PDX Real Estate 145: How to Adapt to a Real Estate Market Correction—with Justin Harnish

The real estate market was nothing but hot in 2021. We saw a
staggering number of transactions, and most homes were on the
market for less than a week.


And now the market is correcting. Real estate has a longer shelf
life and there are fewer buyers.


But what if this shift in the market isn’t necessarily a bad
thing? What can we do as brokers to adapt to the circumstances
and be successful for the long term?


Justin Harnish is the Broker-Owner of Harnish Properties, and
industry leader in the sales and marketing of luxury homes in and
around Lake Oswego.


On this episode of the Portland Real Estate Podcast, Justin joins
cohosts Joe Fustolo and Steve Nassar to discuss how the real
estate market has changed in recent months, describing how demand
has stepped back while supply remains the same.


They explain how the interest rate hike works in favor of cash
buyers, why off market sales are a good play right now, and what
a market correction means for buyers, sellers and agents.


Listen in for insight on keeping sellers happy right now and
learn how you can adapt and be successful in the current market
environment!
Key Takeaways

How demand has stepped back in recent months while supply hasn’t
changed


Why the level of urgency is lower in the luxury market


How the interest rate hike works in favor of cash buyers


The challenge of finding comps in a market that is changing so
quickly


Justin’s take on how the market will play out for the rest of
2022


Why a market correction is not a bad thing and how it will ‘thin
the herd’ in our profession


The return of seasonality in the real estate markets


Why off market sales are a good play right now


How agents can adapt to be successful in the current real estate
market


Why conversations around price reductions are back


How to keep sellers happy right now


How sellers know what’s going on in the market and why that
benefits us


Why real estate is still the safest long-term investment there is


Why a new judge was assigned to the Lake Oswego case
Connect with Justin

Harnish Properties


Justin on LinkedIn
Connect with Joe

Soldera Properties


Joe on LinkedIn
Connect with Steve

Steve’s Team at Premiere Property Group


Steve on LinkedIn
Resources

Masters in Real Estate Facebook Group


Justin on The Portland Real Estate Podcast EP037


Justin on The Portland Real Estate Podcast EP114


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‘Judge Ann Lininger Disqualified from Long-Running Case Over
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