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Overcoming Seller Reluctance + 2020 Market Predictions

 

Are you finding that sellers are reluctant to put their home on the market? 

You aren't alone! One big reason for buyers and seller to hesitate entering the market is low inventory. When sellers fear they can't find replacement housing it creates a self reinforcing loop of even lower inventory for buyers with fewer and fewer homes coming to market. As real estate professionals we need to be able to answer the question of how we can protect sellers when they place their home on the market. 

In this quick video we provide some key insights into the market for 2020 as well as three key way to overcome sellers reluctance.  In addition we have three reports from our friends at KCM Blog that provide clear insight into the market for 2020 including mortgage rates, home sales pace, and appreciation rates. 

Mortgage Rates: 

Interest rates are predicted to hover at 7 year lows and provide an incentive for buyers and sellers to enter the market. 

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Home Affordability Index + Home Price Appreciation Next 2 Years

 

Are homes more or less affordable than they were a year ago? 

According to the National Association of REALTORS homes are significantly more affordable today than they were a year ago on a national basis. Housing affordability increased from a year ago in May, moving the index up 5.6% from 142.4 to 150.4.  This even while the median sales price for a single family home sold in May in the US was $280,200, up 4.6% from a year ago. 

The reason homes are more affordable? Nationally, mortgage rates were down 60 basis points from one year ago (one percentage point equals 100 basis points).  Another piece of good news payments as a percentage of income went down to 16.6% this May and 17.6% from a year ago. 

Watch as Jim breaks down the numbers as well as projections on home price appreciation over the next two years, and provides scripts for talking to your clients!


Do you need more leads, more listings, more buyers, and more closings? 

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2000 VS 2019 - How Does the Economy and Real Estate Market Compare?

 

Is the real estate market better or worse than it was 20 years ago and more importantly what is the outlook for the real estate market in the coming years? During this video Jim explores several key factors including population trends, interest rates, household formation, and the number of real estate transactions occurring annually. 

Many of our clients don't know that the real estate industry is a major driver of the United States economy accounting for over 17% of the gross domestic product each year. On average every transaction adds over $84,000 to the local economy.

See how each sale impacts your state by clicking this link: 

https://www.nar.realtor/reports/state-by-state-economic-impact-of-real-estate-activity


Do you need more leads, more listings, more buyers, and more closings? 

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