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New builds are taking up a growing share of the pie as builders attract buyers with concessions, and surging mortgage rates prevent existing homeowners from selling Nationwide, 30.6% of U.S. single-family homes for sale in the third quarter were new construction, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share of any third quarter on record and up from 28.9% one year earlier and 25% two years earlier. Newly built homes have taken up a growing share of for-sale housing inventory partly because homebuilding has increased and partly because the number of existing homeowners putting their houses up for sale has decreased as mortgage rates have surged to a 23-year high of roughly 8%. High mortgage rates have pushed a lot of buyers to the sidelines, but many of the buyers who are in the market are opting for new construction homes…
Time is exactly the same for all of us. Some just make better use of their time than others! Many people are often confused by terms like “busy”, thinking that being busy is a good thing. Well, there is a HUGE difference in being “busy” and being productive! They are NOT the same thing, not by a mile. The major difference is that “busy” people tend to have little to no structure in their day and their lives seem to just merge one day into another. They create no differentiation from day to day, so they all just seem to run together. Also true, is that “busy” people tend to be highly reactive and bounce from one “urgent” issue after another. But unless you are working in the emergency room of a hospital, very few people find any real satisfaction being in a reactive mode all the time. The simple…
New listings have posted their first annual increase since July 2022 as some sellers tire of waiting for mortgage rates to come down and others worry that prices will decline New listings of homes for sale rose 0.3% from a year earlier during the four weeks ending October 22—a small increase, but the first since July 2022. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.. More homeowners are putting their homes on the market as mortgage rates remain elevated near 8%. Some sellers are accepting that rates are unlikely to meaningfully decline anytime soon and finally parting with their relatively low rates, while others are nervous tepid demand could cause home prices to fall if they wait any longer. It’s also worth noting that new listings were falling fast at this time last year as mortgage rates rose. Buyers are welcoming even a small…
New listings inched up as some homeowners opted to cash out, fearing that elevated mortgage rates could drive a drop in home prices New listings climbed 1.4% month over month in September, the largest increase since February 2022 on a seasonally adjusted basis, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s a glimmer of relief for homebuyers, who for months have been waiting for more homes to hit the market. “A lot of Americans are sitting on piles of money in their homes, and some are opting to cash out even if it means giving up their low mortgage rate; they’re worried there’s a possibility home prices will fall if rates remain elevated. We expect rates to remain high for the foreseeable future,” said Redfin Chief Economist Daryl Fairweather. “But we also expect prices to stay high into next year. Housing supply is so…
Attracting and retaining the best employees are two completely different concepts. Hiring the best is usually a streamlined process of seeking out the most qualified and skilled individuals and getting them to view your organization as a positive workplace to be in. But after hiring is complete, it is their turn to interview you, in a way. They finally get to see what is behind the front door at your organization. Hiring the best employee for the job is one thing, but retaining the best employee for the job is a whole other arena in the business world. Yes, each of these instances may be difficult, but it is arguable that retention has become the bigger of the challenges.
