More Buyers Leaving the Sidelines
Even though mortgage interest rates are still over 6.5%, a rising number of home buyers are deciding to proceed with their plans. Applications for new mortgages rose 6% year-over-year during the first week of January, with total mortgage application volume rising 9.9% when compared with the previous week.
This suggests that more consumers have made a New Year's Resolution to accept the current interest rates.
Real estate agents in some areas report a new surge in demand from buyers who previously postponed their plans because of the higher rate environment that appeared in late 2023. And while more consumers also said they expect mortgage rates to fall further, according to a recent Fannie Mae survey, higher-than-expected inflation numbers caused 30-year fixed rates to rise slightly while 15-year fixed rates fell. 1
Recycling Your Social Media Chart-Toppers
When you're planning your future social media posts or campaigns, be sure to look at last year's posts and take note of your top performers. Depending on the content, you may be able to use them again with minimal edits.
Let's say you published a blog article about your state's down payment assistance programs that earned you plenty of Likes and Shares, and some new clients. There's nothing wrong with reviewing the content, freshening it up and reposting it, as it's already proved to be a popular subject within your farm. Changing the headline to one that tells visitors that the article's been updated for 2024 can draw last year's readers, plus new ones.
Popular social media ideas can be recycled as well. If you invited followers to send you their favorite pet pics or restaurant recommendations last year, why not do it again?
If you're worried that your most loyal followers prefer 100% new content, keep in mind that not everyone sees every one of your posts. Statistics show that "reach rates" for social media rarely exceed 32%. So don't be afraid to freshen up and run your greatest hits again this year.2
Should First-Time Buyers Think Small?
Even though it's early days, a recent report found that first-time buyers are feeling much more optimistic about their prospects this year. Over 60% of the respondents to a recent Realtor.com survey think that now is a good time to buy. In addition, NAR's 2024 Housing Forecast identified some lesser-known cities as offering the best opportunities for first-time buyers.
These cities were recommended to buyers in their mid-20s to mid-30s:
- Irondequoit, New York
- Benton, Arkansas
- Winterset, Iowa
- Newington, Connecticut
- Council Bluffs, Iowa
A Fiscal Fitness Bill for First-Time Buyers
Originally introduced in 2021 as part of a budget proposal, the Downpayment Toward Equity Act bill (H.R. 4231) may move closer to being voted into law this year, as it's included in the Biden administration's fiscal budget. If it's voted into law, HUD would oversee the program, which would be administered at the state level and by some community-based organizations.
This Act will provide financial assistance for first-time buyers in the form of up to $25,000 for down payments, closing costs, and buy-downs. Since qualified buyers would receive their grant proceeds when their mortgage is finalized, this would be advantageous for sellers and lenders alike when judging a buyer's eligibility for financing.
Since the bill hasn't been passed by the House or Senate yet, it may be changed before becoming law, or it may not receive the votes required to become law. Watch for updates later this year.4
Three Side Gigs for Extra Income
Property Management. If some of your clients are investors, they may prefer to hire a property manager they already know and trust. Dealing with tenants, managing maintenance requests, and marketing vacant properties can bring in additional income. Be sure to check local guidelines according to your state's licensing board, as you may need certification.
Real Estate Writer. If you enjoy educating your fellow agents and/or prospects, researching and producing articles or video scripts can help you earn extra cash. Be ready to submit a resume and a couple of writing examples. It's also a smart way to improve your own writing skills, so you can promote yourself by selling articles to business publications.
Home Staging. If you've become a staging expert, you can make extra money by assisting your fellow agents. While it's helpful to have some furniture in storage that will complement a variety of homes, you can opt to work part-time for an existing staging company. Be sure to check with your licensing board to ensure that this doesn't present a conflict of interest.5
Sources: 1cnbc.com, 2futuresocial.beehiiv.com, 3themreport.com, 4themortgagereports.com, 5theclose.com
Recent Comments