- Low inventory has been a longstanding problem
- Multiple offers have driven up home prices
- Home builders can’t keep up with demand
Source: Why Is the U.S. Housing Market So Out of Whack? What Homebuyers Need to Know Right Now (realtor.com®, Sep. 20, 2021)
NAR has created a Coronavirus information page for you with up to date information.
Find out the impact of low appraisals on home sales. Read Redfin’s take on the housing market.
What does Forbes think about the future of real estate agents?
Today’s home buyers want a dedicated office space. ‘they also want information on Internet providers, download speeds and fiber connections. Can you provide that information to tech-savvy customers? The presence of video cameras can change buyer’s and seller’s behavior during showings.
Cash buyers are pushing out average homebuyers in Oklahoma. A home inspection shows you what you need to fix. Get your home ready to sell by optimizing light, depersonalizing and emphasizing curb appeal.
See the References tab for more information.
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Coronavirus and REALTORS®
The National Association of REALTORS® is aware that REALTORS® and consumers will be forced to change their business, buying, and selling habits in the midst of the Coronavirus pandemic. We know that there is an overwhelming amount of news and advice being circulated, and new information to process every day. To make sure our members have the most up-to-date information as possible, we have created a Coronavirus page, which can be accessed at https://www.nar.realtor/coronavirus.
Adjusting Your Strategies in a Changing Market
Housing Market Update: One-Third of Homes Find Buyers Within a Week (Redfin, Oct. 14, 2021)
The share of homes selling within one or two weeks is on the rise during a time of year that typically sees the market slow down. A third of pending sales were under contract within a week, up 2.2 points from a month earlier.
12% of Home Sales Fall Through Due to Low Appraisals (Realty Biz News, Oct. 13, 2021)
“In a frenzied market it is harder to nail down what true value is,” Jonathan Miller, chief executive of the appraisal firm Miller Samuel Inc., told the Journal. “Just because the appraiser doesn’t agree with the purchase price, whatever the reason, it doesn’t mean they’re wrong.”
The Future of Real Estate: Will Agents Still Play a Role? (Forbes, Oct. 5, 2021)
As an agent, be prepared to show consumers how much this trust and expertise is actually worth (e.g., how it can help them sell their home at a higher rate and buy at a lower one).
Ex-Zillow CEO Spencer Rascoff on the Need for New Social Media, iBuying, Remote Work, and More (GeekWire, Oct. 4, 2021)
When it comes to iBuying, the streamlined process that removes many of the complications of real estate transactions, Rascoff said he’s become a huge bull.
Working With Clients
Homebuyers Are Baffling Real Estate Agents with High-Tech Home Office Wishlists (Money.com, Oct. 13, 2021)
While home office requests can be difficult to fulfill, for real estate agents, the biggest hurdle may be the tech-related questions that come with them. “I have never had so many people ask me to get download and upload speeds,” says Trenton Hogg, a Redfin agent in Chanhassen, Minnesota. “It’s really quite technical. Those aren’t things I just have on hand.”
As Schools and Offices Reopen, New Yorkers Eye Second Home Locales with Shorter City Commutes (Mansion Global, Oct. 8, 2021)
“I’m seeing people looking to Westchester as a second-home destination, where in the past, they didn’t,” said Marcene Hedayati, broker-owner of Corcoran Legends Realty in Westchester, New York, where the towns are within an hour’s train ride of Midtown Manhattan. “They’re choosing Westchester over the Hamptons because of the easier commute it offers.”
Home Security Cameras Change How Buyers, Sellers Approach Showings (Bankrate, Oct. 7, 2021)
This technology means a seller can watch and listen to a buyer’s conversation with their Realtor. This monitoring can be done with little more than a Wi-Fi-enabled camera and a computer logged into a web portal, or a smartphone with an app.
Tips for Buyers and Sellers
What a Bad Home Inspection Means if You're the Seller (Millionacres, Oct. 7, 2021)
If you can't fix the issue, you can offer the buyer a repair credit. This is a dollar amount you grant to the buyer so they can get the problem fixed -- usually in the form of paying all or part of the buyer's closing costs. Another option would be to lower the selling price of the home.
Some Oklahoma Home Buyers Losing Out on the American Dream to Cash Buyers (Fox 25, Oct. 5, 2021)
"We're finding that a lot of people in the market right now are cash buyers and they're buying one or two homes," said Randall. "They're coming from the east and west coast where homes are higher than they are here. It's a steal of a deal."
11 Ways to Get Your Home Ready to Sell (Realty Biz News, Oct. 4, 2021)
Do a once-over through your entire home and note every crooked cupboard handle, loose doorknob, stuck window, and broken closet light. Then fix them all — hire a handyman, if necessary. Buyers are very thorough, so no matter how minor something might seem, odds are they’ll find it. And it won’t make a good impression on them.
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
The Altman Close (Audiobook)
Positively Resilient (eBook)
Housing Downturn (eBook)
The Upside of the Downturn (eBook)
Surviving a Downturn (eBook)
Thrive on Pressure (eBook)
Timing the Real Estate Market (eBook)
Books, Videos, Research Reports & More
The resources below are available for loan through the Library & Archives. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the library for a nominal fee of $10. Call the Library & Archives at 800-874-6500 for assistance.
Heart and Sold: How to Survive and Build a Recession-Proof Business (New York, NY: Atria Paperback, 2009) HD1382 .F58 2009
The Housing Downturn, Picking Up the Pieces: A Guide for Estate Agents and Developers (London: Estates Gazette, 2009) HD598 .N67 2009
Shift: How Top Real Estate Agents Tackle Tough Times (New York, NY: McGraw Hill, 2009) HD1375 .K367 2009
All Real Estate is Local: What You Need to Know to Profit in Real Estate – in a Buyer's and a Seller's Market (New York, NY: Currency Doubleday, 2007) HD255 .L464 2007
Prepare to Profit: Your Guide to Creating Wealth in any Real Estate Market (Murietta, GA: TamTam Press, 2007) HG 4521 Al2
Real Estate Millions in Any Market: the Lowdown on No-Down Investing (Hoboken, NJ: John Wiley & Sons, 2004) HD255 .E3713 2004
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