I have said it before, but it is worth repeating, how you handle that first interaction with a prospect can vastly improve your conversion rates. Why is this important? Because improving your conversion rates amounts to free money! You work so hard to generate an opportunity, why not spend just a little time refining your process and improve your conversion rates? Scary part is, too many originators, managers, and companies don’t track this important information, much less put steps in place to improve it! So, if you aren’t tracking, or know what to track, here is what I suggest you look at. Initial contact, preapproval, contract, and of course, closings. You may have different terms, but you get the idea. Of all of these, the initial contact can be the biggest and best place to improve your process to increase your overall conversion rates. This contact sets the stage…
Posted On Monday, 12 February 2024 00:00 Written by
Have you experienced receiving a phone call from an unfamiliar number? Nowadays, it may seem like a rhetorical question because most of us have encountered such situations. The prevalence of spam calls on our mobile devices has made it a common occurrence.
Personally, I receive these phone calls at least every few days. I often wonder about their origin and how on Earth they got my number. How about when you scroll through social media or a website, and you come across an ad for something you checked out a few days ago. It’s an item you’re genuinely interested in, but you can’t help but wonder how or why the ad is being served to you. This instance, along with the strange capability of Google and other software being able to read your mind by showing you ads for things you searched for momentarily weeks prior, are all…
Posted On Tuesday, 20 February 2024 00:00 Written by
The landscape of work is undergoing a transformative shift, fueled by the relentless progress of artificial intelligence (AI) and generative AI technologies. In my eyes, the key to understanding this evolution lies in recognizing that humans are not being replaced by AI but are, in fact, being empowered by it. The future of work is marked by increased efficiency, a redefined role for humans, and a seamless integration of remote and in-office collaboration. AI as a Tool, Not a Replacement As generative AI, exemplified by technologies like Chat GPT, becomes more prevalent, the question arises: Will humans be replaced by AI? No, humans will not be replaced; rather, they will be augmented by AI. AI serves as a powerful tool, particularly adept at imitation and quick execution, getting tasks 80% completed in a fraction of the time. However, the true magic lies in the remaining 20%, where human intuition, creativity,…
Posted On Tuesday, 13 February 2024 00:00 Written by
Homebuyer Demand Index is ticking up as the spring home-selling season draws nearer. That hasn’t yet converted to a meaningful improvement in pending sales–but Redfin agents expect it will in the next few months. Redfin’s Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—rose 6% from a week earlier during the week ending January 28, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. An additional measure of showings also signals tours have ticked up over the last week. More buyers are touring homes because mortgage rates are holding steady below 7%, down from 8% this past October, and some buyers are worried prices will increase more if they wait longer. Sale prices rose 5.5% year over year during the four weeks ending January 28, the biggest increase in over a year. But that earliest-stage demand hasn’t yet translated into…
Posted On Sunday, 04 February 2024 09:53 Written by
New construction has taken up a growing share of the for-sale housing pie because homebuilding has increased and the number of individual homeowners selling has decreased Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record. Newly built homes are taking up a growing share of the for-sale housing pie for two primary reasons: Homebuilding has increased. Homebuilding has been on an upward trajectory since 2009 as builders have slowly climbed their way out of the hole caused by the Great Recession. Construction also jumped during the pandemic as builders responded to surging homebuyer demand fueled by record-low mortgage rates. The number of homeowners putting their houses on the market has decreased over the…
Posted On Friday, 02 February 2024 07:22 Written by
The two most important days in your life are the day you were born and the day you find out why you were born. Personally, I know I was put on this Earth to teach other business leaders and working professionals.  Life is about purpose —finding your purpose and living your purpose both in your professional life and your personal life. Purpose is what gives us motivation and makes our working lives enjoyable. And as we spend a large chunk of our adult lives at work, purpose in work is fundamental. But as many Baby Boomers are starting to realize, when hitting retirement age, what fills that gap left behind? Many individuals spend the last few years of their work life just waiting for retirement, for the day when they no longer have to go into the office, sign on, or report to a manufacturing floor, and can finally pursue their other interests. But…
Posted On Tuesday, 06 February 2024 00:00 Written by
-- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.63 percent. “Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater elaborated, “Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.” News Facts The 30-year FRM averaged 6.63 percent as of February 1, 2024, down from last week when it averaged 6.69 percent. A year ago at this time,…
Posted On Thursday, 01 February 2024 09:50 Written by
Redfin reports buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October A homebuyer on a $3,000 monthly budget has gained nearly $40,000 in purchasing power since mortgage rates peaked this past fall, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. A $3,000 monthly budget will buy a $453,000 home with a 6.7% mortgage rate, roughly this week's average. That's compared to the $416,000 home the same buyer could have purchased in October with an average rate of 7.8%. To look at affordability from another perspective, the monthly mortgage payment on the typical U.S. home, which costs roughly $363,000, is $2,545 with a 6.7% rate. The monthly payment was nearly $200 higher— $2,713— when rates were at 7.8%.
Homebuyers are getting some relief in 2024 as mortgage rates come down from the…
Posted On Wednesday, 31 January 2024 05:32 Written by
I wanted to share a situation that took place this week with one of my clients, and I thought it might provide a good reminder to all of us that just because we said it, doesn’t mean people heard it! Often people will hear what they want to hear, not necessarily what you did say. This holds true when people want the answer they want and not what you said. Case in point, a client is a veteran and has used a VA loan before but is not using a VA loan this time because they don’t have enough eligibility to keep their current house with a VA loan already in place, and rent it, and buy the next primary residence. This client was fixated on a VA loan and couldn’t get past it. The LO explained over the phone that they couldn’t use the VA loan but had other…
Posted On Monday, 29 January 2024 00:00 Written by
In years past, agility has been the cornerstone of business success, and it is something I frequently address in my teachings. The ability to react quickly to disruptions as they come is not a terrible thing, though while agility may have kept companies and executives at the top of their industry for many years, it is no longer enough. Agility puts you in a position that is only useful after disruption has occurred. Essentially, you have no edge on the competition, no matter what that competition is. Crisis management and reacting to problems as they are hitting you is immensely stressful, as by the time they occur, you have already lost profits, customers, or operational efficiency.
In a time where Artificial Intelligence (AI) and massive technological transformations are happening at beyond-exponential rates, being reactionary and having a wait-and-see attitude will be what both allows your competition to surge ahead but…
Posted On Tuesday, 30 January 2024 00:00 Written by
High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren’t falling because inventory is still low U.S. home prices climbed 0.4% month over month in December—the smallest increase since June—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. December represented the third straight month of slowing price growth. On a year-over-year basis, prices rose 6.6%. This is according to the Redfin Home Price Index (RHPI), which is similar to the S&P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. December data covers the three months ending Dec. 31, 2023. Read the full RHPI methodology here.
"Many home purchases that closed in December were negotiated in November, when mortgage rates were near the highest level in over two decades. That likely depressed home price growth because buyers were grappling with limited purchasing power,"…
Posted On Friday, 26 January 2024 06:52 Written by
-- Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.69 percent.
“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.” News Facts The 30-year FRM averaged 6.69 percent as of January 25, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.13 percent. The 15-year FRM averaged 5.96 percent, up from last week when it averaged 5.76 percent. A year ago at this time, the 15-year…
Posted On Thursday, 25 January 2024 15:59 Written by
Page 7 of 63

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.