What 42 Transactions Taught Me (and my clients) in 2023

One of the things I love about real estate is that every day is a bit different. 

I also take it super seriously to pay attention to the lessons being demonstrated on a daily basis. The market shifted a lot in 2023. In fact, the whole real estate profession (not the market) took a 40% haircut. 

I don’t care what business you’re in, this changes one’s business. 

I was fortunate to be in a position where my business was not nearly as affected as many of my colleagues. In fact, since the beginning of the year, many have fled for greener pastures in another line of work. 

But here are the 2 main things the crazy 2023 market taught me (and can teach you):

First thing: Flexibility is so important – Maybe that forever home is no longer the thing you need. Maybe the school district is more important than the layout of the house or visa versa? Maybe you buy a smaller house but in a better area? 

I challenged my clients to “think outside the box” (Sorry – I hate that saying too) and drill down what they really wanted. 

If you’ve worked with us, you know we have intial questionnaires and there were times when after searching for a bit, we had our clients fill out new ones. My smartest clients were able to adjust and realize that finding happiness in another scenario was possible. 

Second thing: Those “waiting for the crash” might be waiting a long time. Did you know that in most recessions home prices go up?! Many of our clients are of the millennial/Gen Z generation and it’s easy to understand their frame of reference which is the Great Recession. 

It’s pretty much the only recession they’ve gone through. But one needs to understand that it was not a typical recession.

I know there are a ton of people on the sidelines, but there are several reasons this is a bad idea. I have previously been VERY careful not to make economic predictions, but after 2023 there is little sign that things will calm down in Philly. 

At the time of this writing, all indications are that waiting will just mean the house you eventually purchase will be more expensive down the road.