Home Value Growth Easing to Pre-Pandemic Levels
Home values nationwide are returning to ‘normal’ after two years of unprecedented growth, based on a new report from Zillow. Specifically, the increase in value for the typical U.S. home has been decelerating by the month, from a peak of 1.9% in April to 1.2% in May and .8% in June.
These monthly adjustments may benefit homebuyers whose purchasing power is finally on the rise. That’s after double-digit annual increases bumped the value of the typical home up 16% year over year – and a staggering 44.5% since 2019.1
How to Live for the Here and Now
Living in the moment is still possible when you’re always chasing the bottom line. To change direction, simply figure out what’s most valuable to you and begin making time for it.
Whether it’s pursuing a specific dream, or spending more time with family or friends, decide what’s truly important and make the choice to devote energy to it. Life is a balance between what we do and who we are. Don’t forget to dedicate time to your personal priorities and be truly present in those moments.2
Three Ways to Generate Referrals — on the Weekend
One of the best ways to make money is through referrals from previous clients. Unfortunately, many real estate agents don’t take full advantage of the opportunities that only happen on weekends. Here are three unique ways to generate referrals on these days:
Attend Housewarming Parties.
Clients always want to show off their new home. Attend your clients’ housewarming parties on the weekends, and you’ll meet family and friends who may be looking to sell or buy a home.
Step 2: Choose your software.
You’ll need software to create virtual tours. Zillow’s 3D Home app, Klapty, and Matterport are popular and relatively affordable options.
Prepare and Send Goodies.
Lazy Saturdays and Sundays are ideal days for you to prepare cards and gifts to deliver the following week. It’s a welcome alternative to sending emails to maintain relationships and cultivate new referrals.
Host a Contest.
Getting attention with a contest on the weekends is a recipe for referral success. You can boost your social media presence — and generate referrals — by asking a simple real estate question. Select a winner from the comments and send them a gift card!3
Experts Offer Mortgage Rate Forecasts
Mortgage interest rates have risen dramatically over the past several months with the average 30-year fixed-rate mortgage hovering around 6%.
Where are they headed next? Overall, the experts are predicting rates will stabilize in the coming months. Specifically, Freddie Mac and the Mortgage Bankers Association (MBA) forecast that rates will stay at or around 5% from late this year through the third quarter of 2023.
The National Association of REALTORS® predicts rates will stabilize at about 6% over the same period. Fannie Mae is slightly more bullish and anticipates rates will dip and stay within the 4% range.4
Three Tips for Driving More Leads in Q4
Now that fall is here, how can you accomplish your year-end sales goals? Here are three tips to drive high-quality real estate leads in Q4 while preparing for a profitable 2023:
Call Your Clients.
There’s no question that the #1 thing your clients want from you is care and concern. By calling them quarterly, asking the right questions and truly listening, you’ll create business opportunities. The calls will take time. But they’re worth the investment.
Schedule Holiday Pop-Ins.
Take your hot lead group of clients and select 100 to visit personally. Bring along a holiday treat or gift. For example, one real estate agent gave jars of jam at Thanksgiving with a personal note that read, “Real Estate Is My Jam.” Leave the item by their front door if they’re not home.
Complete a Yearly Market Analysis.
What homeowner doesn’t appreciate a new market analysis? A good date to deliver it would be on the anniversary of your client’s purchase of their current home. Call them and ask what’s new. Then, tell them you’ve run a market analysis and ask if they’d like it emailed or possibly presented in person.5
Sources: 1themreport.com, 2realtytimes.com, 3mckissock.com, 4keepingcurrentmatters.com, 5fitsmallbusiness.com