Let’s take a closer look:
- Taylor Marr, Redfin chief deputy economist, noted that its Homebuyer Demand Index, which measures tour requests and other buying services from agents, increased 6% over last month.
- Google searches for “homes for sale” are also on the rise, Marr said.
- Nearly 25% of Redfin.com users said they are interested in moving to a different metro area, according to a Q4 2022 survey. That’s an increase from 22.1% in 2021 and around 18% pre-pandemic. Taylor observed that the remote work trend has enabled prospects to expand their search for less expensive housing.
- While it may be too soon to pinpoint the housing market’s recovery, the cyclical nature of mortgage banking means it’s not a matter of “if” but “when.” And when it does bounce back, will your LOs be ready to handle the demand?
For a deeper dive, check out Taylor Marr’s article, “The Housing Market is Starting to Recover.”
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.