Beyond the Headlines: Building Trust with RPR's Market Trends Insights
As a real estate pro, distinguishing yourself isn't just about the listings you secure — it's also about the insights you offer. Today's market demands a REALTOR® who can navigate through sensational headlines to present the real, unvarnished truth of localized market conditions. This article will focus on how as a REALTOR® you can leverage RPR's (Realtors Property Resource) Shareable Market Trends and Market Trends ScriptWriter for the data that backs your credentials as a local market expert. Let's explore how you can use these tools to gain a competitive edge and foster trust and credibility with your clients by delivering concrete facts. Identifying Your Geographic Farm: A Precise Approach To help ensure a successful outcome, it's important to begin with precision. Use RPR to determine the specific geographic boundaries of your farm area strategically. Consider factors like turnover rates, median sales price, school districts and other notable trends. This initial step is important for tailoring your strategies to the unique characteristics of your chosen farm area. Analyze the Market: With RPR's Shareable Market Trends, dive deep into key metrics such as median sale prices, list-to-sales price percentage, inventory levels, and days on the market. This analysis isn't just about observing; it's about identifying patterns, opportunities, and challenges. Look for trends others might overlook — this insight will be invaluable to your clients. Customizing Market Insights with RPR: A Step-by-Step Guide Next, use RPR to zero in on market data specific to your geographic farm or ZIP code. Pay close attention to sales trends, price fluctuations and other economic indicators. This data will help form the backbone of your market analysis, enabling you to provide informed, accurate advice to your clients. Imagine you notice the sales trends over the past six months that show a steady increase in the number of homes sold. At the same time, you observe slight price fluctuations with an overall upward trend in median sale prices, indicating a growing demand. Economic indicators, such as a recent decrease in local unemployment rates and the announcement of a new public park, suggest a strengthening economic environment. By analyzing these factors together, you can advise potential sellers that it might be an opportune time to list their property, given the rising demand and improving economic conditions. Similarly, buyers could be informed about the potential for property value appreciation in this neighborhood, making it an attractive purchase opportunity. Print It Out: Leverage RPR's tools to generate customized market trend reports. These should highlight the unique aspects of your area, tailored to the interests and concerns of homeowners and potential buyers. Your ability to provide these personalized insights will set you apart as a knowledgeable and resourceful REALTOR®. Engaging Your Community with Data: Beyond the Basics The Market Trends ScriptWriter is your ally in deciphering the local market for your audience. Create informative videos, blog posts, newsletters and social media content that informs and engages. Focus on how current trends specifically impact buyers and sellers in your area, using language that is accessible and relatable. Visual Storytelling: Incorporate Shareable Market Trends visuals into your presentations and online content. These visuals can simplify complex market dynamics, making your message more engaging and understandable. Remember, a picture is worth a thousand words, especially when it helps clarify the state of the market. Building Trust Through Transparency: The Ethical Use of Data Use RPR data to address and correct common misconceptions about the real estate market in your geographic farm. Your goal is to be the source of truth against sensationalized media narratives, providing balanced and factual insights that help build a foundation of trust with your clients. Consistent Communication: Maintain regular, transparent communication with your farm area. Update your clients on market trends and insights, always focusing on how these trends could impact their property values and real estate decisions. Your consistency and reliability as a source of information will further establish your reputation as a trusted advisor. Becoming the Undeniable Local Expert: Engaging and Personalizing Take your expertise offline by organizing local events or go online with webinars. These gatherings are a great way to present your findings, engage with the community, and answer questions in real-time. Personal interaction can significantly enhance your reputation and client trust. Additionally, embrace the power of visual communication by utilizing the Canva templates we've created specifically for you. These templates help you easily create eye-catching postcards or social media posts highlighting local market trends. By sending these personalized, data-driven visuals to your farm area or sharing them online, you're not just sharing information, but sparking conversations and reinforcing your role as the local market authority. This approach allows you to blend digital engagement with traditional outreach, ensuring your market insights reach your community in the most effective way. Leverage Testimonials: Don't hesitate to share success stories from clients who have benefited from your expertise and the accurate market insights provided. These testimonials serve as powerful endorsements of your skills and knowledge, reinforcing your status as the go-to-market expert. A Call to Action for REALTORS® The role of a trusted, knowledgeable advisor in today's real estate market cannot be overstated. By leveraging RPR's Shareable Market Trends and Market Trends ScriptWriter for your geographic farm area, you can transform your approach to real estate: guiding, informing and reassuring your clients with unparalleled insights. This isn't just about being a REALTOR® — it's about being a trusted partner in your client's real estate journeys. To view the original article, visit the RPR blog.

Anticipating Market Trends: A Data-Driven Approach for REALTORS with RPR
The real estate market is known for being dynamic, with prices and inventory levels constantly changing. For REALTORS®, the key to success is making well-informed projections based on solid data. RPR (Realtors Property Resource®) serves as an invaluable tool, offering a depth of historical and current market data that can provide clues to what lies ahead. In this article, we'll explore how leveraging RPR Market Trends and other vital data points can inform the decision-making process and help you craft strategies that align with the expected ebb and flow of future market conditions. The Predictive Power of Historical Data While historical data isn't a blueprint for the future in real estate, it often provides valuable clues that can help shape our forecasts. By analyzing past and present data, REALTORS® can recognize signs of what's to come. For instance, a consistent decrease of Median Days in RPR in a specific area can indicate increasing buyer interest, prompting a strategy to price new listings competitively. Key Market Trend Indicators for Anticipating Future Changes When starting, there are so many metrics to choose from, but two key indicators stand out: Month's Supply of Inventory and List to Sold Price averages (the average percentage difference between listing prices and final sale prices). These figures do more than summarize the past—they showcase potential future developments. Months Supply of Inventory Months Supply of Inventory indicates how long the current inventory would last at the present sales rate if no more listings were added. A low number suggests a seller's market and a high number points toward a buyer's market. Take, for example, an inventory that decreases over consecutive months—this trend could signal a growing seller's market. By recognizing this early, a REALTOR® might advise sellers to list sooner or buyers to act fast. RPR's graphs turn complex data into visual stories that are easy to read and act on. Average List to Sale Price Looking at past List to Sold Price Average Percentages offers a clear picture of the market's bargaining behavior. If this percentage rises, sellers gain more negotiation power, and listing prices should be set accordingly. Average Sold Prices serve as the benchmark—when aligned with a specific neighborhood's pricing trends, REALTORS® can more accurately advise clients on offers to make or accept. Time on Market and Seasonal Forecasts Median Days in RPR can be a powerful metric to estimate better how quickly properties will sell in the future. A downward trend typically indicates increasing demand, leading to a faster-paced market. For instance, a REALTOR® observing a shortened time on the market during spring can capitalize by listing properties when buyer activity begins to climb. Seasonal graphs in RPR help predict these cyclical shifts, aiding in timing the market perfectly. See Market Trends in Action: Get a close look at the dynamic real estate landscape with RPR's Market Trends. Short-Term vs. Long-Term Market Changes Market analysts know the devil is in the details of short-term (last month) and long-term (12-month changes) trends. While the former offers a snapshot, the latter shows the market evolving. For example, if condo sales are on the rise over the last month, but single-family homes have seen steady growth over a year, REALTORS® can tailor their property focus and marketing campaigns to align with these trends. Incorporating Additional Economic Indicators No market exists in a vacuum. Supplementing RPR data with additional economic indicators like mortgage interest rates or local employment stats paints a more complete picture. For instance, a low unemployment rate might encourage higher listing prices due to increased buying power—RPR's integration of these economic elements ensures REALTORS® have a comprehensive view. Take Market Trends Further: For those eager to dive deeper into Shareable Market Trends, there are lots of resources available. Visit RPR's learning center for a webinar, tutorials and ebooks that will sharpen your analytical skills. Use RPR's Historical Data to Anticipate Future Market Trends Predictive analytics is no longer just an advantage—it's necessary for REALTORS® who want to thrive in a competitive marketplace. By interpreting RPR Market Trends, you'll understand where the market has been and, more importantly, where it's headed. Embrace RPR's historical data to create a vision for the future, and let its powerful insights inform your strategic decisions. To view the original article, visit the RPR blog. Related reading 'How's the market?' Learn how to respond with RPR Market Trends Elevate Your Business with RPR's Master the Market eBook Series How to Spark Real Estate Conversations with Friends, Family, Clients and Prospects

How to Spark Real Estate Conversations with Friends, Family, Clients and Prospects
As a REALTOR®, it's vital to keep your finger on the pulse of the housing market. Being knowledgeable about and having keen insights into current market trends (versus not having them) can be a make or break quality. And in this business, you obviously want to be a deal-maker, not a deal-breaker! Use RPR to arm yourself with answers One way to do that is by leveraging the tools and data in RPR (Realtors Property Resource) to your advantage. RPR puts an array of data points and up-to-date market info right at your fingertips. Logging into RPR every day, checking your market stats and keeping the RPR Mobile™ app with you when you're out in the field, or out doing anything, is a smart way to keep up on trends and have a digital "cheat sheet" at your disposal. This is a keen daily habit and can help you: Articulate nuanced market movements Provide data-backed advice amidst market uncertainty Align consumer expectations with market realities Being able to provide these insights and answer real estate questions on the fly is the sign of a true, local market expert. And the ability to simply start conversations out of the blue with confidence, and with data-backed details, is a formula for success. Here are three ways RPR can prep you to be a conversation-into-conversion type of agent. RPR Residential Market Trends Last year, RPR introduced Shareable Market Trends, and now hundreds of thousands of agents are using these hyper-local market stats to keep their clients and prospects aware and in the loop. Shareable Market Trends contain vital market information such as the Market Trends Indicator with key details on Month's Supply of Inventory, List to Sold Price Percentage, Median Days in RPR and Median Sold Price. Conduct a search as macro as a state or county, or drill down to ZIP codes and neighborhood names to define your area. You'll get an up-to-date snapshot of a local market and be able to point out key metrics that can really help position you as a source of truth in all types of real estate conversations. Instead of saying "Not bad," when someone asks you how the market is, you can confidently say, "Inventory is slightly up, but still down overall. While properties are still going for asking price and staying on the market for less than a month." These types of details and insights will set you apart from other agents, and plant seeds in the minds of fence sitters and future customers. And remember, with just a few clicks or taps from the website or the RPR Mobile™ app, you can also share these stats and graphs across all your favorite social media platforms and marketing touchpoints. Pro Tip: To ensure that you're providing the most up-to-date Market Trends information, try gathering Market Trends data at or around the 7th of each month. For example, January 2024 statistics were updated on February 6. AI-powered Market Trends ScriptWriter tool The RPR Market Trends ScriptWriter tool is an extension of the Shareable Market Trends. This ChatGPT and AI-powered integration offers agents a streamlined approach to creating personalized video scripts, engaging social media content and detailed metrics analysis. However, the usable scenarios don't end there. You can also use it to create scripts and blurbs for yourself, to keep in your back pocket when organic conversations about real estate occur out in the world. Simply run a Market Trends search, then hit the "Create Script" button where you'll be presented with options on the audience, tone and type of script. For the purposes of arming yourself to carry and start real estate conversations, we suggest you select the "Conversational" tone, Buyers and Sellers for audience and "Social Campaign." Here's an example of the type of copy the ScriptWriter will generate: Over the last 12 months, we've seen a significant decrease in the Month's Supply of Inventory by -20.69%. This indicates a growing demand for homes in Oceanside, making it a promising market for both buyers and sellers. When it comes to selling your home, you'll be glad to know that the List to Sold Price percentage is a fantastic 99.3%! This shows that properties in Oceanside are fetching close to their listing prices, giving sellers confidence in their investments. Looking to make a quick move? The median days on market is just 15 days! Homes in Oceanside are selling like hotcakes, so buyers need to act fast to secure their dream homes. Now, let's talk numbers. The median sold price in Oceanside is currently at $799,000. This reflects the strong demand and value of properties in our city. It's an exciting time for buyers and sellers alike! Now, these little snippets are originally intended for social media posts as individual shares: Facebook, X (Twitter), Instagram, LinkedIn, etc. Agents can simply cut and paste the words and emojis. However, for the creation of discussion talking points and convo starters, you'll need a slightly different tactic. All you have to do is lose the emojis, and take the statistics, and learn to recite them in your own words. So when someone asks, "How's the market for selling?" you can respond with, "It's actually pretty strong right now, with more buyers entering the market every day. In fact, the List to Sold Price, which is how much you list for compared to how much you actually get, is a healthy 99.3%!" Check out this How-To for a step-by-step on getting started using it. Take the ScriptWriter for a spin today to see how easy it is to use when engaging with potential clients, family or friends. Note: the Market Trends ScriptWriter tool is only available on the website version of RPR… for now. Equity and Mortgage Calculators Here's where the sparks really start to fly! The RPR Mobile™ app is now equipped with two very powerful tools: The Equity Calculator and the Mortgage Calculator. Now, with phone in hand and the RPR app opened up, you can give potential clients a detailed look at the equity their home has built up, or their purchasing power as a buyer. These are things that sellers and buyers really want to know more about! And sometimes, this type of information can even make someone start considering listing their home for sale, or taking a dip as a first-time home buyer. Knowledge is power and you have so much in your hands with the RPR app and these calculators. Picture yourself at a kitchen island during an open house. Or in line at the local coffee shop. Or at your kid's practice. Or eating out, picking up dry cleaning, in a waiting room, etc. Any time you're out and about, working or not, you're basically a living, breathing, walking and talking real estate information kiosk! Whether someone seeks you out, or you happen to overhear a conversation, the RPR app arms you with ice-breaking opportunities to show people important information about their real estate situation. For a step-by-step walkthrough on how to use the calculators, check out this article from our blog: The RPR App Adds new Estimated Equity and Mortgage Calculators. Use RPR to spark real estate conversations anywhere, at anytime As you can see, RPR is much more than just a mere research tool; it serves as a catalyst for engaging and meaningful conversations about properties and housing markets. By leveraging the wealth of data and insights provided by RPR, REALTORS® can elevate their conversations, build stronger relationships with clients, and establish themselves as trusted experts in a competitive market. To view the original article, visit the RPR blog. Related reading How RPR Can Enhance Your Real Estate Marketing Strategy [Podcast] How RPR is Helping Realtors Navigate a Challenging Market, with Reggie Nicolay RPR Announces the Winners of Their 'How's the Market?' Video Contest

