It took 11 years for this to finally happen

Learning to love social media

Being a real estate agent is no easy task. Having to post on multiple social media channels while being a real estate agent is even harder! That’s why we sat down and spoke with Matt Lionetti on this week’s edition of our podcast, Rise Above The Ranks.

Matt has built an entire business for himself through content, and he’s absolutely a force to be reckoned with in the industry. His videos have reached millions of people and racked up an eye-popping number of views, likes, hearts, and thumbs-ups. He sat down with us to explain his expert tips and tricks to cutting through in the digital space… and cutting out all the headaches!

This is an episode you won’t want to miss → scroll to the bottom for more!

- James and David

Home prices snap 11-year streak

The median U.S. home sale price fell 1.2% last month to $386,721, the first annual decline since 2012. Prices dropped in response to softened buyer demand, which was due to mortgage rates climbing back toward 7%.

Here are the main takeaways from February:

• 14.2% of homes for sale had a price cut, down from a peak of 22% in the fall.

• 44.9% of homes that went under contract had price cuts within two weeks.

• Pricey coastal markets and pandemic boomtowns are seeing the biggest price declines, with prices in San Jose and Austin falling 12x faster than the national average.

Our take

We knew this was going to happen. The macroeconomic conditions have not been favorable for the housing market in the past few months. We’re not so upset that prices are declining since they were so over-inflated in the past couple years. As prices drop, we’re hoping to see more buyers re-enter the market after being shut out due to affordability.

New construction gains momentum

New residential construction picked up in February as a result of builder optimism and lumber prices falling to pre-pandemic numbers. The latest NAHB Market Index rose for the third straight month, signaling that construction companies expect conditions to continue improving throughout the year.

Here are the key takeaways from February:

• Housing starts have by increased 18.4% month-to-month.

• Permits have risen 13.8% month-to-month, driven by a 7.6% jump in single-family units.

• Completed, ready-for-sale homes increased 12.2% month-to-month, coming in at 12.8% above Feb. 2022 levels.

• Apartment and multi-family construction continued its near 40-year high trends with 620,000 units started in February.

Our take

This is incredibly encouraging news. We have such an inventory problem across this country, and the pandemic put us incredibly far behind. With so many people looking for homes, this much-needed inventory boost will give us agents more opportunities to make deals. Do some research for your local builders in your area and start to network with them. Offer them value and your expertise. Such a good opportunity for referrals here!

5 hottest markets for buyers and sellers

Realtor.com released their Market Hotness rankings, which are based on market demand measured by a property's unique views, and the pace of the market measured by how many days a listing remains active.

The best markets for buyers all had a greater share of active listings YoY, while the best sellers' markets all saw a jump in the price per square foot YoY.

Here are the 5 hottest metros for buyers:

1. Ogden, UT

2. Huntsville, AL

3. Nashville, TN

4. Austin, TX

5. Sarasota, FL

And here are the 5 hottest metros for sellers:

1. Davenport, IA

2. Montgomery, AL

3. Wichita, KS

4. Tulsa, OK

5. Youngstown, OH

Our take

Great lists. If you’re considering an investment option and have the cash, the buyers’ market could be exciting. If you’re in a market that’s better for sellers, do your best to understand the local comps and the optimal listing price. As agents, this market is requiring us to pay attention to every detail, so do your best to stay on top of your game!

Schematics

The news that just missed the cut

• Jennifer Lopez and Ben Affleck are looking at this $64M mansion

• This landscaping job boosts home value the most

• How sellers can boost their home’s curb appeal

• Sellers should be willing to make these 6 concessions

🎧 Rise Above the Ranks

As we mentioned up top, in this week’s Rise Above the Ranks podcast, we're joined by realtor and social media expert Matt Lionetti to talk about all things content! We also dig into how the SVB collapse affects the housing market, and share our pricing strategies for today's market.

Here's what we dig into in this episode:

• The keys to success on social media. We all know that social media is a major component of networking and growing our careers. Matt shares his process for generating consistent content that drives business.

• How the SVB collapse will affect the housing market. The news sounds super negative right now, but as we've said all along, this will not result in the same kind of crisis we saw in 2008. We dig into what we think these bank failures mean for the real estate industry.

• Our top pricing strategies in today's market. As agents, we have to be the voice of reason for our sellers, and the market today looks a lot different than it did just a couple years ago! We share how we approach pricing in today's market.

Want the full scoop? Check out the episode → Apple | Spotify | YouTube

→ Follow Matt on Instagram 

→ Listen to his podcast - Over Ask Podcast!

Q&A

You ask, James and David answer!

We’ll be back next week with another answer to a real reader question. Submit yours here!

Just in Case

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

That’s all for this edition of The Blueprint! We’ll see you back here on Friday!

- James and David