In One word. Everything.
Between March 2022 and May 2022 the U.S. Federal Reserve raised its interest rate for the 4th consecutive time causing a once-hot real estate market to reverse momentum.
Likewise – the world witnessed how the stock price of Gamestop skyrocketed from near zero into hundreds of dollars in a few short weeks.
Again with AMC.
And — again with Silicon Valley Bank – when rumors hyped bank depositors to withdraw their money deposits, causing the bank to shutdown overnight.
The above case studies highlight the reality of today’s real-time world. Once took weeks or months to reach mass audience, news today via social media can trigger ripple effects across systems, countries, and industries.
It is happening in the real estate industry and the typical real estate agent has no mechanism to respond to the speed of today’s buyers.
In just one or two weekends a property will have been exposed to virtually every buyer in the market.
Favorable news can generate 10-50 offers on properties almost instantly while fake, fear, and uncertain news can drop demand to almost zero in just a few days.
The bottom line is yesterday’s S-L-O-W and costly ways to sell properties have no place in today’s marketplace. At least not if the objective is to best serve consumers.