It's National Homeownership Month
Even though National Homeownership Month has already begun, you have plenty of time to spread the good news.
Your mission: describe the unique benefits of owning one's home, including becoming part of a lasting community, building equity, and eventually creating wealth for the next generation.
The Homeownership Month Toolkit has plenty of marketing ideas, including graphic banners for your Twitter, Facebook and LinkedIn posts. You can also visit the National Association of Realtors (NAR) website for more resources.1
Tips For Great DIY Listing Photos
If you've decided to economize by taking photos of your listings, or simply enjoy this part of your job, you'll want results that impress agents and buyers alike. Here are some important things to remember.
Neutralize, Tidy and Declutter. Be sure to remove some photos from the walls, and clear off counters and tabletops. This helps promote the property's potential by making it easier for viewers to imagine the home with their own personal items. Also, make sure you straighten up bedspreads and curtains before you begin.
Keep Your Verticals Straight. Even though most photo software allows you to straighten up a photo, this can be difficult to get right. Instead, keep verticals straight by turning on your camera's grid lines. Most smartphone cameras also have built-in tools to help you keep everything in line.
Wait Until the Lighting's Right. Make sure the sun is in front of the house when you're shooting exteriors, as this helps you capture details. Opening the property's blinds and/or curtains also makes the house look bigger from the outside. Just make sure that all visible interiors are tidy and inviting, and that the windows are clean.2
Seller Impersonation Fraud: What It Is, How to Prevent It
Scammers are always looking for new ways to turn your clients' money into theirs. Seller impersonation is one of their current strategies, and usually it involves an agent and a title agency.
Here are the steps involved, so you'll know what to watch out for:
A fake property seller will contact you through email or text, making excuses as to why they can't see you in person or even call. They'll try to convince you they have property they want to sell quickly and are willing to take a low price if the buyer pays cash.
The fake seller will insist on using their own notary, who's also in on the scam, instead of your usual title agent.
If an agent is taken in and lists the property, the fake seller will insist that the buyer send payment funds to their fake notary.
The best way to prevent this scam? Remember how this scam works and be ready to research the property to ensure who really owns it.3
Some local governments are inviting residents to help stop real estate-related fraud. For example, Arizona's Maricopa County has just launched Maricopa Title Alert. This online tool monitors recordings that feature names of individuals and businesses, so users can enter a property owner's name and view relevant documents.4
Why Interest Rate Predictions Are Pretty Much Impossible
It's the question on every buyer's mind, and the one neither of us can answer: will interest rates go down this year? While this number is impossible to predict, here are some factors that affect rate movements that you can share with clients.
Generally, interest rates are driven by how the 30-year mortgage and 10-year treasury bond affect each other. Since this bond is considered a risk-free benchmark, and one of the safest investments around, global demand for T-bonds causes their prices to fluctuate. When demand is high, the T-bond's price goes down and so do mortgage rates. One recent example: investors nervous by the appearance of COVID in 2020 fled to the safety of treasury bonds, which helped drive mortgage rates down to historic lows.
However, T-bond prices are affected by other events, such as the Federal Reserve's rate hikes to curb inflation. Other economic and geopolitical uncertainties also affect prices, which have increased the basis point spread (bps) between the 30-year mortgage and the 10-year T-bill. Today's economic nail-biters – inflation, an expected recession, and an ongoing Ukraine conflict – have increased this point spread to 290, which is much higher than the average 200-bps spread.
These unpredictable factors translate into no sure-fire interest rate predictions. Instead, potential buyers are better off considering the lasting benefits of home ownership: stability for the family, building equity, and the unique comforts only found in a home of one's own.5
First Time Buyer, Meet Down Payment Assistance. Sources: 1nar.realtor,
2theclose.com,
3knightbarry.com,
4ktar.com,
5blog.firstam.com;,
6keepingcurrentmatters.com
Even though 3.0 to 3.5% down payment options are available, around 36% of potential home buyers still consider down payments their biggest hurdle to buying a home.
When you meet a prospective buyer who mentions this, it's an ideal time to introduce them to down payment assistance.
Down payment assistance is offered by almost every state, plus some counties, local governments and even non-profits. Many don't require repayment after a buyer spends five years in the new home. Other programs help buyers in certain professions, including teachers, doctors and nurses.
Contact me today to find out more about this year's programs, and which types of buyers may qualify for assistance.6
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