Market News 7-30-2021
Real Estate Markets Could Heat Up Amid the Rockets’ Red Glare
Thanks to Richard Branson’s successful trip to space, followed closely by Jeff Bezos’ journey there, the hub locations of aerospace companies could benefit from significant growth in home prices. The employees of these companies have high-tech skills and most likely high incomes to match, which will positively impact the real estate markets in which these aerospace giants are located.
• Branson’s Virgin Galactic sits at the Mojave Air and Space Port in Kern County, Calif., and Spaceport America in Sierra County, N.M.
• Bezos’ Blue Origin conducts flights from its Van Horn, Texas launch site.
• Elon Musk’s SpaceX is located in Cameron County, Texas, with a launchpad in Santa Barbara County, Calif.
Thanks to these space companies’ hubs, the local housing markets should experience long-term benefits.1
Baby Boomers Rake It in by Controlling the Seller’s Market
Boomers are rolling in dough so to speak, as they control 43% of the seller’s market. Soaring price inflation has enabled sellers to realize greater profits from selling their homes, making a median of $66,000 per home during the pandemic ─ which is $6,000 higher than the previous year.
Low mortgage rates, low inventory, and increased demand contributed to skyrocketing prices for the last 18 months, resulting in sellers receiving 99% of what they asked for or more. Sellers under the age of 55 were more likely to upgrade to a larger, more expensive home, while sellers 56 and older were more likely to move in a similar-sized but less expensive home. Sellers 66 and older stayed in their previous home for a median of 16 years and were on the market approximately three weeks before being sold. The top reasons Boomers listed for selling were to be closer to friends and family and to downsize.2
Rise Above the Rest with Non-Traditional Lawn Signs
Competition is fierce in the residential real estate industry, and it’s a crowded field too. The most successful agents know that creativity is critical if they’re going to stand out from the crowd. Nevertheless, lawn signs have been largely overlooked when it comes to injecting creativity into agents’ marketing tactics. Most lawn signs look the same — rectangular signs hanging from frames in front yards.
But thanks to advances in digital printing, die-cut signs are no longer cost-prohibitive. It’s now possible to order individual custom signs rather than bulk batches, which means agents can customize for each property. And you are no longer limited to rectangles or squares — signs can be in the shape of a triangle, circle, or even an object, like a key or a castle. Being creative with signage could give you a real advantage over your competition!3
Agent Advice Welcome: What to Renovate and How to Pay for It
A survey of homeowners found a lot of confusion around home renovations and how to finance those projects. Of those who recently sold a home, 28% said they chose an agent primarily because of their ability to advise them on renovation to help maximize their selling price. 27% said they valued an agent who had access to home renovation professionals. And 21% were looking for ideas on how to finance their renovation projects. These findings point to agents benefiting from learning about the improvements that can add the most value and the various financing alternatives available. Real estate companies are increasingly introducing programs that offer funding, access to local renovation professionals, and advice on what improvements should be made.4
5 Things You Can Do to Attract More Website Visitors
If your real estate website isn’t generating the traffic or leads, you’d like, here are 5 ways to enhance your online presence.5
1. Make your website mobile-friendly. Check it on your phone regularly to make sure images and text are correctly proportioned.
2. Target local keyword phrases. These words should appear on pages throughout your site to help drive more traffic.
3. Blog regularly. High-quality content will keep your readers coming back for more.
4. Showcase your most recent articles. Feature fresh articles, blogs, and market updates on your homepage regularly because visitors expect new content.
5. Include testimonials and reviews. 88% of consumers read online reviews and trust them as much as personal recommendations. Include written reviews from your clients, case studies, and even video interviews.
Sources: 1magazine.realtor, 2nationalmortgageprofessional.com, 3realestatemagazine.com, 4realtybiznews.com, 5rismedia.com