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Listen "How Do Top Producers Deal With A Cooling Market? • Monday Market Minute • Carrie McCormick"
Episode Synopsis
In our August episode of Monday Market Minute, Carrie McCormick from @properties discusses what happens to home-pricing as the market is cooling down. Carrie explains the growth in demand for luxury properties seen especially during the last year. Next, D.J. shares his marketing tip of the month. Carrie also discusses the importance of developing new skills as the market changes and shares her 5 tips on what to do when there is a shift in the market. Last, Carrie shares what not to do as real estate agents based on her personal experience.
If you’d prefer to watch this interview, click here to view on YouTube!
Carrie can be reached at [email protected] or by phone at 312.961.4612.
Please follow Carrie on Instagram by clicking here.
This episode is brought to you by Real Geeks and FollowUpBoss.
Transcript
D.J. Paris 0:00How does a top producer doing 160 million a year just by yourself deal with low inventory and high interest rates. We're going to talk about that today. Stay tuned. This episode of Keeping it real is brought to you by real geeks. How many homes are you going to sell this year? Do you have the right tools? Is your website turning soft leads and interested buyers? Are you spending money on leads that aren't converting? Well real geeks is your solution. Find out why agents across the country choose real geeks as their technology partner. Real geeks was created by an agent for agents. They pride themselves on delivering a sales and marketing solution so that you can easily generate more business. There agent websites are fast and built for lead conversion with a smooth search experience for your visitors. Real geeks also includes an easy to use agent CRM. So once a lead signs up on your website, you can track their interest and have great follow up conversations. Real geeks is loaded with a ton of marketing tools to nurture your leads and increase brand awareness visit real geeks.com forward slash keeping it real pod and find out why Realtors come to real geeks to generate more business again, visit real geeks.com forward slash keeping it real pod and now on to our show
Welcome to keeping it real the largest podcast made for real estate agents and by real estate agents My name is DJ Paris I am your guide and host through the show today is our monthly series called The Monday market minute with Carrie McCormick from the Carey McCormick Real Estate Group with at properties here in Chicago. Carrie is a top 1% producer with over 20 years of experience helping buyers sellers and investors. In fact, in the past 12 months out of 46,000 real estate agents here locally, Carrie is ranked in the top 15 of all producers. And I don't mean top 15% the top 15 So she is a true superstar and an expert in everything from first time homebuyers, veteran investors and luxury properties. She also works with a lot of developers and is often chosen to represent their high end developments, please visit Carrie at her website, which is Carrie McCormick r e.com. And also follow her on Instagram she is consistently rated as having the best Instagram account for realtors here in Chicago. So at Carey McCormick real estate both of those links are in our show notes. So you can just go to our show notes and tap on the links. Carrie, welcome to welcome to the show. It's nice to see you again.
Carrie McCormick 2:48Thank you, thank you, as always, and just on the note of Instagram and thank you for always giving a shout out to my social media. I love love love doing it. Some of you who do follow me may know that my Instagram was hacked like two weeks ago, I saw that, oh, it was unbelievable. And I guess this has been happening to a lot of people where they impersonate you. And they create fake accounts. And that's very similar. I mean, they really just clone your account and they just read they changed your name by one letter or something and then they started contacting my followers and as you know, apparently I was selling Bitcoin to people and you know, so it was kind of crazy and I filed some reports and Instagram took my account down. They blocked my account, thinking that I was the impersonator and it took several steps and not that I want to be the techy guru of how to get your account back But if anyone does lose their account or gets impersonated in need some tips, please feel free to reach out to me it took me at least 72 hours of digging and researching of figuring out how to get my account back. But successfully I got my account back and hopefully it never happens to anyone.
D.J. Paris 4:11Well congrat congratulations on getting the account back I know how scary that can be. I've had similar things happen in different ways that are very, makes you feel very vulnerable and you're like
Carrie McCormick 4:22yeah, and you don't realize like how attached I was to my Instagram account. I'm losing it I would just I felt lost but again thankful that it's back. But we're headed into September which is unbelievable that this year is flown by so quickly, September 2022 And a lot of people been asking about home prices. You know we're coming off of our crazy 2020 21 And you know record pricing throughout the United States and you know people are saying okay, we're obviously the market starting to cool down. What does that mean to home pricing and, you know, do a lot of Reading and of course, I'm boots on the ground and seeing everything. But we're forecasting that home prices are going to continue to appreciate not only in Chicago, but nationwide. And really, it just boils down to the supply factor. So we're still in very low supply of homes. And we all know that mortgage rates have jumped up. And of course, that has dampened the demand somewhat. But the demand still outpaces the supply. So again, just standard economics of supply and demand. We don't have much supply here. So it's keeping prices pretty steady in our market here.
D.J. Paris 5:37You Yeah, I think we've been pretty lucky in Chicago, at least in the city, it seems like pricing has still been relatively steady. I know we're seeing some pricing drop across the country. Curious, do you think that that will affect Chicago, like city pricing, or even suburban pricing in the upcoming months?
