More Sellers Reduced Their Home Prices in May
Last month, over 6% of the nation's home sellers decided to cut their asking price, which resulted in the median asking price dropping roughly $3,000. In addition, the existing inventory of homes for sale is growing somewhat stale. The number of days for active listings on the market has begun to rise, hitting a median of 46.
Another number to keep in mind: listing growth has been losing momentum during the last few months, which has put a damper on the usual number of homes available during May.
These factors suggest that price growth could continue to soften during summer and fall, especially if mortgage interest rates remain high.1
Here Comes the Sun... To Your Listings
Some of us love to be awakened by sunlight...while others enjoy afternoon rays warming their favorite room. If you've ever lived in a house or apartment where you felt sun-deprived, you already know what a difference it can make to your mood.
Now there's an app called Shadowmap Home that enables you to tell buyers exactly how the sun will illuminate a property during a first showing. It's a terrific way to identify yourself as an agent who can provide detailed previews of life in each of your properties.
Simply typing in an address will take you to the property in question, at which point you can drag a slider to simulate the passage of time throughout the day.
Adding this to your toolbox could help convince clients who are undecided about buying a listing from their shortlist. It's also a great addition to your marketing campaigns.2
Residential Construction Recovering
Recent data released by NAHB showed that private residential construction spending rose 0.1% in April, following a 0.4% decline in March. The seasonally-adjusted annual pace reached $890.4 billion. Total private residential construction spending is 8% higher compared to a year ago.
This monthly spending increase is attributed to more single-family construction and improvements. Spending on single-family construction inched up 0.1% in April, the twelfth consecutive month of increases.
NAHB's construction index illustrates how spending on single-family construction experienced solid growth since May 2023, even under the pressure of supply-chain issues and elevated interest rates.3
Should You Become an Active Redditor?
While you may already have a Reddit membership, you may not be aware of the marketing opportunities within the site's discussion groups, or subreddits. It's one of the top 10 social media sites in the world, with more than 500,000 monthly visitors across more than 100,000 active communities.
While it may take longer to build meaningful engagement within your chosen subreddits, your authentic, helpful posts build positive branding and marketing success. Some subreddits to consider include those for your farm (many American cities have subreddits), and others with real estate-related posts. These effectively concentrate your efforts.
Here are other reasons to consider Reddit:
- Users are dedicated to the platform, with a reported 82 million (16.4%) of its 500 million users visiting the site daily, sharing over 1 billion posts.
- Reddit's Content Policy and subreddit Moderator Code of Conduct help keep the site an acceptable marketing source.
- The user base spends up to 45 minutes on the platform each day.
- Many Redditors are inactive on other platforms. 32% are inactive on Facebook, 37% on Instagram, 41% on TikTok, and 53% on X.
- Surveys have found that 75% of users find Reddit a trustworthy source for making purchasing decisions.
- Reddit posts' appearance in searches has been amplified by Google's recent Helpful Content Update (HCU).
Tune Into the New TikTok Studio and Symphony
Called TikTok Studio, the new platform is an updated version of its Creator Center platform, which enables you to manage your TikTok presence on your desktop. Studio also puts more emphasis on its monetization tools, making it easier for creators to manage all aspects.
While all the tools available in the new platform have been around for a while, they're now easier to locate.
TikTok also recently launched its new Symphony platform, which merges all its AI advertising tools into one hub.5
Sources: 1cnbc.com, 2theamericangenius.com, 3eyeonhousing.org, 4searchenginejournal.com, 5socialmediatoday.com
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