Welcome to 2023. I’d like start-off by congratulating Abby for closing our first loan of the year! The first of many for her and for HomeFactor Financial.
We all know that mortgage is cyclical, but it is also incredibly seasonal. The chart below shows just how much new property listings can change over the course of a year. Between January and June, monthly new listings can increase by more than 150%. And they will begin increasing rapidly starting now.
2023 will not be an easy year, but I believe we are at or near the bottom in terms of supply while home demand remains surprisingly robust (especially in our markets). Keep in mind, the most desirable supply we get this year will be coming soon and buyers will be watching rates carefully. Now’s the time to remind your referral sources that you’ve got industry-leading rates and consistently excellent service…guaranteed! And we’re nice people.
With fewer deals to go around, these things matter now more than ever. Good luck!
