$1 million starter home is now the norm in 237 cities. This headline alone can create a daunting perception of the real estate market for many consumers. If this is the only information you come across in your social feed or in a weekly Zillow email, it might convince you—and thousands of others—to continue renting, believing that affording a $1 million home is out of reach.

As real estate professionals, it’s crucial for us to explain market conditions and opportunities beyond these intimidating headlines. Here’s a more accurate picture of what’s happening in the market right now, and what I’m sharing with my clients this month:

What’s Really Happening in the Market

• Inventory Surge: Inventory is up nearly 40% compared to last year, providing more options for buyers.
• Assumable Mortgages: Many people are buying homes using assumable mortgages to secure rates near or below 3%.
• Chicago Market Trends: 56% of homes in Chicago have been on the market for over a month, and nearly two-thirds have been listed longer than a month.
• Florida Markets: Inventory in key Florida markets has been lingering:
  • Miami: 76.7% of homes on the market for over 30 days
  • West Palm Beach: 77.2% of homes on the market for over 30 days
  • Tampa: 70.3% of homes on the market for over 30 days
  • Fort Lauderdale: 77.3% of homes on the market for over 30 days
  • Orlando: 68.8% of homes on the market for over 30 days
• Longer Market Duration: 40% of all homes have been sitting for at least 60 days, up 38% from last year.

Controlling the Narrative

Every market is different, but the media often focuses on the most sensational headlines. It’s our responsibility to stay informed and share accurate information with our clients and network. Here’s a simple strategy I use to stay on top of market knowledge and control the narrative:

1. Daily Industry News: Spend 30 minutes each morning reading industry news.
2. Save and Batch Information: Collect and save useful data and articles.
3. Share Consistently: Share this information on social media at least three times a week through written posts or quick videos.
4. Monthly Newsletters: Send a monthly newsletter to your database, highlighting the real market conditions. Ensure this comes from you, not just your marketing team.

This approach has been my marketing plan for the last two years and it’s been highly effective. By learning daily, sharing valuable insights, and consistently providing useful information, I build trust with my network.

Growing in a Down Market

To grow in a down market, we must be trusted sources of information, consistently engaging through social media, video, and email marketing. Remember, sharing knowledge builds trust, and trust leads to sales.

Ready to navigate the real estate market with confidence? Let’s connect and explore your options!

Chenine Lozano, Real Estate Finance Expert
562-762-7511
NMLS #1655101 DRE#02069548
Endeavor Mortgage NMLS#355050