Why homebuyers have the upper hand

Jam-packed edition!

We have got A LOT going on today. In addition to bringing you up to speed on the stories, as we always do, we have three other big things that we want to share with you.

First, the big release of BoldTrail, a new software package that can take your business to the next level. We are devoted users of their systems and want to tell you all about how they have done wonders for us, and can do the same for you.

Second, our fresh new episode of our podcast Rise Above the Ranks with the one-and-only Glennda Baker. She tells some AMAZING stories. It’s a conversation that will leave you inspired.

Third, we want to introduce you to The Playbook, the real estate investing newsletter just launched by our partners at Estate Media in conjunction with Morning Brew. 

All of this and much more, in today’s Blueprint!

- James and David

Why homebuyers have the upper hand right now

Over the past four weeks, the median home sale price hit at an all-time high of $396,000, up 4.8% YOY. At the same time, 6.6% of homes had a price drop, the highest level since November 2022. This is according to Redfin’s latest market update which measured the four weeks ending June 16th. Here’s what else Redfin reports:

• Pending home sales fell 3.8%, the biggest year-over-year decline since early March

• The share of homes sold above list price fell from 36% to 32.2%

• The median monthly mortgage payment is $2,781, about $60 below its record high

• New for-sale listings increased by 7.7% YOY

Our take

What a crazy situation we’re in! Home sale prices are at an all-time high, while the number of home sales is at the lowest level since March. Basically, this means home buyers have more negotiating power than at any time in recent memory. Why is this happening? Well, those record-high home prices are causing buyers to stay on the sidelines… but that means those resilient buyers who do stay in the market have more negotiating power on certain homes. That explains the high level of home sellers dropping their asking prices. In sum, whether they can do an all-cash deal or not, buyers have a powerful hand to play right now.

Inside Real Estate announces BoldTrail

Yesterday, Inside Real Estate announced the release of BoldTrail, its new software ecosystem specifically made for top real estate agents and their teams. As devoted users of BoldTrailPro, we’re delighted to tell you how it has changed our business for the better.

IRE has combined the capabilities of kvCore, Brokermint solutions, and AmpStats into one unified system and platform, with an improved user experience. In addition to this, BoldTrail now includes:

• A new navigation and UI to increase usability and boost adoption

• AI and automation to deliver more actionable insights and simplify workflows

• Enhanced client experiences and services to fuel pipelines and deliver conversation leads

• Centralized transaction workflows and use-cases across the complete homeownership experience

• Vitals data that delivers powerful, actionable business insights to boost performance and seize every opportunity

BoldTrail’s entire purpose is to bring your whole business together and drive scalable growth by providing an AI-empowered Smart CRM that helps with lead generation services, and recruiting tools, and automates your back office tasks. Click here to see for yourself.

Our take

As we mentioned up top, we’re big fans of BoldTrailPro, and we think you’ll be too. It’s a powerful tool that helps us and our entire team harness our full potential and function as one cohesive unit. We couldn’t speak more highly of it, and encourage you to check it out for yourself. We know you won’t be disappointed!

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Top military-friendly markets

In celebration of 80 years of the G.I. Bill, Realtor.com has compiled a list of housing markets tailored to military households and needs. The list is based on factors such as high veteran loan use, easy homeownership access, affordable prices, abundant housing options, and ample job opportunities. 

Here’s their list of the top 10 military-friendly markets: 

1. Des Moines-West Des Moines, IA

2. Augusta-Richmond County, GA-SC

3. Columbia, SC

4. Birmingham-Hoover, AL

5. Palm Bay-Melbourne-Titusville, FL

6. Little Rock-North Little Rock-Conway, AR

7. Indianapolis-Carmel-Anderson, IN

8. Memphis, TN-MS-AR

9. Richmond, VA

10. San Antonio-New Braunfels, TX

Our take

This is such a terrific list, and we think it could be very helpful for agents who work with military families. Now that the VA officially allows veterans to pay their agents when using VA home loans, agents can serve this community without any fear of loss in the post-NAR settlement era.

Schematics

The news that just missed the cut

• How to turn your real estate office into a client powerhouse 

• Mortgage rates hit their lowest level since March

• 5 of the top 10 most ‘impossibly unaffordable’ cities are in the U.S.

• Real announces a new program for its agents: Real Partners

• Oakley founder James Jannard sells Malibu mansion for record price

Foundation Plans

Advice from James and David to win the day

Today, we would like to bring your attention to two great resources that we think can help and inspire you in your career.

First, our latest episode of Rise Above the Ranks just dropped! — In this episode, we sit down with Glennda Baker. Glennda not only is our colleague at Estate Media, but also an international real estate broker with three decades of expertise. She has been recognized as both a prominent social media influencer and a distinguished thought leader in the field. She’s got a personality as big as all her accomplishments, and we had a blast talking with her. You’ve absolutely got to hear her tell the story of how she got her start in the business. It’s an AMAZING one!

Click here for parts one and two of our conversation. 

Second, we want to introduce you to The Playbook! — Many of you often ask us for real estate investing advice. Now, our partners at Estate Media, in tandem with newsletter giant Morning Brew, have just launched The Playbook, a newsletter exclusively devoted to real estate investing. It will not only keep you informed on all the latest important economic data and market trends, it will also cover the deals, dealmakers, and strategies that every successful real estate investor needs to know. 

We genuinely believe that real estate investing offers one of the best paths to wealth creation available. That’s why it’s so essential to stay up to date on all the headlines, trends, and changes in this ever-changing side of the industry. The Playbook will help you do that, and much more. Check it out. We think it’s going to be an invaluable resource for you. 

To learn more about Estate Media, visit their website.

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

The newsletter was brimming with material today. Let us know what you think of it all. What’s your take on today’s stories and tips? Send us a note with your comments, questions, or suggestions.

In the meantime, have a wonderful weekend friends. We’ll see you on Tuesday!

- James and David