Make The Most of National Homeownership Month
June marks 20 years of National Homeownership Month. President George W. Bush started the month-long observance in 1995, which represents the Federal Government's commitment to the stability and wealth-building benefits of homeownership for individuals and families.
The U.S. Department of Housing and Urban Development (HUD) kicked off this year's celebration with the launch of the "Our Way Home" initiative to help boost affordable housing supplies. Specifically, the goal is to provide local areas with the federal tools, resources, and funding they'll need to make homeownership possible for more Americans.1
Three Bidding War Mistakes, and How You Can Prevent Them
Bidding wars seem to be the new normal in the real estate market. But you may not be aware of the common missteps many homebuyers make. Here are three mistakes that you can help impulsive buyers avoid:
1. No contingencies.
Enthusiastic buyers waive contingencies that can protect them from major, unseen expenses. For example, some are waiving their right to a home inspection and the ability to back out if a property has serious structural problems.
2. Counting on second chances.
Not providing a final best offer upfront is a common mistake. These buyers assume they'll get a second chance to raise their bid. But that rarely happens, and they lose the house.
3. Saying 'best and final offer'.
Reality TV is filled with the best and final offers. Buyers often don't understand why this tactic usually won't work in the real world. A bidding war isn't over unless the seller says it is.2
Three Tips for Your Summer Marketing Plan
Summertime gives you a chance to jump-start a new marketing plan – to be strategic, set goals, and hold yourself accountable. Here are three marketing tips to help take your business to the next level:
Establish different goals.
Decide how your plan will be different from winter and spring. You can do this by asking questions that determine your focus. This could include identifying summer festivals or other events you can attend or even sponsor to meet more prospective clients.
Create a detailed budget.
Consider your current real estate income and determine how much you can set aside. You could also save money by finding a summer intern to help create marketing campaigns to drive clients to your website.
Measure results early on.
Don't forget to keep track of your marketing results during the summer. Start by asking clients how they found you. Then, you'll know how much you're spending on each client and can incorporate this knowledge into future plans.3
A History of the Open House
The tradition of selling a home by opening it up to prospective buyers isn't anything new...but did you know it began almost 100 years ago?
In 1925, NAR profiled an Indiana broker's idea to show furnished (aka staged) homes. Agents saw the value of this idea quickly, especially as it provided plenty of networking opportunities. But there were challenges, such as 20s-era agents expected to show a home for 12 hours at a time.
During the 1950s, the phrase "open to inspection" was changed to today's Open House. Sunday became the traditional day to hold these, as many state laws prohibited business transactions on that day. Sunday became a day to line up prospective buyers, while offers were created during the week.
Realtors also began creating Open Houses that were big events. One record-breaking event happened in 1952, where a Dallas, Texas agent offered free Coca Cola to visitors and a Cadillac to the property's buyer. He ended up with over 30,000 viewers (there's no record of whether all of them got their free Coke).4
Most Americans Struggle with Real Estate Terms
A new MoneyWise survey found that more than half of Americans are confused by real estate terms. Younger, first-time buyers struggle with terms like "mortgage rates" and "down payments." For all generations, the biggest source of frustration is understanding mortgage and interest rates. Most turn to real estate experts, friends, and close family for home buying knowledge. One in four Gen Zers turn to Reddit or TikTok. But they're also more likely than Baby Boomers, Gen Xers, and Millennials to get this information from taking home buying classes – so perhaps it's time to offer or co-sponsor a home buying class.5
Sources: 1dsnews.com, 2magazine.realtor, 3mckissock.com, 4homelight.com, magazine.realtor5
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