Market Outlook: Real Estate Trends We Will Potentially See in 2024
In the ever-evolving realm of real estate, new trends and innovations are bound to emerge. In 2024, the real estate landscape seems poised for exciting shifts, blending innovation, economic factors, and societal changes. Let's embark on a journey into the potential trends that might shape the real estate market in the coming year. 1. Tech Takes Center Stage 2024 promises to be the year where technology seamlessly integrates with real estate transactions. From virtual reality property tours to blockchain-based smart contracts, the industry is embracing digital innovations to enhance efficiency and transparency. Expect to see an upswing in tech-driven solutions streamlining everything from property searches to closing deals, making the entire process smoother for buyers and sellers alike. 2. Sustainable Living Becomes Non-Negotiable As climate change continues to dominate headlines, the real estate market is responding by embracing sustainability. In 2024, eco-friendly features will become non-negotiable for both commercial and residential properties. Green roofs, energy-efficient appliances, and smart home technologies that minimize environmental impact will not only attract environmentally conscious buyers but also add significant value to properties. 3. The Rise of Co-Living Spaces Urbanization is prompting a shift in living preferences, leading to the rise of co-living spaces. In 2024, expect to witness an increase in developments tailored for communal living. These spaces not only provide affordable housing options but also foster a sense of community, catering to the growing demographic of professionals who prioritize experiences over traditional homeownership. 4. Suburban Renaissance Continues While city living holds its allure, the ongoing remote work revolution has given rise to the suburban renaissance. With remote work becoming a permanent fixture in many industries, homebuyers are looking beyond city limits for spacious properties, well-connected suburbs, and a slower pace of life. This trend is likely to persist in 2024, with suburbs offering a perfect blend of tranquility and accessibility. 5. Affordability Remains a Key Concern Affordability has been a recurring theme in real estate discussions, and 2024 is no exception. With rising construction costs and increasing demand for housing, the challenge of providing affordable homes persists. Creative solutions, such as modular construction and innovative financing options, may emerge to address this concern, ensuring that homeownership remains within reach for a broader spectrum of the population. 6. Shift Towards Flexible Spaces The concept of a dedicated office space is undergoing a metamorphosis, and 2024 is likely to accelerate this transformation. As remote work becomes the norm, homebuyers are prioritizing properties with flexible spaces that can serve as home offices, gyms, or recreational areas. Versatile layouts that adapt to the changing needs of occupants will be a sought-after feature in the coming year. 7. Emphasis on Health and Wellness Amenities The COVID-19 pandemic has heightened awareness about health and wellness, influencing real estate trends in 2024. Properties that prioritize amenities such as fitness centers, outdoor spaces, and wellness-focused designs are expected to gain traction. Homebuyers are seeking spaces that contribute to a healthy lifestyle, reflecting a broader societal shift towards prioritizing well-being. 8. Continued Embrace of Remote Buying and Selling The convenience of buying or selling property without physical presence gained momentum during the pandemic, and it's here to stay. In 2024, expect an even greater emphasis on remote processes, from virtual property tours to digital document signing. Real estate professionals are likely to leverage technology to facilitate seamless transactions, catering to a market that values efficiency and convenience. 9. Market Resilience in the Face of Economic Uncertainty While it's impossible to predict economic downturns with absolute certainty, the real estate market has demonstrated resilience in the face of adversity. In 2024, the industry is likely to weather economic uncertainties, with strategic investments and adaptability playing key roles. Markets that prioritize diversification and respond nimbly to changing conditions are poised to thrive. In conclusion, the real estate market in 2024 is a canvas awaiting the strokes of change. From tech-driven advancements to a renewed focus on sustainability and flexible living spaces, the upcoming year promises innovation and adaptation. Whether you're a first-time homebuyer, a seasoned investor, or a real estate professional, staying attuned to these potential trends will help you navigate the exciting landscape that lies ahead. Here's to riding the waves of change in the dynamic world of real estate! To view the original article, visit the Transactly blog.

Stand Out in the Crowd: Personalize Your RPR Reports with Custom Pages
Standing out in the real estate industry is a necessity rather than a luxury. And one tool that ensures you do just that is RPR's (Realtors Property Resource®) custom page feature. This valuable tool not only helps you fine-tune your RPR reports, it also allows you to leave a lasting personal impression. How to add customized pages to your RPR Reports Implementing this tool is straightforward. By navigating to the Reports tab on RPR's website, and selecting Manage Custom Pages, you can upload up to five PDF files, which can be easily positioned anywhere within your report thanks to RPR's flexible user interface. Now, let's delve deeper into the various ways this standard-setting customization tool can transform your personal brand: Your Professional Identity Highlighting your qualifications, certifications and specialized skills gives clients insight into your professional prowess. Personal testimonials or reviews from past clients inserted into your custom pages can serve as powerful references, further enhancing client trust. Your Successful Track Record Sharing details about sold properties, awards and recognitions received paints a picture of success. Also consider spotlighting exceptional transactions where you overcame significant hurdles—these stories tell more about what you bring to the table than numbers ever could. Your Team's Strengths and Collaborative Approach If collaborative effort defines your operations, displaying profiles or skills of team members gives clients an idea of the collective capabilities they're hiring. Reports of successful collaborations on past transactions could seal the deal. Your Client-Centric Approach Proactively addressing common questions shows dedication to transparency and client understanding. Including resources that explain buying/selling processes simply further demonstrates your readiness to guide them through their real estate journey. Community and Local Expertise Are you actively involved in local community events? Do you have insightful knowledge of local neighborhoods or property trends? Sharing these local-focused insights emphasizes your commitment to both community and industry growth. Custom pages can also be uniquely tailored to varying types of clients: For Sellers Sharing your unique selling strategies helps to build trust, reinforcing the feeling that they're in capable hands. Including staging tips provides a glimpse into your expertise, reassuring sellers about their sale's potential success. For Buyers Providing a glimpse into potential neighborhoods could save buyers hours of research. A guide specifically created for first-time buyers simplifies the purchasing process, easing any worries they may have. For Investors Supplying case study pages introduces investors to real-life instances of your previous successful ventures. By presenting these successful stories, you help them comprehend your effective strategies. This sort of confirmation helps them make confident investment decisions. Adding custom pages to reports sets you apart from a crowded field Are you beginning to see how using RPR's custom page feature can turn the tables in your favor, propelling both you and your clients toward success? It's really about understanding what your clients are looking for and then serving it to them pre-packaged and tied with a bow. So go ahead, give it a shot — you're already one step ahead of the game by reading this article. You've got this! To view the original article, visit the RPR blog. Thank you to RPR for sponsoring this article on RE Technology! Related reading 5 RPR Report Customizations You May Not Be Using RPR Reports: Easy to Create, Hard to Duplicate 1-Minute Lesson on How to Add Custom Pages to RPR Reports

Real Estate Market Analysis: 10 Ways to Identify Emerging Neighborhoods
Are you ready to embark on a real estate adventure? One of the keys to a successful real estate journey is the ability to spot emerging neighborhoods. These hidden gems are like buried treasures waiting to be unearthed, offering promising opportunities for future growth and investment. In this article, we'll guide you through the exciting world of real estate market analysis and how to identify emerging neighborhoods that are ripe for investment. The Art of Real Estate Market Analysis Before we dive into identifying emerging neighborhoods, let's set the stage with some basics. Real estate market analysis is like Sherlock Holmes investigating a case — it requires attention to detail, keen observation, and a knack for connecting the dots. Here's how to get started: a. Research, Research, Research: Begin your journey by gathering information about the city or area your clients are interested in. Explore data on population growth, employment rates, and local amenities. Websites like Zillow, Realtor.com, local government websites, RPR, and your MLS's public records tools are goldmines of data. b. Talk to the Locals: Don't underestimate the power of a friendly chat with local residents. They can provide insights you won't find in any report. Ask about safety, schools, public transportation, and community events. c. Keep an Eye on Development: New construction and infrastructure improvements often signal an emerging neighborhood. Check for planned developments like parks, shopping centers, or public transportation expansions. d. Historical Data Matters: Examine historical property values and trends. A neighborhood that has shown consistent growth is a good sign. Now that you've got your detective toolkit ready, let's delve into identifying emerging neighborhoods that are primed for growth. 1. Urban Revitalization Urban renewal is comparable to a phoenix emerging from the ashes. It is the process of reviving a dilapidated area and making it a lively, sought-after location. Trendy cafes, art galleries, and an increase in home improvements are all indications of urban revival. Although it might increase home values, it's important to act quickly since if the neighborhood improves further, prices might become unattainable for some buyers. 2. Proximity to Job Hubs A neighborhood is more likely to see growth if it is located close to important employment centers like commercial areas, technology parks, or universities. These neighborhoods are hotspots for real estate investment since people like to reside close to their places of employment to cut down on commuting times. Keep an eye on announcements of new corporate offices or campuses opening nearby; this can be a game-changer. 3. Infrastructure Upgrades Cities' investments in infrastructure, such as new roads, transit systems, or parks, can have a big impact on the neighborhoods around them. These improvements increase an area's accessibility and appeal, frequently causing a rise in property values. 4. Low Crime Rates and Good Schools For families, safety and education are top objectives. Long-term residents are drawn to areas with low crime rates and effective public schools, which raises property values. When examining possible rising communities, be sure to look up crime rates and school rankings. 5. Art and Culture Scene The presence of theaters, art galleries, and cultural activities may indicate the development of a community. These cultural attractions attract both locals and visitors, fostering a lively environment and raising property values. Watch out for regional arts programs and events. 6. Rising Rental Demand Certain communities develop into burgeoning hotspots as a result of rising rental demand. Students and young professionals frequently look for low-cost rental homes in developing neighborhoods. This increase in demand could signal future price growth. 7. Historic Charm and Unique Architecture Neighborhoods with distinctive architecture and a sense of history frequently have room for expansion. The charm and beauty of these locations appeal to a lot of people. Just be mindful of any historic preservation laws that might have an impact on property changes. 8. Commuter-Friendly Locations Neighborhoods with quick access to major highways or public transportation become more desirable as urban congestion rises. For prospective owners or tenants, a shorter commute might be a major selling feature. 9. Keep an Eye on Neighborhood Associations A thriving neighborhood can be identified by active and involved neighborhood associations. They often work to improve local amenities, promote safety, and enhance the overall quality of life in the area. 10. Watch for the Ripple Effect Sometimes, the emergence of a trendy neighborhood can have a ripple effect, transforming adjacent areas as well. Don't limit your analysis to just one neighborhood; consider the potential impact of neighboring areas. In conclusion, identifying emerging neighborhoods in the real estate market is a bit like forecasting the weather — it requires careful analysis of various factors and a dash of intuition. By conducting thorough research, consulting with experts, and keeping an eye out for the signs mentioned above, you'll be well-equipped to spot the next hot neighborhood. So, put on your detective hat and get ready to uncover the hidden gems in the world of real estate. Happy hunting! To view the original article, visit the Transactly blog.

How to guide clients through market uncertainty using data with Shareable Market Trends
People who are serious about buying or selling a house in 2023 tend to do a lot of research -- and thanks to the proliferation of real estate portals and other sources of information, it's no surprise that they are often quite educated about what's happening in your market, at least at a surface level. As a real estate agent, one way to showcase your value is to help explain how what they're seeing online relates to wider trends, and what it all means for them vis-a-vis their current goal of buying or selling a home. Shareable Market Trends is a tool offered as part of Realtors Property Resource® that can help you do just that. It's a set of charts and graphs that provide an in-depth view of what's happening in your market, which you can share with your clients. When you're having conversations with buyers about inventory levels and just how long they might be searching before they find the right home, or with sellers around pricing in a shifting market, Shareable Market Trends can help bring your words to life.  The real estate industry, with its ever-shifting trends and complex market dynamics, can often leave consumers feeling overwhelmed and confused. As REALTORS®, one of your key roles is to demystify this complexity and provide clear, data-backed insights to your clients. This is where Realtors Property Resource® comes into play and will help strengthen your position as a local market expert. Introducing RPR's versatile data tools Shareable Market Trends is just one example of the powerful tools offered by RPR. This set of charts and graphs provides an in-depth view of the real estate market by presenting comprehensive data that can be tailored to specific local markets and property types. In addition, you can leverage other resources like the RVM® (Realtors Valuation Model®) and our Comparative Market Analysis (CMA) to further enhance the data, allowing you to compare properties and refine your analysis. Yet, these tools are only the tip of the iceberg. RPR offers layers and layers of data points and analysis options, so you can select the most relevant information for any conversation with your client. Turning data into dialogue The real power of RPR's Shareable Market Trends lies in its ability to transform data into impactful conversations. Here's how it works: RPR provides the numbers and charts — whether it's median sales price trends, days on market averages or inventory changes — and you, as the REALTOR®, translate these numbers into digestible insights. You might explain how a decrease in local inventory over the past six months could impact a buyer's home search or how a steady increase in median sales price could influence a seller's pricing strategy. The key is to frame these data points in a way that is directly relevant to your client's specific situation and needs. Let's review some real world applications Here are some situations and scenarios where RPR's Market Trends data can really be useful in guiding and informing your clients: Scenario 1: Guiding a Seller on Timing and Pricing Strategy Imagine a seller who's unsure about the right timing to list their home or how to price it competitively. You can leverage inventory trends to illustrate recent local market data that shows a shortage of available homes in their specific area and price range. You can then convey how this inventory shortage could increase demand for their home, suggesting that the timing might be right for a sale. Furthermore, RPR's Realtor Valuation Model® (RVM®) and Comparative Market Analysis (CMA) can be invaluable tools to accurately price the home. The RVM®, a state-of-the-art automated valuation model, can give you a reliable estimate of the home's value, while the CMA allows you to compare the home with similar properties that have recently sold in the area. Together, these insights can help you advise the seller on a pricing strategy that is competitive and aligned with current market trends. This data-driven approach not only reassures your client but also helps them make an informed decision, demonstrating your value as their trusted real estate advisor. Scenario 2: Helping a Buyer Understand Market Conditions For buyers, understanding the state of the local market can be critical in deciding when and what to buy. For instance, a buyer interested in a specific neighborhood might be concerned about increasing home prices. You could use RPR's Shareable Market Trends to show data on the neighborhood's median home prices over time, discussing whether the market is appreciating, stabilizing or depreciating. Such data-driven insights can provide the buyer with a realistic understanding of what they can afford, potentially saving them time and avoiding disappointment. Scenario 3: Reluctant Investor Investors often rely heavily on market trends to make investment decisions. Suppose you have a client interested in investing in residential properties, but they're worried about recent news of an impending recession. With RPR's Shareable Market Trends, you can provide a comprehensive picture of the local market's health, including data on sales volume, median sales price trends and housing inventory. This data-driven approach can help assuage fears and guide the investor towards making a well-informed decision. Scenario 4: Facilitating Regular Market Updates Regular updates about the market conditions can be of immense value to all types of clients: sellers, buyers, investors, and even past clients who like to keep tabs and stay informed. RPR's Shareable Market Trends allows you to provide these updates with current, local data, reinforcing your role as a knowledgeable market expert and keeping you top-of-mind for future real estate needs. Through these scenarios, we see how RPR's Shareable Market Trends can be used to facilitate in-depth, data-informed discussions with clients. It's not just about giving an opinion, but about providing evidence-based recommendations that foster trust and credibility. Tips for successful data-driven conversations For effective data-driven conversations, it's important to do your homework and come prepared. Familiarize yourself with the data before meeting with a client, and plan how to present it in a way that addresses their unique concerns. Practice translating data into straightforward insights, but don't shy away from the details if your client is interested in diving deeper. Remember, data is not a replacement for a conversation, but a tool to enrich it. In the often confusing world of real estate, data serves as a guiding light. RPR's Shareable Market Trends offer a valuable resource for REALTORS® to turn numbers into narratives and facilitate insightful, productive conversations with clients. The more we can leverage data to inform these discussions, the better we can guide our clients through their real estate journeys. To view the original article, visit the RPR blog.

