NAR's Top Economist Predicts Brighter Days Ahead
The real estate market could be in better shape than naysayers may think. The National Association of REALTORS'® Chief Economist Lawrence Yun says inflation eased a bit in July, going down from 9.1% in June to 8.5%.
He believes inflation may have peaked, and the worst of sky-high prices could be behind us. Yun emphasized that the current environment should result in 30-year mortgage rates falling to under 5% in the months ahead. That means homebuyers who have been "priced out" of the housing market may qualify for a mortgage and restart their home search.1
Top Real Estate Hashtags for 10x More Followers
Hashtags can be used on social media platforms to categorize posts by topic, which may help future real estate clients find you. In fact, the right hashtags could result in 10 times more followers on Twitter, Instagram, TikTok, and more. Here are the top five hashtags for key real estate categories:
General real estate hashtags:
#realty, #realestate #homes, #realtorlife, #brokerage
Listing hashtags:
#houseforsale, #homesforsale, #virtualtour, #openhouse, #newlisting
Neighborhood hashtags:
#walkableneighborhood, #walkscore, #HOA, #treelinedstreets, #downtown.2
Four Budgeting Tips for Real Estate Pros
Budgeting is critical in the unpredictable world of real estate commission checks. You need to pay monthly expenses, save for rainy days, build your retirement nest egg and everything in-between. Here are four smart budgeting tips from seasoned real estate pros:
Save a little bit of money from each of your closings year-round for holiday gifts since business isn't always steady.
Pro Tip #2 – Remember your taxes.
Put 40% of your commission checks away in a separate account for taxes. Use the rest for personal overhead, vacations, gifts, and IRA contributions.
Pro Tip #3 – Don't forget six months of reserves.
Save as much as possible during the high production months to cover expenses if things slow down. The standard rule of thumb: save enough cash to cover six months of your monthly bills, including rent/mortgage. Pro Tip #3 – Don't forget six months of reserves.
Save as much as possible during the high production months to cover expenses if things slow down. The standard rule of thumb: save enough cash to cover six months of your monthly bills, including rent/mortgage.Pro Tip #4 – Use budgeting and savings apps.
Research the best money management apps then download your favorite to help you track, save, and plan your finances.3
Housing Reset: Buyer-Friendly Market Gets Its Footing
Homebuyers have been struggling with limited inventory and high prices over the last couple of years.
But Realtor.com® Economist Danielle Hale says the real estate market is "resetting in a buyer-friendly direction." That doesn't mean it's not a seller's market — however, sellers are beginning to realize that the days of overnight sales and bidding wars are over.
Hale pointed to slowing home price growth in the last two weeks as good news, although the median home price nationwide is at a staggering $449,000. She concluded that buyers may still face "meaningful affordability challenges," although there's no denying that the "improvement has been substantial" in favor of buyers.4
Three Ways to Get Familiar with an Eco-Friendly Lifestyle
Home features like electric vehicle (EV) charging stations are drawing the attention of eco-friendly buyers across the country. Now's the time to consider building this growing trend into your business. Here are three ideas that will help you get familiar with this lifestyle:
Educate yourself.
Check out the National Association of REALTORS® GREEN Designation and reach out to your state or local NAR for details of sustainable educational opportunities.
Create sustainable content.
Develop content featuring sustainable real estate topics that your clients will find interesting. This can be informative videos, blogs, and social media posts.
Share sustainable knowledge.
From having a preferred list of green vendors to providing green-certified appraisers and more, helping your environmentally conscious clients meet their needs is a win-win for everyone.5
Sources: 1magazine.realtor, 2theclose.com, 3mckissock.com, 4realtor.com, 5magazine.realtor
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