Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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- Talk Real Estate: Winning Weekend Conversations for Top Agents
- Don’t be a secret agent this weekend! The more you speak fluently about the market, the more business you’ll do. Use these facts and stats to start conversations, articulate your value, and secure more buyer and seller business.
- Whether you’re at an open house, following up on your existing leads, or out having fun with friends, learn how to have natural conversations where you can ask whom do they know who could use your help buying or selling real estate.
Here are your talking points!
- Existing home sales dropped by 2% from August to September, bringing the annual rate to 3.96 million homes, the slowest pace since October 2010. This means that many sellers are more motivated to sell their homes, thus making them potentially more negotiable—good news for buyers.
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- Year-over-year, home sales fell 15.4%, down from 4.68 million in September 2023. Fewer sales means you need more leads than you think you do to do the same business you’ve done in the past. For example, if you normally sell two homes per month when you’re working with 5 buyers or sellers, you might need 10 active leads to sell the same two deals.
- Today, the average 30-year fixed mortgage rate in the U.S. is around 6.88%. This rate is consistent with recent trends as mortgage rates have fluctuated near 7% throughout the month. The rising rates reflect broader economic conditions, making affordability a key challenge for homebuyers. Learn the ways to defeat higher rates. Adjustable, new construction, assumable, and rate buy-downs.
- As of October 2024, the median home pricein the United States is approximately $394,300 Even with slower sales, prices are still rising. What’s happening in YOUR local market? Know your stats. Not all neighborhoods have the same appreciation, days on the market, and list-to-sell price ratio.
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- The total housing inventory was 1.13 million homes, down 8.1% year over year. For more inventory, look to new construction, expired listings, for-sale-by-owners, probate, and your own database. Florida and Texas have more inventory and are largely becoming a buyer’s market. Watch your MLS hot sheet to see what’s happening where YOU sell.
- Unsold inventory represents a 3.4-month supply. It’s not quite a balanced market, but it’s swaying more towards buyers in many areas.
- Buyer’s agent commissions dropped slightly, averaging 2.55% to 2.58%, varying by region. In markets like Anaheim, CA, the rate is as low as 2.11%, while in Austin, TX, it stands at 2.99%.
- FHA loan assumptions increased by 59% from 2021 to 2023, with over 5,000 completed so far in 2024.
- VA loan assumptions increased 713% from 2021 to 2023, and over 5,000 assumptions have been completed in 2024 so far.
- Experts predict that 20-25% of homes may be eligible for assumable mortgages, but the number of completed transactions still needs to be increased due to awareness of this new trend. You should know if your listings have assumable mortgages and ask the listing agent for your buyers before they write an offer if it’s an option.
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These are your talking points for this weekend. The more you talk about real estate, the more transactions you’ll do. Pop, open houses, proactive lead generation, and furiously fast lead follow-up are all places where you can deploy your knowledge. Most of all, be sure to ask, “Who do you know who could use your help buying or selling real estate!”
