 Coronavirus is slamming the housing market spring season. Now the biggest shock was inventory. This is the big headline this morning, guys. New listings in New York City were down 85% from the same period a year ago. The number of listings pulled from the market jumped by 68%. So basically what's happening here is that sellers have pulled everything off the market. In the initial four weeks of the national shutdown, sales of newly built homes fell sharply down about 85% by that fourth week. But in the past two weeks, the numbers have started to climb. What's up, everybody? Ricky Coruth here. Welcome back to my channel. So this is what we're going to talk about today. Will the real estate market surge after we open the economy back up? I personally think that it will surge, and I want to get into why I think that in this video. Nobody knows for sure, but I want to tell you what I think is about to happen and what you need to be doing right now to take advantage of it. 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Now, let's get into today's video. So I believe that once the economy is opened back up, we're gonna see a two to three week surge in the real estate market. When I say surge, I mean, there's gonna be an influx of transactions and maybe a little bit of price increase. I'm not 100% sold that prices will increase at all. I more so think that prices will stay flat, but I think we'll see a tremendous surge in number of transactions. And I say a two to three week period once the economy is open back up because I think that we have a lot of pent up demand and I wanna get into some data here, but I think we have a lot of pent up demand and I think that we're gonna see a surge in transactions, but then after that two to three week surge, there's no telling what's gonna happen on the other end of that. So I want you guys to be completely prepared and ready to take full advantage of this surge that we're gonna have so that you can capitalize. Now the market overall has slowed down tremendously. Everybody's seeing this and I'm getting messages from Hage at saying my market's not slowing down and transactions are going great and prices are going up and stuff like that. And every market's different. You're gonna have pockets of different areas and geographical locations that do different things. So not every market is gonna respond the same way, but when you look at the market as a whole, here's a chart right here from Showing Time. Showing Time Manager is a program that we use in our local MLS and many MLSs all around the country. When someone wants to show one of your listings, they go through this app to set the appointment up. You get a notification and then you approve or cancel that showing request for that agent and the showing instructions are included. So if we take a look at this from early March, the yellow line indicates 2020 number of showings and the blue line indicates 2019. If you see 2019, it started out the beginning of the year and just slowly increase all the way to where we are April 7th. But if you look at 2020, the yellow line, you'll see that right around March 10th or a little after, the number of showings in North America dipped tremendously and they've continued to dip and right around the 1st of April, they kind of flattened out. And I think that as we see this curve continue here, I think we'll see a spike in showings as soon as the economy is opened back up. Normally I sell about 30 properties every March, somewhere around there, 25 to 30 properties I'll put under contract. That's been a pretty consistent number over the last four or five years. This year, I only put two properties under contract. So it was a huge decrease. But let's just take my market for example. Let me kind of show you the trend and what I'm seeing with just my local market. And this again may not apply to your market, but this is just interesting facts to kind of pay attention to. Okay, 2019 in February 2019, we had 178 closings. In March of 2019, we had 284 closings. And in April, we had 254 closings. So that's kind of a normal trend through the year, February, March, April. Okay, when we look at 2020, February of 2020, we had 181 closings. So we were pretty much right on the same track as we were in 2019. In March, we saw 234 closings. So that's a decrease, not a crazy decrease, but it's a pretty good decrease from 284 last March to 234 this March. Okay, so that'll tell you right there that closings were still continuing to happen in the month of March. Okay, that was the scariest time. Now those buyers obviously had their properties under contract before March, before the pandemic, but that tells you that they did follow through and close the deal, they didn't back out. Now there were a lot of people who backed out, and that's why you see the decrease in number of transactions that month, but there were also a lot of people that went through with the deal. And then we come down to April, the month is almost over, and we have 122 closings compared to 254 last year. So that is a big decrease. So that tells you that in March, there weren't nearly as many people putting things under contract as there were last March. But here's something that's really interesting that in a number that I like a lot, and that is that they're right now currently, there's 234 pending deals in my market. So those are deals that are set to close in the next 30 to 60 days, most of them within the next 30 days. So we may not see 234 closings next month in May. However, we're gonna see a nice number in May. And these are buyers that are putting properties under contract during the pandemic. So what do these numbers tell me? These numbers tell me that the market is strong, that closings are continuing to happen every single day. What I want you to do is go into your MLS, and I want you to pull up your closings for February 2019, March 2019, and April 2019. And I want you to compare it to this year, and I also want you to look at how many closings are happening every day, how many new listings are coming on the market, how many pending deals are happening, how many properties