Relocation numbers like we’ve never seen
Plus, an exciting announcement!
We launched a podcast!
We’ll be sharing the best real estate tips and tricks we’ve picked up along the way (and wish we’d known years ago!). Each podcast is only 15 minutes long and covers one in-depth real estate topic. We will be releasing them every Monday morning and we're confident this information will be actionable in your day-to-day life.
A sneak peek of our first few topics:
How to pick the right brokerage
Our favorite cold-calling techniques
Open house strategies
How to break into the luxury market
Everything helps us spread the word!
- James and David
Relocation popularity rises
Relocation interest became more common during the pandemic, and now it’s at an all-time high. In July, 33.7% of Redfin users searched for out-of-town homes, up from 32.6% in Q2 and about 26% before the pandemic.
There’s also a surprising new name on the list. Portland (...the one in Maine, not Oregon) made the Top 10 for the first time.
Check out the full top 10:
San Diego, CA
Las Vegas, NV
North Port, FL
Cape Coral, FL
San Antonio, TX
If you’re operating in one of the up-and-coming areas, this is your chance to become the local expert on the top neighborhoods, restaurants, schools, and amenities. You can even create your own “Welcome To (Your City) Guide” to send to potential incoming clients. Not only will it help them get to know the area, they’ll never forget your name.
Rising costs for first-time buyers
Single-family home prices just notched a new record. The NAR reported that in Q2, the median price for a single-family home hit $413,500, passing $400K for the first time. Here’s what this means for the average first-time buyer:
The typical monthly mortgage payment for a first-time buyer is now $1,810, up 49% ($597) from a year ago
First-time buyers now spend an average of 36.8% of their income on mortgage payments, compared to just 28.7% a year ago
This is both good and bad news. The rise in prices of single-family homes is good for us agents because it shows the strength of the market. On the other hand, we know higher prices create a barrier to home ownership. Remind your buyers that condos and townhomes are always great options, as long as HOAs aren’t too out of control.
Redfin brings iBuying to Florida
Look out, Florida! Redfin’s iBuying program is coming to a neighborhood near you. Last week, RedfinNow launched in Orlando and Tampa, with Palm Beach and Miami slated to launch later this month. Counting Florida, RedfinNow operates in 16 states, across 34 different markets and the District of Columbia.
Like other iBuying programs, RedfinNow offers buyers the option to receive a cash offer on their property or work with a full-service agent for as little as 1%.
With Zillow and Opedoor working together, and Florida being one of the hottest markets of the pandemic, it makes sense that Redfin would expand their iBuying to these regions. We still think there's no replacement for the level of detail, hands-on-service, and real expertise that we as agents can offer instead.
The news that just missed the cut
Source: Wall Street Journal
In this town, 350 square feet can sell for millions
Ex WeWork CEO gets $350M funding for his new residential real estate startup
Homebuilders are saying this about the U.S. housing market
Would you live in one of these chic and sustainable homes?
How five billionaires used real estate to get there
Morningstar believes these are the 10 most undervalued REITs
Advice from James and David to win the day
Choosing the right brokerage is essential to your long-term career. After all, that’s the place you’ll gain on-the-ground experience, make connections, and start building your book of business. Here’s how to choose the best brokerage for you.
Look for a brokerage that complements your working style. One brokerage isn’t necessarily better than another, but they do cater to different working styles. Find one that values technology, work-life balance, and continuing education as much as you do.
Pick a brokerage that services the area you want to farm. If you want to benefit from your brokerage’s good reputation, you’ve got to find one that markets to the area you’re farming. Think about it—if the brokerage focuses on the west side of town, but you’re looking to work on the north side, you’re missing out on the benefit of your brokerage’s local marketing efforts!
Once you commit to a brokerage, stick it out. It’s important to show consistency early in your career. It’s just not a good look to jump from place to place in a short time span. That’s why it’s worth the time it takes to research every brokerage, understand their working style, and find the best fit for you.
Just in Case
Keep the latest industry data in your back pocket with today’s mortgage rates:
Source: Rocket Mortgage
Got a topic you’d love to hear on our next podcast? Hit reply and let us know!
- James and David
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