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?
Richard
View my new homes for sale
I am in ! We will put one or two properties next week under contract : )
It is amazing that there are sooo many realtors.
Also another good idea is for every realtor who has at least 5 overpriced listings that will not come close to selling is to withdrawl one of those listings. Just the withdrawl strategy would take a lot of properties (and inventory) off the market !
Richard, good post. We were just at a training that increased the numbers even more. Using stats from NAR the instructor said that the reality is that 70% of the NAR member hadn't sold even 1 house this year and of the 30% that had actually done any transactions over 80% of those transactions were done by 3% of those Realtors. Those numbers laid out like that staggered me, we us a team, need to get into that 3%! Thanks for the reminder!
Tony & Darcy:
I didn't see the stats you are specking of but we have imagined them. I know, I can show many people to you that do 20,30,50,75 transaction a year. So as you said many are doing none.
Amazing!
Richard