are going under contract per day, and how many closings are happening every single day. Guys, the coronavirus took a huge bite out of the market, but I'm telling you, the market is still there and the market is still strong. If you're sitting around right now thinking that the market is dead, I want you to take a look at this data. Because I was on a podcast yesterday, and the host of the podcast told me that there's some agents out there that told him that the market is just dead, and what do I tell agents that the market is just dead? And I say, based on what data? Show me the data, because all the data I see shows me that closings are happening every day, and not only happening every day, they're strong. So I hope this motivates you to understand that there should be nothing different in what you do day to day, except for the fact that you're working from your house. You should be making calls every day, trying to see what you can do to help people buy and sell real estate. Now, let's compare this to 2008, the market crash of 2008. The big differences with the market crash of 2008 and this pandemic crash that we're in the middle of right now, the two really big factors for me is the fact that inventory is so low right now. Inventory is about as low as it can possibly be. Okay, and that's very interesting to me because inventory is about as high as it could be back in 2008, and there was a huge supply and demand issue, and that was one of the big reasons why we saw such a price decrease from about 2005 or six to 2012. 2012 was the year that the market rebounded. Another interesting fact is how low interest rates are right now. The Fed rate is a quarter of a point. That is historically as about as low as it can get. So we're sitting here right now as I speak with a market that has incredibly historically low inventory, historically low interest rates, and we have people all around the country that are sitting at their house and they've been sitting there for months, pent up right in their house and they're about to lose their mind. Now, I see two opportunities there. I see the fact that people are at their houses, they're sitting around bored, wishing a real estate agent would call them and talk to them. If you go back to my live call session that I did several weeks ago, I'll link it below. The four calls that I actually got, two of the four were just ready to just talk to me for like 10 or 15 minutes. People are dying to talk to people right now. This is the greatest opportunity in the history of real estate agents to get out there and build your brand and talk to as many property owners as humanly possible. The more property owners you talk to that know who you are, that begin to trust you, that you build that personal brand with, the larger your business is gonna be. And really it comes down to who's gonna talk to the most property owners with the best intentions and build that personal brand. So I think as soon as the economy opens back up, we're gonna have people that wanna buy a new house. They've been in their current house for a month and a half now and they're ready for a different house. I really think we're gonna see that and we're already seeing that. For the past two weeks, interest in new homes are on the rise. And I'm even seeing it in my personal business. For the last two weeks, I've put six properties under contract. So I put two under contract in March. I put one under contract early April. And then in the past two weeks, I've put six under contract and I'm working on a few more. So I just feel like this is the calm before the storm. And I think as soon as this rush happens, it's only gonna be temporary. It's gonna be a two to three week rush and we need to milk it for every last drop that it's worth. I want you to be in the best position possible to take advantage of this. So what do I want you to do? I want you to do exactly what I've been trying to get you to do for the last three years. I wrote the book, List to Last, How to Survive Every Real Estate Market Crash that goes into the exact philosophy that has put me in the position that I'm in today. I've made a half a dozen videos over the last three years about how to prepare for a market crash. The mindset going into it, what to do as the market shifts and how to pivot out of it. And it all boils down to a couple of things. Number one, how hard are you gonna work? How many hours a day are you gonna put into trying to be the best real estate agent you can possibly be? Number two, are you gonna do the things that actually matter in your business that will create stability for you and your family? And I'll tell you the most efficient thing that you can possibly do is to contact property owners that own the exact type of property that you wanna sell all day long. There's an unlimited supply. You can never call every property owner in your market ever in a million years. And if you do, you have to go right back through that list again because all those people either sold their property, it changed hands, or they changed their mind. And number three, do you have a system in place to build a personal brand in your market and become that agent that everybody knows, loves, and trusts? And why will they know you love, you trust you? Because you know, love, and trust them. Okay guys, so which hat am I gonna be wearing? Is it gonna be Alabama or is it gonna be Under Armour? Put your comments below. Bam, there you go. So thank you guys so much for watching. I hope this video brought you tons of value and gives you a little something to think about moving forward. Nobody knows what's gonna happen. If this surge really will happen or it won't happen, you know, nobody really knows. This is just what I think. The good thing is, is it doesn't matter either way. If it happens great, if it doesn't great, right? Closings are still happening every single day. I can't say it enough. But anyway, leave your comments below. Let me know what you think. Click that subscribe if you haven't already and hit that little bell while you're at it. And I'll talk to you guys on the next video. Let's go.