Market News June 16

Market Updates

Housing Affordability Posts Solid Gain
Recent data found that housing affordability improved during the first months of 2023.



According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), the combination of rising wages, lower mortgage interest rates and lower home prices helped make almost 50% of both new and existing homes more affordable to households earning a $96,300 median income.

Although somewhat higher than in the final quarter of 2022 (38.1%), the latest HOI is still significantly lower than it was a year earlier (56.9%). Potential speed bumps for growing affordability include ongoing building material supply chain issues and possible cooling of wage growth during the second half of the year.1

Are You SEO Savvy?
As 97% of prospective home buyers check out listings online, using Search Engine Optimization (SEO) will bring more of them to you.



SEO strategy involves focusing on specific, local search queries to draw more visitors to your site. This includes proving to prospects that you know what they're looking for, and how you can help them succeed.

Here are some basic strategies for making your SEO strategy more effective. Using an SEO tool is helpful but not mandatory.

1. Conduct keyword research. Since many prospects will begin their search with generic terms like "homes for sale", add specifics such as your homes' locations and special features. These are called long-tail keywords.

2. Optimize your website. The Google algorithm is getting smarter but it still needs help. As you update your site, use header tags, meta descriptions and other details. Adding content such as blog articles, infographics, and video content supplies a clearer picture for Google, and will draw more visitors.

3. Add backlinks. These bring you more visitors via another site's link while improving your Google ranking. For example, if a site for your neighborhood features an article about you with a link to your site, this is a backlink. Networking with non-competitive businesses in your territory is another way to build backlinks, and so is guest blogging.2

Managing ChatGPT and AI Content
The 2022 appearance of ChatGPT, an Artificial Intelligence (AI) chatbot with the ability to research and respond to complex queries, is among the latest AI tools for business professionals.



Here are few tasks that ChatGPT can help you with, especially if you're having problems getting started.

  • Generate engaging property listings that include information about the area's amenities.
    • Assist you with crafting content for your social media and website.
  • Create scripts for video property tours.
  • Translate property descriptions into different languages.
  • Communicate effectively by drafting cold-call scripts and email correspondence.
However, no matter how you phrase your ChatGPT requests, keep in mind that that it doesn't know what you know. For example, you'll need to ensure that AI produced content is more than 100% accurate...it needs to comply with RESPA and other real estate-related regulations. You may also need to find and use an online plagiarism checker to ensure that your content wasn't lifted from a competitor's site.3

"I Did NOT Take That Picture."
While most listing photos are clear, properly composed and professional, a few agents drop the ball now and then.



Sometimes a listing photo can depress more than impress...and here are five of the worst, taken by American, English, and German agents, plus a few FSBO sellers.

  • This pic states that the property is under contract. Maybe it should say WAS under contract.
  • Is this place for sale, or an outtake from Hoarders? This room appears to suffer from misplaced inspirational stencils.
  • Like natural wood? Like beagles? This place is perfect for you.
  • Buyers are recommended not to move the refrigerator.
Check out more at the Terrible Real Estate Agent Photos website. (Warning: a few images contain details best described as NSFW.)4

Home Price Insights from CoreLogic
The property data analysts at CoreLogic recently released their latest Home Price Insights (HPI) report. It contains national and state-by-state price forecasts through April 2024.

Home prices nationwide increased by 2% year-over-year in April 2023, which marked the sixth straight month of single-digit gains. Property prices rose by 1.2% from March to April. CoreLogic's national forecast indicates that home prices will increase a further 0.9% from April to May 2023, and increase by 4.6% from April 2023 to April 2024.

On a state-by-state basis, home prices saw increases in Southern, Midwestern and Eastern states, while some Western and Northwestern states saw year-over-year declines.

The states with the highest increases year over year were Indiana (7.3%); New Jersey (7.1%); and Missouri, South Carolina and Vermont (all 6.9%).

Arizona, California, Colorado, Idaho, Montana, Nevada, New York, Oregon, Utah and Washington saw annual declines in home prices.

Several Florida cities are predicted to see home price declines during the next 12 months, including Lakeland-Winter Haven, North Port-Sarasota-Bradenton, Cape Coral-Fort Myers and Port St. Lucie.5

Sources: 1eyeonhousing.org, 2log.hubspot.com, 3tech.co/news, 4terriblerealestatephotos.com, 5corelogic.com