Pending Home Sales Up in Most Metro Areas
Demand for homes is proving surprisingly resilient in the weeks before Election Day. Pending home sales rose 3.5% annually during the four weeks ending October 20, which added up to the next-to-biggest increase in three years. (During the previous four-week period, home sales rose 3.7%.)
On a local level, pending sales are up in 35 of the 50 most populous U.S. metros, the biggest increase in three years.
Demand is also holding up at earlier stages of the homebuying process. Redfin's Homebuyer Demand Index, a measure of tours and other buying services from Redfin agents, hit its highest level since May, and is up 3% year over year.
Redfin economists say pending sales and home tours are performing surprisingly well in the face of high housing costs and uncertainty surrounding the upcoming election. An Atlanta-area agent commented: "There are buyers out there, especially for homes in desirable locations with highly rated schools and counties with lower taxes."1
Thanksgiving Marketing Ideas
While many of us are winding down for the holidays, your marketing shouldn't take time off. Instead, consider the benefits of Thanksgiving-themed marketing. In addition to being an ideal time to thank your referrals and clients, November messaging will have less competition.
Here are some ideas you can personalize according to your budget and audience:
Send Thanksgiving-themed recipe cards. Got a favorite recipe for pumpkin pie or green bean casserole? You still have time to order and send postcards. If recipes aren't your thing, you can salute local farmers, first responders, or whoever the neighborhood is especially thankful for this year.
Coordinate a cooking demonstration. If your area has a bakery or kitchen supplies shop, talk to the owner about a shared cooking demo of a Thanksgiving dish. Both of you will profit as these are popular with audiences from Generation Zers to Boomers.
Organize a food or warm clothing drive. This can be for your local food bank, shelter or military veterans' retirement home. You can locate your state's veterans' homes by clicking here.
Do a gobble-up Open House. Put out some pumpkins and serve seasonal drinks and snacks. Or go all out with other agents and serve a multi-course meal spread out over several open houses. This encourages buyers to check out each property.2
First-Time Buyers Head to Where?
Like just about any other business, residential real estate is seeing its share of surprise moves...and recently, first-time buyers made some.
Recent data found that first-time buyers have increased their market share the most in Rhode Island, the smallest state in the nation. Their share of home sales jumped 14.3 percentage points from 2019 through 2024, according to the report.
It's unclear why Rhode Island would lead the country in this regard, especially as the median listing price in Rhode Island was $569,950—well above the U.S. median price of $425,000. Also, there were just 1,465 active listings.
Other states with the largest gains in first-time buyer share included Iowa (12.4%), Nebraska (11.3%), Wisconsin (10.9%), and Connecticut (10.8%).3
Staging Strategies for SINKS
Have you ever staged a family home with a children's playroom...only to find out that the viewers don't have children? Demographics are changing, and home buyers with a single income and no kids (SINKS) are a growing segment.
Usually in their mid-30s to early 60s, SINKS often prioritize career over family structures. They often prefer homes with studios, relaxation or work areas, so if and when you're staging a home for these viewers, emphasize multifunctional spaces. For example, you can add some yoga mats and accessories to a smaller, extra room.
Here are some more SINK-worthy ideas:
- Try trendy color palettes and mix them with statement pieces like accent chairs with bold patterns, striking coffee tables or abstract art.
- Add feminine touches that provide warmth and comfort. Floral patterns and soft textures, such as plush rugs, throws or blankets, can be added. Complete the mood with decorative accents like candles or vases filled with fresh flowers.
- If a listing has specialty windows, such as casement windows that open at 90-degree angles, place comfy seating nearby. This invites potential buyers to take a break, sit down and envision themselves enjoying the view.
Thinking About a Website Facelift?
It never hurts to check out sites that have been professionally designed and built by specialists, especially when they specialize in your business.
If you're thinking that only agents who handle luxury properties go for a custom site, think again. No matter what your listings' price tags, the right website allows you to introduce yourself personally to prospective buyers and sellers, and to tell them in detail how you can deliver a virtually stress-free transaction.
If you're not sure about a site redesign, you can check out these agents' websites before and after a professional redo.5
Sources: 1redfin.com, 2theclose.com, 3realtor.com, 4nar.realtor, 5agentimage.com
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