Existing Home Sales, Inventory on the Rise (Barely)
Waiting for a rise in home sales numbers? The National Association of Realtors® (NAR) reported that existing home sales inched up in May by 0.2%, to a seasonally adjusted annual rate of 4.3 million units. This figure is a month-to-month rise, not year-over-year, as annual home sales are down by over 20% when compared to May 2022.
Inventory rose to 1.08 million units during May, which was a 3.8% improvement from the previous month. This brought the current inventory up to a three-month supply.
When comparing sales within the four major regions, the South and West posted positive numbers while the Northeast and Midwest reported declining sales. The West region came in first, with existing home sales rising 2.6% from the previous month (April 2023) to an annual rate of 790,000 in May.
Homes were on the market an average of 18 days, down from April's 22 days. Around 74% of homes sold in May were on the market for less than a month. First-time buyers made some headway, as they were responsible for 28% of sales in May 2023. This was an improvement from May 2022's 27% sales.1
Evict Online Troublemakers with Facebook's Moderation Assist
While most agents' Facebook pages are civilized places, it's always possible that negativity can creep in, especially the comment section.
If you've ever had to remove negative or trolling comments from your Professional Facebook page or ensure that nothing on your page violated Facebook's Terms of Service, you'll want to learn more about the new Moderation Assist tool.
Now you can:
- Hide, remove, or like comments in bulk
- Hide comments with images and/or links
- Remove commenters with no profile photo or friends
- Remove commenters whose comments were recently deleted or reported
- Search for usernames, keywords and emojis within comment posts
- Set up automatic hiding for comments with profanity
- View data about comments, including why they were hidden
Accentuate The Positive When News Is Negative
Even if your own territory's active, national headlines often diss the state of today's real estate market.
If headlines featuring higher interest rates or low inventory are having a negative effect on business, you may be able to turn them into positives with this approach.
- Search real estate news articles for headlines that may affect how potential buyers or sellers may think, feel or act.
- Identify the types of buyers or sellers who could benefit from the current market conditions. You may have to be super-specific about this, but this has a better chance of resonating with these prospects and encouraging them to act.
- Write your own article and link back to the original article. If you aren't comfortable doing this, or simply don't have the time, you can share the original article and add your own short blurb with your own thoughts and perspectives.
- If you write your own article, begin by introducing the perspective of the original article. Acknowledge that the article has some truth in it, before pivoting from the negative sentiment to your own point of view. Tell the prospects who can benefit how and why they should act.
Share Your Expertise with NAR Spire
Want to help a future agent build a successful career in real estate? Check out NAR Spire, the mentorship program backed by the National Association of Realtors® (NAR).
In the past, new agents often felt that they were being left to fend for themselves, especially if there were no experienced agents available to answer their questions or allow them to follow. NAR Spire works by matching volunteer mentors and future agents, aka mentees, who will spend four months together.
After their forms are submitted, a NAR representative evaluates applicants' background, experience, availability and location before introducing a Mentor and Mentee. Mentors will review the program guidelines with their new Mentee and complete an action plan. This will introduce the Mentee to:
- Daily business operations
- Real estate marketing techniques
- The property appraisal process
- Financing aspects of real estate
Be Memorable with Personalized Pop-By Items Sources: 1smartasset.com,
2tiktok.com,
3keepingcurrentmatters.com,
4themreport.com,
5blog.hubspot.com
No matter where you're headed—a networking event, neighborhood barbecue, listing presentation or the dog park—taking a stash of pop-by items is a great idea.
Simply design your own pre-printed tag like the example shown above, choose a premium item, and personalize each one. You can go with a holiday theme or choose a message that complements the premium.
Another way to put pop-by items to work: create one or more tags with a generic "thank-you" message and keep a few in your office. You'll be ready to present your visitors with a premium they'll share with others.5
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