NAR figures in July for homes existing homes available for sale was 4.67 million.
NAR has over 1.2 million members.
At current sales rate, NAR estimates yearly sale at 5 million units.
So I propose that each member do everything in their power to sell one home in the next month. That would equal 1.2 million homes or 1.2 million divided by 4.67 million or 25.7% of the inventory. Assuming that an additional 416,000 more will be added to the market in that month, we would reduce the inventory by 784,000 units or almost 17%. If we could do this for 3 months, the crisis would be all but over. Many other agents will sell more than 1 unit in a month and we will have very low inventory.
The point is, someone asked, why all the complaining and worrying, what can all of us do to help. I want you put this in perspective. In our board of Realtors in Bergen County NJ, last year we sold 13,000 homes; there are approximately 10,000 Realtors. That equates to 1.3 sales per Realtor for the year. There is something wrong here. Let us look from within and solve our problems by being proactive. If your are Realtor, lets do all you can, make the extra calls, and make the appointments, present the case that this is a great time to buy. There are low interest rates and reduced prices.
What do you think?
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