Research-backed Remodeling Ideas that Net a Higher Sales Price
Home remodels and upgrades have long been a way to increase the perceived value of a home. But belts are tightening in the current economy, and homeowners are turning away from big remodeling projects. In fact, the Joint Center for Housing Studies of Harvard University predicts that spending on home improvement projects will fall by 2.7% and 5.9% in the first and second quarters, respectively, of 2024. But just because homeowners are spending less doesn't mean they're willing to spend nothing at all — especially when an improvement can result in a higher sales price. The trick is to determine which projects will net a positive return on investment and/or can be accomplished on the cheap. That's why we've rounded up a handful of remodeling ideas that, according to research, either offer a positive ROI, can be accomplished on a budget, or both. You can use these ideas to advise sellers, or to connect with your sphere of influence by sharing them on social media, blogs, newsletters, or via your preferred outreach channel. Budget Projects: The Power of Paint Colors Let's start off with some good news: one of the easiest ways to boost the value of a listing is by simply changing up the paint colors, according to a 2023 Zillow study. That's low-hanging fruit that nearly every homeowner can reach, no matter their budget. According to the study, homes with these colors sell for more than similar listings: Deep graphite gray kitchen: +$2,512 Midtone pewter gray kitchen: +$2,553 Dark gray in living room and bedrooms vs. pale neutrals: +$1,755 Terra-cotta brown bathrooms: +$1,624 There's bad news for homes with white kitchens, however: they sell for $612 less than similar homes. Fortunately, if your seller has a white kitchen, all it takes is a quick coat of paint in a more desirable color to fix the drop in perceived value. Interior room colors aren't the only thing that impacts buyer perceptions. Zillow says that a midtone gray, or a "cement gray," front door decreases a home's sales price by $3,365. Meanwhile, a door that's a midtone rosy brown can bring in an extra $300. An earlier Zillow study from 2022 has more to say on the impact of door colors. Slate-blue doors bring in an extra $1,537, and black doors a whopping $6,449 (though they can be controversial). Pale pink doors, however, should be avoided — they decrease purchase prices by $6,516 (sorry, Barbie). Bigger Projects: A Look at ROI Sometimes a listing needs a little bit more than a paint job. But before your client breaks out the sledgehammer, use a little bit of data to advise them on which projects are most worth their while. According to NAR's 2022 Remodeling Impact Report, only two remodeling projects net a positive return on investment: hardwood floor refinishing and installing new wood floors. Owners break even on insulation upgrades, so they need not fear losing money if this is a needed project for their home. A more recent study, NAR's 2023 Remodeling Impact Report: Outdoor Features, looked at the ROI of outdoor projects. The report hints that it's all about curb appeal and regular maintenance — standard lawn care service recouped owners 217% of its cost, while landscape maintenance offered a 104% ROI. Homeowners broke even on landscape upgrades and installing an outdoor kitchen. The research above reflects broader national trends, and the ROI may vary in different regions of the country. For example, an outdoor kitchen is likely a poor investment in the snowy Northeast, but may be a stronger one in places with year-round warmth like California, Florida, and the Southwest. Lean on your personal judgment and experience when advising clients. You can also rely on experts, such as pre-sale renovation firms like Revive, which offer professional renovations aimed at increasing a home's market value.

The Power of Timing: Identifying Opportune Moments to Buy and Sell
In the ever-changing world of real estate, timing is everything. The ability to identify opportune moments to buy and sell properties can make all the difference in maximizing profits and minimizing risks — but it requires a keen understanding of market trends, economic indicators, and a dash of intuition. In this post, we will explore the power of real estate market timing and how it can significantly impact your investment strategy. Understanding Market Cycles The real estate market experiences cycles and is impacted by a wide range of variables, including interest rates, the state of the economy, population growth, and consumer sentiment. These cycles typically have four phases: recovery, expansion, hyper supply, and recession. Making decisions about when to enter or exit the market requires an understanding of these stages. Recovery: Following a recession, the recovery phase marks the initial signs of improvement. Prices are generally low, and there is less competition. Savvy investors see this as an opportunity to buy properties at a bargain before the market gains momentum. Expansion: Demand for real estate grows as the recovery phase goes on, driving up prices and activity. Smart investors profit from the expansionary trend as property values rise. Hyper Supply: The expansion phase reaches its peak, and the market becomes saturated with an oversupply of properties. This often leads to a slowdown in price growth or even a decline. Recognizing this shift and adjusting investment strategies accordingly can help protect your assets. Recession: During a recession, the market shrinks, prices drop, and demand declines. Although this stage can be difficult, it also offers opportunities for investors with substantial cash reserves to buy valuable properties for less money. Identifying Moments to Buy and Sell For individual buyers, navigating the intricate world of real estate market timing can be overwhelming. Real estate agents can help in this situation. Agents have in-depth knowledge of the regional markets and can offer insightful advice at any stage of the buying or selling process. Market Analysis: Real estate agents with experience are aware of market trends. They can help buyers spot the best times to act by analyzing market data, keeping an eye on trends, and so forth. Their knowledge can help buyers spend less time and effort gathering and analyzing market data. Pricing Strategy: Setting the right price is crucial when selling a property. Real estate agents can conduct thorough comparative market analyses to determine the optimal price point for maximum returns. Similarly, when buying, agents can negotiate on their clients' behalf to ensure they pay a fair price. Network and Access: Real estate agents have access to an extensive network of industry professionals, including other agents, lenders, and potential buyers or sellers. Finding off-market opportunities, getting in touch with the appropriate people, and speeding up the transaction process can all be made possible by this network. Experience and Negotiation: Agents bring years of experience to the table. They have honed their negotiation skills, allowing them to secure favorable deals for their clients. They understand the nuances of the real estate market and can guide you through the complexities of buying and selling, mitigating risks along the way. To conclude, the power of real estate market timing cannot be underestimated. Identifying opportune moments to buy and sell properties can lead to significant financial gains and minimize risks. Understanding the different phases of the market cycle is crucial for making informed decisions. Additionally, real estate agents play a vital role in assisting buyers with their expertise, market analysis, pricing strategies, network access, and negotiation skills. To view the original article, visit the Transactly blog.

Market Trends and Housing Stats Now Available in RPR Mobile
Last year, RPR (Realtors Property Resource) unveiled a fantastic resource for REALTORS®: the Market Trends charts and graphs. This collection of hyper-local housing stats is designed to help you inform your clients about local real estate market trends, info and indicators. It's also great for positioning yourself as a local market expert. (Check out these articles for details: RPR Unveils New Charts and Graphs in its Neighborhood Pages and Future Proof Your Business by Knowing Your Market and Your Numbers.) And now… (drum roll) the Market Trends charts and graphs are available on the RPR Mobile™ app! Keep clients informed with hyper-local market updates Access to Market Trends and Housing Stats through the RPR Mobile app makes it easier for REALTORS® to stay up-to-date on market trends even when they are on the go. You can quickly access Months of Inventory, List-to-Sold Price Percentage, Median Days in RPR, and Median Sold Price from your mobile device. Best of all, they're conveniently grouped by each status: New Listings, Active Listings, New Pending Listings, Pending Listings, and Sold Listings. This can help your clients make informed decisions and provide better service by being able to respond quickly to changes in the market. Use all these metrics to assess and analyze the current state of the housing market in their area. You can use this information to advise your clients on a pricing strategy, offer strategies, and market conditions. You can also use it to identify trends that may affect future buying or selling decisions. For example, if there is a low inventory of homes for sale and high demand, you may advise a seller to list their home at a higher price point knowing that there are likely to be multiple offers. Alternatively, you may advise a buyer to act quickly when a new property is listed because you know that competition will be fierce. How to find Market Trends on the RPR Mobile™ App To find the charts, open up your RPR app (after updating it, of course) and look towards the bottom of the home screen. There is now a new Market Trends icon! Click the tab to access a variety of market statistics, similar to the Market Trend tools on the RPR website. Be aware that the Market Trends will open to the geography that the user is currently in. To change it, type in a new neighborhood, ZIP or city. Pro Tip: If you're searching a neighborhood or area with little to no recent transactions, there will not be enough data for a chart to be offered. For the transaction-based charts, RPR needs at least three transactions within a calendar month. If no data appears on a chart or the "Updated" date is not what you expected, try searching within a larger area or select a different Property Type. The chart options will include: New Listings Active Listings New Pending Listings Pending Listings Sold Listings Sold Public Records Months Supply of Inventory Median Estimated Property Value You'll also be able to view a variety of metrics for all property statuses and property types. And filters allow you to break down statistics by individual property types as well. Tip: You can also "Save" markets by tapping the heart icon. RPR Market Trends and stats: up-to-date and on the go If you haven't downloaded the RPR Mobile™app, do so now! The previous link will take you to an area within our blog where you can easily get to the App store (for iPhones) or Google Play (for Android devices). Be sure to update and fire up your app or download it to your phone to get easy access to RPR's Market Trends and Housing Stats. To view the original article, visit the RPR blog.

What the Housing Market Could Look Like in 2023
The housing market has been a hot topic over the past year, with many people wondering what the future holds. Now, it is important to note that it is difficult to predict with certainty what will happen to house prices in 2023. The housing market is influenced by a variety of factors, including economic conditions, interest rates, and the availability of homes for sale. While it's always difficult to make predictions, there are a few key trends that experts are watching as we head into the new year. Here's a look at what we might expect to see in the housing market throughout 2023: Continued demand for homes The pandemic has had a big impact on the way people think about their living situations, with many people looking for more space or seeking out homes in the suburbs or rural areas. This trend is expected to continue in 2023, with strong demand for both new and existing homes. Limited inventory One potential challenge for homebuyers in 2023 could be a limited supply of homes on the market. The pandemic has disrupted construction and there are already reports of shortages of materials like lumber and concrete, which could lead to fewer new homes being built. Additionally, many homeowners who were hesitant to sell during the pandemic may now be more willing to put their homes on the market, which could lead to increased competition for available homes. Rising prices Given the strong demand for homes and limited supply, it's likely that home prices will continue to rise in 2023. This could make it more difficult for some buyers to afford a home, particularly if they are trying to enter a market that has already seen significant price appreciation. Increased demand for rental properties While the pandemic has led to a surge in demand for single-family homes, it has also increased the demand for rental properties. Many people have been forced to move or change their living situations due to the pandemic, and the flexibility and security of renting may be more appealing to some in the current economic climate. This trend is expected to continue in 2023, with demand for rental properties remaining strong. Greater use of technology in the homebuying process The pandemic has accelerated the use of technology in the real estate industry, with virtual tours and online transactions becoming more common. This trend is expected to continue in 2023, with technology playing an increasingly important role in the homebuying process. This could make it easier for buyers to find and purchase a home, even if they are not able to physically visit the property. Greater focus on sustainability and energy efficiency The housing market has long been a major contributor to energy consumption and carbon emissions, but there is growing interest in making homes more sustainable and energy efficient. This trend is expected to continue in 2023, with buyers increasingly looking for homes that are built with energy-efficient materials and appliances, and that have features like solar panels or green roofs. As a result, builders and developers may focus more on constructing homes that meet these standards. Looking forward Overall, the housing market is expected to remain strong in 2023, with low interest rates and continued demand driving the market. However, limited inventory and rising prices could present challenges for some homebuyers. It is important to note that the housing market can vary significantly depending on the location, and what is happening in one market may not be reflective of what is happening in others. If you are considering buying or selling a home in 2023, it is a good idea to consult with a real estate professional and do your own research to get a sense of what is happening in your local market. To view the original article, visit the Transactly blog.

