August 26, 2021 | Market Update

Market News 8-27-2021

Quick Tips to Sharpen Your Negotiating Skills

Sharpening your negotiation skills is an ongoing process for real estate professionals. Here are a few tips to keep you on your A-game.

  • Take time with your client to truly understand the issues and your client’s perspective. We often rush to close the deal and forgo thorough preparation. Evaluate multiple scenarios and consider how each will impact your client.
  • Create key discussion points to guide the conversation and discuss alternative options when needed. Creating a well-crafted plan b softens the blow when the other party plays hardball.
  • Establish trust with clear communication. Open communication is imperative. Building rapport from the get-go will make it much easier for you to connect.

In the end, actively developing negotiation skills will allow you to provide the best service to clients and grow your network.1

Updates to Fannie Maes Approval Process

Beginning September 18, 2021, Fannie Mae® will make it easier for borrowers to include rent-payment history in the mortgage approval process. This change will be especially beneficial for those with limited borrowing histories. Fannie Mae’s underwriting system will automatically detect rent payments from the applicants’ bank account transactions. It is an essential step in modernizing the way creditworthiness is assessed for borrowers today.2

The Importance of Emotional Intelligence in the Real Estate Industry

As our reliance on technology grows and in-person interaction becomes less frequent, it’s easy to think emotional intelligence (EI) isn’t necessary. However, those with high levels of EI are emerging as the keepers of success, and real estate is no exception.

The highest performing agents can tune into their own and the emotions of their clients. This insight and self-awareness not only helps establish trust but helps the agent navigate challenging situations by knowing how and when to respond. To develop your EI, watch and listen to people, not to judge but to understand. By putting yourself in their shoes, you increase your level of compassion. Remember, the way you interact with people determines how they show up.3

Homes Begin to Linger on the Market

With the housing market becoming less chaotic, some begin to rethink their asking prices. According to recent housing data, 45 cities in the U.S. have seen an increase in homes with price cuts. While this is bad news for sellers, the market is finally showing some promise for buyers. Housing prices are still increasing in many cities ̶ even those with an increase in price cuts. While this could mean a change in the market, it may also signify sellers are getting ahead of buyers in pricing. The cities with the highest price cuts were Des Moines, IA; Midland, TX; Toledo, OH; Metairie, LA; Philadelphia, PA; Portland, OR; and Anchorage, AK.4

Sources: 1inman.com, 2realtor.com, 3forbes.com, 4magazine.realtor