You know they’re coming. 

You’ve known it for months now. And you keep meaning to prepare for the worst, but you have so many other demands on your time. 

Meanwhile, the day has been drawing nearer. Relatives have bought plane tickets and booked hotels (or Airbnbs). And they’ve let you know they’re on their way. 

The problem? Even your favorite relatives are bringing something that fills you with dread — something you catch yourself hoping you can simply avoid. 

No, it’s not their kids. Or pets. Or musical instruments. 

It’s the real estate questions. 

So, we asked our BAMx members… 

Earlier this week, The Broke Agent posed a question in the BAMx Facebook group: 

BAMx-Facebook-post_The-Broke-Agent-Thanksgiving-questions-2023

Needless to say, our amazing BAMx members shared some of their favorites. 

How’s the market? Is it going to crash?

Existing home sales fell to a 13-year low in October, according to data from the National Association of Realtors (NAR). The 4.1% decrease in existing home sales brought the seasonally adjusted annual rate to 3.79 million. This statistic alone shows there is not enough inventory for a housing market crash. Add to that the median existing home sales price is $391,800 climbing for the fourth consecutive month of year-over-year price increases.

The daily Hot Sheet is a great resource for anyone (not just real estate agents) who wants to better understand the housing market and the U.S. economy. Invite your friends and family to tune in if they’re concerned about a housing market crash or a recession. 

Take Monday’s episode, for example, with Morgan Stanley’s housing market predictions for 2024. Here’s the quick version:

  • Morgan Stanley’s base case: -3% U.S. home prices in 2024
  • Morgan Stanley’s bull case: +5% U.S. home prices in 2024
  • Morgan Stanley’s bear case: -8% U.S. home prices in 2024

So, the worst-case scenario, as Morgan Stanley sees it, is an 8% decline. A crash occurs when there’s a 20% decline in housing prices. 

Will AI replace real estate agents?

Matt Lionetti does a brilliant job of answering this question: 

Why would anyone buy right now?

Many who are in the market are buying because they need to. One benefit to a market with higher rates is that fewer buyers are actively shopping for homes, meaning those buyers are more likely to find a home they want and to have their offer accepted. After the last couple of years in an extremely competitive market, this can feel like relief to those who have been looking for a while. 

Barbara Corcoran has said now is “the very best time” to buy a house. While industry pros know that it depends heavily on the buyers’ financial situation, her reasoning makes sense—there is still pent up demand and low inventory levels. So, when rates do eventually trickle down, those sidelined buyers will reenter the market and push up home prices once again. 

Is that your fourth whiskey already?

Is that YOUR fourth whiskey?

Do all those videos you post actually get you business?

Only you can say for certain whether you’ve gained any leads as a direct result of one of your videos. But if any of your clients can say they’ve seen at least one of your videos and learned something from it or found it entertaining or relatable, that’s a win. 

All of it is marketing, though. And it’s worth doing, especially if you’re facing your fear of being on camera and talking directly to an audience. Keep showing up, learning from your mistakes, and delivering value. Your on-camera persona isn’t the only thing that will improve. And ultimately, those videos will benefit your business. 

If you’re still wondering, “Am I doing this right?” or “How can I get better at this?BAMx has a growing library of online courses created with real estate professionals like you in mind. 

The marketing courses alone are worth more than the price of admission. And you get 24/7 access to all of them, along with bi-weekly masterminds, access to virtual after-parties, a growing community, and more. 

Sign up now before the price doubles on December 1st. 

Meanwhile, on Twitter… 

The Broke Agent posted the same question on X—or, as most of the world still calls it, Twitter. 

These are some of the questions remembered by agents who responded: 

What are interest rates, now?

Actually, they’ve been under 7.5% for the past few days, now. Mortgage News Daily has a mobile app that makes it easy to check. 

Here are a couple that might get your sarcasm engine running. Resist. Or don’t. It’s all in the timing. 

Are you staying busy? – and – Why aren’t you working today?

If you’re a real estate agent who is doing well in this market, you are most certainly “staying busy.” But even hard-working real estate pros have days off. 

Here’s a question that could start a very, very long (and potentially awkward) conversation. 

Last year my TikTok Realtor told me to marry the house and date the rate. How long will this threesome continue? lol

To be clear, we do not recommend the “marry the house, date the rate” advice, mainly because we don’t want buyers to purchase homes they can’t afford right now

Other questions that could pop up this year

Here’s one you probably didn’t hear last year: 

What’s going on with this lawsuit?

If any of your Thanksgiving guests ask about the Sitzer/Burnett trial—or any of the other lawsuits filed against real estate companies—be upfront about what’s happening. 

For Sitzer/Burnett, home seller plaintiffs argue that the National Association of Realtors (NAR), Keller Williams, Anywhere, RE/MAX, and HomeServices of America violated a federal antitrust law by enforcing a cooperative compensation rule, known as the Participation Rule, to inflate commissions. 

On October 31, 2023, the federal jury of the Sitzer/Burnett trial issued a verdict in favor of the plaintiffs, awarding them $1.75 billion in damages. This amount will be trebled to $5.356 billion. The National Association of Realtors (NAR) will appeal the decision, which will likely drag on the final outcome for years. 

Things may change a bit in the industry, but as of now, all consumers should know—and be willing to ask—exactly what they are paying for a commission and who it goes to. 

You can also send them right over to the BAM Lawsuit Tracker for the latest information on each one. That should keep them busy for a while. 

And for anyone who asks, 

Are you going to be on Netflix? – or – Do you watch Selling Sunset?

We’ve got just the meme to share with them: 

With those who ask about the housing market, you can send them right to the BAM website (nowbam.com) and tell them about the daily Hot Sheet and the Friday Knowledge Brokers Podcast—all of which are completely free. 

The upside of predictability

The good news is it’s not too late to come up with some good answers to these questions (assuming an escape plan is out of the question). 

And here’s a bonus: If you’ve been asked any of these questions before, you’ve probably already had those “That’s what I should have said” moments. Those are fun. 

By the way, chances are excellent that more of those are coming. So, keep a notebook handy. Or use your phone to record a voice message when you’ve got a moment alone. Just make sure there isn’t an echo. 

While we can’t tell you how to answer every single question that comes up, we can offer a few suggestions that are worth keeping in your pocket for every holiday meal:

  1. Remember that whatever you say, and however carefully you prepare your answer, someone will say something along the lines of “Pfft!” and then tell you why you’re wrong. 
  2. Learn to roll with it. 
  3. Have some pie. 

Happy Thanksgiving from all of us at BAM!