[Best of 2022] Is a Recession About to Rock the Housing Market?
Here it is — our top article of the year! This article was originally published back in May and is the most read article of 2022. See #2 here, or read the full list of our Top 10 articles from 2022 here. The signs are clear and causing alarm: The U.S. may be on the verge of entering a recession. Even with low unemployment and a tight labor market, persistent inflation, slowing growth, and rising interest rates have many economists, investors, and policymakers girding for a sustained economic downturn. If a recession hits, will the housing market tank? After all, in the past two years the housing market has gone gangbusters, with supercharged sales prices and record-low inventory. A correction in the market could be overdue. Learn why some experts think a recession would upend the housing market, and others believe the factors driving high prices and low inventory will persist – regardless of whether the economy is growing or not. Yes, a Recession Would Upend the Housing Market The health of the housing market is, in general, determined by whether enough people want to buy and can pay for a home. Practicing social distancing and working remotely during the height of the COVID-19 pandemic caused many middle-class buyers to realize they wanted to own a home or upgrade to a larger property. Contributing to this surge in demand was the Federal Reserve's decision to slash interest rates, resulting in record-low mortgage rates – a huge incentive for buyers to get in the market. Buyers currently face a considerably different situation: COVID restrictions have largely been lifted, and many white-collar Americans are back in the office and the rhythms of normal life. The Fed is raising interest rates to curb the most serious, sustained inflation of the past 40 years. Mortgage rates are surging, making it harder for buyers to qualify for a home loan. Taken together, it's not unreasonable to think that a recession – during which people usually lose jobs and income – would not simply cool but torpedo the housing market. Already, there are indications that rising mortgage rates are locking consumers out of the market. Buyers of newly built homes have reported that skyrocketing mortgage rates caused them to back out of a deal. And even before the economy started to wobble, some buyers this year were entering the market because they expected mortgage rates to be prohibitive in the coming months and years. No, the Housing Market Won't Implode in a Recession For all the gloomy economic predictions, the housing market is and may remain somewhat protected by a simple, powerful reality: There are far more people who want to buy homes than available properties on the market. The home shortage is attributable to three factors: Home building remained atypically low in the years after the late 2000s subprime mortgage meltdown. Record-low mortgage rates and marked changes in day-to-day life in 2020 and 2021 released unprecedented and insatiable buyer demand for homes. Supply chain snags wrought by the pandemic and soaring prices for raw materials such as lumber have made it costly and difficult to build new homes. All told, the causes of the home shortage – namely, that it's hard to build new homes – won't change even if the economy slows down. And while nobody's cheering for what could become a combination of economic recession and rampant inflation, real estate has traditionally been a safe harbor when currency becomes less valuable. In addition to low supply, there are demand-side realities that could shelter the real estate market from the worst of an economic recession. Among the biggest contributors to inflation has been increasing salaries – indicating that plenty of buyers still have the means to put money down on homes, even as interest rates rise and the cost of borrowing for a home loan increases. And the pool of eager potential buyers is unlikely to dry up soon: millennials, the U.S.'s largest generation, are in or about to enter prime home buying age. Finally, the housing market is at reduced risk of capsizing during a recession because homeowners can pay their mortgages. In the late 2000s, delinquency rates on mortgages surged, because checks on income verification were weak and the "teaser" periods on adjustable-rate mortgages (ARMs) slotted people into home loans they couldn't afford. Today, income verification is much stronger, and ARMs and mortgage discount points are more tightly regulated. To view the original article, visit the Homesnap blog.

Forget Black Friday: Thursdays are the day for home price cuts
Home buyers looking for a Black Friday deal may want to shop on Thursdays. That's the day of the week when sellers are most likely to slash their list price, according to new research from Zillow. This fall, a record 28% of sellers had cut their list price, meaning bargain hunters who can afford today's mortgage rates are more likely to snag a discount. When sellers cut prices, 18.5% of them do so on a Thursday. However, the timing can be slightly different depending on the metro area. For instance, in Philadelphia and Baltimore, price cuts most often happen on Tuesday, while Monday is the best day for deals in Detroit, Cleveland and Buffalo. Buyers nationwide can be sure to see fewer price cuts on Fridays and the weekends when sellers are busy with showings and open houses. The best time of year for bargains typically runs from the beginning of July to the middle of September. These are often discounts on homes that didn't find a buyer during the busy spring and summer home shopping seasons. As homes linger on the market past October, it becomes increasingly less likely that their prices will come down. "Fall and early-winter sellers likely understand the market is slower during the colder months and may have built that into their pricing strategy, resulting in fewer price cuts," said Zillow senior economist Orphe Divounguy. "This year may be the exception. This fall, a record number of sellers have already adjusted their list price to keep up with the rapidly shifting market. The price they set just weeks ago may no longer be attainable in light of rising mortgage rates and falling demand." Buyers shouldn't hold their breath for doorbuster discounts. Price drops are typically modest — between 2.6% and 3.8% off the home's listing price. That adds up to about $11,000 on a typical U.S. home but can be as much as $61,700 in more expensive metro areas like San Jose, California. Shoppers in Buffalo can get the biggest bargains right now, where the typical price cut is 4.6%. Shoppers in Phoenix, meanwhile, are seeing the smallest reductions, with a typical price cut of 2.5%. If a seller is going to cut their home's price, it usually happens three weeks after listing. The exception is in the winter, when homes are typically listed for roughly seven weeks before sellers cut prices. Price reductions are now happening sooner than they used to prior to the pandemic, when listings would typically linger for four weeks before a price reduction. Bargain hunters have more opportunity to snag a discount in today's housing market than they have had in years. The share of listings with a price cut has been steadily rising as homes remain on the market 45% longer than a year ago. In most markets, cooling demand means buyers also have less competition and more bargaining power to negotiate with sellers. Most agents say buyers are making offers below list price more often than they were just six months ago. "Buyers who are pre-approved for a mortgage at today's rates will not only find more discounts, but they'll have a much better buying experience," said Divounguy. "They will have more time to make a decision and will be able to include contingencies in their offer, which could help them avoid a costly mistake. A home should be a long-term investment, and buyers today have a better opportunity to land the right home than they have had in several years."

Consumers Think Home Prices Will Decline. Are They Correct?
Consumer real estate sentiment is shifting fast: After two years of soaring home prices, consumers are more likely to think home prices will decline than will rise over the next year. What does this mean for your clients? Should prospective buyers and sellers anticipate falling home prices? How can you answer questions about home prices, or set expectations for local consumers who are planning to buy or sell now or in 2023? Here's what to know about the state of consumer housing sentiment and the future price of homes. Why Do Consumers Think Housing Prices Will Fall? The last two times a higher percentage of consumers believed housing prices would decrease rather than increase were 2011, in the aftermath of the housing market meltdown, and early in 2020, as the COVID-19 pandemic began. In those instances, huge events shook the economy and caused tumult in the housing market. Now, a new event is rocking real estate, dampening consumer sentiment, and leading to the expectation of lower housing prices: rising mortgage rates. Mortgage rates have more than doubled in the past year, and haven't been this high since 2008. The ultralow mortgage rates of 2020 turbocharged buyer demand and resulted in a historic jump in home prices. Now that mortgage rates are up, demand is down, and less demand typically means lower prices. You shouldn't be surprised if buyers and sellers also figure that mortgage rates are set to rise further. After all, the Federal Reserve has been clear that it will raise interest rates until inflation abates, and rising interest rates usually drive up mortgage rates. Will Housing Prices Fall? You can't blame consumers for thinking that home prices are due for a decline. But consumer expectations don't mean that home prices will actually decrease in your local market. Probably the most important reality of the current housing market is that there are more people who want to buy a home than homes available. This housing shortage goes back to the Great Recession, which depressed homebuilding and made "starter homes" hugely difficult to find. Bidding wars may be less common now than last year, but home shortages mean that when a property goes on the market, there are usually multiple buyers willing to make an offer. Another trend working against the possibility of falling home prices is the glut of millennial buyers entering the market. These buyers in their 20s and 30s are getting married, looking for space, and ready to invest their equity into property. Young buyers with the means are still going to want to buy homes, even if they have to agree to an adjustable-rate mortgage (ARM), buy discount points, or plan to refinance when rates drop. Some super-hot pandemic-era markets may see home prices decline, but larger market forces suggest that nationwide, home price growth will continue at a tapered pace. For sellers, the likelihood of home price growth means that it is still a good time to buy a home. For buyers, now is the time to get in the market. If prices and mortgage rates rise together, it will be better to buy now than in six or 12 months. For agents, understanding consumer expectations are different than agreeing with them. Be ready to explain to clients that their low sentiment about the housing market doesn't necessarily equal lower home prices. To view the original article, visit the Homesnap blog.

Is the Housing Market in a Recession or Correction?
At this stage, everybody agrees: The housing market is cooler than it was one or two years ago. Lacking consensus is the best word to describe this market slowdown. Slump? Downturn? Slowdown? Implosion? The two words you're most likely to hear applied to the present housing market are recession and correction. Recession is a technical economic term for when home sales decline for six consecutive months, a benchmark reached in July 2022. Correction is a less scientific term used by investors and other housing experts to describe a market that is reverting back to normal after an unprecedented and unsustainable COVID-era surge. What are we witnessing? A market in ominous decline, or one that is shifting to a more reasonable post-pandemic normal? Learn why experts disagree, and what to tell your clients. It's a Housing Recession Taken together, this year's trends in the housing market look grim: Mortgage rates have doubled. Home sales are down, few new homes are being built, and consumer sentiment about the housing market is cratering. And for some housing experts, those bleak indicators flash a warning of lasting recession when coupled with what's anticipated in the coming months. The Federal Reserve is still committed to raising interest rates and reducing a decades-high inflation. Increased interest rates typically mean higher mortgage rates, and higher mortgage rates mean an even steeper drop in buyer demand. Plus, inflation and ongoing supply chain issues are likely to depress the number of new homes being built, which squeezes buyers out of the market and can even cause them to back out of contracts on new homes. Finally, the term recession is being used in regards to the housing market because the term recession is being used frequently in regards to the economy at large. Avoiding a recession while jacking up interest rates is a major challenge for the Federal Reserve – and the housing market is affected directly by rising rates. It's a Housing Correction Given the headlines, how could anyone believe the housing market is strong enough that recent events really represent a correction? As with more bearish observers, optimists about the housing market are thinking about the future. For one, inflation is already tapering. The Federal Reserve may not need to raise mortgage rates too much higher to combat inflation, and even if rates do go up, mortgage rates may already be priced for higher interest rates. Another crucial reality is that housing demand still outstrips housing supply. There are downsides to a dearth of new home building, but along with a glut of would-be millennial home buyers, the mismatch in home supply and demand may give the market a jolt as soon as mortgage rates once again decline. Even if mortgage rates don't decline this year, many buyers are aware of strategies such as adjustable-rate mortgages (ARMs) and buying mortgage discount points that make home ownership more attainable. Most of all, the housing market in the last 30 months has been unprecedented. The COVID-19 pandemic wrought incredible change and a too-hot-to-be-believed soar in home prices. Unlike past housing swoons, people aren't disproportionately defaulting on home loans or too financially crippled to buy a home in general. There is still demand, home prices are still rising, and much of the rest of the economy is getting back to normal. It's Semantics – Just Know That the Market Has Changed Call it a recession, call it a recession – just know that the housing market is different than it was a year ago. Buyer demand has softened, more homes are on the market, and bidding wars aren't a given. But a cooler housing market doesn't mean real estate is on its way out. People are still going to want to buy and sell homes, and you can still help them create demand for their listings. A saner real estate market may end up benefiting agents who work well with buyers, can effectively prospect for listings, and consistently get seller clients the strongest offers possible. To view the original article, visit the Homesnap blog.

3 Must-Know Trends About the Housing Market
Spend enough time reading real estate news or listening to chatter about the housing market, and you're bound to encounter the R word: Recession. Home sales are at their lowest level since 2015, and some economists and real estate watchers say we've entered a housing recession. If that's true, are your clients in trouble? Not necessarily. Sellers don't have the leverage they did a year ago, and buyers still face a tough market, but a housing recession doesn't mean everything about the housing market has or will turn upside down. Check out this new and exclusive Homesnap data to learn what makes this housing market complicated, and why despite the challenges, your buyers and sellers can still accomplish their real estate objectives. 1. There are more home listings, but they aren't spending longer on the market In recent months, agents have reported more active home listings in their market. So when our Homesnap data scientists crunched the numbers, we weren't surprised to find that active on-market listings are up by 23% year over year. In theory, more homes on the market means less competition. Buyers are unlikely to engage in bidding wars or pay top dollar for homes, and sellers may find themselves struggling to get homes off the market. And homes that hit the market should take more time to sell, right? Not yet. For now, homes aren't on average lasting longer on the market. Nationally, homes are actually spending an average of 31 days, or one month, on the market before selling. In comparison, last summer, homes were spending an average 34 days on the market. What's going on? How could the number of active home listings rise and the average days homes spend on the market fall? In short, it's because both buyers and sellers face challenges. Homes aren't spending more time on the market because there's still fierce competition for a limited demand of homes. And active home listings are increasing because sellers are trying to list their homes before mortgage rates rise further and more buyers are pushed out of the market. The good news? Sellers still have leverage, and can expect to get their home off the market quickly. And buyers have the luxury of more listings and inventory than any time since before the COVID-19 pandemic. 2. Home prices are rising, but price cuts are more frequent In recent years, the big, overarching trend in residential real estate has been summed up by a single phrase: "Wow, that house sold for a lot of money." For consumers, that still feels true, as consternation about the price of homes has negatively affected housing market sentiment. But agents should know that while the price of homes is still rising, the market also shows a major sign of softening: More price cuts to on-market homes. According to new Homesnap data, the home price oxymoron looks like this: Over the past year, the average selling price of American homes has risen by 11%. At the same time, the number of price cuts to on-market homes has risen by 81%. How can this be happening? If homes are getting more expensive, why are price cuts to on-market homes becoming so much more frequent? Rising homes prices and increasing price cuts to home can coexist because: Rising home prices are attributable to historic inflation: Inflation is at a 40-year high. To some extent, increasing home prices are reflective of an economy in which the average cost of goods is increasing by nearly 10%. Price cuts are inevitable when sellers don't read the current market: For two years, sellers were able to list at sky-high prices and sell at that price point – or even higher. Softening demand has caught some behind-the-times sellers and agents by surprise, necessitating price cuts and increasing their frequency. Low inventory drives up home prices: Even with demand softening and sellers slashing prices on listings, persistently low inventory ensures upward pressure on home prices. Inventory may be higher than last year, but it is still lower than at most points in recent history, and is not anticipated to rise rapidly because of the cost and challenges associated with new homebuilding. Price cuts are necessary when buyers see better deals ahead: After two years in a market weighted strongly towards sellers, buyers are recognizing that they have an increasing amount of leverage. Mortgage rates rose in 2022, but have tapered in recent months. And with speculation that inflation is tapering, too, many buyers are willing to wait out the market and see what things look like in three or six months. Overall, sellers should know that their home's value is still likely to be higher than a year ago, and won't crater should inventory remain low. Buyers can adjust to a less-crazed market, and the anticipation of increasingly buyer-friendly home searches. 3. The national housing market is cooling, but things vary state-by-state In aggregate, the national housing market is cooling. But what's happening on average might not be happening in your local market. Just consider statistics for the change in active listings over the past year. Nationally, active home listings have increased by 23%, suggesting a more buyer-friendly market. But buyers' and sellers' on-the-ground experience can vary widely by region. In Colorado, consumers experience a nationally-representative increase in listings, with a 24% year-over-year rise. But in Connecticut, chatter about a more buyer-friendly market may be just talk: There's actually a 13% decrease year-over-year in the number of active home listings. Conversely, Idaho, which played host to an unsustainable, turbocharged real estate boom in 2020 and 2021, has seen home listings skyrocket this year, tilting the housing market balance back to buyers. These discrepancies mean that the advice you'd give a client in Hartford could be entirely different from the advice you'd give a client in Boise. And this is precisely why real estate agents are so important. You're the licensed professional who lives in your market and understands it. You can tell consumers what's happening where they want to buy, and do so with a nuance and local flavor that national statistics just can't capture. Our data helps you contextualize big trends in the housing market. Your expertise helps clients make sense of these trends, and figure out how to achieve their real estate goals. To view the original article, visit the Homesnap blog.

