Almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the National Association of Realtors®’ latest quarterly report. Five percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from seven percent in the first quarter. “Home sales were down due to higher mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing.” 
Compared to a year ago, the national median single-family existing-home price dipped 2.4% to $402,600. In the prior quarter, the year-over-year national median price decreased 0.2%. “Just like the weather, large local market variations exist despite the minor change in the national home price,”…
Posted On Friday, 11 August 2023 06:41 Written by
U.S. home prices are up 3% year over year despite relatively slow demand. That’s due to a shortage of homes for sale, with inventory posting its biggest drop in over a year and a half. The median U.S. home-sale price rose 3% year over year during the four weeks ending August 6, the biggest increase since November. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Prices are rising much more in certain parts of the country, with double-digit increases in Miami and Milwaukee. Prices are increasing despite tepid homebuying demand, with some buyers still sidelined by stubbornly high mortgage rates: They’re hovering around 7%, up from a 3% average in 2021 and a 5.3% average in 2022. Redfin’s Homebuyer Demand Index, which measures early-stage demand through requests for tours and other buying services from Redfin agents, is down 5% from a year ago to…
Posted On Thursday, 10 August 2023 10:26 Written by
Every sales person wants to be on top of their service and sales, but what happens when those inevitable unplanned catastrophes throw you off your normal routine, or worse, when periodic swings in business wipe out even a well-planned schedule? If you’re like most people, the first thing that suffers are your follow-up activities that you had scheduled to remain connected with your past clients, SOI, and prospects.
This high priority block of time is also critical to stay in touch with leads that have reached out for help and still haven’t heard from you. If you’re telling yourself that you’ve been so “busy” you need to read on for strategies to help you re-connect. Your internal conversation will start to make excuses to not follow-up. You may try to convince yourself that too much time has passed, and the prospect has moved on, doesn’t need you anymore,…
Posted On Thursday, 10 August 2023 00:00 Written by
Between fact-checkers and Yelpers, the Information Age is laden with a visual archive of how customers and clients perceive products, services, or even your organizational culture. Navigating how to keep your customers happy is already an insurmountable task some days, and now we must factor in their very public display of their satisfaction or dissatisfaction with you. In years past, you might have been able to overcome a bad review of your customer service department by simply reassuring your client that they were correct, or that you would remedy the situation in the future. That is certainly no longer the case, as every customer has their own digital megaphone in their front pocket or purse, just waiting in the wings to weaponize it at will.
I’m here to tell you that this is not a good or bad thing; it merely exists. Technological changes and access to information…
Posted On Tuesday, 08 August 2023 00:00 Written by
The significance of asking the right questions cannot be undervalued.  But how do you ask these three big questions if you don’t know what they are? Well, let me help you with those: 1. “Are you more focused on getting your next listing, or your next qualified borrower?” 2. “What are the activities associated with doing that and when do you do it?” 3. “Would you be willing to spend two hours one day a week for the next month working with me to generate that next listing or borrower?”   This will change the conversation completely! You find out a wealth of information that will help you determine if this person is the type of person you want to work with! Now, they may not have a preference or even a plan, but they MUST be willing to do the work if you are going to make the commitment to…
Posted On Monday, 07 August 2023 00:00 Written by
The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated The typical U.S. homebuyer’s monthly mortgage payment was $2,605 during the four weeks ending July 30, up 19% from a year earlier and down just $32 from early July’s all-time high. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing payments remain historically high because mortgage rates remain elevated, with weekly average rates clocking in at 6.9% this week, and home prices are on the rise. The median home-sale price is up 3.2% year over year, the biggest increase since November. Home prices are increasing because of the mismatch between supply and demand. High mortgage rates have pushed many would-be sellers out of the market, with homeowners hanging onto their relatively low rates. The total number of homes for sale is down 19%,…
Posted On Sunday, 06 August 2023 06:57 Written by
  Foreign buyers purchased $53.3 billion worth of U.S. existing homes from April 2022 through March 2023, slipping 9.6% from the previous 12-month period, according to a new report from the National Association of Realtors®. Foreign buyers purchased 84,600 properties, down 14.2% from the prior year and the fewest number of homes bought since 2009, when NAR began tracking this data. Overall, U.S. existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021. “Sharply lower housing inventory in the U.S. and higher borrowing costs across the world have dented international buyers for two straight years,” said NAR Chief Economist Lawrence Yun. “However, recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years.” NAR’s 2023 International Transactions in U.S. Residential Real Estate report surveyed members about transactions with international clients who purchased and sold U.S. residential property from April 2022 through…
Posted On Wednesday, 02 August 2023 07:49 Written by
As an executive or leader in your organization, you’re managing many things: the company’s image, numerous projects, and a talented group of people.  But you’re also managing many other important things, including disruptions from both inside and outside of your industry, how others perceive your company as you manage or even leverage those disruptions, and several other things you may not even be aware of. For many people, these “other” things are just part of the job, how things have always been done, and the expected stressors of business.  But do they have to be that way?
Disruptions Are Distractions to Manage To start, executives and leaders at organizations must become better at managing disruptions. In today’s marketplace, change is coming at us fast, and it is only getting faster every day. One thing we know for sure is that most disruptions come from the outside in—external factors…
Posted On Tuesday, 01 August 2023 00:00 Written by
Could the rise in interest rates be over? The FED raised rates another 25bps and the markets are thinking this could be it. The next meeting is in September, so we will have a bunch of new data for the FED to digest before that meeting. We start that news with the ECB rate info, Jobless Claims, GDP numbers, and Pending Homes Sales today, with the PCE report tomorrow. If it all comes together, we might just see the long-awaited rally that we have been looking for. If not, we may need another CPI number to look good before that rally begins, but I still believe it’s not “IF”, but “WHEN” that rally happens. It won’t be as dramatic as you might think, but I believe it will be steady! The real keys are not just the information but how people react to that information. If we can just get…
Posted On Monday, 31 July 2023 00:00 Written by
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