Consumer Costs Cooling
Recent Commerce Department data contained some good news for inflation haters: details of a major slowdown in consumer price increases as well as less consumer spending. This is the sort of news that the Federal Reserve has been waiting for and may even help to eliminate additional interest rate increases.
The core Personal Consumption Expenditures (PCE) index, which omits gas and food prices and is a primary inflation metric for the Federal Reserve, recorded a 3.9% rise for the year leading up to August. This marks the smallest yearly surge in the past two years, aligning closer to the Fed's 2% inflation goal.
The core PCE witnessed a growth of 0.1%. Including the fluctuating energy and food sectors, the overall PCE index climbed 3.5% year-on-year and 0.4% from July. Though this is a slight increase from July's 3.3% annual and 0.2% monthly rates, it was anticipated due to the surge in gas prices.1
TikTok Launches Creative Assistant
TikTok newbies and ninjas alike are welcoming the new, web-based Creative Assistant tool. It makes life easier for users by linking them to relevant samples, tools and more, while offering all TikTok Creative Center functions in one place. Now it's easier to locate the most relevant sections and elements, which helps users save time while creating effective posts.
Creative Assistant guides users through TikTok best practices while introducing them to top-performing ads within their niche. It also provides access to an ad script generator and top ads database.
To access the Creative Center tool, log into TikTok Creative Center and tap on the icon located in the top right of the screen.2
Scare Up New Relationships This Month
If your territory includes Clay County, North Carolina, mark your calendar for this month's Punkin Chunkin Festival. If you aren't, don't worry. There are plenty of ways to add Halloween elements to your marketing and networking efforts.
Offer Plenty of Treats. These can be customized with your name, logo and message on the packaging. Next, pass out your personalized miniatures, full-size candy or bags of assorted sweets to office and Open House visitors. Keep a few handy for impromptu treating (as long as you can resist treating yourself too often).
Haunt Other Businesses. When you team up with two or three local businesses, you'll all draw more interest and traffic. Create a Halloween-themed event or promotion, such as a Spooky Night Out or Zombie Walk. Or create a RESPA-compliant giveaway where customers can enter to win a prize package of gifts from you and the other businesses.
Get Spooky with Your Social Media. These are often described as "add-ons". Check out what's available — you can add a few classic, animated elements or go all-out with a Halloween-themed landing page.3
Higher Rates Contribute to Lower Home Prices
Even with rising mortgage interest rates, there are still buyers actively shopping for their next homes. And even though inventory is still sparse, the current rates are pressuring some sellers to lower their prices to make their homes more affordable for buyers. Recent data found that 5.8% of the homes for sale in August posted price cuts, while September saw even more sellers (6.5%) posting reduced prices.
States with the highest percentage of listings with price cuts for the week ending September 22 were Idaho, Nevada, Texas and Washington.
The median U.S. home sale price rose 3% year over year, reaching $420,846 in August, which was the largest annual increase since October 2022. In turn, this pushed the average principal and interest payment for a 30-year, fixed-rate loan to its highest point ever in July: $2,306.
Still, there's a silver lining to the cloudy market. The available inventory of homes is growing, which is an unusual but welcome trend for the fall season.4
Start Planning Now for Your 2024 Success
Have I found my niche market?
Some agents have succeeded by focusing on a specific type of property, or a particular type of client. If you earned the most kudos from relocating executives or first-time buyers, or if you sold more than your share of investment properties, consider if going niche is right for you and your territory. If you do, get ready to become an undisputed expert. For example, if you decide on second homes, study your territory's most popular areas for these. If they're near popular fishing and boating venues, become the local expert on slip rentals, boating clubs and marinas.
What are my 2024 business goals?
Setting limits within an unpredictable schedule is a challenge. If this has caused problems, consider these examples:
- Add X properties/clients from your niche within each quarter of 2024.
- Participate in or sponsor X new local events that cater to your target market.
- Add X social media followers by writing interactive posts and providing helpful, niche-focused content. Enroll in X hours of Continuing Education focusing
What about my marketing budget?
Review details of your target demographic's housing needs before you begin to allocate marketing funds. Looking back at previous marketing campaigns and comparing their results will also help you, so is reaching out to new clients and asking them how they found you. This helps you identify valuable strategies while calculating your per-client prospecting costs.5
Sources: 1nationalmortgageprofessional.com, 2socialmediatoday.com, 3smallbiztrends.com, 4housingwire.com, 5rismedia.com
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