More Sellers Ready to Negotiate
New listings have grown 9.8% month-over-month, encouraging more buyers to begin or renew their search for their next home. Inventory nationwide is up nearly 20% year over year, reaching levels not seen since August 2020. Some major metros have seen inventory growth that surpassed pre-pandemic levels, particularly in the South and some Western areas.
Another factor encouraging today's buyers: reduced sticker prices. Around 25% of listings on Zillow saw a price cut two months ago, which was the highest number of cuts for spring listings since 2018.
Competition among buyers is fierce in the Northeast, while buyers hold the reins in the South, especially within Tampa, Jacksonville, New Orleans and Miami. These are areas where builders have contributed to inventory. Sellers in northeast states still have stronger bargaining positions, especially in New York, Connecticut and Massachusetts.1
Scammers Busy with Tariff Trickery
Scammers must drink gallons of coffee, as they're always hard at work inventing new scams. This time, it's tariff-related trickery. Here's how to ID these quickly (and don't forget to warn your clients and colleagues).
Fake government emails. Some scammers create websites that incorporate phrases like U.S. Customs or Tariffs and send official-looking emails with fake tariff bills. You can identify these scams easily by checking the website. Only legit government sites end with .gov. Also, consumers are never billed for tariffs.
Fake shipments. Scammers have taken one of their favorite strategies, which is impersonating a major shipping company, and added a tariff scam. You may receive an email or text claiming that your package is on hold because you owe a tariff fee. These are easy to check, as you can go to the shipper's website and enter the tracking information. Scammer-provided tracking numbers won't be found.
Factory shopping. You may see a social media post or email from someone claiming to sell tariff-free goods from overseas. These scammers especially love TikTok. While you may actually receive your order, items will be counterfeit and poor quality. This scam proves the adage "if it looks too good to be true, it probably isn't".
Fake tariff relief payments. Scammers have decided to use our memories of pandemic stimulus checks for a new scam. They pretend to be managing tariff relief payments to help with higher prices. When someone attempts to claim a payment, they're taken to a phishing site that demands way too much personal information.2
NYC Sellers Regret Private Listings
The debate between agencies that support private listings and MLS advocates continues, with neither side backing down any time soon. Compass insists that private listings help seller profits, while opponents contend that listing on the MLS is best for everyone and helps prevent bias.
New survey data from New York City sellers suggest that listing publicly is a better route. The majority of sellers surveyed (94%) agreed that having their home in front of more buyers would have helped it sell faster.
While over 70% of respondents said that their agent had recommended the private listing approach, 33% of private listers regretted their decision to follow the agent's advice. Only 12% of those listing publicly had any regrets.
Perhaps the most important finding is that private listings didn't always pay off with a higher sales price. Instead, private sellers were slightly more likely to consider offers below asking (41% versus 37% of public sellers).3
Everything's Bigger in Texas...Including Falling Property Values
For several years, it seemed that almost everyone was moving to Texas. Jobs were plentiful, weather was warm, and businesses enjoyed lower taxes. Over 220,000 people moved to Texas during 2022. Now, it's the fourth most oversupplied housing market in the nation.
Home prices in 31 metro areas are falling, with tech hub Austin seeing a 20.4% drop in values from their mid-2022 peak. Even small-town Texas is seeing home values slide, with historic Pecos - home of the first rodeo - expecting a 9.5% projected drop this year.
Affordability is another concern, with Texans paying an average of 32.5% of their gross income for their mortgage and taxes. In addition, the state led the nation in homebuilding during 2024 but is now struggling with lower demand. Last year, only 85,200 new residents relocated to Texas, which was a 62% decrease from 2022 figures.
Today, buyer demand is falling, the number of listings is growing, and homes are sitting unsold for longer. Currently, the average time to sell is 75 days as listing numbers have grown 16% year-over-year.4
Reel In Expired Listings with These Three Strategies
Create a drip marketing campaign. This is when you send automatic emails or mailings to owners of expired listings. It's a perfect way to connect with these people, as you can track expired listings on the MLS. But this only works when your mailings offer genuine value. Consider adding local market reports, recent sold data, and examples of how you've sold expired listings.
Create videos that speak to expired listing leads. It's not uncommon for these homeowners of expired listings to feel skeptical about selling. This is why a video can break through to them and sometimes convince them to reconsider. Another bonus: they're under no pressure to respond. You don't have to video an Oscar-winning performance, as a simple message is best. Deliver them by text or email to create a personal connection.5
Make a follow-up call. A few days after a drip mailing or video arrives, call the owner. Since you've already introduced yourself, this often works better than a cold call out of the blue.5
Sources: 1zillow.mediaroom.com, 2lifehacker.com, 3realestatenews.com, 4esstnews.com, 5theclose.com
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