Today's Market News:

Red Flags That Could Slow Your Sales

While most homes don't last long on the market these days, some sellers are making unintentional mistakes that are causing some buyers to pause or pass on their home. Here are three red flags that could make buyers hesitate:

• Unrealistic price
  By searching home values in nearby areas, buyers can easily spot a listing that's priced much higher than current fair market value.
• No deep clean
  Buyers are looking for a house that's not only clean, but also smells great when they first enter. Sellers with pets should never skip this step.
• Not fixing small items
  Sellers who don't manage small repairs before listing -- like a broken showerhead or a small crack in a baseboard -- could be missing out on potential offers.¹

The Great Reshuffling Leads to Population Growth in Key Metros

Millions of Americans packed up and moved during the pandemic, which economists and housing experts have dubbed the Great Reshuffling. Many headed to southern states in 2021, with Texas and Florida gaining more than 600,000 new residents, and Arizona and North Carolina both adding more than 100,000 people. Experts predict new home sales in these states will remain high throughout 2022.²

Demand for Home Remodeling Remains High

Despite ongoing supply chain challenges and rising costs, many homeowners tackled remodeling projects in 2021. The National Association of Home Builders (NAHB) said increased home equity and low interest rates spurred high demand for remodels of existing homes. Popular projects included outdoor spaces, home offices, and multi-generational living arrangements.³

New Home Buyers' Preferences are Changing

What are this year's buyers looking for in a new home? More space is at the top of their lists. The average size of a new home rose to 2,524 square feet in 2021, while the percentage of four-bedroom/three-bath homes also increased. Buyers are also seeking homes with space to work, exercise, and enjoy the outdoors. As far as features go, this year's five most popular new-home features are laundry rooms, exterior lighting, ceiling fans, patios, and walk-in pantries.⁴

Three Strategies for Improving Communication About Risk Management

Throughout the pandemic, the threat of risk and how to manage it has been on everyone's minds. Real estate agents have twice the responsibilities since they've had to consider potential COVID-related risks for clients and team members. They've also had to navigate a fine line between talking too much and creating worry -- or not talking enough and potentially damaging trust with key audiences.
Below are three ways to improve communication about potential risks:

• Follow a plan
  Don't improvise. Instead, think through potential situations and develop a plan for managing them if they arise.
• Focus on building trust
  It can be tempting to downplay risk to limit negative publicity, but that's the quickest way to lose trust with your audience. Instead, handle risky situations quickly and maintain consistent communication with your audience throughout the process.
• Create a risk communication strategy
  Your risk management strategy should include what you'll say and the tools you'll use for conveying your message when issues appear.⁵

Sources: ¹theamericangenius.com, ²nationalmortgageprofessional.com, ³mpamag.com, ⁴ magazine.realtor, ⁵ theamericangenius.com