Dog Days Arrive Early for Sellers
Even as more sellers decide to list their homes, properties are taking longer to sell in many areas as potential buyers negotiate high sticker prices.
According to recent market data, the number of homes on the market rose by 22% when compared with May 2023. But just over 40% of homes that were for sale last month had been on the MLS for at least two months without going under contract. Formerly hot areas like Florida and Texas are seeing even bigger slowdowns than the national average, with over 60% of Dallas listings not under contract after 30 days and over 75% of Fort Lauderdale listings still available after a month on the market.1
June 19th is Juneteenth National Independence Day
Join us today in celebrating Juneteenth National Independence Day. If you're unfamiliar with the origins of this holiday, here is a short history.
Even though the Emancipation Proclamation became law in January 1863, not everyone in Confederate territory was freed. The Civil War had not ended, and the Proclamation's success depended on a Union victory. Many slaves in Confederate states didn't immediately receive news of the Proclamation, and those in the state of Texas waited until June 1865. On this date, Union troops arrived in Galveston Bay, Texas and announced that all enslaved black people were free. This day—June 19th—became known as "Juneteenth" by the last people to be freed and is now part of the federal holiday's name: Juneteenth National Independence Day.
In addition to celebrations across the United States, Juneteenth is celebrated by Mascogos, descendants of enslaved Black Seminoles who escaped slavery in 1852 and eventually settled in Coahuila, Mexico.2
Should You Go Premium on LinkedIn?
If you're a regular on LinkedIn, you may have noticed that the site has been developing Premium Company Pages. These will be different than the current Company pages, which you can create quickly by clicking on the Business pull-down and selecting Create a Company Page.
When the Premium option's ready to go, subscribers can:
- Increase engagement by adding a CTA button to help generate leads, like 'visit website' or 'book appointment'.
- Auto-invite individuals who engage with their company pages' content or with similar pages to follow their page.
- Share recent awards, certifications, client testimonials and press clippings. These will appear at the top of the Page and with search results.
Eligible Premium paid subscribers may also receive $500 ad credits on LinkedIn, plus free or discounted access to several useful apps.3
Managing Zestimates with Expert CMAs
We're all familiar with a property's Zestimate, which is a home valuation based on a complex algorithm. While it's not the same as a professional appraisal, some homeowners don't realize this and consider Zestimates as 100% accurate.
In addition, Zillow describes their value estimates as including a median error rate, and it's different for on- and off-market homes. For on-market homes, the error rate is 2.35%, and for off-market homes, it's much higher: 7.74%.
Another interesting fact: Zestimates in some states are considerably less accurate than others. West Virginia Zestimates miss the appraised price by more than 20% for around 30% of homes. However, they're within 5% almost half the time in Utah and Nevada.
Here are some things to keep in mind when discussing Zestimates with clients, especially those who are convinced of its accuracy.
Be sure to use your market data when preparing customized CMAs for sellers and compare it to the property's Zestimate. This is an ideal time to explain how Zestimates are calculated and why variances exist.
You'll also want to show off your local knowledge by mentioning how your recommended price considers new zoning, a new restaurant opening around the corner, whether flood insurance is needed, or that buyers paid more for the house next door because it had a brand-new HVAC system.4
Multi-Generational Living on the Rise
Instead of all areas being shared spaces, multigenerational or "co-living" floor plans emphasize privacy. They may feature a separate bedroom and bath for an elderly parent, or an entire floor complete with bedrooms, a kitchen, and other amenities.
While this arrangement may be temporary, some homeowners are making other plans. Adult children may plan to stay long-term, contribute to their parents' income and care, and eventually inherit the family home. This means that properties of this size will have a bigger price tag and may require a non-conforming loan. As always, feel free to refer your buyers to me for personal advice during one of life's biggest financial decisions.5
Sources: 1cnbc.com, 2nmaahc.si.edu, 3linkedin.com, 4theclose.com, 5theamericangenius.com
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