Consumers' Housing Sentiment Is Plunging. Is the Real Estate Market Imploding?
Last week's Home Purchase Sentiment Index (HPSI) update from Fannie Mae told a clear, concerning story: Homebuyers and sellers are concerned about the real estate market. In fact, consumer housing sentiment has fallen to its lowest level in over a decade. Only 17% of consumers Fannie Mae surveyed said they believe it a good time to buy a home. Sixty-seven percent of consumers think it's a good time to sell, but that's down from 76% just a few months ago. What's going on? Why are consumers so concerned about the housing market? Does dropping consumer housing sentiment mean the real estate market is collapsing? Buyers Face Low Inventory, Higher Mortgage Rates, High Prices Prospective buyers have reason for pessimism. For one, housing inventory remains below pre-COVID-19 pandemic levels. There simply are not as many homes as the market as interested buyers, and this pumps up demand for and the price of every listed property. In 2022, listing inventory has actually trended upwards, but this is mostly due to another trouble spot for buyers: higher mortgage rates. Higher mortgage rates are a side effect of the Federal Reserve raising interest rates to combat inflation. Mortgage rates have dropped this month, but the 30-year fixed average rate this week is still above 5%, around double what it was during parts of 2021. The result is buyers who must agree to more expensive monthly payments than they would have a year ago. Finally, persistently high home prices have dampened buyer enthusiasm about the housing market. Over the past 12 months, home prices grew by 19.7%. While some predict that home prices will remain stagnant – or perhaps even drop – in the next year, buyers are still feeling the sting of home prices that have risen rapidly over the past two years. Sellers Encounter Tapering Home Price Growth, Price Cuts, and Difficulty Finding a New Home The current housing market has a reputation for being inhospitable to buyers. So what reasons do sellers have to complain? At a glance, the market is still much better for sellers than buyers. But seller sentiment is dropping for a few reasons, most notably: More homes on the market are getting a price cut: This summer, roughly 1 in 7 homes on the market had their prices lowered. That's nearly twice the frequency of last summer, when only 1 in 13 homes lowered their initial listing price. Speculation about home prices tapering or dropping: Just as buyers feel stung by two years of rising home prices, sellers feel anxious about expert predictions that home prices are on the verge of tapering or dropping. People hate to feel they missed the moment, and some sellers have expressed frustration at the possibility that they would have been better off selling in the recent past. Sellers usually become buyers: All the problems afflicting homebuyers? Sellers feel them, too. Remember that sellers typically become buyers – getting rid of one place to live comes with the necessity of finding a new home. Rising mortgage rates, in particular, make sellers pessimistic about re-entering the market, and more likely to delay selling until inflation abates. It still may be a seller's market, but it's not the seller's market it was 3, 6, or 12 months ago. Buyers and Sellers Still Have Options Dealing with anxious consumers is part of your job as an agent. But even if their concerns are founded, you can assure them that their ambitions to buy or sell a home aren't melting down. Remind buyers that mortgage rates haven't risen as quickly in the past two months, and may not rise significantly for the rest of the year. You can also make sure buyers are aware of options such as adjustable-rate mortgages (ARMs) and buying down points on a mortgage rate. For sellers, your best bet is to reiterate that demand for homes still outstrips supply. Getting the best possible offer on a home listing takes more effort and advertising than it may have a year or two ago, but it's still possible to sell a home and re-enter the market in a strong position. To view the original article, visit the Homesnap blog.

Shifting Real Estate Market: How to Create a Video That Clears up Confusion
Most agents are pretty aware that the housing market is changing. A combination of higher interest rates and increased inventory has brought the scorching hot seller's market down a few degrees. Consumers are aware too, but most only hear snippets and their main takeaway is sensational terms such as "shifting," "correcting" or "normalizing." Or worse, scarier phrases like "recession," "bubble burst" and "crash." Of course, this leaves clients feeling anxious, uncertain and out of the loop. Now, more than ever, consumers need advice, guidance and a little clarity as to what's really going on. And that's where you, and your awesome new video content, come in. In this article we'll show you how, step by step, to produce a video that helps position you as THE local market expert. Use RPR data to create a video that cuts through Here's how to create a quick video to send to your prospects and previous clients that will ease their fears, erase doubt and build confidence. Both in their situation—and in you! RPR® (Realtors Property Resource®) has the current and local data to help you do it. First things first: yes, you can create a video! You just need your phone or desktop computer, a simple video editing app, and a script (which we're going to give you!). Sure, you could send an email or post to your social pages, but videos work better than anything. Consumers from Gen X on down (even some Boomers!) prefer them and consume them regularly. They're fast, easy to digest and memorable. Here's how to pull it off. Step 1 – Grab their attention: Begin your video with a question or a really compelling statement. Make it short, sweet and right to the point. "How's the market?" I get this question a half a dozen times a day, and here's the truth… Or, Our seller's market has shifted to a buyer's market. What does this really mean? Ask questions or make statements that engage the viewer right off the bat. Step 2 – Introduce yourself: After your opener, tell the viewers your name, and what area you're from or what neighborhood(s) you work in. Don't bother with your brokerage or brand name yet, just keep it casual and friendly. I'm John Smith, and I too live in Silver Pine. (You will obviously enter your name and area.) Step 3 – Use local market housing data from RPR: This is where you set yourself apart from other agents and position yourself as a local market expert. Using up-to-date data from RPR on specific ZIP codes and neighborhoods is the key to your credibility. Check out this article, "Know Your Market and Your Numbers," to see how easy it is to find RPR market trend stats and graphs that back up your opening statement. In our neighborhood, home inventory has increased, while prices have inched up. And even though it's still a seller's market, things are starting to balance out a bit. Step 4 – Include some graphics or charts: talking about data points is one thing—seeing them is much more powerful. Be sure to add a visual representation of your data. You can either screen grab it right from the RPR Market Trends tab, the Housing tab of a neighborhood, or you can enter the numbers into a templated graphic. And you can always use more than one. As you can see, inventory is up over 21%, but still down from its peak just a few years ago and very similar to inventory levels in 2020. The median sales price is up 1.98% from the previous month. And over or under sales have declined slightly by 2.3%. Step 5 – Tie it all together: Now use your premise and your data to deliver a "What's in it for me?" message. Explain how this current market data applies to them and their situation. Point out opportunities and challenges. What's this mean for you? If you're a seller, don't worry. Home values have eased up, but they aren't decreasing. Now it might take 10 days to sell your home, instead of three. That's okat. And buyers, increased inventory means more options. Over-asking bidding wars may be in the rear view, and you might have just a little more time to craft a perfect offer. Step 6 – The call to action: Now that you've delivered all this great information, the crucial next step is to get them to act. Ask your viewers to reach out and ask you questions. Offer to buy them a cup of coffee to discuss their real estate goals. Have them email you or direct them to your website. Give them some type of call to action to get the ball rolling. I hope this quick video helped clear up any confusion you may have heard about the housing market. And if you have any questions about Silver Pine real estate, please don't hesitate to call or email me. I'm John Smith, thanks for watching. Every market's different: use local stats for local updates When deciding what statistics or data to use, the best part about using RPR's Market Trends and housing charts is that you can pull the data for specific ZIP codes and neighborhoods. Most real estate news stories that people are reading about are reports from national sales statistics, which is fine, but they don't tell the whole story as it relates to an individual's situation. However, using up-to-date data and drilling down to your specific, local market puts you in a unique position. You're providing relevant, hyper local data on their market, which makes you a smart, trusted and informed advisor. Almost like you're a local economist giving out free real estate advice! This is a keen way to check in on previous clients, and a super smart way to break ice with prospective clients. The sample script Here's the sample script, all put together: (Note: the items in BOLD would be filled in with your information and statistics, from whatever article or chart you are referencing.) "How's the market?" I get this question a half a dozen times a day, and here's the truth… I'm John Smith, and I too live in Silver Pine. In our neighborhood, home inventory has increased, while prices have inched up. And even though it's still a seller's market, things are starting to balance out a bit. As you can see, [VIDEO GRAPHIC HERE] inventory is up over 21%, but still down from its peak in 2019, and very similar to inventory levels in 2020. Median sales price is up 1.98% from the previous month. And over or under sales have basically declined slightly by 2.3%. What's this mean for you? If you're a seller, don't worry. Home values have eased up, but they aren't decreasing. Now it might take 20 days to sell your home, instead of five. That's okay. And buyers, increased inventory means more options. Over-asking price bidding wars may be in the rear view, and you might have just a little more time to craft a perfect offer. I hope this quick video helped clear up any confusion you may have heard about the housing market. And if you have any questions about Silver Pine real estate, please don't hesitate to call or email me. I'm John Smith, thanks for watching. This script is provided, but of course you can feel free to change or modify anything. It's your script, so it's up to you! Example of agent-produced market trend videos Here's an example to show you how other agents have tackled market update videos. Watch this agent-produced version to get a feel for how it's done: Nicole Nicolay and Robyn Annicchero from Love Livermore of Compass As you can see, this example is brief, friendly and full of local housing market data. In a shifting market, clients need solid advice Build confidence. Build relationships. And build this video! Providing relevant, factual, timely data to your sphere is a solid way to build trust and credibility. A short, casual, friendly piece of communication that clears up the confusion of today's shifting real estate market, by breaking it down in layman's terms, will be remembered and appreciated. We hope you were inspired and motivated to create your own market update video. And we'd love to see how yours turns out! Post your vid to our Facebook group and we'll be sure to comment and offer encouragement. Good luck! To view the original article, visit the RPR blog.

It's a Sellers Market. So Why Aren't More People Selling Their Home?
If you're an agent, you've recently heard (and maybe said) this line: It's a seller's market. With housing inventory at a record low and home prices still rising, that conventional wisdom begs the question: If it's a seller's market, why aren't more people selling their homes? 1. The Most Eager Sellers Have Already Sold Why aren't more owners listing their homes? In part, because people who were most eager to sell already have. For nearly two years, ultra low mortgage rates resulted in a supercharged housing market. Sellers were listing homes and often receiving dozens of offers, some of which came above already sky-high listing prices. Homeowners who wanted to sell had ample time to get their home on the market and sell it at a high price. And they did. Just consider the below chart displaying existing home sales from 2017 to 2022. Existing home sales are the clearest proxy for tracking the rate at which owners are selling their homes. It's evident that home sales bottomed out in the early spring of 2020, when COVID-19 was first declared a pandemic. But sales rebounded at a record rate after the Federal Reserve slashed interest rates and mortgage rates plunged to a record low. Throughout 2020 and 2021, sales of existing homes were at their highest level in years, and have only this year begun to taper towards a pre-pandemic normal. Basically, fewer homes are hitting the market now because more homes than anticipated were sold 6, 12, 18, or 24 months ago. Many of the most interested sellers have already hit the market – it's been a seller's market for some time. 2. Mortgage Applications and Buyer Interest Is Down People are motivated to sell their homes when they know there is strong buyer demand. Right now, a sustained drop in mortgage applications indicates less buyer demand for homes in 2022 than preceding years. Mortgage applications are for consumers the first step of obtaining a home loan, and as such, are often used as a gauge of industry-wide housing demand. Mortgage applications are down a full 15% year-over-year, which most experts attribute to surging mortgage rates. As mortgage rates rise, fewer buyers are qualified to seek one, tampering overall buyer demand. With less buyer demand, would-be sellers may figure that it's better to wait out the market and not list a home until mortgage rates fall. Fewer mortgage applications suggests a housing market that's in the process of cooling. People who don't need to sell a home now may think that today's market – still low on housing inventory and hospitable for sellers – will be more promising in a few years, after interest and mortgage rates have stopped rising so rapidly. 3. Sellers Usually Also Have to Buy – and That's Not Currently Easy The final and arguably most significant factor keeping home sellers out of the market is epitomized by a question: "If we sell, where are we going to go?" You can't blame sellers for wondering. Usually, selling a home means buying a new home in its stead, and right now, that's hard because: Buyers are facing high mortgage rates: Mortgage rates have risen at their fastest rate in decades. Sellers who also need to buy a home risk trading into a higher mortgage rate, blunting the financial windfall of selling a home. Home prices are still high: Housing prices aren't rising at the breakneck clip of 2020 and 2021, but are still formidable. Low inventory means that for sellers, finding the right new home at a reasonable price is not guaranteed, or even likely. The newly built home market is difficult: Potential home sellers can't easily upgrade to a newly built home. For one, new homes simply aren't being built at the rate of demand, with inflation and supply-chain snarls jumping the cost of supplies and materials. Plus, buyers of newly built homes pay a hefty price when mortgage rates rise. The time between agreeing to a contract on a newly built home and moving in can last up to a year – putting buyers at risk of being on the hook for much higher borrowing costs than first anticipated. Clearly, there are compelling factors keeping home sellers out of the market. But for agents, market tumult and uncertainty may signal an opportunity. Those who want to sell a home still can, even as rates rise, because inventory is so scant. And people looking for homes are starting to find a market with more reasonable home prices and fewer bidding wars – which may encourage them to hire an agent and buy before mortgage rates rise even more. To view the original article, visit the Homesnap blog.

