More Buyers Headed North in 2023
Ever since a global pandemic caused a mass transition from traditional to home offices, our nation has seen a lasting spike in relocations. Drawn by everything from sunny weather to lower costs of living, people and businesses alike initially moved to states like Georgia, North Carolina, Texas, and Florida.
However, the 2023 Annual Migrations Patterns Study found some interesting changes in direction. This Study is the result of residential mover Atlas Van Lines' data of interstate arrivals and departures.
This year's statistics hold some surprises. Some relatively affordable states saw high departure rates, while New England saw an influx of newcomers.1
Here are the Study's top destinations:
- Maine
- North Carolina
- New Hampshire
- Montana
- Washington
- Arkansas
- Florida
- New Mexico
- Washington D.C.
- Texas
- Illinois
- Pennsylvania
- Louisiana
- Minnesota
- Indiana
- Oregon
- Iowa
- Mississippi
- New York
- Ohio
Cures for Your Fear of Door Knocking
While few agents describe door knocking for leads as their favorite activity, some of the nation's top producers swear by this approach. Here are tips to prepare for your next foray.
Don't Try to Close. Your first conversation needs to be low-key, as most people instantly turn off when presented with any sort of sales pitch. Suggest a visit to an open house or a phone call instead.
Small Compliments Go Far. A sincere compliment about a home's decor is a great icebreaker. Before you knock, locate a suitably attractive feature, such as an impeccable garden or porch decor.
Offer Useful Intel. This can be a comparative market analysis (CMA), or market report with details of recent sales in their neighborhood.
Dress for Comfortable Success. People do judge on appearance, so go for a professional look. Imagine how you would react if an identically dressed stranger knocked on your door.
Take Some Fun Gifts. Items like candy, flower seeds, or any other small gift with your message and contact info will work. Be sure they won't be harmed by weather conditions if you leave them outside.
Check Out Volunteer Work. If you really want to impress the locals, do something useful for the community. Join a cleanup day, clothing drive, or pet adoption event to get on the neighborhood radar. Inviting neighbors to join also gives you a second reason for door-knocking.
No matter what your approach, congratulate yourself for tackling any nervousness. You've put yourself way ahead of others who aren't door-knocking their way to new leads.2
Fannie Finds That Home Buyers = Grinches
According to the newest Fannie Mae Home Purchase Sentiment Index (HPSI), home buyer sentiment for the November market continued its slide.
Only 14% of consumers believe it's a good time to buy a home, which represents a new low for the survey which was introduced in 2010.
Plenty of HPSI respondents also expect both home prices and mortgage rates to increase over the next 12 months. This pushes the full index up by 7.0 points year-over-year. However, next month's HPSI may see a decrease in this number as mortgage rates have steadily decreased over the past weeks.
While consumer views of future home prices were mixed, the results added up to an unchanged scenario. While the percentage of respondents who expect higher property prices during 2024 crept up one point to 41%, the percentage who think prices will go down increased as well, from 23% to 24%.3
Agents or Stand-Up Comics?
While older marketing strategies didn't encourage humor, some agents are proving that amusing your audiences can grow your followers by leaps and bounds. More agents are using TikTok to share short videos that poke fun at the roller-coaster ride that our careers resemble, including these four.
This New-Jersey based agent has posted her take on everything from open houses to elderly water heaters. Check out how her grocery shopping habits have changed from 2021 to 2023.
Who cares if buyers are leaving Ohio? Dayton-based agent John Clark is still happy to share his opinions on everything from cold-calling leads to spending a Saturday with a non-qualified buyer.
Getting a stack of short-term rentals with minimum outlay was enough to turn agent Jared Brenchley into a bearded version of Dr. Evil. However, he doesn't forget to insert a direct link to his personal appointment calendar.
This top-producing Texas agent posts plenty of informative videos, such as the hidden expense of clutter. But she can turn annoyances into laugh-out-loud TikTok video, too. One example: when you're showing a property and the owner's home.4
Builders Head to the Exurbs...Will Buyers Follow?
The latest HBGI report also found that labor and supply shortages are still adversely affecting the housing market. However, market indicators suggest single-family construction is picking up as the year ends. If the current slide in mortgage interest rates continues, it could be good news for the late winter and spring 2024 housing market.
Released quarterly, the National Association of Home Builders' (NAHB) HBGI gauges housing construction growth in various regions. Each new Index incorporates county-level information about single- and multi-family building permits.5
Sources: 1themreport.com, 2theclose.com, 3themreport.com, 4tiktok.com, 5eyeonhousing.org
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