Market News July 5

Market Updates

Make Sure Your Pets Enjoy the 4th of July Holiday


We all enjoy celebrating our independence, but a fireworks display can be upsetting to your pets. Here are some tips to keep in mind and share with others.

  • Bring pets indoors and create a quiet, cool space for them. Stressed dogs may hyperventilate and overheat, and a cooler space may be comforting.
  • Play soothing music or turn on the television to distract pets from any noisy fireworks. Providing a favorite toy or treats may also reduce anxiety.
  • Keep pets away from windows. Vets have reported startled dogs jumping through windows.
  • Don't bring your dog to fireworks displays. Even if your dog enjoys socializing and isn't afraid of everyday noises, fireworks are a once-yearly event.
  • Ask your vet about calming medications if past fireworks have caused anxiety.
  • Don't forget the farm animals. If possible, bring horses, goats and other animals into their stalls or barns.1

Temperatures Rise, Home Prices Cool


Several new reports have found that price gains are shrinking in many areas, and home sellers are starting to reduce prices after a stagnant spring.

For the first time since early 2020, when home sales ground to a halt at the start of the COVID pandemic, the typical house sold for slightly less than its asking price — 0.3% lower — during the four weeks ended June 23. A year ago, the typical home was selling at list price.

This data doesn't suggest that the housing market is crashing. While most sellers are still listing their homes at higher prices than comparable homes sold a year ago, some are conceding that the market has changed.

The much-watched S&P Case-Shiller index showed home prices in April up 6.3% from April 2023. May's prices continue that trend. Home prices are now 47% higher than they were in early 2020, with the median sale price now five times the median household income.

Supply is starting to build, which is also leading to the cooling in prices. Total active listings are now 35% higher than they were at this time a year ago.2

Builders Pump Up the Volume


According to data from the National Association of Home Builders (NAHB), more than a quarter more new homes are on their way to being built through the first four months of 2024 over the same time period in 2023.

By the end of April, 336,124 single-family housing permits had been issued year to date nationwide, an increase of 25.3% over April 2023's total of 268,205.

  • The West came in first with a 36.4% increase.
  • The Midwest came in second with a 27.2% bump.
  • The South rallied with a 22.7% improvement.
  • The Northeast came in last with a 12.6% increase.
The states that saw the highest increase in building permits aren't really a surprise: Arizona, Texas, Florida and North Carolina.3

Introducing Your LinkedIn Toolkit


More agents are discovering that cultivating a follower base on LinkedIn makes it easier to network, collaborate and build relationships. These tools can make it easier for you to interact with prospects and peers.

Canva
You might already be familiar with Canva's graphics capabilities, but did you know that it has a template library for creating professional-looking LinkedIn content? Use Canva to create infographics, banners and even carousels. You can create a recognizable brand by using the same colors and fonts each time.

Crystal
This is something you may have never considered—a personality assessment tool that provides you with valuable insights into communication styles and personality traits. The platform's integration with LinkedIn helps users navigate professional relationships more smoothly.

CapCut
This video editing tool is suitable for beginners yet has plenty of advanced features. It allows you to create high-quality videos without watermarks, even in the free version. It also supports auto-publishing to multiple social platforms.

Kleo
This free Chrome extension enables you to find popular and upcoming posts, check the metrics of fellow brands and creators, and generate content ideas.4

How To Add Property Management to Your Skills

If you're new to the business, or in an area where home sales are slow, you may want to consider property management as an additional source of income. (Shadowing an active manager can help you decide.) Here are some of the steps you'll need to complete before you hang out your shingle.

Complete your state's requirements. While some states will accept your real estate license, every state has its own set of regulations.

Take property management courses. Most RE education providers offer these. You'll learn how to process lease applications, collect rent, schedule maintenance and repairs, and manage vendors. You will also need to know your state's rental safety regulations.

Set up shop. Depending on your state, you may need to register your business, complete any contracts/forms, and set up a specialized trust account. You may need to purchase added license and insurance coverage. An attorney or CPA can assist you – so can your bank.

Still unsure? Check out the National Association of Residential Property Managers website.5

Sources: 1morrisanimalfoundation.org, 2cnbc.com, 3nationalmortgageprofessional.com, 4buffer.com, 5theclose.com