Here come the news media starting to shout REAL ESTATE BUBBLE. Get ready to see TV reports, hear radio reports, and read articles about the soon-to-burst bubble of residential real estate.
On the inside, the residential real estate industry is absolutely panicking about two things.
1. Disruptive innovation by technology companies.
At the risk of coming across as an over-confident jerk, I'll simply say that our team is not afraid of innovation.
We welcome technological advances that help us expedite and simplify our delivery of world class value to our clients, but we do not see technology as a replacement for a consultative, advocate role for our clients. Our fiduciary responsibility will not be replaced by an app. When I train our team, I say "If 95% of the consumers run towards an app and a 'cheap' door opener, we'll be right here delivering world class, personalized value to a healthy chunk of the remaining 5% who want expertise and relationship with their trusted advisers. It will be even more fun than it is now.
Our plan is to continue to be leaders in our industry by innovating ways to put more money in sellers' pockets and to keep more money in buyers' pockets and to make sure that all of our clients have fun, feel well protected and to lead our client/friends during and beyond purchases and sales. I'll continue to educate our community through books, speaking opportunities, my weekly radio show, and countless videos, blog entries, podcasts, articles, and more.
2. The second thing our industry as a whole is terrified of right now is a "market shift." Remember all the media I mentioned and the coming-soon "the sky is falling" click bait, attention getting headline mongers? Our industry is afraid that the easy-money is leaving if the pace of the market slows.
First, I'll just say that DFW area real estate has been in a very slow adjustment for over a year now. The healthy label for our current real estate market is "slower growth." Our housing market is still growing without a doubt, but the pace of growth is slowing a bit. I've been talking about this on the radio since 2016.
To avoid writing another book right here, I'll just add that you can find outlier statistics to tell you anything you want to hear. There are odd months, weird weeks and all sorts of outside factors that impact the housing market. Suffice it to say that in North Texas, we are still and will continue to be the envy of most of the USA for the foreseeable future.
If you are interested in further discussion on these items, let me know and I'd love to chat. If you just want to argue, call the Dallas Morning News or FW Star Telegram, I'm pretty sure they'll publish just about anything about real estate lately.
Have a fantastic week,
Todd Tramonte
P.S. If you're not already getting them and you'd like a once-per-month email with local housing information, just reply and type "send me the market reports" and we'll get those out to you.
Lots of our friends use them to keep an eye on their property values and the local economy.