Goldman Sachs has predicted a housing market downturn in 2023
There has been rumblings for months now about what the housing market will look like in the new year. With the Fed raising rates and growing fears of a recession, companies and consumers alike are watching reports about the economy closely.
The news the last few months has been that the housing market has been “cooling” but no alarm bells have been sounded. Recently, however, Goldman Sachs released its prediction that the housing market will face a worse downturn in 2023. While the news is concerning, the analysts maintain that large declines in home prices are unlikely.
2 months warning doesn’t seem like much, but with some careful planning yourself up to weather the coming decline.
The market may be slowing, but your advertising needs to be growing
It may sound counter intuitive. With the risk of lower sales, why should you be spending more money on advertising? While sales of homes are going down, the sale price of homes remains high. Because of that, competition for the buyers brave enough to deal with the current market will be fierce. And the listings you are able to close on still stand to make you a nice paycheck.
Your competition might be pulling back their advertising dollars out of an effort to be more fiscally conservative. It might be tempting. But without continuing to push your listings, you’re missing out on exposure to potential buyers that is more critical now than ever.
That isn’t to say you should throw all your money towards advertising. Rather, increase your spending to beat out your more wary competition and stick out to your audience. Home buyers are getting spooked, yes, but so is your competition.
The best way forward is to use a trusted platform that will put your money to the most strategic use. A slower market means more work to sell a house, where in recent memory all you had to do was list it. With the increased effort to close on listings, you need an advertising tool that is simple to use and lets you rest easy knowing your money is being spent in ways that will best benefit your business.
BOOST’s user-friendly interface lets you get ad campaigns up and running in no time so you can spend more time interacting with prospective buyers. With easy to understand dashboards, you can see where your money is going, and how it’s performing for you. And when your hard work pays off and you close on a property, you can quickly switch your ads to show that while your competition may be pulling back, you’re working hard and moving listings.