- 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.
Will iBuying still exist in the future? Will real estate ever get back to normal? The New York Times discusses these issues. Get tips on real estate prospecting and obligations when marketing a smart home.
Due to supply chain issues, buyers are favoring fully furnished homes, which sell at a premium. 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? Find out how climate is impacting moving and homebuying decisions.
What other aspects should you consider a seller’s offer. You get an unsolicited offer on your house—now what? Learn the pros and cons of listing your house during festive holiday season.
See References 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
Is iBuying Here to Stay? (The New York Times, Nov. 19, 2021)
“It’s a new way to liquidate a house,” Mr. Kelman said, “and a tiny fraction of customers are going to buy or sell a house that way.” But iBuying has been influential enough that many sellers are curious about it — even professional home flippers.
Will Real Estate Ever be Normal Again? (The New York Times, Nov. 15, 2021)
Then there’s the role played by investors and speculators. Large corporate and Wall Street landlords, like Invitation Homes, American Homes 4 Rent, BlackRock and Blackstone, are arguably the most toxic players, driving up rents in the select markets they saturate, lobbying for corporate tax cuts and fighting tenant protections.
18 Real Estate Prospecting Tips That Generate New Leads (Fit Small Business, Nov. 15, 2021)
Past clients can be very influential when it comes to your business. Since they’ve closed a deal with you, they have insight into your abilities as a real estate agent. Nurturing past clients allows you to stay top of mind if they choose to move again, and you can ask for referrals and reviews to be used in your marketing outreach.
The Most Important Home Features to Emphasize in a Listing (Realty Biz News, Nov. 9, 2021)
Many people on the market for a new home are paying a lot of attention to the laundry area. If you’re selling a home that has a large one, make sure it’s also well-lit and ventilated. Allow for some degree of alteration by the new owners so they can set it up exactly how they want to. Make sure to mention all of this in your real estate advertisements and you will be sure to get the attention of a number of buyers.
Working With Clients
Climate change and Real Estate: The New Calculus for Homebuyers (CNET, Nov. 4, 2021)
"Location, location, location." This real estate cliche about buyer priorities has the ring of truth. But experts believe that over time, "sustainability" -- a related but distinct trait -- may become the most sought-after feature.
With Supply Chain Issues Causing Delays, Buyers Are Willing to Pay a Premium for Fully Furnished Homes (Mansion Global, Oct. 22, 2021)
“We have several units in the same lines, and the ones that are furnished with all the details are selling for 15% to 30% more than the unfurnished ones,” said Edgardo Defortuna, CEO and founder of Fortune International Group in Miami, developer of the Brickell City Centre development. “Even though prices significantly increase when the units are furnished, people are buying them.”
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.”
Tips for Buyers and Sellers
What Sellers Should Look For in an Offer: 4 Factors Other Than Money to Consider (realtor.com®, Nov. 17, 2021)
Finally, consider your optimal timeline for heading to the settlement table. Moving out is a lot of work, especially if you’ve lived in the home you’re selling for a while. To that end, you’re going to want to ensure that you choose an offer with a closing date that suits your needs.
Here's Why You're Getting Offers to Buy Your House—Even When It's Not for Sale (Better Homes & Gardens, Nov. 16, 2021)
On the other hand, offers from an individual (or real estate professionals acting on their behalf) typically align with a traditional on-market selling process. "These offers are usually prequalified," says Eileen Lacerte, a broker in Kamuela, Hawaii. "In many cases, they are cash buyers or at least have a pre-qualification letter from a lender." Lacerte also notes that these offers are more likely to meet fair market value for the property.
Is Listing Your Home During Holiday Season a Good Idea? (The Motley Fool, Nov. 15, 2021)
Although there are also typically fewer buyers during the holidays, it's still very much a seller's market right now. And of the buyers who are looking during the holiday season, many are serious about making an offer and not just looking, particularly those who've been trying to purchase for months and have lost out in the bidding wars that often break out when new properties come on the market.
This is What Home Sellers Entering the Market are Expecting This Winter (realtor.com®, Nov. 11, 2021)
They’re entering the fray because they say their home no longer meets their family’s needs, 37%, and because they want to be closer to family and friends, 32%. After spending more time than ever at home due to the COVID-19 pandemic, 33% decided they want different home features.
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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