RPR Unveils New Charts and Graphs in Its Neighborhood Pages
With users in mind, RPR (Realtors Property Resource) has made some really appealing changes to its Neighborhood pages. In this latest product release, we've added new charts and refreshed some existing ones. It's the same robust data you expect from RPR, but the presentation of it has been revamped and redesigned. It all adds up to a more eye-catching, interactive and responsive experience. Here's a quick look at all the new charts available in late June: Market Trends New Listings Active Listings New Pending Listings Pending Listings Sold Listings Months Supply of Inventory Sold Public Records Top Five Occupations These new charts and graphs are perfect for research and staying on top of your local market trends, and for sharing with clients and prospects to position yourself as THE local market expert. Here's how to find the new charts in RPR: RPR charts a new course in data visualization To start, go to RPR and click the Research dropdown. Select Neighborhood Search. Under Neighborhood Search, enter a neighborhood name, city or zip code. Select Exact, Within or Nearby from the dropdown. Now hit the magnifying glass icon to search. Once you've selected the neighborhood you want to view, you'll be redirected to the Neighborhood Details page. The Neighborhood Details is broken up into five areas: Summary, Housing, People, Economy and Quality of Life. Let's look at the summary overview first. To summarize… From the summary tab of the Neighborhood Details page, the first thing you'll see is the new Market Trends card. This view showcases key metrics for any neighborhood. It's basically a quick, at-a-glance snapshot of the local market. The first area is full of important and relevant information about your chosen housing market. The type of market (seller's, buyer's or balanced) is represented on a sliding scale. To get more details on how this is measured, click the About this data link—it's in blue right under the Market Trends title. It's an industry standard that is determined by months of inventory. Then you'll see the Key Details, which include the Months of Inventory, the List-to-Sold Price percentage, the Median days in RPR, and finally, the Median Sold Price. This provides four key metrics about how long homes have been on the market, whether they're going above or below asking price and, on average, how much they're selling for. Green (up) and red (down) arrows below these stats also give a month over month up or down percentage rate, too. Median Estimated Home Values In the next section, you'll see a graph for the Median Estimated Home Values. This shows monthly and yearly changes in property values, as well as the ability to compare your area to values within cities, counties and the state. Also, be sure to notice the Property Type pulldown menu, where you can specify which types of properties you want to focus on. The default is SFR + Condo, which is Single Family Residence and Condo properties (this property type also includes townhouses and apartments), but you can choose many other options. You can also choose to change the property type for that particular chart, or all of them. Again, if you're curious as to how these metrics are determined, just select About this data to see how the market types are defined, as well as the source and update frequency. Rounding out the Summary page is the AARP Livability Index, and the Top Five Occupations in the area and nearby neighborhoods. Both provide population, community and demographic stats and information on your chosen neighborhood. Housing Facts and Stats Now let's visit the Housing tab to take a deep dive into the housing metrics of the neighborhood. The top chart highlights the neighborhood's housing characteristics compared to the county, state and nation, including comparisons for home ownership, rent, and information about permits and buildings. Next up are charts for listings, including New Listings, Active Listings, New Pending Listings, Pending Listings and Sold Listings. These charts provide an in-depth look at several housing market statistics over a period of time. New Listings: Anything listed within that month Active Listings: Still active at end of month regardless of when it was listed New Pending Listings: What went into pending status that month Pending Listings: What was still in pending status as of the last day of the month Sold Listings: What was sold the previous month, but most importantly, how much over or under the list price is going for in the Avg. List to Sales Price % section Rounding out the Housing tab is Months Supply of Inventory, Sold Public Records and Sold Home Stats. In these sections, you can select the property type you want to view. Choose whether to change just the chart you are viewing or all the charts on the page. Again, the About this data link will give you full descriptions of how these stats are configured. The big takeaway here is being able to track and monitor the volume and the details of housing inventory. Another key metric is being able to see whether homes are selling for over or below the asking price. People, Economy and Quality of Life Pure housing statistics and data are essential in identifying and communicating housing market trends. However, you can dig even deeper into what makes up a neighborhood by checking out these other qualitative types of categories. Go to the People tab to get to the heart of who lives in the neighborhood. Find a side-by-side comparison chart that measures population counts, densities and changes, median age, gender, and education levels. See the population of children and adults by age group, households with children and the income brackets making up the area, as well as occupational categories and voting patterns. The Economy tab displays data such as job growth, unemployment rate and cost of living. Lastly, the Quality of Life tab displays data, such as weather and water quality, commute times, transportation options, monthly temperatures, the AARP Livability index, and walkability scores. This tab is particularly helpful when working with relocations. RPR's neighborhood data can be used to evaluate a target neighborhood and search for the right area for your clients. Get a feel for the trends in a particular neighborhood by examining the data and charts presented. How to print and save RPR charts Just a note: the new chart metrics will not display on RPR reports at this time. To print a specific chart or set of charts, use the Print button, which resides in the upper right navigation area. If there's a chart you don't want to include, simply collapse that chart and it will not show. To include these new charts in an RPR Report, click the Print button, and then under the Destination pull down menu, you can choose to save the file as a .pdf. Save the file (chart) and then you can attach it to other RPR reports from the Reports generation page. This is done through the Manage Custom Pages Link, which you can read about here: Learn more about Custom Pages. Share charts to your sphere Number crunchers and data nerds are sure to love these new charts! Be sure to grab them and share them with your sphere of influence. And if your clients prefer less information over more details, just send along the easy to digest Market Trends chart and walk them through it. You'll look like a housing data pro and be sure to impress. To view the original article, visit the RPR blog.

Is a Recession About to Rock the Housing Market?
The signs are clear and causing alarm: The U.S. may be on the verge of entering a recession. Even with low unemployment and a tight labor market, persistent inflation, slowing growth, and rising interest rates have many economists, investors, and policymakers girding for a sustained economic downturn. If a recession hits, will the housing market tank? After all, in the past two years the housing market has gone gangbusters, with supercharged sales prices and record-low inventory. A correction in the market could be overdue. Learn why some experts think a recession would upend the housing market, and others believe the factors driving high prices and low inventory will persist – regardless of whether the economy is growing or not. Yes, a Recession Would Upend the Housing Market The health of the housing market is, in general, determined by whether enough people want to buy and can pay for a home. Practicing social distancing and working remotely during the height of the COVID-19 pandemic caused many middle-class buyers to realize they wanted to own a home or upgrade to a larger property. Contributing to this surge in demand was the Federal Reserve's decision to slash interest rates, resulting in record-low mortgage rates – a huge incentive for buyers to get in the market. Buyers currently face a considerably different situation: COVID restrictions have largely been lifted, and many white-collar Americans are back in the office and the rhythms of normal life. The Fed is raising interest rates to curb the most serious, sustained inflation of the past 40 years. Mortgage rates are surging, making it harder for buyers to qualify for a home loan. Taken together, it's not unreasonable to think that a recession – during which people usually lose jobs and income – would not simply cool but torpedo the housing market. Already, there are indications that rising mortgage rates are locking consumers out of the market. Buyers of newly built homes have reported that skyrocketing mortgage rates caused them to back out of a deal. And even before the economy started to wobble, some buyers this year were entering the market because they expected mortgage rates to be prohibitive in the coming months and years. No, the Housing Market Won't Implode in a Recession For all the gloomy economic predictions, the housing market is and may remain somewhat protected by a simple, powerful reality: There are far more people who want to buy homes than available properties on the market. The home shortage is attributable to three factors: Home building remained atypically low in the years after the late 2000s subprime mortgage meltdown. Record-low mortgage rates and marked changes in day-to-day life in 2020 and 2021 released unprecedented and insatiable buyer demand for homes. Supply chain snags wrought by the pandemic and soaring prices for raw materials such as lumber have made it costly and difficult to build new homes. All told, the causes of the home shortage – namely, that it's hard to build new homes – won't change even if the economy slows down. And while nobody's cheering for what could become a combination of economic recession and rampant inflation, real estate has traditionally been a safe harbor when currency becomes less valuable. In addition to low supply, there are demand-side realities that could shelter the real estate market from the worst of an economic recession. Among the biggest contributors to inflation has been increasing salaries – indicating that plenty of buyers still have the means to put money down on homes, even as interest rates rise and the cost of borrowing for a home loan increases. And the pool of eager potential buyers is unlikely to dry up soon: millennials, the U.S.'s largest generation, are in or about to enter prime home buying age. Finally, the housing market is at reduced risk of capsizing during a recession because homeowners can pay their mortgages. In the late 2000s, delinquency rates on mortgages surged, because checks on income verification were weak and the "teaser" periods on adjustable-rate mortgages (ARMs) slotted people into home loans they couldn't afford. Today, income verification is much stronger, and ARMs and mortgage discount points are more tightly regulated. To view the original article, visit the Homesnap blog.

Is Housing Inventory Finally About to Rise?
Ask just about anybody who has tried to buy a home recently: There simply aren't enough houses on the market for every interested and qualified buyer. Housing inventory has been – and remains – at a record low. That's been good for homeowners who want to sell at the highest possible listing price, and tough for buyers who want access to a range of affordably-priced properties. But after two years of persistently low housing inventory, a shift may be on the horizon. Is housing inventory about to rise? Or will other economic factors mean that the number of available homes remains scarce? Learn why some experts believe housing inventory is on the verge of an increase and others expect it to stay low for the foreseeable future. Yes, Housing Inventory is Recovering There are some indications that housing inventory is on the cusp of an increase. For one, surveys of prospective sellers demonstrate that about two-thirds of homeowners who plan to sell their home this year expect to list by the end of summer. This expected influx of listed homes may represent a changed housing market from the recent past. In 2020 and 2021, the housing market was less tied to traditional home buying deadlines, such as the start of the school year or the need to move in order to start a new job. For many people, life has now returned to normal. Going to work, sending kids to school, and the desire to tour homes in-person may result in a more traditional 2022 busy season, in which home inventory surges during late spring and summer. At the same time sellers prepare to list their properties, buyers are beginning to grapple with increased mortgage rates. The Federal Reserve set ultralow interest rates at the start of the COVID-19 pandemic. Now, those rates are being steadily raised, resulting in higher fixed mortgage rates. Rising mortgage rates have the practical effect of making it more expensive to purchase a home – pricing out some buyers, and raising the odds that homes sit on the market. The final reason housing inventory may tick up is simple: It appears that more homes are being built. Home building was low in the years after the late 2000s housing bubble crash and subsequently depressed by the COVID-19 pandemic. But homebuilding is at last increasing. Last month, U.S. housing starts (the beginning of private home construction) increased at 0.3% – an unexpectedly robust rate that could signal a home building boom. No, Housing Inventory Will Stay Low For all the reasons to be optimistic, a rise in housing inventory still faces stiff, substantial headwinds in 2022 and beyond. To start, supply-chain issues continue to throttle new home construction. Basic building materials, most notably lumber, have been hard for homebuilders to obtain and afford. Homebuilders have also struggled to attract and retain skilled tradespeople in a red-hot job market – reducing the number of new homes they can build. Inflation, which is at its highest rate in 40 years, may also constrain the supply of homes. Inflation makes it more difficult to build homes, as the price of materials remains high. Plus, some homeowners may be disincentivized to sell in a time of heightened inflation, as homeownership is a traditional safe harbor against devalued currency. Finally, housing inventory may not expand because of high buyer demand. While there are signs that buyer demand is slightly cooling, the demand for homes continues to outstrip supply in many markets. And higher mortgage rates could actually spur some buyers into the market this spring and summer, as they attempt to secure a decent rate while they still can. If there are more qualified buyers than available homes, properties won't sit on the market for long, and overall housing inventory is unlikely to increase. To view the original article, visit the Homesnap blog.

Are We in a Real Estate Bubble?
Mortgage rates are rising fast, the Federal Reserve is hiking interest rates, and people are starting to ask: Are we in a real estate bubble? You can't blame buyers, sellers, agents, and everyday consumers for wondering whether the housing market has become overhyped. After all, economists at the Federal Reserve Bank of Dallas published a blog post last month detailing "growing concern that U.S. house prices are again becoming unhinged from fundamentals." "Unhinged from fundamentals" sounds scary. Is there a housing bubble that's about to burst? For now, real estate experts and economists generally aren't concerned that the hot housing market is going to implode the way it did when the 2008 subprime mortgage crisis sparked the Great Recession. But they are sharply divided about whether there's a real estate bubble, what could be fueling it, and the events that might signal a cooling or collapsing housing market. Yes, There's a Real Estate Bubble Even for people who aren't prone to doom and gloom, recent indications point to the possibility of a real estate bubble. The most-often cited indication of a housing bubble is mortgage and interest rates. Specifically, mortgage and interest rates plunged to record-lows as the federal government sought to limit the economic fallout of the COVID-19 pandemic. Because of those low rates, people flooded into the housing market, driving up demand and the price of homes. Now, the federal government is raising interest rates, which has caused the 30-year fixed mortgage to climb above 5% for the first time in a decade. Traditionally, higher mortgage rates result in lower or cooling housing prices. But, as we suggested last month, some consumers may figure if mortgage rates continue to rise, this is the time to lock in a decent rate, which could keep demand for homes strong. Another factor that could be fueling a frothy housing market is the influence of real estate investors. Investors now buy about one-third of homes in the U.S., and are often able to make cash offers on homes that normal buyers cannot match, which drives up home prices. Rising inflation may spur even more aggressive buying behavior by real estate investors, as real estate is traditionally a safe harbor against less valuable currency. If investors continue to buy, everyday consumers may find themselves forced to agree to mortgage rates and home prices that are divorced from traditional market fundamentals. No, We're Not in a Real Estate Bubble For all the concern, many experts and agents don't believe that there's a real estate bubble. First and foremost, low housing inventory has resulted in a supply and demand mismatch that many believe is the single biggest source of rising housing prices. In the wake of the late 2000s housing crisis, home building plunged. Over time, there weren't enough homes available for interested and qualified buyers. Low inventory isn't an issue that experts expect to be resolved soon. The cost of housing materials has skyrocketed due to supply-chain issues, inflation, and the war in Ukraine. Plus, millennials, the U.S.'s largest generation, are in or entering prime home buying age, which some experts think will ensure housing demand remains higher than supply. The other primary reason to be skeptical of a housing bubble is the average personal financial health of home buyers. On average, Americans are in their strongest-ever financial situation, with record-high savings and record-low debt. In the run-up to the last housing crash, excessive borrowing was rampant and many people were granted mortgages they couldn't actually pay. Now, economists and real estate agents report that buyers are purchasing homes with significant cash down payments. Coupled with stronger lending guidelines, robust personal financial health means that people who are buying homes today are more likely to make their home payments, reducing the odds there's a real estate bubble. As an agent, be prepared to answer client questions about whether there's a real estate bubble. Keep a finger on the pulse of your local market, encourage buyers to come with strong, cash down offers, and remind sellers that whether there's a bubble or not, this is a great time to sell a home. To view the original article, visit the Homesnap blog.

