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Adapting to Change in a Shifting Real Estate Market

By MNR News posted 11-30-2023 04:00 PM

  
Despite low inventory and rising mortgage interest rates, there are opportunities for Realtors® to grow and thrive
As 2023 comes to a close, I am reminded of the unpredictable nature of our business and how we learn to prepare for surprises—both good and bad—by remaining open to opportunities and discovering new resources. Although we are the experts helping our clients do this every day, it can be challenging to persevere, especially when a shift comes abruptly.

At the risk of sounding like a broken record, our most significant external challenges were a continuing lack of inventory and rising interest rates. Increasing utility and insurance costs stressed the homebuyer’s budget and many decided to jump back on the fence. Instead of having the much-needed effect of balancing the market, sellers cooled off with buyers and we were left with the same supply-demand challenges that have plagued us since the pandemic (no pun intended).

We can see the challenges very clearly, but are we as astute at seeing the opportunities? It may be difficult to embrace, especially when sales are down, but changing times are when the Realtor’s® value is most critical to our clients’ success. As industry experts, we can view the cyclical nature of the market because we understand the history and relativity of things like interest rates and supply. Just as important, we can access emerging resources and technology and leverage them for our clients. These qualities make us more essential than ever.

Times like these are also when the association is most valuable to our members. At UNITE! this year, attendees learned about AI tools, new tax rebates, and resources for clients who want to reduce utility consumption. All these topics cut costs for our clients, increase our knowledge and professionalism, and allow Realtors® to save money and spend time focused on things most relevant to our productivity.

Realtors® united in another way this year and scored major wins at the Capitol. We focused on removing barriers to increasing the housing supply, improving housing affordability, modernizing the homestead property tax formula, and our banner accomplishment, the $150 Million down payment assistance funds for First Generation Homebuyers. The efforts through our Governmental Affairs team will reach far into the future by improving housing availability and affordability, and providing solutions to challenges we face in our market today.

Next year there will be more opportunities to learn and grow in our businesses as we connect through classes, conferences, and sharing resources through communications like this magazine. It is our duty to stay informed as we continue working within our communities to protect property rights and increase homeownership for all. 

I wish you success in your business and all the best in the coming year. Thank you for your dedication to our industry. 

Emily Green
2023 President 

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