Carrie McCormick 5:58I think that, you know, some of the sellers, there's a little bit of a disconnect between sellers and buyers and sellers are still kind of, you know, looking back last year of what the record prices were. And, again, that was a very inflated market. So I think we just need to educate the sellers on where the market is right now. And again, there's still great prices out there. But we just need to be a little more realistic about the new market conditions. One area, which is surprising is the luxury market. I finally closed my $6.2 million deal last year modulations. So there was a lot of you'll see there's just a lot of high end luxury sales going on. And I did some digging, and I found some interesting stats. So in 2020, there was a 2.2% growth in the numbers of individuals that had wealth over $5 million. So think about that. So in 2020, if you had five people who had $5 million in income, or net income in value, there was a 2.2% growth in 2021. So one year later, that number grew by 19.8%. So 19, almost 20% growth of people that have a net value of 5 million plus that's a huge, I think that's a huge number huge in one year. So all of these folks that grew their net worth more than 5 million, where are they putting their money, they're putting their money into an asset, which was a home. So because what that number, what 19.8% equals is 660,000 new individuals that entered a different net worth bracket. Okay, so that that new bracket, again, 660,000 people, and again, that's across the United States, but we saw that in, you know, the Florida market, the Arizona market, Austin, you know, Chicago, obviously, so there was this huge demand for luxury properties in 2021 and 2022. So, and that, to me, it still continues to go, I see so much, you know, cash injected into this market. You know, some of my listings that are 3 million plus a lot of the demographic are, you know, 3040 year olds, and it's just, it's, it's amazing. So it's, it's great to see that that Mark is still thriving.
D.J. Paris 8:21Yeah, it's sort of got me to think about, I can actually give my marketing tip of the week right now and then come back to carry to more information from you, because you just sparked an idea that I didn't realize, as you were mentioning the statistic about the high net worth individuals, sort of the growth there in the last year. And it's like, wow, I didn't know that. And I suspect a lot of our listeners didn't know that either. So I don't know, of an ease of a better way to do this. But you should first friend, everybody you know who's in your contact list on Facebook. We're not just on Facebook, but on LinkedIn, in particular, because this is the place oftentimes where businesses post updates, work anniversary, show up promotions show up, when somebody sells a business, it shows up when somebody starts a new job, it shows up. And so this, these could all be things that oftentimes maybe are talked about, not necessarily somebody's net worth increasing, but if someone sells a business or if someone joins a new company, or if someone's you know, some big news at the company they're at, you know, this is you should be following the companies and following the individuals and then just look on LinkedIn once or twice a day for a couple of minutes. See if there's any major news there and you can reach out to your clients a hey, I just saw that, you know, you started a new career, you got a promotion, and you're now you know, a CEO or whatever. And then you can talk to them say, Hey, is anything changing for you from a housing perspective? You know, do you thinking about you know, making a move?
If you’d prefer to watch this interview, click here to view on YouTube!
Carrie can be reached at [email protected] or by phone at 312.961.4612.
Please follow Carrie on Instagram by clicking here.
This episode is brought to you by Real Geeks and FollowUpBoss.
Transcript
D.J. Paris 0:00How does a top producer doing 160 million a year just by yourself deal with low inventory and high interest rates. We're going to talk about that today. Stay tuned. This episode of Keeping it real is brought to you by real geeks. How many homes are you going to sell this year? Do you have the right tools? Is your website turning soft leads and interested buyers? Are you spending money on leads that aren't converting? Well real geeks is your solution. Find out why agents across the country choose real geeks as their technology partner. Real geeks was created by an agent for agents. They pride themselves on delivering a sales and marketing solution so that you can easily generate more business. There agent websites are fast and built for lead conversion with a smooth search experience for your visitors. Real geeks also includes an easy to use agent CRM. So once a lead signs up on your website, you can track their interest and have great follow up conversations. Real geeks is loaded with a ton of marketing tools to nurture your leads and increase brand awareness visit real geeks.com forward slash keeping it real pod and find out why Realtors come to real geeks to generate more business again, visit real geeks.com forward slash keeping it real pod and now on to our show
Welcome to keeping it real the largest podcast made for real estate agents and by real estate agents My name is DJ Paris I am your guide and host through the show today is our monthly series called The Monday market minute with Carrie McCormick from the Carey McCormick Real Estate Group with at properties here in Chicago. Carrie is a top 1% producer with over 20 years of experience helping buyers sellers and investors. In fact, in the past 12 months out of 46,000 real estate agents here locally, Carrie is ranked in the top 15 of all producers. And I don't mean top 15% the top 15 So she is a true superstar and an expert in everything from first time homebuyers, veteran investors and luxury properties. She also works with a lot of developers and is often chosen to represent their high end developments, please visit Carrie at her website, which is Carrie McCormick r e.com. And also follow her on Instagram she is consistently rated as having the best Instagram account for realtors here in Chicago. So at Carey McCormick real estate both of those links are in our show notes. So you can just go to our show notes and tap on the links. Carrie, welcome to welcome to the show. It's nice to see you again.