[Best of 2021] When Will U.S. Buyers See Relief from Skyrocketing Home Prices?
Here it is--our top article of the year! This article was originally published back in June and is the most read article of 2021. See #2 here, or read the full list of our Top 10 articles from 2021 here. Home prices usually follow the laws of supply and demand: when demand is strong, supply diminishes, and prices rise, creating an incentive for owners to sell and builders to build. As the supply of homes for sale increases, those high prices moderate or decline. But, on a year-over-year basis, U.S. home prices have increased for an astounding 110 months straight; and since the pandemic began, they've risen at an extraordinary pace. Just this past April, the median home sales price in the U.S. was $341,600, nearly 20% higher than the year before. So when can buyers expect to see some much-needed home price relief? Too Much Demand, Not Enough Supply The issue with the law of supply and demand lately has been…well…not enough supply and too much demand, especially surrounding new home builds. Builders can't keep up with new home demand due to shortages of materials and appliances, along with skilled labor. Lumber prices alone are more than 250% higher than last year, and are adding nearly $36,000 to the average cost of a new build. The extreme supply shortages have driven up the median price of new homes to $372,400, the most substantial annual gain since 1988, when prices rose 87% in one year. New home builds aside, we're also seeing two of the largest generations in history — millennials, and Generation Zers, reach homebuying age and ability. More than 80% of millennials plan to buy a home at some point in their lives, and last year, 39% of all homebuyers were younger than 40. Mortgage rates below 3% ignited the generational pressure to purchase, and home sales surged to the highest level since 2006, despite pandemic challenges. Record sales quickly drained available inventories, and by the end of 2020, supplies of homes for sale were the lowest since 1999, when the National Association of Realtors first kept inventory records Now, inventory is so low and prices so high that sales are finally starting to slow, falling for the third straight month in April. (READ MORE: How Are Sellers in the Current Market REALLY Doing?) Can the Drought Get Any Worse? Even though record numbers of millennials are entering the market, it's not a journey some want to take with seemingly no home price relief in sight. Buying a first home is so expensive today that nearly one out of five prospective millennial buyers say they are giving up on homeownership and plan to rent for the rest of their lives. Will their sitting out the market help ease inventories? Not likely, at least not right now. There's no sign that the laws of supply and demand can restore balance to the real estate economy any time soon, and it may be just a matter of time until the inventory drought shuts sales down to a trickle. Still, there are some positive signs that demand will decrease and supplies will increase enough to bring some home price relief: Mortgage Rates Should Increase, Tempering Demand-driven Price Hikes Home price relief won't happen until mortgage interest rates rise and home supplies improve. For two years, forecasters and mortgage companies have said that higher rates are just around the corner. This year, they may be right. Inflation is suddenly surging for the first time in decades, and Fannie Mae's economists predict housing could contribute more than two percentage points to inflation by the end of 2022. The forecasted rates on a 30-year fixed mortgage will reach 3% by mid-year and stay above 3% through 2022. The Mortgage Bankers Association sees rates reaching 3.5% by the end of 2021, and 4% in the second quarter next year. New Home Starts Are Up The inventory of previously owned homes reached record lows in April, but on a year-over-year basis, housing starts (new homes being built) in March surged to a nearly a 15-year high, and April starts were 67.3% higher than they were in April 2020. Fannie Mae forecasts an aggressive 16.3% increase in single-family home construction this year over 2020, but that increase in new homes amounts to about 2.4% of demand — far below what is needed to meet it. As Price Appreciation Slows, Sellers Will Become More Motivated Just as the fear of higher mortgage rates motivated buyers in 2020, the fear of falling prices driven by rising rates will motivate sellers. As a result, listings may begin to increase on a year-over-year basis in the first quarter of 2022, when sellers prepare for the spring sales season. Baby Boomers, who own 41% of the nation's homes, have been much slower than earlier generations to downsize as they age. Millions of Boomer homeowners lost more than a decade of appreciated equity after the housing crash in 2007, and many are waiting until prices peak to sell and regain as much equity as possible. In last year's price boom, older Baby Boomers sold their homes at a higher rate than any other age group. When it's clear that the current boom has run its course, more Boomers will be listing their homes for sale. The Experts Forecast Significant Changes in Prices by 2022 Economists at Fannie Mae and Freddie Mac and several of the best real estate data and analytics firms forecast changes in market trends two years in advance. As of May, Fannie Mae forecasted that the median national price will rise 9.5% for new homes this year but only 4.4% in 2022. Home prices will continue to grow at 12.2% this year and 3.9% next year for existing homes. As of April, Freddie Mac forecasted that the price boom would end this year. Freddie's experts forecasted that all home prices, new and existing, will increase only 6.6% this year―a decline from 11.3% in 2020―and 4.4% in 2022. The respected real estate analytics firm CoreLogic agrees that home price increases will slow down this year, reporting that median year-over-year national price increase will fall to 2.8% by April 2022. Lawrence Yun, chief economist at the National Association of Realtors, also agrees. "We'll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes," said Yun. "In addition, the falling number of homeowners in mortgage forbearance will also bring about more inventory." "Despite the decline, housing demand is still strong compared to one year ago, evidenced by home sales from this January to April, which are up 20% compared to 2020. Moreover, the additional supply projected for the market should cool down the torrid pace of price appreciation later in the year," Yun said. The Bottom Line Mortgage interest rates are the critical factor driving housing demand. It's more than likely that by the end of this year, rates could drive upwards of 4% or higher. Sellers, led by Boomers eager not to miss the price peak, will bring a modicum of relief to the inventory shortage. In 12 months, the rate of price appreciation for single-family homes will be half its current rate of 19.1%, if not lower. By then, inventories will improve but won't return to healthy levels until pent-up demand is met and new home construction makes a more significant contribution. So while we can't expect to see home prices fall, we can expect their increases to slow down significantly. Steve Cook is the editor of the Down Payment Report and provides public relations consulting services to leading companies and non-profits in residential real estate and housing finance. He has been vice president of public affairs for the National Association of Realtors, senior vice president of Edelman Worldwide and press secretary to two members of Congress. To view the original article, visit the Homes.com blog.

How to Identify and Track Your Real Estate Competitors
We all face competition in life. As a real estate agent, you're no stranger to the tough process of the competition. Regardless of the difficulties that competition might bring us, it's important to realize that competition is a healthy way to drive the progress of the real estate industry in general and your real estate brand specifically. But what makes you stand out and succeed in regard to your competitors is realizing your strengths and weaknesses as well as those of your competitors. This is why it's important to conduct a comprehensive competitive analysis and research your potential real estate competitors. Let's talk about the principles of competition. There are two types of competition: direct and indirect. So who are direct and indirect competitors of real estate agents? Direct - Direct competition consists of businesses that offer the same service as your brand. So in the case of real estate agents, they are in direct competition with other real estate agents. Indirect - Indirect competitors, unlike the direct ones, don't offer the same service, but they still meet the same needs with an alternative way. For example, real estate agents' indirect competitors can be services like for-sale-by-owner. Knowing your indirect competitors is as important as knowing the direct ones. It helps you to further the knowledge on why people choose or opt out of choosing your services. How Can You Identify Your Real Estate Competitors? After identifying your main competitors an important task falls on you to track them. Here's the criteria you should pay attention to: Real Estate Keywords Check what keywords they are targeting for organic and paid search. Knowing what keywords your competitors are targeting, in addition to knowing the general trends, will help you to identify what your competitors are lacking in terms of keywords. Tools like SpyFu can help you understand what your competitors' main keywords are. It's really hard to surprise and engage visitors because of the huge abundance of digital content. That's why content that is shared means your competitors found some niche that wasn't explored yet. Research it, and take your time to analyze why this content is shared. Try to understand it, but don't copy. Google Alerts Google is one of the most popular search engine platforms out there. People strive to make their content rank on at least the first page of Google, if not appear in first place. This is the ultimate goal of every successful business. This can be achieved with a certain amount of luck, but most importantly by being constantly aware of the current trends in your industry and being mindful of competition. Google Alerts helps you to achieve both. It can help you to know what other publications are writing about your competitors, what content pops up for certain important keywords, or even what others write about you. Knowing your backlinks is one way to understand where your SEO efforts are lacking. When you know your own backlinks and understand your competitors' backlinks, you can determine where you need to strengthen your marketing efforts. Tools like Ubersuggest and SEO Explorer can help you with that. Manual Checking In addition to checking your competitors with certain tools, you should also do manual research. The simplest thing to do is check Google with the keywords you want to rank with. Check who's taking first place. That might be an indicator of whether they're your direct or indirect competitors. Pay attention to local searches. You want to rank locally, so use keywords like "real estate agents near me," to help determine who your real estate competitor is, and optimize your own Google My Business profile. How to Track Your Real Estate Competitors and What to Pay Attention to Social Media Social media is one of the most important channels to connect with your potential and existing clients. Knowing the general trends in the real estate market and how your competitors are using social media will make your social media plan more comprehensive. Real Estate Blogs Even though visual content is what people are gravitating towards these days, blogging is still as popular as ever. Blogging brings necessary traffic to your website, while providing useful information to your visitors. Knowing what your competitors are writing about can spark creativity and give you new, fresh ideas to write about. But remember, even though copying is sometimes considered a form of flattery, this is not the case when it comes to digital content. Blogs can inspire you to create content of your own, but don't copy them word for word. Real Estate Newsletters Email marketing is a time tested method to engage and connect with your audience. It's an efficient way to deliver important messages and updates. If your competitors have a newsletter subscription form, subscribe to see what kind of emails they're sending. This will also give you an idea of a new newsletter campaign. Client Reviews Understanding how your competitors communicate with their clients will help you to identify your strengths and weaknesses and improve your own customer service. Knowing what your competitors' clients lack means you can fill that niche and offer a better service. Tools That Help You to Track and Identify Your Competitors Ubersuggest - Website traffic, SEO explorer, keyword analyzer and much more Alexa - Has a free option for site info and showcases the website rank and compares websites that are determined to be competitors Ahrefs - Has a free option to check domain ratings and showcases website authority (the higher DR you have, the better) SpyFu - Comprehensive keyword analyzer Google Alerts - To know what others say about your competitors, set up a Google Alert for specific keywords Social Mention - Helps you to identify what people on social media say about your brand or your competitors Google Keyword Planner - Also can be used to identify keywords of your competitors, and since the data comes straight from Google, it means the data is more accurate Semrush - Another great tool for checking keywords To view the original article, visit the Realtyna blog.

Why Builders Can't Keep Up with Home Sales
Once upon a time, the key words in real estate were "location, location, location." Then, the infamous three Ls, at least in the new construction sector, became "land, lots and labor." Those Ls remain important, to be sure. But now, as far as builders are considered, the Ls refer solely to "lumber, lumber, lumber." Softwood is used in structural framing such as beams, joists, and trusses as well as sheathing, flooring and underlayment, interior wall and ceiling finishing. Softwoods also are used in certain manufactured products, particularly cabinets, windows and doors. Since April 2020, the cost of softwood lumber has risen more than 300%, adding nearly $36,000 to the price of a typical house, according to the National Association of Home Builders. The Factors Behind Surging Lumber Costs The primary reason for this price surge is insufficient production at mills across the country. Like most other businesses, pandemic stay-at-home orders greatly impacted the ability to produce products in sufficient quantities to satisfy demand. And even though operations around the country have increasingly opened back up, many mills are still not back to pre-pandemic capacities. Another factor is the import duties placed on Canadian lumber during the previous administration. And now, in a step that has brought a strong rebuke from NAHB President Chuck Fowke, the current administration is proposing to double the tariffs on Canadian lumber shipments. What Else is Stifling Builders' Production? While the cost of lumber is builders' most pressing problem, it is hardly the only one. Here's a brief rundown of the other issues that are keeping them from erecting all the houses needed to take some of the heat out of the blistering housing market: Availability Builders rarely have trouble securing appliances, which they must have to obtain occupancy permits. But now, 95% of those polled by NAHB reported shortages of refrigerators, stoves and the like. Shortages are now more widespread than at anytime sine the 1990s when the NAHB first started tracking. Skyrocketing lumber prices have rightfully dominated the headlines, but prices for steel, concrete and gypsum products also continue to climb at record pace. In a recent survey by marketing and advisory firm Zonda, which monitors some 18,000 active communities nationwide, 86% of builders reported significant supply disruptions resulting in significant construction delays. Among the components that are tough to obtain are interior doors, windows, siding, plumbing fixtures, shingles, insulation and cabinets. About the only item builders aren't having a hard time finding are kitchen sinks — as in, "everything but…" Practically everything else is in short supply; again because production was severely curtailed during the height of the pandemic. And as a result, the costs to builders for many of the products they need have also rocketed. Regulation Another NAHB study found that regulations imposed by all levels of government account for $93,870, or 23.8% of the average sales price of a new house, which is currently $397,300. Of that, $41,330 is attributable to regulation during development, and $52,540 is due to rules that must be followed during construction. Because of the pandemic, builders and their customers aren't getting all they are paying for, though. At least not lately. Local building departments are so short staffed that it is taking longer to get plans approved and the required inspections made. There are other regulatory issues that builders must contend with, too. The most recent was a change in the National Electrical Code, a change that caused HVAC systems to fail. The new rule, the NAHB contends, was hastened unnecessarily during a process that was manipulated by special interests, perhaps trying to sell a particular product. Land "Builders are paying stupid land prices," Zonda's Tim Sullivan told his clients recently. But they almost have to if they want to remain in business. Why? Because the supply of home sites is dwindling rapidly. Zonda says roadwork has commenced on just 165,000 lots nationwide. Considering that some 500,000 new homes are sold annually, that's not a lot. Builders tend to believe the lot pipeline will be most constrained for the rest of the year, but about a third of those polled said finding buildable sites will be an issue next year as well. "The under supply isn't going to go away," said Sullivan. Location Remember the original three Ls? Forgetaboutit. A community's relationship to downtown used to be much more important, but it hardly matters these days in the new home market. Zonda research shows that 70% of the best-selling communities are 30 miles or more from their central business districts as builders move farther and farther out to hold the line on prices as best they can. In Houston, for example, properties within 10 miles of downtown are notching 1.1 sales per month while those 30-35 miles out are grabbing 4.3 deals monthly, up 118%. (READ MORE: Which Markets Will See New Home Builds Ease Inventories?) Higher Prices Zonda's research shows 97% of builders have raised prices, half of those by $10,000 or more. But, said the company's chief economist, Ali Wolf, "There's virtually no sticker shock." Even as builders restrict supply, prices continue to march higher. One reason: The market is supported in large measure by out-of-towners moving from places where housing prices are out of this world. For example, a 2,500-square-foot house that costs $1.16 million in San Francisco or $1.14 million in Los Angeles runs a mere $450,000 in Austin. That's why locals are buying farther and farther out, where the prices are the less expensive. Labor Experienced carpenters, plumbers, electricians and other tradespeople are in short supply. But only 49% of builders said that's a big deal right now, probably because they're beset by other, more pressing problems and because they're not erecting houses as fast as they'd like. Slowing Down To protect against getting too far ahead of themselves, a majority of builders are "by design" now taking only a specific number of contracts per month. While 9% said it's still business as usual, 17% said they are accepting offers only as new lots come online, and 13% said they are "pausing" sales or reservations. As a result, new home production slid in April and is likely to continue slowing. Supply constraints, labor scarcity and a lack of buildable lots "are weighing meaningfully" on builders' ability to keep up with housing demand, says Doug Duncan, chief economist at Fannie Mae. Builders, he adds, have little choice but to slow the pace of construction. Syndicated newspaper columnist, Lew Sichelman has been covering the housing market and all it entails for more than 50 years. He is an award-winning journalist who worked at two major Washington, D.C. newspapers and is a past president of the National Association of Real Estate Editors. To view the original article, visit the Homes.com blog.

