What’s Ahead After 2021’s Wild Ride?
Recently, Coldwell Banker Tomlinson Realtors®, managers, and staff were honored with a visit from President and CEO of Coldwell Banker Real Estate LLC, Ryan Gorman. Responsible for the operations that support our network of 94,000 real estate professionals in 3,000 offices in 43 countries across the globe, he made the trip from CB’s New Jersey headquarters to speak with us about the wild ride that was 2021 and share his predictions about the state of our industry moving through 2022.
Though he foresees a continuation of a seller’s market, he believes it won’t be “the crazy, crazy” atmosphere we saw in 2021. “Interest rates are ticking up which will slow things a bit,” he said, but “inbound migration will continue to be strong, so it will be a long time before the market shifts.”
When asked if he was surprised by the activity during the pandemic, he told us that though he did not predict the “nearly 10 years of appreciation in 18 months” in our area, Ryan said he wasn’t surprised to see the market remain strong. Despite the economic downturn, “we had the most equity in homes that we had literally ever had (not on a percentage basis, but on an absolute basis), and we had tighter underwriting for almost 15 years by that point than we had almost ever had, so people had good opportunities.”
Contributing to the history-making market, he noted, was that for the past five or so years our area has been named to list after list of best places to live, work, and raise a family, so as people were able to work, not only remotely, but more independently, they began to make good on the question, if you could live anywhere, why not live somewhere great?
In discussing the issue of low inventory, he is quick to point out that even buyers who have been their homes two or three months may have equity that could propel them to look at selling to purchase something that better fits their dreams and goals and encouraged agents to inform their previous buyers what their homes are worth today. Buyers, he said, can leverage their equity to move more affordably to another neighborhood or city.
Recently named a “Real Estate Newsmaker” for 2021 and “Influencer” for 2022 by RisMedia, a highly respected real estate news and information service, Ryan says is most proud of Coldwell Banker’s integrity. “Integrity is first. That’s an easy answer. Coldwell Banker was founded on honesty and integrity, and that has lasted.”
To learn more about Ryan’s strategies for Coldwell Banker in 2022, check out his interview with Jordan Grice of RisMedia.