August 20, 2021 | Market Update

Market News 8-20-2021

Quick Tips to Boost Slowing Summer Sales

If the end of summer has you in a funk, here are five simple steps to get leads flowing again. First off is visuals, visuals, visuals. Use social media to your advantage by featuring recent sales and new deals. Optimize referrals and engagement by tagging all parties involved. Next, contact local real estate developers to learn about upcoming projects or pitch yourself as their listing agent.
A final marketing tip is purchasing targeted ads. How you promote your business will differ based on your target demographic. Gen Z is on social media buying from influencers, so if they are your target audience, set up those targeted ads today.1

Virtual Staging is Making its Mark in Home Sales

Staging is vital in that it helps to capture a buyer’s attention quickly. Even as the pandemic replaced physical staging with virtual, hit rates and sales remained high. The most critical factor for buyers was the picture quality not whether the staging was real or virtual.
When evaluating the two approaches side-by-side, it’s hard to tell the difference. In addition, virtual staging is more cost-effective, faster to set up, and allows for more flexibility. That said, when given a choice, buyers still prefer the experience of walking into a showroom to touch and feel the furniture. However, in the current market where homes are going fast and COVID restrictions fluctuate, buyers are happily accepting either option.2

New Homebuilders, Pausing Home Sales Causing Prices to Soar

Due to the boom in demand, homebuilders are starting to limit sales and increase prices. Some builders are even waiting until homes are built or partially built before selling. Last year, it would be unheard of to have buyers walk into model homes just to hear that none were available to purchase. According to the Commerce Department, the median price of a new build was $361,800 in June, up over 6% from last year.3

Cryptocurrency and its Future in Real Estate

With Bitcoin home sales on the rise, agents may want to prepare for cryptocurrency to become an acceptable transaction in real estate. The value of Bitcoin is quickly increasing, and more home buyers want to transact with cryptocurrency. Although it is currently not preferred due to the complexities involved, opportunities to use it will continue to present themselves. To prepare, agents can read up on the most up-to-date guidelines, and if you haven’t already, maybe acquire cryptocurrency of your own to get the first-hand experience. After all, new trends allow you to differentiate yourself as an agent.4

Put the Flair Back in Your Real Estate Brand

With competition being so fierce, building your real estate brand is more important than ever. Here are five ways to stay ahead of the crowd in a booming market.5

   1. Define what you stand for with a mission statement. Highlight your brand beliefs, strengths, services, and niche.
   2. Give your brand colors and logo a boost with a quick redesign.
   3. Update your website and blog.
   4. Separate yourself from the competition by highlighting your specialties.
   5. If you decide to rebrand, leverage social media to build excitement with teasers and images.