Spring 2021 Housing Market: Will the Extremes Calm Down?
The 2021 spring housing market can be summed up to two extremes better suited for a primetime TV medical drama than an economic snapshot: the sellers market is on steroids, while the buyers markets are on life support. Why so extreme? Real estate laws of supply and demand dictate that rising demand reduces the number of homes for sale and increase prices. Higher prices then motivate sellers to sell, opening greater supplies of inventories and reducing the pressure on prices. Moderated prices and more homes for sale encourage buyers to buy, and sales increase until supply and demand start their familiar dance all over again. That's how things are supposed to work. Except, moving into the spring 2021 housing market, they aren't working that way at all. Soaring prices and starving inventories aren't motivating enough sellers to sell, nor are they discouraging many buyers from buying. So, we're left with a pair of extremes, whose forces are stronger than supply and demand, and twisting housing markets out of shape. Fear Worsened the Inventory Drought Even before the COVID-19 pandemic and current recession, the housing market was facing a substantial supply shortage. Afraid of missing out on the lowest mortgage interest rates in a generation, extraordinary numbers of millennial first-time buyers jumped into the markets in the first weeks of the pandemic's arrival in March 2020. However, millions of sellers delayed listing their homes at the launch of the spring 2020 sales season. By July, high demand and low supplies drove sales prices to an all-time high, and inventory levels plunged 21.1% below 2019 levels, marking 14 straight months of year-over-year declines. Inventories Are Still Disastrously Low Fast forward to the end of February 2021, housing inventory was a record 29.5% lower than a year earlier. Buyers quickly consumed the new listings, and time on the market fell to 20 days for a home to go from listing to contract, an all-time low. At the end of March, total housing inventory amounted to 1.07 million units, up 3.9% from February but still down 28.2% from one year ago. Unsold inventory stayed at a 2.1-month supply, marginally up from February's 2.0-month supply and down from the 3.3-month supply recorded in March 2020. Inventory numbers continue to represent near-historic lows since NAR first began tracking the single-family home supply in 1982. In fact, according to the National Association of Realtors, the U.S. housing market is short about 3 million available homes. New Home Production is Still Struggling Looking beyond the spring 2021 housing market itself, a more enduring problem is the chronic underproduction of new homes. For five decades, America's supply of entry-level homes has declined. Production of entry-level construction fell from 418,000 units per year in the late 1970s to 65,000 in 2020. According to NAR's Lawrence Yun, new-home underproduction is the chief cause of today's inventory shortage. Freddie Mac's chief economist, Sam Khater, agrees. "Simply put, we must build more single-family entry-level housing to address this shortage, which has strong implications for the wealth, health, and stability of American communities," Khater says. Typically in a recessionary time (such as the pandemic), housing demand declines and supply rises, causing inventory to rise above the long-term trend. Khater believes the main driver of the housing shortfall to be the long-term decline in the construction of single-family homes. When falling rates led to higher demand, supplies could not keep up, and by late 2020, prices soared at a double-digit pace. Shortages of affordable homes brought the pandemic sales boom to a halt. Sales fell 6.6% from January 2021 to February, and supplies did not increase during February, a month when sellers traditionally begin to list their homes for the spring sales season. Rates and Prices Will Slowly Rise During the Year So far, the spring 2021 housing market has been a mixed bag. During the first quarter of 2021, rates on a 30-year fixed-rate mortgage stayed below 3% percent until the first week of March. By April 1, however, they reached 3.18%, which lowered the house-buying power of consumers enough to cost 55,600 potential home sales, according to First American's chief economist Mark Fleming. Freddie Mac's forecasters expect rates to continue to rise slowly and reach an average of 3.4% in the fourth quarter of 2021, as the economy slowly recovers from the pandemic. What We Can Expect Moving Forward As long as the economic outlook post-COVID is optimistic, interest rates should go higher. Despite the nation's continued economic uncertainty, demand drivers will continue in 2021, and rates, though starting to increase, will still remain very low. A gradual return to normalcy will raise incomes, and lenders will discontinue some of their pandemic-era restrictions. More millennials and Gen Xers will enter the market, especially with those low rates. Freddie Mac's forecasters expect the rate on a 30-year fixed mortgage rate to average 3.4% by the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022. Fannie Mae forecasts that housing starts will rise 17% by the end of the second quarter over last year's poor performance, then 4.7% in the third quarter. The massive shortfall in unsold inventory will continue, especially for affordable starter homes. Supplies are at record low levels this spring, and they will not normalize until new construction can meet the demands of a growing population. For now, the spring 2021 housing market is just one snapshot of many in a tale that is poised to get worse before it gets better. Steve Cook is the editor of the Down Payment Report and provides public relations consulting services to leading companies and non-profits in residential real estate and housing finance. He has been vice president of public affairs for the National Association of Realtors, senior vice president of Edelman Worldwide and press secretary to two members of Congress. To view the original article, visit the Homes.com blog.

The Collateral Damage of the Pandemic on Real Estate
Almost a year into the COVID-19 era, and the collateral damage of the pandemic on real estate markets continues to grow. Overall, real estate sales have fared extremely well, but other aspects of the market have not been immune to economic fallout. In fact, just about anyone in the market who isn't selling has faced headwinds from the pandemic—and for some, relief is nowhere in sight.

2021 Housing Inventories: Will They Run Out?
After months of record lows last year, 2021 housing inventories are under the microscope. In real estate terms, normal market conditions see about six months' worth of homes listed for sale at any given time. That means that at the current sales pace, it would take six months to sell all of the resale houses currently on the market. But, as we all know, these are not normal times.

4 Factors Influencing the Real Estate Rebound
The data continues to show a promising rebound for the housing market. After a massive halt in March and April due to COVID-19, pending home sales, listings, and solds have continued to increase month-over-month, showing that buyers are back in the real estate market. All-time low interest rates, remote workforce, pent-up demand, and life events (continuing to happen) are just a few of those factors. Find out the four biggest factors contributing to the rebound of the real estate market by watching the video above!

27 Real Estate Statistics You Should Know and Understand
Real estate is a data-driven industry. Many statistics and figures are used in daily conversation to describe shifts in the market. As an agent, you need to be familiar with this data. You need to be able to understand what they mean and interpret any changes. To help you get started, we'll review 27 real estate statistics that are essential to any real estate business.

Understanding the 2020 Real Estate Market
There is one common question every real estate agent needs the answer for: "How's the market?" While it's important to know what's happening in your area, it is also good to know what's happening nationwide. In the most recent Secrets of Top Selling Agents webinar, "2020 Market Predictions for Real Estate," speaker Steve Harney shared what experts are saying about this year's real estate market.

Friday Freebie: 2020 Real Estate Market Outlook
A special annual event is upon us—and no, we're not talking about the holidays (yet). It's Brian Buffini's Bold Predictions: 2020 Real Estate Market Outlook, a free live webcast on Dec. 10 that we're telling you about a FULL MONTH in advance so that you can be sure to secure a seat. Why is this event so in-demand? Read on to learn all about it in this week's Friday Freebie. Free webcast: 'Brian Buffini's Bold Predictions: 2020 Real Estate Market Outlook' Reason number one for this event's popularity: Brian Buffini knows his stuff. Among other events, he predicted the Great Recession, the impending automation of the real estate industry, and the housing shortage. "I've been in this business for 33 years, and the only constant I've observed in real estate is the change in market trends," says Buffini. "This broadcast is meant to help agents navigate these shifts so they can better serve their clients and handle anything the 2020 real estate market throws their way." Here's what Brian will cover in this year's webcast: The state of the market How to future-proof your business against industry disruptors Where your best leads will come from in 2020 How to capitalize on current trends to supercharge your business So if you're wondering where the real estate market is headed next year, register for this event before it fills up. Tip: Take notes, because you can share this information with your clients—via blogs, social media, newsletters, or during friendly conversation. Sharing up-to-date market knowledge establishes you as their go-to real estate resource. Don't miss out. Sign up now and secure your FREE virtual seat!

What Does a Possible Economic Recession Mean for the Housing Market?
By now you've likely heard murmurings of an impending economic recession. According to the National Association for Business Economics' Economic Policy Survey, three out of four of the business economist panelists expect a recession by 2021. But let's hold off on the panic button for just a minute, because this does not necessarily mean a downturn in the housing market. In fact, historically, it can mean quite the opposite.

5 Simple Steps to Share Your RPR Market Activity Report on Facebook
RPR's Market Activity report is an ideal option for agents who want to create enduring and results-oriented relationships through social media. The report presents a snapshot of changes in a local real estate market based on listing and MLS information, and includes active, pending, sold, expired, distressed, new for lease, and recently leased properties, as well as recent price changes and upcoming open houses for a period of up to six months. Here's a quick tutorial on how to post your RPR Market Activity Report to Facebook.

3 RPR Report Customizations You Should Be Doing Now
Ready to get more out of the reports you create? Follow these three report customizations to make the reports you create in RPR showcase the exact information your clients require.

Understanding the Real Estate Market to Generate More Sales in 2019
There are many ways to generate more sales for your real estate business. Learning new sales techniques and understanding different ways to market yourself is important. But what about understanding the local real estate market around you? That's what Pam Ermen did to become a great real estate agent.

Research Properties with the RPR Map
The RPR map is a powerful way to visually search for properties and uncover market trends. From aerial, road, and overhead views, to schools, parcels, estimated values, heat maps, overlays and more, we'll show you how easy it is to draw or designate your map in ways that suit every type of interest or need.

Find the Local Market that Offers the Best Growth Opportunity
Selecting and working in the wrong local market is a costly mistake that many real estate professionals make. But with some background knowledge, it's an error that you can avoid. If you selected your current Local Market based on the following factors, you may want to reconsider (and we will show the tools to do this, below): I live in this neighborhood; I like the area, the homes are nice; Other agents are marketing there, so I should too; I've got a listing there The reasons for choosing a local market area above aren't wrong, but they shouldn't be your sole reasoning. In this article, we'll look at how to select the best Local Market area—one that you can master (and be profitable in). To achieve this, we'll need to do some calculations (which we will walk you through step by step). Learn how to: Calculate the opportunity of a geographic area; Calculate the potential future opportunities of a particular market area; Look at other variables that will affect the Local Market you choose. To get started, grab a calculator, a pad of paper, and a pen. Let's get started!

Grow as You Go: Searching Your Subject Property on RPR®
Here's where it all begins: the hunt for knowledge. It's what sets a REALTOR® apart from the unrefined data gathered by consumers via national real estate portals. As an RPR® user with an expert understanding of the local market, you have the power to analyze and manage a platform of unparalleled data to the extent that no other search mechanism offers. In fact, no other real estate data sharing website offers side-by-side, listing vs. public record comparisons like RPR. And it's all at your disposal, as a member benefit. In Part II of our eight-step series of Grow as You Go articles for new and seasoned RPR users, we'll talk about how the platform's vast array of search capabilities can become your "go-to tool" for virtually every aspect of your prospecting, listing, buying, selling, and open house business. And how your curiosity, competitive spirit, and compelling desire to succeed all begin with a search for knowledge. So let's jump in. Performing a New Search Your journey begins here, at the homepage search bar, with six unique options—each with their own individual set of drill-down filters. These varied and plentiful tools will get you exactly where you need to be, and also provide opportunities to extend your search beyond what you can imagine.

Product Review: RBIntel
RBIntel is a very special data analytics program that is used by agents and brokers to educate consumers on what is happening in the local real estate market. The product is designed to allow MLS member agents and brokers to create almost any kind of market report they need, any time, on any device. It is amazing on the iPad or a smartphone, putting MLS market stats in your hands wherever you are meeting with customers. Today's real estate agent is bombarded by consumers who believe everything they read on the Internet. Unfortunately, even popular television news sites give consumers incorrect information about the real estate market. Consumers often encounter sources like Zillow, Trulia, and Case-Shiller that use outdated and incomplete data to talk about the market. RBIntel is different because it is built on MLS data and published every month to give you the advantage you need to help today's homebuyer or seller. RBIntel was developed by an MLS (MRIS). They fundamentally understand how agents and brokers use real estate market data today. The program supports the ability for reports, or any part of a report, to be communicated between real estate professionals and their customer, including print, website, newsletter, blog, social media, and email. It even allows you to export the raw data into a spreadsheet. Moreover, the market reports can be published as static reports or interactive reports. Think of a static report as a snapshot or photo. You might use this to tell your clients something specific, like today's list-to-sell ratio in their area. An interactive report has two features. First, it allows the customer to make changes to the report criteria. Secondly, the report will update automatically each month.   Update: Showingtime Acquires Real Estate Business Intelligence

How to Use the RVM in a Pricing Discussion
You’ve always known the importance of comps and market trends to setting pricing.  But in today’s market, having an understanding of the lender’s requirements has become just as critical to a successful closing. Watch this short video to learn more about the RVM in pricing.

HomeGain Releases 2nd Quarter 2011 National Home Values Survey Results
Guest Contributor Louis Cammarosano from HomeGain Says: Fifty percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Sixty-five percent disapprove of Obama’s performance as President. HomeGain, the first company to provide free instant home valuations online, announced the results of its nationwide second quarter 2011 home values survey. Over 750 real estate agents and brokers and over 2,600 homeowners were surveyed. Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the middle of the year. Fifty percent of agents and brokers and forty-two percent of homeowners think that home values will decrease over the next six months. In the first quarter 2011 HomeGain National Home Values Survey, thirty-nine percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.