As we approach the end of summer, many listings might still be lingering on the market. Currently, two-thirds of listings in the U.S. have been on the market for over 30 days, and 40% have been on the market for over 60 days. We're seeing more listings and less activity on the sales side, leading to a buildup of inventory and a shift toward a buyer's market.

If you have a listing that’s been on the market for a few weeks with little activity, try this script:

"Hey, Mr. and Mrs. Seller, this week I’m refreshing all my listings. Here’s what that means: I’ll be updating the lead photos so your listing looks new in the MLS. I’ll also revise the property description and review all the data points to ensure everything is accurate.

I’ll also schedule a 'meeting the market' to discuss any potential improvements to the listing. This meeting involves considering any incentives we might offer buyers or buyer’s agents. For buyers, we could consider...

Today I want to talk to you about the current state of the real estate market:

There's 67% more inventory on the market today than there was a year ago at the same time, which is more than before, but we still need way more inventory than we have today. When you start to see listings linger, you need to remember that there are two types of markets: listings that come into the market and sell instantly with multiple offers still happen today, but then you have another group of listings that hits the market but then just lingers.

When you're talking to sellers at a listing appointment, it's important to talk about being competitive or looking at comparable sales data. Comparative versus competitive sales data is a very important concept that most REALTORS never talk about with their seller clients.

A comparative market analysis, or CMA, is what most REALTORS use to determine a home's value compared to...

What's more important than the interest rate you're paying on a home?

It's the price you're paying for a home, obviously.

So when we're talking to our potential buyers, this is something we should be talking about with our social audiences, our sphere of influence, our farm areas, and really beating this drum that they need to refocus their attention on this idea that prices are coming down. And we have some real opportunities in the market.

The way we're gonna frame that up is gonna say:

"Hey, listen, a lot of people get really focused on interest rates. But I want you to start looking at price because some smart buyers that I know, some savvy buyers are really starting to get out there and find some incredible bargains. There's really two areas that I like to talk about with all my friends that I think are huge opportunities.

One of them is luxury housing. There's a 38% drop in the last quarter of 2022 in luxury home sales....

Now here's another question that a lot of us are getting:

Is the market turning into a buyer's market?

This is really a market-by-market conversation. But I will tell you that we could easily have a situation in a lot of markets where you actually have a couple different markets within the larger market.

Here's what that means:

Markets aren't just one thing. They are a whole list of price bands, right? So you have lower tier price bands, mid tier price bands, and higher price bands. And in your market, as the market is transitioning, it's not all one thing. So you could have a lower tier price band that's still a strong sellers market. Lots of demand because that's where first time home buyers go, right?

But then as you move up the ladder, you might see that at the higher tiers—the luxury housing, for instance—that it is a buyer's market.

So what's the defining factor here?

You gotta ask yourself, how do I...