Mortgage rates dip below 7% for first time in 4 months | Yun: Be prepared for influx of buyers, sellers in 2024 | Broker made millions—and then lost it all
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Best Practices in Sales & Marketing
Yun: Be prepared for influx of buyers, sellers in 2024 Pressures on inventory, mortgage rates and home sales are expected to ease next year. It's going to be important for real estate pros to articulate market conditions and alternative mortgage options, NAR Chief Economist Lawrence Yun says in the latest "Level Up" video. Full Story: REALTOR® Magazine/Level Up (12/14)
Broker made millions—and then lost it all This is the story of how Florida broker Ben G. Schachter used innovation and resilience to make a comeback after losing everything in the 2008 housing crash. Full Story: REALTOR® Magazine (12/14)
3 steps to reflect on the year, plan for 2024 The end of the year offers a stellar opportunity to step back, review your progress and ask a series of questions to evaluate your professional progress, write Helen Tupper and Sarah Ellis of Amazing If. "After taking the time and effort to evaluate your year, the priority is to turn the awareness you've gained into useful action for the future," they write. Full Story: Harvard Business Review (tiered subscription model) (12/14)
Real Estate Trends
Reality TV star parlays fame into thriving real estate career Since leaving "The Real Housewives of New York City," Kelly Killoren Bensimon has flourished in her real estate career, joining the Douglas Elliman Holly Parker team and starting her own team within the firm in March 2022. With over $100 million in luxury property sales in 2021, she attributes part of her success to the robust social media platform and loyal following she cultivated through her reality TV experience. Full Story: Bravo (12/14)
Technology & Innovations
Despite rise of AI, human touch remains essential to homebuying process While artificial intelligence can handle tasks like real-time home valuations and data analysis in real estate, it cannot replace the personal and emotional support, negotiation skills and up-to-date expertise a real estate pro can provide. Despite its utility, AI lacks the ability to offer the personal interaction and deep understanding of local real estate nuances that human agents provide. Full Story: Palo Alto Online (Calif.) (12/13)
Employees need mental health breaks to stay on task Estimates from the World Health Organization place the global economic impact of lost productivity from workplace stress at about $1 trillion, and mental health challenges cost the American economy about $200 billion in lost earnings annually according to National Alliance on Mental Illness data. Workplace mental health breaks and other wellness practices can help employees stay focused, avoid overtaxing themselves and prevent stress, depression and anxiety from putting a dent in their productivity. Full Story: BenefitsPRO (free registration) (12/13)
Fair & Equitable Housing
Research: Hurricanes can drive up costs, displace renters Researchers studying the effects of hurricanes on the U.S. rental housing market find that median rents go up after severe storms and remain elevated during the next year, making it harder to find affordable housing and increasing the risk of displacement. Researchers studied data from 19 states and examined the impact of 13 storms that occurred between 2009 and 2018. Full Story: Hakai Magazine (Canada) (12/13)
Legislation & Regulation
Fed keeps interest rates steady, eyes reductions for 2024 The Federal Reserve Bank's final policy decision for the year has left interest rates unaltered, and it is projecting three rate reductions for 2024 as it continues efforts to control inflation. Rates are currently set at a range of 5.25% to 5.5%, the highest level in the past 22 years. Full Story: The New York Times (12/13)
Your Take
Have you noticed an increasing emphasis on energy efficiency and sustainability in the real estate market? Look for the results in next week's briefs.
The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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