Remote Work Drives Half of Housing Price Growth
Housing prices nationwide grew by nearly 24% from December 2019 to November 2021 – the fastest pace on record. More than half of the increase is due to the shift to remote employment during the same time period.
A recent study by the National Bureau of Economic Research found that, even as COVID lockdowns ended, 43% of part- and full-time employees were still working from home in November 2021. The Bureau also found that each percentage point rise in remote work translated to an almost 1% increase in housing costs. This is why more buyers' agents are paying close attention to the link between home prices and remote work.1
Biden Unveils Double Decker Plan to Fix Housing Shortage
Currently the nation has a housing shortage of 5.5 million homes...and the news gets worse. According to the National Association of Realtors®, this shortage could take more than a decade to close even if home construction increases. Here's the two-step plan announced recently by the Biden Administration to help increase housing supply:
1. Put affordable housing on the fast track.
This strategy would create and preserve hundreds of thousands of affordable housing units over the next three years through rental and down payment assistance. It would also grow the supply of homes by rewarding areas that reform their local zoning and land-use policies by making it easier for these to qualify for federal grants.
2. Challenge the private sector to build more homes.
Supply chain issues will be addressed in this strategy. The goal is to inspire the private sector to improve building techniques by challenging them to finish construction in 2022 on the largest number of new homes since 2006.2
Three TikTok #HomebuyerTips That Get Likes
TikTok isn't just for teenagers anymore. Over the past year, it's become the go-to social media platform for homebuyers looking for real estate advice. Here are three examples of advice from top agent TikTokers to help get your ideas flowing:
Bad MLS photos could mean a motivated seller.
Real estate listings that have poor photos could mean a property isn't being marketed properly. It could also mean that the seller's more interested in a fast sale than getting top dollar.
There are valid reasons not to postpone a home purchase.
The market might improve in a year - but a buyer's personal situation could also change for the worse while they wait.
Take a sniff of the basement first.
Remind home shoppers to check for water damage before getting too far along in the process. Sniffing out mold in a basement is easier if buyers head downstairs first after entering a home from the fresh outdoors.3
Three Tips to Maintain Your Financial Fitness
Keeping your business financially fit means staying on top of the latest trends and advice. Many agents agree there's not enough taught on the topic. Here's a refresher course of strategies that can help you maintain your financial fitness:
Tip #1: Plan ahead if you're a new agent.
If you're new to the industry, it's important to plan your marketing expenses one year ahead. You'll be able to create accurate future plans when you've already determined most of your biggest expenses.
Tip #2: Don't forget to focus on your base.
Remember to devote most of your time to the people who already know and trust you. Unlike new leads, they're most likely to help you grow financially.
Tip #3: Revisit your broker split.
You always need to stay on top of the money that's coming in – and going out. One key item to review is your broker split. Seasoned agents revisit this at least annually.4
The Hidden Secrets Behind Retargeting
Retargeting is the digital marketing technique that helps you get return website visitors. But how does it work? In a nutshell, retargeting works through the programming language JavaScript. The language creates a piece of code called a pixel that's inserted in high-interest areas of your website. Visitors are tagged by a pixel when they visit your site. Then, the pixel delivers follow-up ads related to your website when they visit similar ones.
The cost of a retargeting campaign can range depending on the agency you use to assist with the strategy, ads, and deployment process.
Before you launch a retargeting campaign, remember that your website must have a Privacy Policy that discloses your use of remarketing technology. You also need to inform visitors what type of information you share with third-party vendors. Finally, be sure to provide "opt-out" services for visitors who don't want retargeting.5
Sources: 1nationalmortgageprofessional.com, 2magazine.realtor, 3realtor.com, 4inman.com, realtybiznews.com5
Remote Work Drives Half of Housing Price Growth
Housing prices nationwide grew by nearly 24% from December 2019 to November 2021 – the fastest pace on record. More than half of the increase is due to the shift to remote employment during the same time period.
A recent study by the National Bureau of Economic Research found that, even as COVID lockdowns ended, 43% of part- and full-time employees were still working from home in November 2021. The Bureau also found that each percentage point rise in remote work translated to an almost 1% increase in housing costs. This is why more buyers' agents are paying close attention to the link between home prices and remote work.1
Biden Unveils Double Decker Plan to Fix Housing Shortage
Currently the nation has a housing shortage of 5.5 million homes...and the news gets worse. According to the National Association of Realtors®, this shortage could take more than a decade to close even if home construction increases. Here's the two-step plan announced recently by the Biden Administration to help increase housing supply:
1. Put affordable housing on the fast track.
This strategy would create and preserve hundreds of thousands of affordable housing units over the next three years through rental and down payment assistance. It would also grow the supply of homes by rewarding areas that reform their local zoning and land-use policies by making it easier for these to qualify for federal grants.
2. Challenge the private sector to build more homes.
Supply chain issues will be addressed in this strategy. The goal is to inspire the private sector to improve building techniques by challenging them to finish construction in 2022 on the largest number of new homes since 2006.2
Three TikTok #HomebuyerTips That Get Likes
TikTok isn't just for teenagers anymore. Over the past year, it's become the go-to social media platform for homebuyers looking for real estate advice. Here are three examples of advice from top agent TikTokers to help get your ideas flowing:
Bad MLS photos could mean a motivated seller.
Real estate listings that have poor photos could mean a property isn't being marketed properly. It could also mean that the seller's more interested in a fast sale than getting top dollar.
There are valid reasons not to postpone a home purchase.
The market might improve in a year - but a buyer's personal situation could also change for the worse while they wait.
Take a sniff of the basement first.
Remind home shoppers to check for water damage before getting too far along in the process. Sniffing out mold in a basement is easier if buyers head downstairs first after entering a home from the fresh outdoors.3
Three Tips to Maintain Your Financial Fitness
Keeping your business financially fit means staying on top of the latest trends and advice. Many agents agree there's not enough taught on the topic. Here's a refresher course of strategies that can help you maintain your financial fitness:
Tip #1: Plan ahead if you're a new agent.
If you're new to the industry, it's important to plan your marketing expenses one year ahead. You'll be able to create accurate future plans when you've already determined most of your biggest expenses.
Tip #2: Don't forget to focus on your base.
Remember to devote most of your time to the people who already know and trust you. Unlike new leads, they're most likely to help you grow financially.
Tip #3: Revisit your broker split.
You always need to stay on top of the money that's coming in – and going out. One key item to review is your broker split. Seasoned agents revisit this at least annually.4
The Hidden Secrets Behind Retargeting
Retargeting is the digital marketing technique that helps you get return website visitors. But how does it work? In a nutshell, retargeting works through the programming language JavaScript. The language creates a piece of code called a pixel that's inserted in high-interest areas of your website. Visitors are tagged by a pixel when they visit your site. Then, the pixel delivers follow-up ads related to your website when they visit similar ones.
The cost of a retargeting campaign can range depending on the agency you use to assist with the strategy, ads, and deployment process.
Before you launch a retargeting campaign, remember that your website must have a Privacy Policy that discloses your use of remarketing technology. You also need to inform visitors what type of information you share with third-party vendors. Finally, be sure to provide "opt-out" services for visitors who don't want retargeting.5
Sources: 1nationalmortgageprofessional.com, 2magazine.realtor, 3realtor.com, 4inman.com, realtybiznews.com5
Recent Comments