Kevin Ray Ward delivers a short motivational/business update for real estate agents describing current market chaos and opportunity. He reports that interest rates are around 6.5%, July had the fewest pending sales since April 2020, 16% of deals in July fell out of escrow, and inventory is up ~20% year-over-year. He attributes market paralysis to high rates, election uncertainty, and class-action lawsuits affecting buyer-agency practices, and urges agents to maintain mindset, seize opportunity, and join the Yes Masters community.
Questions this video answers
Around 6.5%
July
16%
Nearly 20% year over year
September 3, 2024
While the masses spend their days dominated by doubt, distraction and dead ends, the masters go through their day on fire. My friend, welcome to the fire zone.
Well, in the real estate market, there is good news and there is bad news and there is good news and there is bad news and there is good news. All depends on you. Hey there, it's your coach, Kevin Ray Ward with your fire zone message of the day. And this is what's going on in the real estate industry. Interest rates are down. Interest rates are down around six and a half percent. Pretty good considering it was three quarters of points higher a few months ago. So interest rates are down like. Yes, buyers should be buying. Buyers should be buying. Well, it's bad news. Buyers aren't buying. July had the lowest number of pending sales since the COVID lockdowns in April of 2020. And 16% of deals in July across the country. Across the United States, 16% of all deals in escrow fell out of escrow, did not close, fell 16%. That is one of the highest ever. Inventory is up nearly 20% year over year across the United States. Now that should be a good sign. That should be shaking the housing market up a little bit, but it's not because you still see the lowest number of pending deals since April of 2020. That's scary numbers. But here's the biggest thing. Fear is reigning in the real estate industry. And here's the reason fear is raining in the real estate industry. We just got clobbered with the lawsuits, class action lawsuits over the last, last, over the last year that hit us. And those rules are not taken into effect. And the, and the attorneys that won the victorious lawsuits against realtors are threatening. They're like, we're watching you and anything you say, anything you do, we're looking for you, trying to cheat you, trying to get around the rules, you trying to trick us. And they're looking to make real estate agent commissions fall and go down. And buyer agency is in chaos right now as agents and the public and buyers and sellers are trying to figure it all out and, and the terror agents are falling like flies. So what does this mean? Well, here's what it means. It means huge opportunity for you. Okay, for those of you that are real estate agents, it's huge opportunity. By the way, when they were in checking on why all these deals are falling out, two reasons. Number one, interest rates are still too high and they're waiting, hoping interest rates come down some more, which they very likely will. And number two is the election. People are scared. People are Scared people are nervous. And it doesn't matter whether you're a real estate agent or whatever business you're in. So if you're in my man's group, here's the deal. There is tremendous opportunity coming, but you have to keep your eyes open. In the middle of all the uncertainty, all the chaos there's going to be in the real estate industry, there's going to be tens of thousands, probably hundreds of thousands of realtors that are going to fall out in the next six months. They're leaving, they're not going to be able to handle it. They're going to be terrified. They're going to be losing business or not going to be converting business. One, because the market's down. Two, because of all the chaos that's happening. And if you are dialed in and ready, your head is the most important thing. You must keep your mindset, your head strong, positive, focused, confident. Daily declarations. Your story has to be this is my time. I am the one that they need. I am the best decision they will ever make. I am the one who will rise and win in this market. And that is true. No matter what is going on in your life and no matter what industry you are in or what business you are in or what part of your life you're talking about, you must come into it with this focus. I am the one and I will take advantage of this and I will win.
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