Ricky Carruth - Home Sales Crash - Here's What's Coming
I follow a highly successful agent and coach out of Alabama named Ricky Carruth, who sends out weekly real estate market updates by email. His breakdown of the market this week was so clear, concise, and on point that I felt it was worth sharing.
Last week I told you January existing home sales would be down.
They were.
Down 8.3%.
Everyone's freaking out.
But let me show you what's ACTUALLY happening.
December pending sales were down 9.5%.
Pending sales turn into existing home sales 30-60 days later.
Math, not magic.
WHY were December pendings down?
Inventory DROPPED 18% in one month.
Buyers had nothing to choose from.
So they waited.
Then rates dropped under 6%.
Market went bonkers for a week.
Multiple offers. Above asking.
Then it cooled when rates ticked back up.
Exactly what I said would happen.
Here's what's coming next week:
January PENDING home sales report drops.
It's going to be massive.
Which means February and March closings SURGE.
About the spring rush:
It's a TWO-WEEK period.
Hits somewhere between late February and early April.
You don't know WHEN.
Could be next week. Could be mid-March.
But it's coming.
So here's what you do:
Stack listings like it's hitting NEXT WEEK.
Because it might.
The agents with inventory when it hits will dominate.
The agents without will scramble.
Don't wait until you SEE it.
By then it's too late.
That's why I started the 30-Day Listing Blitz.
We're stacking NOW.
Not waiting.
Executing.
Because when that two-week window hits, we'll be ready.
Other data from this week:
31st consecutive month of positive home prices.
First-time buyers up to 31%.
Still a seller's market at 3.7 months inventory.
Distressed sales DOWN.
The market is healing.
If you're not stacking listings right now, you're going to miss it.
-Ricky
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