to do with them. There's so much going on that it gets confusing quickly.
Β If this sounds like you, My Market Insiders coaching could be just what you need. It's part local market updates, part business strategy so that you can be clear about exactly what's happening in the market and how to use that expertise to attract your ideal clients.
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