June 21, 2022
There’s no question that the market is changing. One thing we have noticed–we haven’t seen a single bidding war on a home in more than a month! That’s a big shift from the previous quarter where we saw 20-30 offers on a home with a $10,000,000 listing price.
As we start heading into a buyers’ market, use this as an opportunity to educate your clients about the shifting landscape. In our first story today, we discuss a report from the NAR that highlights key trends to monitor in the months to come. We found it insightful, and we think you will too.
- James and David
The NAR’s Chief Economist Dr. Lawrence Yun wants your clients to find (and afford) the homes of their dreams. In his latest address to potential homebuyers, he outlined several key trends to keep an eye on. Here are the biggest takeaways:
We absolutely agree with every single one of these. This advice is fantastic because it helps you set realistic expectations with your buyers. You can show them that this isn’t just your suggestion, but advice directly from the NAR itself.
Hines, a global real estate investment and development firm, has big plans for one of Salt Lake City’s downtown landmarks. The firm intends to convert the South Temple Tower, a 24-story office building, into 255 luxury apartments. While this project is Hines’ first venture into office-to-residence conversions, projects like this have been popping up across the country for months.
People are always going to look for creative ways to make money. In times like these when the market is shifting, they get even more creative. You can bet every city in the world will have their eyes on this project. If it goes well, we could be seeing a huge wave of new downtown converted residences hitting the market in the coming years.
A new NAR report shows that Texas was a 2021 investor favorite. Affordable prices, a favorable population mix, fast-growing households, and a host of job opportunities made Texas a particularly popular (and profitable) choice among big investors.
Investors are always looking for a strong return. Once they find an area of opportunity, they rush to capitalize on it. That’s exactly what happened in Texas last year. This is why it’s so crucial to stay up-to-date on what’s going on in your local market. There are areas of fantastic opportunity in every single metro, and if you can find that niche, you’ll have a whole list of clients wanting to work with you.
The news that just missed the cut
Advice from James and David to win the day
Ready to growth-hack your real estate business this summer? Use these effective lead-building strategies:
For more business growth tips like these, check out this video.
Keep the latest industry data in your back pocket with today’s mortgage rates:
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- James and David
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