I was asked recently how we REALTORS® should deal with a changing market. Perhaps we’ve reached the peak of the seller’s market we’re in right now. Have you noticed the increase in inventory and days on market? Surely you’ve been watching the interest rates rise. The easiest way to adjust to a changing market is to stay true to the processes you have in place. The method for valuing a property isn’t going to change. The change will be in the discussion with the seller about expectations and timing. The method for determining the value of a house won’t change, only the discussion with the buyer about the amount of the offer and terms will. The decisions will always be made by our clients. We are the experts in the current market conditions. You should have methods for determining facts; property values, local amenities, market conditions and mortgage requirements. Your clients will then seek your advice to get them the best outcome for their situation. The short answer to how to deal with a changing market? Keep a vigilant and open mind!
Bill Fain
2022 President,
Kent Washington Association of REALTORS®