The Great Resignation of 2020 During the COVID-19 pandemic of 2020, we experienced what is now known as “the Great Resignation.” On the surface, thousands upon thousands of employees left their jobs for various reasons. But one of the most…
Connecting creates opportunities. Failing to connect leads to failure. Connecting incorrectly is worse than not connecting at all, because it leads you to believe you are doing something of value but are wasting valuable time. As part of business planning for 2024 it is important to look at how you are connecting with people as well as the people you are connecting with. Here are some simple things to look at: Personal Connections 10 personal calls or interactions per day Birthday calls Anniversary calls (annual reviews) Follow-up or update calls Professional Connections Social media posts, tags, or shares Realtor support posts Other Professional shares Product & Service provider posts & shares Information/Value Connections Video tutorials Video coupons Video professional support Local event support Your business relies on connecting with people and by providing exceptional value in the process. The quality of the service is often judged by the quality…
Nate Martinez is the owner of RE/MAX Professionals, a multi-office franchise located in the greater Phoenix area. He passionately believes in the value of education, having trained hundreds of real estate professionals across the globe as a speaker and a coach. With nearly 35 years in the real estate industry, he has been recognized with the Lifetime Achievement, Titan Team, Circle of Legends and the Luminary of Distinction from RE/MAX. One thing he is most proud of is the charitable contribution of his agents, and their support of the Children’s Miracle Network. In addition, he is also proud to be ranked the number one brokerage in Arizona when it comes to production per agent. The highlight of running his team is getting to work in the trenches every day with his fiancé Tonya, his oldest daughter Brandi and his son Nate Jr. Nate is an avid golfer, foodie, loves to…
We have all heard that the key to becoming a successful business is effective communication and collaboration, but do we really know what that means? Unfortunately for many business leaders, they believe they do. But the reality is they actually struggle with the concept. Back in 2013, the CEO of Yahoo! announced via memo that employees would no longer be able to work remotely and must come back into the office from Monday through Friday. Revoking the remote environment was done under the assumption that getting employees back in the office would increase collaboration and company culture. However, the plan backfired. Instead of it boosting morale, employees felt pressure to either quit if they wanted to continue working remotely or relocate if they wanted to keep their job. As a result, the entire company suffered due to its leadership’s poor communication technique.
The thing about communication and collaboration is that they are closely intertwined…
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Last week we spoke about the limited time left to get deals in that will close and get you paid this year. It is part of the overall business planning process I work my people through so they can close out the year strong and be building into the next year as they complete the current year. Last week we looked at where our opportunities have come from this year. We also were looking into how many files were completed, scheduled to close, under contract, as well as the total number of preapprovals we have in our queue, both active and dormant. This week we need to take a good look at where those opportunities are coming from this past year, the past six months, and the past three months. Referral partners can ebb and flow with opportunities, sometimes it’s just the way things go, but other times there are…
According to a recent Redfin report: New listings have inched up this fall, giving the buyers who remain in the market a few more homes to choose from. But many buyers are retreating as mortgage rates stay elevated. New listings of U.S. homes for sale have ticked up 2% since the start of September, and listings haven’t fallen as much from summer to fall as they typically do. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. What home sellers are doing: A few more homeowners are putting their homes on the market, despite being locked into relatively low mortgage rates. The total number of homes for sale is down 14% from a year earlier during the four weeks ending October 8, but that’s the smallest decline since July. Advice for sellers: Take advantage of still-rising prices; the median sale price is up 3% year…
Joint proposal would reduce spread between mortgage rates, Treasury bonds The Independent Community Bankers of America (ICBA), Community Home Lenders of America, and National Association of REALTORS today proposed a solution to reduce historically high long-term mortgage rates relative to long-term Treasury bonds. The groups’ plan would reduce the historically large spread between 30-year mortgage rates and 10-year Treasuries to promote homeownership affordability.
“With housing accounting for nearly 20% of the nation’s gross domestic product and affecting homeowners and renters nationwide, policymakers must act to promote housing affordability,” ICBA President and CEO Rebeca Romero Rainey said today. “ICBA and the nation’s community banks call on the administration to implement our plan to address lending challenges and mortgage-servicing impediments, which could support demand for mortgage-backed securities and reduce mortgage rates by an estimated 100 to 150 basis points.” With the combination of high mortgage rates and low housing…
Saul Klein is widely recognized as the real estate industry’s first Internet Evangelist. He was selected by the National Association Of REALTORS® as one of the “25 Most Influential People in the Real Estate Industry” in 2003, and has been selected as one of the “100 Most Influential Real Estate People” by Inman News in 2005, 2006, 2007, 2008, 2009, 2010 and 2011, 2012, 2013. REALTOR® Consultant to the original RIN (Realtors® Information Network) project, including the development and deployment of REALTOR.com), he served as Vice President of Marketing and was responsible for the signing of the first 100 MLSs and first 500,000 listings to appear on Realtor.com.One of the creators of RealTown, and many longstanding real estate online communities, including RealTalk, AETalk, MLSTalk, MLSInformation, PresidentsTalk, EducationDirectorsTalk and others, blogging before blogging was a word. Saul has been a licensed California Real Estate Broker since 1977 and was the 1993…
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