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

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 Harnish Properties Justin on LinkedIn Connect with Joe Soldera Properties Joe on LinkedIn 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 Think Big, Act Small: How America's Best Performing Companies Keep the Startup Spirit Alive by Jason Jennings 'Judge Ann Lininger Disqualified from Long-Running Case Over Access to Waters of Lake Oswego' in Williamette Week