Carrie McCormick 2:48Thank you, thank you, as always, and just on the note of Instagram and thank you for always giving a shout out to my social media. I love love love doing it. Some of you who do follow me may know that my Instagram was hacked like two weeks ago, I saw that, oh, it was unbelievable. And I guess this has been happening to a lot of people where they impersonate you. And they create fake accounts. And that's very similar. I mean, they really just clone your account and they just read they changed your name by one letter or something and then they started contacting my followers and as you know, apparently I was selling Bitcoin to people and you know, so it was kind of crazy and I filed some reports and Instagram took my account down. They blocked my account, thinking that I was the impersonator and it took several steps and not that I want to be the techy guru of how to get your account back But if anyone does lose their account or gets impersonated in need some tips, please feel free to reach out to me it took me at least 72 hours of digging and researching of figuring out how to get my account back. But successfully I got my account back and hopefully it never happens to anyone.
D.J. Paris 4:11Well congrat congratulations on getting the account back I know how scary that can be. I've had similar things happen in different ways that are very, makes you feel very vulnerable and you're like
Carrie McCormick 4:22yeah, and you don't realize like how attached I was to my Instagram account. I'm losing it I would just I felt lost but again thankful that it's back. But we're headed into September which is unbelievable that this year is flown by so quickly, September 2022 And a lot of people been asking about home prices. You know we're coming off of our crazy 2020 21 And you know record pricing throughout the United States and you know people are saying okay, we're obviously the market starting to cool down. What does that mean to home pricing and, you know, do a lot of Reading and of course, I'm boots on the ground and seeing everything. But we're forecasting that home prices are going to continue to appreciate not only in Chicago, but nationwide. And really, it just boils down to the supply factor. So we're still in very low supply of homes. And we all know that mortgage rates have jumped up. And of course, that has dampened the demand somewhat. But the demand still outpaces the supply. So again, just standard economics of supply and demand. We don't have much supply here. So it's keeping prices pretty steady in our market here.
D.J. Paris 5:37You Yeah, I think we've been pretty lucky in Chicago, at least in the city, it seems like pricing has still been relatively steady. I know we're seeing some pricing drop across the country. Curious, do you think that that will affect Chicago, like city pricing, or even suburban pricing in the upcoming months?
Carrie McCormick 5:58I think that, you know, some of the sellers, there's a little bit of a disconnect between sellers and buyers and sellers are still kind of, you know, looking back last year of what the record prices were. And, again, that was a very inflated market. So I think we just need to educate the sellers on where the market is right now. And again, there's still great prices out there. But we just need to be a little more realistic about the new market conditions. One area, which is surprising is the luxury market. I finally closed my $6.2 million deal last year modulations. So there was a lot of you'll see there's just a lot of high end luxury sales going on. And I did some digging, and I found some interesting stats. So in 2020, there was a 2.2% growth in the numbers of individuals that had wealth over $5 million. So think about that. So in 2020, if you had five people who had $5 million in income, or net income in value, there was a 2.2% growth in 2021. So one year later, that number grew by 19.8%. So 19, almost 20% growth of people that have a net value of 5 million plus that's a huge, I think that's a huge number huge in one year. So all of these folks that grew their net worth more than 5 million, where are they putting their money, they're putting their money into an asset, which was a home. So because what that number, what 19.8% equals is 660,000 new individuals that entered a different net worth bracket. Okay, so that that new bracket, again, 660,000 people, and again, that's across the United States, but we saw that in, you know, the Florida market, the Arizona market, Austin, you know, Chicago, obviously, so there was this huge demand for luxury properties in 2021 and 2022. So, and that, to me, it still continues to go, I see so much, you know, cash injected into this market. You know, some of my listings that are 3 million plus a lot of the demographic are, you know, 3040 year olds, and it's just, it's, it's amazing. So it's, it's great to see that that Mark is still thriving.
D.J. Paris 8:21Yeah, it's sort of got me to think about, I can actually give my marketing tip of the week right now and then come back to carry to more information from you, because you just sparked an idea that I didn't realize, as you were mentioning the statistic about the high net worth individuals, sort of the growth there in the last year. And it's like, wow, I didn't know that. And I suspect a lot of our listeners didn't know that either. So I don't know, of an ease of a better way to do this. But you should first friend, everybody you know who's in your contact list on Facebook. We're not just on Facebook, but on LinkedIn, in particular, because this is the place oftentimes where businesses post updates, work anniversary, show up promotions show up, when somebody sells a business, it shows up when somebody starts a new job, it shows up. And so this, these could all be things that oftentimes maybe are talked about, not necessarily somebody's net worth increasing, but if someone sells a business or if someone joins a new company, or if someone's you know, some big news at the company they're at, you know, this is you should be following the companies and following the individuals and then just look on LinkedIn once or twice a day for a couple of minutes. See if there's any major news there and you can reach out to your clients a hey, I just saw that, you know, you started a new career, you got a promotion, and you're now you know, a CEO or whatever. And then you can talk to them say, Hey, is anything changing for you from a housing perspective? You know, do you thinking about you know, making a move?
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