Market Updates with Will - Week of September 21

The market's not crashing, but it is giving us mixed signals. Let's check out what's happening in this week's Weekly Market Update with Will!

We are still paying close attention to months of inventory. As a reminder, this piece of data means if we didn't bring any homes to the market, when would we run out of houses currently on the market? What we saw this week was that total inventory dropped for the first time in five weeks. When looking across the board, what we saw with existing and new construction, as well as above and below $450K, is everything stayed relatively flat for the most part, while rates went up by 0.05%.

Now how did we see total inventory drop for the first time in five weeks? Pendings dropped down, which means we had fewer new homes to the market than pending homes last week. Agents, what does that mean for this week? In a seller's market, like we were in earlier this year, the market will do a lot of the work for you. In a neutral market, it won't. What that means is we need a lot more activity at the top of the funnel (our lead generation activity) and much more detailed follow-up in order for us to convert.

One thing I hear consistently is, "I'm doing a lot of work, but I'm not getting the same results." That's due tot he current market condition. The one thing I would say is stay consistent with your actions, allow the market to settle, and we'll have the same results moving forward.

That's all from me for now! To view this blog in our video format, check it out on our Instagram and Facebook pages. Until next time!