Spring Home Sales Green Up
As the spring season gets into gear, more buyers are viewing properties. Last month's sales of previously owned homes rose 4.2% from the month before, racking up 4.26 million units on an annualized basis. This was a welcome result, especially considering that industry analysts were expecting a 3% drop.
This data is based on closings, so the actual sales contracts for these sold homes were signed during December 2024 and January 2025, when mortgage rates were rising.
More first-time buyers stepped up, contributing to 31% of February sales. This is a 5% year-over-year increase.
While inventory has increased 17% year-over-year, it's still just a 3.5-month supply instead of the ideal six-month supply. This is propping up rising prices, with the median price of a home sold last month up to $398,400—a 3.8% annual increase.1
Your Guide to AI Image Generators
While you're probably using an AI chatbot for drafting written materials, creating AI images for your social media and online listings can help you in more ways than you may have considered.
Renovation Previews: if you have one or more unmodernized or "handyman special" listings, why not provide potential buyers with previews of how the home's interiors could look after renovation?
New Properties: Homes in new subdivisions may be lacking trees, lawns and landscaping. Offer potential buyers a preview by using AI to add green features. You can even add future amenities if details are available.
Empty Listings: Instead of taking the time to move furniture into a vacated home, you can create attractive previews of each room by using specialized AI image software such as REimagineHome.
Be sure to add a disclaimer if and when you're presenting enhanced images.2
Deliver Good News to Pessimistic Renters
You've probably heard would-be homeowners describe how hard it is to escape renting, especially when faced with high property prices and other obstacles. A recent survey of 4,400 renters found that almost half of them have given up their dream of home ownership. Only about 25% felt that eventually owning a home was possible.
Not all have given up, however. Around 50% of the youngest group (Generation Z) is still keen to eventually buy a home. The most pessimistic respondents were Boomers, who are 61 and older. Only around 20% feel they'll eventually have a home of their own.
However, you don't need to give up on renter prospects. Instead, be a potential problem-solver.
For example, many survey respondents weren't aware of down payment assistance programs. Others didn't know that they may qualify for a mortgage with a less-than-stellar credit score. Contact me so we can introduce renters about these and other types of assistance, as I have educational materials for you to share with them.3
More Rural Folk Head for the Big City
The relocation trend triggered by the COVID pandemic has recently undergone a 180-degree turn. Instead of remote workers buying homes in rural areas, residents are leaving small towns for bigger metro areas.
New data from the U.S. Census Bureau statistics found that a large proportion of rural moves are within Mississippi, Georgia and Alabama, as residents move to bigger cities with more job opportunities. Two Mississippi counties —Yazoo and Sunflower — have seen populations fall by over 6% during 2023-2024.
Not all departing residents sell their homes, especially if they were inherited; these are often rented out. Those selling their homes are usually pricing them well below the national median price.
While some buyers may be tempted by these properties, especially those who are retiring or working remotely, you may want to discuss their long-term expectations before proceeding with showings. The success of long-term investments and equity growth may depend on targeted efforts to revitalize the local economy.4
Learn The Two Top Influencer Skills
Workplace performance coaches recommend that, if you avoid small talk or feel anxious when collaborating on projects, your social fitness may need improvement. There are two main skills to concentrate on.
Initiate more conversations with co-workers. To build relationships, you can start by complimenting them, learning more about their personal interests or using a technique called "conversation threading". This is when you answer a question in a way that prompts the other person to continue the conversation. Also, new colleagues will feel seen and appreciated when you ask them about their work skills and background.
Be a problem solver. Improved social fitness helps you navigate and solve difficult workplace situations and conflicts. To get started, speak up when the stakes are fairly low. This can be providing a different perspective during a meeting or suggesting alternate methods with peers when working on a project.
Again, if you're remote, you'll have fewer opportunities to work through a problem face-to-face. You can break through this barrier in the same way as the first: instead of sending a message or email, pick up the phone. Ask questions about projects you're both working on, including their own, different views.5
Sources: 1cnbc.com, 2ioi.realtor, 3nationalmortgageprofessional.com, 4realtor.com, 5cnbc.com
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