Supply-demand rebalance could be coming for real estate

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Supply-demand rebalance could be coming for real estate | What do the practice changes mean for commercial practitioners? | Before you pitch, put on a journalist's hat

Created for [email protected] | Web Version

July 5, 2024

Top News

Supply-demand rebalance could be coming for real estate As more home buyers delay purchases due to high prices and mortgage rates, some sellers responded with reduced asking prices in June. Despite this, the median sale price reached a record, with high mortgage rates affecting both supply and demand, though there are signs of a gradual market rebalancing as inventory levels improve and home price growth slows, providing more choices and potential affordability for buyers. Full Story: CNET (7/5)

Settlement Answers

What do the practice changes mean for commercial practitioners?

NAR's proposed settlement agreement is focused on residential real estate transactions. That means most commercial transactions will not be affected.
In many markets, commercial listings appear in CIEs (commercial information exchanges)—and not MLSs—and do not include an offer of compensation.
The settlement prohibits offers of compensation on an MLS and requires MLS participants working with buyers to enter into written agreements with their buyers. These practice changes will go into effect Aug. 17. Get more facts about NAR's proposed settlement agreement at facts.realtor.

Best Practices in Sales & Marketing

Before you pitch, put on a journalist's hat The gap between what journalists want from pitches and what PR professionals offer is growing, and an analysis of data from Muck Rack's annual surveys offers says to realign perceptions. One-to-one email pitching is preferred and seen as the most effective by both groups. Full Story: PR Daily (7/3)

Droga: 'Great creative and originality are always important' David Droga, CEO of Accenture Song, talks about developing a business based on creativity, how he's shaped its leadership team and why effective creative will still be needed in the age of generative AI. "The need for originality, understanding, distinctiveness and taste, and all these other hard-to-define things—even with the onslaught, excitement, hype and nervousness around gen AI, I still think great creative and originality are always important," Droga says. Full Story: Campaign US (tiered subscription model) (7/1)

Real Estate Trends

Past design trends offer inspiration for interiors Home design trends from past decades offer abundant inspiration for today's decor, allowing a mix-and-match approach from various eras. Full Story: The Village News (Fallbrook, Calif.) (7/4)

Technology & Innovations

Smart tech becoming standard for home buyers Consumers now prioritize homes with integrated smart technology, which has become a standard expectation rather than a luxury. Advancements in AI and IoT have enhanced the functionality and connectivity of devices, including touchless systems and interconnected home gadgets, promising greater convenience, security and efficiency. Full Story: Digital Journal (7/2)

Business Wellness

Study of nurses links gratitude to lower mortality risk A study in JAMA Psychiatry that included more than 49,000 older female nurses in the U.S. linked having a grateful outlook to a decreased risk of death. Those with the highest level of gratitude had a 9% lower mortality risk, compared with the lowest level, researchers said, and the data also associated gratitude with a 15% lower risk of cardiovascular-related death. Full Story: United Press International (7/3)

Fair & Equitable Housing

School buildings offer opportunity for affordable housing Aging school buildings in Kenosha, Wis., are now being considered for conversion into affordable housing under a plan by the school board and city officials, following a December decision to consolidate and downsize the district to address a $15 million deficit. Vacant schools could be converted to condos or apartments or razed for new development. Full Story: Wisconsin Public Radio (7/4)

Legislation & Regulation

U.S. banks face ongoing strain from CRE loans Several midsize and regional banks in the U.S. are grappling with their exposure to the commercial real estate sector, which is under pressure due to prolonged high interest rates and vacant office spaces. Data from S&P Global Market Intelligence underscores the extent of these challenges. Full Story: Reuters (7/3)

Private sector adds 150K jobs in June, ADP says U.S. private sector employment rose by 150,000 last month, signaling a moderating labor market, ADP reported Wednesday. While leisure and hospitality saw an increase of 63,000 jobs, other sectors shed roles or recorded slow growth. Meanwhile, salaries rose at an annualized rate of 4.9%, marking the slowest pace since summer 2021. Full Story: U.S. News & World Report (7/3), Reuters (7/3), CNBC (7/3)

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About The National Association of REALTORS®

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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