Top Housing Predictions for the Rest of 2022
National Association of REALTORS® (NAR) Chief Economist Lawrence Yun recently offered his top housing market predictions for the rest of 2022.
He said that, even with the current housing slowdown expected to continue, there will still be some bright spots for buyers and sellers. For example, the number of buyers who can view multiple homes instead of one, before making an offer will continue to increase. This enables buyers to make purchase decisions with less stress. And although there are more homes on the market than earlier this year, a lack of inventory remains. This means sellers may continue to experience home price gains.1
Five Tips for Improving Your Social Media Presence
Staying on top of your social media presence doesn't have to be a heavy lift, whether you're a newbie agent or a real estate pro. Here are five core tips for success when building or rebuilding your social media presence:
Decide your content creation goal. Do you want new customers, or to strengthen your current client relationships? Next, create content that appeals to your audience.
2. Take it Slow.
Never try to improve every social platform at the same time. Perfect your message on a single site first, keep it simple with two posts a week, then branch out to other networks.
3. Share Local Knowledge.
Become knowledgeable about events, restaurants, and new property listings that would interest people in your local area. Details of these will add value to your social posts.
4. Recognize a Break.
Acknowledge breaks you've taken from social media. Don't simply ask for business after an absence. Let followers know you've been away, and you've missed them.
5. The Bottom Line.
Your ultimate goal for a strong social media strategy should be to show up weekly, do it thoughtfully, and to engage with posts regularly.2
Three Personality Traits of Self-Made Millionaires
Recent research conducted by the Institute for Economic Research and the Westphalian Wilhelms University of Münster found that self-made millionaires share three common personality traits:
Millionaires typically work longer hours than their wealthy and upper-middle-class peers. On average, they work 46 hours per week, while earners in the bottom half of the income distribution work 36 hours per week.
2. Risk-Taker.
Millionaires are more willing to take risks, with 73% self-employed or entrepreneurial. This is because the most successful businesses require greater risks and offer less stability.
3. Self-Satisfied.
Once you've made it to millionaire status, the next trait isn't that surprising. Specifically, millionaires report a higher level of life satisfaction. As they say, money can't buy you happiness. But having more of it certainly helps.3
How Virtual Tech is Shaping Real Estate
The metaverse is described as an interactive and realistic environment that invites users to immerse themselves digitally.
It's a unique combination of several technologies that include virtual, augmented, and mixed reality. Use of these technologies continues to grow in real estate. For example, virtual reality is often used for convenient and cost-effective real estate walkthroughs and tours.
Augmented reality adds digital elements to an existing environment, like the ability to place furniture in a home with a smartphone app and visualize real-time staging. And mixed reality combines the virtual and physical worlds, enabling 3D virtual holograms like 360-degree walkthroughs.4
The 30,000 Year History of Real Estate
Studies of our ancestors have found that humans lived in nomadic tribes for almost half of human history. Fast-forward tens of thousands of years to medieval times, when property ownership was associated with royalty and other elites who held all the power and wealth.
During the 15th century, bureaucracies were created in some countries, while land was broken into smaller properties that were sold to merchants and former aristocrats.
Later, the Industrial Revolution became the great equalizer. People with ambition could move up to property ownership. The rise of the middle class over the last 100 years, and the fairly recent invention of mortgages, has now made it possible for many people to realize homeownership.5
Sources: 1magazine.realtor, 2magazine.realtor, 3wealthmanagement.com, 4nar.realtor, 5investopedia.com
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