Redfin reports homebuyers are turning to newly built single-family homes as overall inventory sits at an all-time low Newly built homes made up nearly one-third (31.4%) of single-family homes on the market nationwide in the second quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share of any second quarter on record, with new construction keeping the housing market afloat amid the severe shortage of existing homes for sale. The portion of new homes of all inventory is up from 30.3% a year earlier and nearly double the pre-pandemic share of about 17% in the second quarter of 2019.
The second quarter’s share is down from a near-record-high of 33.6% the previous quarter, but that’s a normal seasonal pattern, as the share of new homes tends to peak in the winter months. New homes make up a near-record share of…
Posted On Friday, 18 August 2023 14:47 Written by
Owning a home has long been considered the quintessential American dream, but the path to those white picket fences is far from smooth. Although 84% of Americans say they’d like to own a home one day, 51% who don’t own today worry they’ll never get there. We asked 2,000 U.S. consumers about their homeownership dreams, fears and challenges — here’s what we found.  An overwhelming 94% of consumers say owning a home is part of the American dream — even if only 84% say it’s part of their dream. 51% of respondents who don’t own a home say they’re worried they never will. Among those who want to own one day, 49% say they can’t afford a down payment and 40% say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19% citing it as a roadblock to homeownership.
Of the 84% who’d rather own a home…
Posted On Wednesday, 16 August 2023 08:54 Written by
Redfin reports Texas and Florida survey respondents are twice as likely to cite affordability as a factor in choosing where to live than alignment on social issues Roughly two of every five respondents to a recent Redfin survey who live in Texas or Florida would prefer to live in a place where abortion is legal, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s double the share who would prefer not to live in a place where abortion is legal. The results from Texas and Florida are similar to results from the country as a whole. Texas has an abortion ban, and Florida's abortion ban is in legal limbo. Like Florida and Texas residents, about two of every five respondents from the U.S. overall would prefer to live in a place where abortion is legal, roughly double the share who would prefer not to. {loadmoduleid…
Posted On Tuesday, 15 August 2023 06:18 Written by
These days, data has become more valuable in our economy than oil. There have been many discussions about the individual value of your personal data, how to protect it and even who owns it. But what about your intellectual property as an entrepreneur or business leader within an organization? How do you protect something digital? Time and again throughout American history, ideas have been stolen or “borrowed,” whether it be the historic squabble between Apple founder Steve Jobs and Microsoft founder Bill Gates and if Gates stole the idea of the Graphical User Interface from Jobs, or the more recent founding of social media giant Facebook where a savvy coder named Mark Zuckerberg “borrowed” the idea of Facebook from two brothers trying to get his help on a contract-to-hire basis for their similar idea.
As the rate of technological innovation increases exponentially, an increasing number of entrepreneurs are developing…
Posted On Tuesday, 15 August 2023 00:00 Written by
Relief Foundation announced $1.5 million in disaster relief aid has been made available to Hawaii REALTORS® in support of the REALTORS® Association of Maui after fires recently devastated communities on the Hawaiian island of Maui. Funds will be made available to the public to assist with disaster victims’ housing payments as relief and recovery efforts continue. “Maui’s recent wildfires have deeply impacted its residents, and we stand by them during this challenging time,” said RRF President Mike McGrew. “RRF grants aim to ease the path towards recovery, offering tangible aid to those rebuilding their lives. As real estate agents, we recognize that unity and community spirit are invaluable, especially when facing such trying circumstances.”
Since 2001, RRF has disbursed more than $40 million in aid to more than 20,000 families nationwide. The National Association of Realtors® covers all administrative costs, ensuring 100% of all funds collected are distributed…
Posted On Monday, 14 August 2023 15:46 Written by
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
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