Home Prices Hit Another Record High
A chronic shortage of listings continues to fuel higher prices, with the median sale price hitting a record $387,600 during the four weeks ending May 19th—a 4% annual increase from May 2023. Another prevailing factor: many homeowners are staying put because they would rather hold onto their low mortgage rate than move.
However, this doesn't mean that sellers aren't willing to negotiate, especially as some moves are motivated by growing families, new jobs, or other major lifestyle changes and can't be postponed. This is a time where you can put your negotiating skills to use, asking for concessions or a price reduction when the time is right. Sending buyers to me for a complimentary mortgage consultation can also help close a sale.1
Got A Buyer Who Prefers to Be Home Alone?
Kevin McCallister's childhood home in the Chicago suburb of Winnetka is for sale...for $5.25 million. Located at 671 Lincoln Avenue, the home was fully renovated and expanded in 2018.
The Georgian brick home features five bedrooms, six bathrooms, two living rooms, a kitchen with two large islands and double ovens, a three-car garage and a basketball court. There's even a movie theater with a collection of "Home Alone" memorabilia.
There's no shortage of interest in the home, as the listing has received over 500,000 views, and over 23,000 Zillow users have already favorited it. Let's hope the seller removed the tar from the basement stairs and all those toy cars from the bottom of the staircase.2
Climate Change Is on More Buyers' Minds
Prospective buyers often compile lists of their "must haves" before they begin viewing properties. A more recent entry to some buyers' lists: house features that help protect the structure from the effects of ongoing climate change.
The prospect of another hot summer is already making headlines, fueled by last year's record high temperatures. Features that keep occupants cool and energy bills manageable can be built-in, such as smaller, ENERGY STAR-certified windows and HVAC systems.
Buyers in Tornado Alley will be interested in features that keep family members safe. Homes with underground tornado shelters are often a priority as they provide high levels of protection, although above-ground shelters are becoming popular.
Wildfires are another growing problem, with around 25% of the nation considered a high-risk area. Homes with fireproof features, such as composite or metal roofs, are in demand in the Western states.3
How a Traditional Calendar Can Boost Productivity
Even though there are dozens of apps and websites designed to help you plan your days, a growing number of agents are realizing that recording new tasks and reminders with pen and paper helps boost their productivity.
The reason for this: tactile information recall. Neuroscientists have discovered that simply writing a task or reminder boosts memory and recall. A calendar makes this easy, especially when you manage your time in the following fashion.
- When a new task or lead appears, write the details down.
- Schedule doable deadlines for each one.
- Begin each week by writing down your appointments and meetings.
- Next, schedule time for working on previously-recorded tasks. Be sure to prioritize each task, and to give yourself enough time for the complex ones.
- Working on a big task? Consider breaking it down into steps.
Innocent Mistake or RESPA Violation?
- RESPA stands for the Real Estate Settlement Procedures Act. It protects home buyers and sellers from hidden fees, kickbacks, and conflicts of interest among real estate service providers.
- RESPA violations may lead to fines, loss of licenses, and legal action.
If you want to review RESPA basics in-depth, click here to be taken to a recent article.5
Sources: 1redfin.com, 2cnbc.com, 3keepingcurrentmatters.com, 4theamericangenius.com, 5theclose.com
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