I got an email from a lender a few weeks ago talking about how 2022 was probably the worst year for Realtors in a long time and to persevere until things got better next year.
It made me pause and reflect on the year that I had and I must say, 2022 was probably the most fulfilling year I’ve had in over a decade. The victories and defeats were plenty, but the growth went supernova during it all!
The real estate market activity took a dive once the FED hiked their interest rate the fastest and steepest in over 40 years (Remember Paul Volker, anyone?). It wasn’t that people didn’t want to buy, but due to the FEDs policy change to fight record inflation many were simply priced out of the market because of high home prices + doubled interest rates.
To oversimplify it, a family who could afford financing on a $500,000 house with the beginning of the year interest rate could now only afford about a $350,000 house at the higher interest rate… and there weren’t too many of those home prices around the Austin area.
This evaporated a huge portion of the buyer demand that we’ve experienced in the last 2 years and seller’s homes were beginning to increase days on market as more and more listings sat unsold. Buyers wanted to make offers as if it were early 2021 and sellers wanted to sell for what their neighbor did in April 2022.
It felt like market gridlock for most.
In the seemingly instability of it all I am reminded to control what I can control- my thoughts, my work ethic, my actions and my mindset.
Who knows what will happen next year with the market? The coined phrase realtors always say is “I don’t have a crystal ball”. It cracks me up because I always picture them with a turban, in a dark room with a glowing purple ball with swirling gas inside looking at numbers and headlines.
The market could come roaring back in the spring, it could stall a bit further until the FED u-turns their aggressive inflation fighting policy and lowers the rate, or it could just return to a normal cycle like it was pre-covid.
Either way, it will be exciting to be a part of it! I will continue to pivot, learn, educate and innovate no matter what happens.
The turnover rate is pretty high for Realtors.
87% exit the industry within their first 5 years and 20-30% of active Realtors are forecasted to leave the industry in the next year.
The challenges in real estate are real.
The gray hair multiplies as you are the lead communicator, negotiator and emotion manager to people making massive life decisions. Realtors often get blamed for things outside of our control and can become the scapegoat when things go sideways- even if it’s not anything we could control.
The weight can be HEAVY.
There were many sleepless nights, milkshakes to cope with anxiety, doubts, fears and self-criticisms, but the growth and confidence that comes from successfully helping people transition into or out of a home is well is worth it all.
2022 was such a mix of incredible hustle, many late nights, zoom trainings, networking, failures, burning tires, fast food runs and closings. I spent so much time outside with my three boys, listened to countless podcasts and audiobooks while driving all over Austin and created priceless relationships with clients and other people in the industry.
Our family got a new Boston Terrier puppy (Kelce Travis Clark), my boys won a football championship with the local flag football team, took a family vacation to Florida, went to every festival in the area, made deeper friendships, spent countless hours in the pools and rivers and I ended it with dressing up as the Grinch and having the time of my life at Christmas on Mercer St.
I try to think of what I would change for next year and it would be… nothing! Just more of the same from 2022…beautiful experiences in Dripping Springs and Austin, time with family and continuous client care and networking with real estate.
I am so thankful for the amazing team I get to work with at Magnolia Realty who push me to achieve more, my husband who took care of so much while I was out running around on nights and weekends, this incredible community we live in and my boys who I do it all for!
I hope that you have had an amazing year also!
Are you ready to make a move in 2023? Just reach out and I’d love to help you!
I am a local Dripping Springs real estate agent and can help you buy or sell all over the Austin/Hill Country area!
Just call or email to get started 512-569-8480 or laurenclark@magnoliarealty.com
