New Year’s resolutions are an opportunity to make positive changes in your life. Now is the best time to start if you haven’t yet thought out yours.
The year 2022 was by far the most turbulent financial year ever. From 40 years of high inflation to ultra-fast interest rate increase, and from the Dow Jones index reaching a historic low in October 2022, to an overall market downtrend. The monetary policy shifted the tone from decades of low-interest rates to increasing the cost of borrowing money. The Federal Reserve raised interest rates four times last year affecting not only the US economy but also the rest of the world.
Of course, this affected the home buyers and sellers. After years of booming home sales and climbing prices, the real estate market started to cool off in 2022. The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. And in many ways, it’s put the market into a reset position.
As the Federal Reserve (the Fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This impacted buyer activity, the balance between supply and demand, and ultimately home prices. However, inflation and mortgage rate are set to be the key components to affect the property market in the next 365 days as well. Currently, the inflation is sitting at 7.1% and the Fed is targeting 2.8% till the end of the year.
Regardless, let’s prepare for 2023! In the new year, we’re all ready to push our limits—whether it’s learning a new skill or getting back on the workhorse. Before you get too far, it’s time to set some reasonable goals and really think them through. Check out this guide to help you set your New Year’s resolutions straight.
The Future of Real Estate
The housing market has been a prime place to invest for years, but the need for secure housing has never been stronger. This year’s property market has seen major changes and 2020 was a game changer for housing but 2022 really put the industry in a new light. A lot of people have seen the value in investing in properties through this turbulent period, and some would argue that investment was still more reliable than other investment vehicles.
We all know that the US real estate market has been one of the most stable investments possible over the past years. There are two reasons: first, purchasing a home is not only an investment but also a way to increase your living standards. Second, the US real estate industry remains strong compared to other countries. China is facing tough economic times especially when it comes to the real estate market.
Success Tips for Real Estate Agents
Homeownership in America is a cornerstone of success for many, and you have the opportunity as an agent to provide essential assistance throughout their real estate transactions- helping turn dreams into reality.
Make a plan for prospecting to find seller leads before the busy season. If you wait until the busy season to start looking for seller leads, then you’re waiting far too long. The few months leading into the spring are crucial times to get on a prospect’s radar as they think about selling their home.
Advertise in the winter to get a better ROI (Return Of Investment) and more exposure. Though winter is a slower season, it’s actually a great time to run advertising campaigns. Even if they are simply brand awareness campaigns, you’ll be dealing with less competition. That means every advertising dollar will go farther than it would during the busy season, which will improve your overall ROI.
Evaluate the real estate tools you’re using — and the ones you should implement.
AI for Real Estate
Use Artificial intelligence (AI) to create extraordinary listings, and use social media to share your new listings and open houses.
Watch our Weekly Webinar Ep. 139 with Nick Davidov, Founder and VC in AI, and Phillip Calloway, Real Estate Broker at Influencers Realty Group to learn more about Generative AI for Real Estate.
- • Use the Propy iOS app – the best closing app for agents, buyers, sellers, transaction coordinators, lenders, and brokerages.
- • Close more transactions and earn tokens while learning about crypto, blockchain, and NFTs. Use the Offer-to-Close app with integrated payment, escrow, and title services.
- • List properties in any currency.
- • Check-in in properties to show how active you are in particular neighborhoods.
- • Offer price evaluations to homeowners considering selling a home.
- • Search for properties and for the most tech-driven, transparent agents.
- • Close on Propy easily and transparently.
Automate your real estate transaction process
Set yourself up for faster, simpler, safer transactions by leveraging Web3 technologies in 3 easy steps:
TIP: Use The World’s First Blockchain-Enabled Title Company to close any transaction – traditional, crypto, and as an NFT. All of the data is recorded on both the blockchain and with the county registrar increasing transparency, saving money, and preventing wire fraud.
Take your real estate career to the next level by developing unique skills and expanding your knowledge – setting yourself apart from the competition.
Propy’s Crypto Certified Agent course is an excellent resource for anyone interested in understanding cryptocurrency and blockchain technology. It provides a strong base of knowledge, covering an extensive range of topics – from the fundamentals of crypto and its daily applications in real estate, explanations of blockchain and smart contracts, to tokenization. When you complete the course, you will have the foundational skills necessary to deepen your own research into this revolutionary new era in real estate. Not only will you be more informed about how to transact with crypto, but also how you can utilize the new technologies to facilitate faster, cheaper, and more secure transactions.
More than 50% of home-buyers find their property online, so taking the next step and learning about new opportunities like the metaverse and how to buy and sell digital land could help you attract more customers.
Propy’s Meta Agent Course is an essential learning experience for anyone who is looking to understand how metaverses and digital land investing fit into the wider tech world. Through this course you will gain a comprehensive knowledge of this increasingly important aspect of real estate, such as how to find and sell virtual properties, enabling you to stay ahead of the curve and provide your clients with the best services possible. Learning more about digital land investing also opens up new opportunities for businesses to grow, making Meta Agent Course invaluable for any real estate professional.
As you gear up for 2023, we wish you a year full of opportunity and success!