Through My Lens

by Doreen Spagnuolo, LIBOR CEO

Time to Spring Forward

Spring and summer have traditionally been seen as the best times of year to buy and sell a home. Has all that changed?

Technology-enabled flexibility may mean that people are now less concerned about the time of year (and distance to the office) when they consider listing or looking for a home. An aging population and an increasing number of single and two-person households make traditional concerns about uprooting children mid school-year less relevant. Moreover, the double whammy of high home prices and high-interest rates have undeniably thrown a monkey wrench into the market.

So, is there a silver lining to these headwinds? In January 2024, pending sales jumped 8.3% over December, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped from their peak last fall, and homebuyers are beginning to come out of hibernation, with NAR forecasting a 13% increase in existing home sales this year compared to 2023. All of which is as hopeful, but, as the saying goes, hope is not a strategy.

Today, successful REALTORS® strategically shape their markets. Why? January’s new listings were down 1.6%. Inventory decreased by 22.1%. The inventory shortage will not change overnight. Critical success factors for REALTORS® have expanded beyond maintaining high visibility and a great network. Differentiating yourself in today’s market means constantly honing your brand and the breadth of services you offer.

That’s where Long Island Board of REALTORS® (LIBOR) can help. Are you leveraging the tools that LIBOR offers to help you diversify your offerings? Are you embracing market dynamics by pursuing a Seniors Real Estate Specialist Designation ® / SRES®? Did you know that NAR has made the popular Accredited Buyer’s Representative (ABR®) Designation Course, typically $295, available to REALTORS® at no cost? Have you considered taking LIBOR’s online Florida Real Estate Licensing and Continuing Education courses?

Perhaps you can become a go-to resource to buyers less concerned about financing by taking LIBOR courses on the Resort & Second Home Market or Global Real Estate. Or, maybe it’s time to secure your Real Estate Appraisal License. One of the many valuable resources that LIBOR provides is education to help members enhance their business operations and assist clients in navigating the dynamic real estate landscape.

On an even simpler level, have you attended a LIBOR networking event or webinar this year? Throughout the next month, LIBOR will feature two special presentations tailored for first-time homebuyers. These sessions will provide essential information that members can share with their clients, helping them achieve their dream of homeownership.

It’s not just REALTORS® who need to adapt. LIBOR has taken major steps to reinvent our organization. We’ve dramatically increased member educational and networking opportunities. We’ve fully embraced our leadership role in promoting Fair Housing. We’ve opened channels to diverse communities, sought their participation on our committees, and fostered local engagement.