The broken promise of the iBuyer Tech firms offering instant cash to home sellers touted simpler, quicker transactions. But the model is floundering in the housing downturn. Full Story: REALTOR® Magazine (12/7)
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Real estate professional Allison Quartuccio of Wisconsin has spent more than a dozen years in the business and shares tips for selling homes in winter, including clearing snow off "for sale" signs, salting walkways and making sure all areas are well lit so buyers can see the property. Quartuccio also suggests playing soft music and turning the heat up a bit so the home is cozy and warm. Full Story: Patch/Brookfield, Wis. (12/6)
Technology's inroads into business doesn't lessen the importance of human interaction. Chip House, the chief marketing officer at Insightly, recommends ensuring a consistent, companywide view of your customers' journey, knowing how to turn analytics into personalized interactions and finding ways to have frequent human interactions with clients. Full Story: Entrepreneur (12/2)
Real Estate Trends
Tips for boosting dining-nook style When changing up dining nooks to make them more welcoming, consider using wall sconces, bench seating or unexpected seating to make the space cozy. Adding in a rug, colorful elements and making the space more "glam" are also ways to make the nook memorable. Full Story: Real Homes (12/5)
Higher mortgage rates causing uncertainty Home prices are still rising while mortgage rates have almost tripled over the past year, resulting in a 41% decline in new loan applications from a year ago, according to Q.ai, an artificial intelligence-powered investing platform. Buyers and renters are feeling the burden, and the Federal Reserve may continue to push rates even higher. Full Story: Forbes (tiered subscription model) (12/6)
Homebuilding rates remain on par with historical norms Even with economic uncertainty, inflation and increasing interest rates, new housing construction has declined but is within the historical normal range. Data shows that housing starts between April and October decreased 22%, far less than the 41% decline between February and April of 2020. Full Story: The Real Deal (12/6)
What do interest rates mean for affordable housing? Rising interest rates in affordable housing is becoming challenging, says Robert Likes, president of affordable housing for KeyBank. In 2023, rents could go up even higher and the affordable housing market will see strains for the foreseeable future, Likes says. Full Story: GlobeSt (free registration) (12/6)
Legislation & Regulation
Los Angeles voters in favor of multimillion-dollar home tax Nearly 58% of voters in Los Angeles approved a tax on multimillion-dollar homes that is expected to raise as much as $1.1 billion annually to go toward affordable housing. Proposition ULA raises the one-time transfer tax to 4% for properties between $5 million and $10 million and 5.5% for those that are more than $10 million. Full Story: BNN Bloomberg (Canada) (12/6)
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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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