Market News 9-10-2021
Transitioning to Seasonal Décor Will Make Home Showings Cozier
The autumn season is right around the corner. That means it’s time to decorate accordingly. Here are some tips to share with your clients to add warmth and appeal to their homes.
Start with a focus on the outside entrance and foyer. Be sure to eliminate clutter and keep the decorations consistent with the rest of the house for an added flair. Get festive with autumn flowers and plants both inside and outside. Aim for cozy touches that bring warmth throughout the interior, with layers of rugs, quilts, and pillows in textures like fur, cashmere, leather, and cable knit.
Replace bleached-out summer color schemes with warm, rich jewel tones and off-white—Trade citrus accents with fall fruits and vegetables in baskets, bowls, and trays. Sprucing up a home in keeping with the new season will make it more welcoming and desirable.1
Why Some Agents Take Issue with the Pocket Listings Ban — and Others Do Not
The National Association of Realtors (NAR) clear cooperation policy, more commonly known as the pocket listings ban, has generated strong opinions and different practices among real estate agents.
Enacted in 2020, those opposing it believe it is an over-reach of the trade group, requiring agents to list a home on their local MLS within one business day after marketing it. The NAR’s “MLS Technology and Emerging Issues Board” claims that the MLS creates an efficient marketplace and reinforces pro-competitive, pro-consumer benefits.
Many agents have interpreted this to mean the trade group implemented the policy to ensure listings are posted publicly, thereby reducing opportunities for sellers to discriminate against buyers. Other agents think that because the MLS collects dues from agents, it makes listings more accessible to due-paying members. Despite legal filings and unhappiness with the ban, there is very little data on how many off-market homes were for sale before and after the policy went into effect. The NAR enforces the ban by assessing warnings and fines, but its execution has been inconsistent with hundreds of MLS systems across the country.2
3 Real Estate Podcasts to Help You Learn New Strategies and Best Practices
For busy real estate agents, podcasts are a great tool to stay up-to-date on industry trends and discover new methods for success. Best of all, you can conveniently access them from your smartphone, tablet, or laptop. Check out these top three real estate podcasts and take your business to the next level.
- RISMedia’s RealEdge Podcast interviews industry leaders who share motivational success stories and insightful business-building strategies to help agents increase their success.
- Social Selling Made Simple with Marki Lemons-Ryhal teaches real estate professionals how to use social media platforms to build a better business.
- Real Estate Today provides buyers, sellers, and real estate professionals with current, critical, and credible information about market conditions, field reports, and the latest trends.3
Next Year’s Booming Real Estate Markets — Where to Look for Anticipated Growth
Over the last year-and-a-half, home prices have skyrocketed to levels not seen since 2008. For those struggling to compete, they may not find relief in 2022. Western states are projected to see the most significant increase in home prices next year.
Arriving first is Austin, TX, with a forecasted home price of +37.1% compared to +30.5% in the previous year.
In 2nd place is Phoenix, AZ, with a predicted one-year change of +26.2% compared to +23.5%.
Rounding out 3rd place is San Diego, CA, with a projected 24.7% compared to 19.6% the year prior. The five markets that follow include San Jose, CA, Salt Lake City, UT, Las Vegas, NV, Riverside, CA, and San Francisco, CA.4
White House is Moving to Encourage Home Construction for Renters and First-Time Buyers
The Biden administration is getting ready to announce several proposals designed to increase the financing and construction of entry-level homes and rental properties. While each move is relatively modest, collectively, they would have a significant impact.
Some of the proposals include: Allowing Fannie and Freddie to invest more into rental housing by increasing an existing regulatory cap on their investments in apartment projects supported by the Low-Income Housing Tax Credit; expanding an existing grant program for Community Development Financial Institutions to encourage affordable housing production; and increasing the financing available for manufactured homes.
In addition, first-time home buyers and philanthropies would have a chance to buy FHA-insured distressed properties, providing them with an advantage over investors. The administration can move forward with these proposals without congressional action.5
Sources: 1inman.com, 2housingwire.com, 3rismedia.com, 4msn.com, 5wsj.com