What buyers shockingly DON’T know
Plus, details on home flipping profits
Spilling our “secrets”
In our industry, there are always people who claim to know the secrets to selling real estate. But we always say, if you know the secrets, wouldn’t it help to share them with everybody???
That’s why we are going to share our “secrets” with you. In our online masterclass, we will tell you the strategies we used to become the #2-ranked real estate team in the nation last year with more than $850 million in transactions.
Here’s a sneak peek of what we’ll teach you:
How to negotiate like a master to close win-win transactions for your clients
How to consistently score luxury real estate listings
How to shape your mindset to overcome any challenge
Plus, we’ll answer any questions you have about becoming a top real estate agent LIVE!
This is a one-of-a-kind opportunity to gain insights directly from us, and we’re thrilled to share our knowledge with you. Click here to register.
See you on Thursday!
- James and David
Existing home sales slide in August
Existing home sales dropped in August, leading to a full two years of continuous yearly declines in sales. That’s according to NAR’s latest update on home sales nationwide. Here are the key points to know:
4.04 million existing homes were sold in August (on a seasonally-adjusted basis), down –0.7% from July and down –15.3% from August 2022
Total housing inventory at the end of August amounted to 1.1 million units, totaling 3.3 months of supply at the current sales pace.
The median existing-home price for all housing types in August was $407,100, up 3.9% from August 2022
If we continue to read all the data and tea leaves, we can be fairly certain this trend will continue into next year. Home prices will rise, mortgage rates might keep rising, and existing-home sales will drop. But it’s not all doom and gloom. The one bright spot: new home sales. Next year, more newly built homes will be coming onto the market. Start making your connections with developers now because that might be one of the best ways to close deals next year.
Zillow report gives valuable insight into buyers
There are some truly eye-opening numbers in the latest installment of Zillow's annual Consumer Housing trends report. It offers insights into prospective buyers' needs and motivations, and shows exactly why us agents are sorely needed. Here are some key takeaways:
21% of buyers said they will hire an agent, while 10% say they won’t
21% think a pre-approved buyer is simply one who has enough saved for a down payment
18% believe that pre-approval and pre-qualification are the same, while another 15% admitted they don't know what it means at all.
58% say they've been shopping for at least the past six months
64% say an extra room to use as a home office is very or extremely important
This report is invaluable. It tells us agents exactly how we can add value to clients in the current market. It’s clear many buyers are unfamiliar with key aspects of the buying process. It’s not a stretch to think that they also don’t know about buydowns or any of the other financing options buyers have right now. This is where agents can truly educate their clients and guide them. It’s this added knowledge that can help buyers get into the market and help you close deals.
Our First-Ever Masterclass is This Thursday!!
This Thursday @10am, we're hosting our first-ever free Masterclass!!
We know how unpredictable the market has been this year, and that is why we wanted to do this. We think this is an unbelievable time to learn the skills on how to separate yourself from other agents!
We are going to share the three keys that have made us successful in luxury real estate.
We'll also be giving away free PDFs of scripts we've used in the past when negotiating and door-knocking.
Click here to register and we’ll see you on Thursday!
Where homebuilding is growing the fastest
In August, housing permits rose at their fastest rate in over a year, with applications to build new homes up 6.9% month-over-month. That’s according to Point2, the online real-estate marketplace and data firm. Of the 384 metro areas tracked, 90 saw the number of housing permits increase year-over-year.
Top 10 metros along with their year-over-year percentage increase in housing permits:
San Jose, CA – 38.47%
Louisville, KY – 31.30%
Riverside, CA – 24.17%
Hartford, CT – 21.65%
Portland, OR – 11.97%
Pittsburgh, PA – 11.42%
Nashville, TN – 11.11%
Baltimore, MD – 10.20%
Miami, FL – 5.52%
Providence, RI – 2.55%
This type of data is going to be hugely important in 2024. Most of the sales next year are going to come from this sector because builders are the ones offering the best deals and concessions to buyers. Existing home sales are going to keep dropping because of the “lock-in” effect. Start tracking where new homes are being built in your area. As we said up top, forging relationships with developers and builders will be a great way to close deals.
The news that just missed the cut
Advice from James and David to win the day
As we mentioned in our last edition, we’re going to do everything we can to get you ready for next year. It's important for agents to start setting their goals for the new year now. We always develop a quarterly business plan and a long-term plan for the whole year. It’s the best way to set yourself up for success.
If you want to create a business plan that you can easily follow, follow these steps:
Create a vision. It's hard to work toward a goal if you don't have a vision for it. Think both big picture and specific! All of us want to make more money, but try to dig deeper than that. Think about what contributions you want to make to your community and what kind of legacy you want to leave. Asking these deeper questions will help shape your bigger career trajectory.
Create SMART goals. Once you've developed a broader vision for your business, it's time to create SMART goals, which are goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.
Create accountability. Once you have set your SMART goals, tell your friends and colleagues about them! You don’t have to only tell people who work in real estate. Just make sure you choose partners who have also set goals for themselves and will hold you accountable. It's much easier to stick to a goal when someone checks in on our progress. Our team meets every Monday to do this, and it helps!
Want more tips for creating your career game plan for 2024? Check out this article.
Just in Case
Keep the latest industry data in your back pocket with today’s mortgage rates:
Source: Mortgage News Daily
If you’re new to the Blueprint community, we want to hear what you think! What’s your take on today’s stories and tips? Send us a note with your comments, questions, or suggestions.
In the meantime, keep closing deals and picking up leads. The win is worth the hustle!
That’s a wrap on today’s Blueprint. We’ll see you on Thursday at our Masterclass!!
- James and David