PDX Real Estate 145: How to Adapt to a Real Estate Market Correction—with Justin Harnish

The Portland Real Estate Podcast

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2y ago 1:10:48

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The real estate market was nothing but hot in 2021. We saw a staggering number of transactions, and most homes were on the market for less than a week.

And now the market is correcting. Real estate has a longer shelf life and there are fewer buyers.

But what if this shift in the market isn’t necessarily a bad thing? What can we do as brokers to adapt to the circumstances and be successful for the long term?

Justin Harnish is the Broker-Owner of Harnish Properties, and industry leader in the sales and marketing of luxury homes in and around Lake Oswego.

On this episode of the Portland Real Estate Podcast, Justin joins cohosts Joe Fustolo and Steve Nassar to discuss how the real estate market has changed in recent months, describing how demand has stepped back while supply remains the same.

They explain how the interest rate hike works in favor of cash buyers, why off market sales are a good play right now, and what a market correction means for buyers, sellers and agents.

Listen in for insight on keeping sellers happy right now and learn how you can adapt and be successful in the current market environment!

Key Takeaways

How demand has stepped back in recent months while supply hasn’t changed

Why the level of urgency is lower in the luxury market

How the interest rate hike works in favor of cash buyers

The challenge of finding comps in a market that is changing so quickly

Justin’s take on how the market will play out for the rest of 2022

Why a market correction is not a bad thing and how it will ‘thin the herd’ in our profession

The return of seasonality in the real estate markets

Why off market sales are a good play right now

How agents can adapt to be successful in the current real estate market

Why conversations around price reductions are back

How to keep sellers happy right now

How sellers know what’s going on in the market and why that benefits us

Why real estate is still the safest long-term investment there is

Why a new judge was assigned to the Lake Oswego case

Connect with Justin

Connect with Joe

Connect with Steve

Steve’s Team at Premiere Property Group

Steve on LinkedIn

Resources

Masters in Real Estate Facebook Group

Justin on The Portland Real Estate Podcast EP037

Justin on The Portland Real Estate Podcast EP114

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