What Happens When Sellers Stop Selling?
When you're scouting for new seller clients, you may be concentrating on certain events that often end up in a move. One example: the end of the school season. However, NAR studies have found that more homeowners are staying put for an average of 13 years before making a move.
Since the 13-year tenure is an average score, it's worth taking a closer look at regional habits. Those living in western states like Utah, Arizona, and Colorado are more likely to sell sooner, often within eight years. Those in the northeast states like New York, Massachusetts and Pennsylvania tend to stay put for the longest.
Home prices also affect owner migration. Properties in states where housing is considered expensive, such as in west coast states, are less likely to sell quickly.
If you're near a state where homeowners move more often than average, it may be worth finding out about the state's reciprocity agreements for licensed agents. If not, you can consider earning a second real estate license for that state, especially if it's seeing more new construction. This can translate into more homes available for first-time buyers.1
Become a Top Instagram Storyteller
While you're familiar with Instagram basics like Reels, there may be times where you'd like to use Instagram Stories. This feature enables you to share photos and videos that disappear in 24 hours, which makes them ideal for sharing photos of you supporting a local school, managing an Open House or congratulating a colleague.
Here are some creative ways to personalize your Stories:
Use "Add Yours" Stickers and Templates
These allow your followers to contribute to a public story thread you've created. You can share the sticker and see who responds to it in their own Stories.
When you see "Add Yours" on another person's story, tap the sticker to add your story to the responses. Add Yours templates offer even more ways for others to take part by adding GIFs, text or images that become a template to responses.
Revise your story after you post it
Forgot to tag someone in your story? You can still mention friends and colleagues after your story is live so that they can add it to their own story. Just tap the three dots to "More," then "Add Mention."
Make a collage using Layout
Want to add multiple photos to your Story? Before taking new photos, tap "Change grid" to change the layout of your photos. Next, you can take several new photos or select them from your camera roll. You can even choosing photos with certain colors, by pressing and holding the color options to view colors you can choose.
Turn live photos into Boomerang videos
You can turn live photos into a Boomerang video that loops back and forth. First, choose a live photo from your camera roll (look for the boomerang icon in the corner). Then, press and hold the photo to turn it into a Boomerang.2
Homeowners, Renters Face Affordability Challenges
A survey of homeowners and renters conducted earlier this year found that around 50% of them were having difficulties with housing payments, with around 20% of this group admitting to working extra hours to make ends meet. Homeowners (59.9%) appeared to be in a more positive position, as many more of them were able to afford their housing payments than renters.
A surprisingly high share of millennials—most of whom are not retired—have dipped into retirement savings so they can afford housing.
That's according to a survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to 2,995 U.S. homeowners and renters, with the main focus on the 1,494 respondents who mentioned problems with housing payments.
The most common sacrifice: fewer vacations. Around 35% said they had skipped vacations in 2023 to preserve cash flow. Around 20% worked extra hours or sold belongings. Others borrowed money from friends and family or made withdrawals from their retirement accounts.3
Home Buyers Consider Non-Wood Framing Materials
Builders planning ahead often refer to the latest What Home Buyers Really Want study, published annually by the National Association of Home Builders (NAHB).
While most buyers prefer a traditional home that reflects a historic style, 26% would rather buy a contemporary home with larger windows and clean lines. Modern homes with bold, boxy designs do have their appeal, but only to 17% of the study's participants. Lastly, the transitional home style that combines contemporary and traditional cues appeals to 12% of buyers.
Preferences in building materials were intriguing. While wood framed homes came in at 37%, almost 50% of respondents chose concrete and steel as their preferred framing material, even with the knowledge that these could drive their total home cost up by an added $15,000 to $35,000.
The larger percentage of home buyers preferring non-lumber alternatives was considered good news as Canadian lumber tariffs are expected to rise from 8% to 14% later this year. This shift encourages builders to explore other framing materials.4
More Million-dollar Homes Hit the Market
The current mortgage lock-in effect is one factor behind this data, as it is still deterring homeowners with low-rate mortgages from selling. It's also elevating sale prices in areas where listings are scarce.
States winning the Pricey Property stakes:
- California
- New York
- New Jersey
- Florida
- Massachusetts
- Colorado
Sources: 1theamericangenius.com, 2about.instagram.com, 3redfin.com, 4eyeonhousing.org, 5cnbc.com
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