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Existing-Home Sales: Hello, 2015…

Jul 23, 2019 by

With inventory still stubbornly tight, existing-home sales sank 1.7 percent, according to the June National Association of REALTORS® report, newly released. Compared to June of last year, sales underwhelmed, down 2.2 percent.

Credit: National Association of REALTORS®

We’re in familiar territory, according to Lawrence Yun, chief economist at NAR.

“Home sales are running at a pace similar to 2015 levels—even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” says Yun. “Imbalance persists for mid- to lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”

Although inventory in June picked up—1.93 million, according to NAR’s report—the amount of for-sale homes has not materially risen year-over-year.

“Either a strong pent-up demand will show in the upcoming months, or there is a lack of confidence that is keeping buyers from this major expenditure,” Yun says. “It’s too soon to know how much of a pullback is related to the reduction in the homeowner tax incentive.”

Across all house types (single-family, condo, co-op and townhome), June’s median price was $ 285,700—a new record, and a 4.3 percent increase year-over-year, the report shows. The median price for sales in the single-family space was $ 288,900; the condo median was $ 260,100. By region:

Midwest
Existing-Home Sales: 1.25 million (-1.6% YoY)
Median Price: $ 230,400 (+6.7% YoY)

Northeast
Existing-Home Sales: 680,000 (-4.2% YoY)
Median Price: $ 321,200 (+4.8% YoY)

South
Existing-Home Sales: 2.25 million million (-0.4% YoY)
Median Price: $ 248,600 (+4.9% YoY)

West
Existing-Home Sales: 1.09 million (-5.2% YoY)
Median Price: $ 410,400 (+2.3% YoY)

Currently, inventory is at a 4.4-month supply, the report shows. In June, the average listing was on the market for 27 days, one day longer than the prior year. Fifty-six percent of homes were on the market for less than one month.

Of June’s sales, 4.69 million were single-family—a decline from 4.67 million the month prior, and from 4.77 million year-over-year. Condo and co-op sales totaled 580,000, a 6.5 percent drop year-over-year. Sixteen percent of sales were all-cash, and 10 percent by individual investors. Two percent were distressed. First-time homebuyers comprised 35 percent of sales.

“Historically, [today’s] rates are incredibly attractive,” says NAR President John Smaby. “Securing and locking in on a mortgage now—given the current, favorable conditions—is a decision that will pay off for years to come.”

For more information, please visit www.nar.realtor.

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Existing Homes: Low Mortgage Rates Revive Sales

Jun 23, 2019 by

Fueled by low mortgage rates, existing-home sales in May sprang 2.5 percent, with inventory leveling up to 1.92 million, according to the latest National Association of REALTORS® report.

“The month of May ushered in the home sales upswing that we had been expecting,” says NAR President John Smaby. “Sales are strengthening in all regions while we see price appreciation for recent buyers.”

“The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding,” says Lawrence Yun, chief economist at NAR.

Compared to last May, sales are still subpar, down 1.1 percent.

Credit: National Association of REALTORS®

“More new homes need to be built,” Yun says. “Otherwise, we risk worsening the housing shortage, and an increasingly number of middle-class families will be unable to achieve homeownership.”

Across all house types (single-family, condo, co-op and townhome), the median price was $ 277,700, a 4.8 percent increase year-over-year. The median price for sales in the single-family space was $ 280,200; the condo median was $ 257,100. By region:

Midwest
Existing-Home Sales: 1.22 million (-3.9% YoY)
Median Price: $ 220,500 (+5.6% YoY)

Northeast
Existing-Home Sales: 670,000 (Unchanged YoY)
Median Price: $ 304,100 (+6.6% YoY)

South
Existing-Home Sales: 2.32 million (+1.3% YoY)
Median Price: $ 241,400 (+3.6% YoY)

West
Existing-Home Sales: 1.13 million (-3.4% YoY)
Median Price: $ 409,100 (+4.1% YoY)

Currently, inventory is at a 4.3-month supply, according to the report. In May, the average listing was on the market for 26 days, two days longer than the prior year. Fifty-three percent of homes were on the market for less than one month.

Of May’s sales, 4.75 million were single-family—a bump from 4.63 million the month prior, but a decrease from 4.79 million year-over-year. Condo and co-op sales totaled 590,000, a 3.3 percent drop year-over-year. Nineteen percent of sales were all-cash, and 13 percent by individual investors. Two percent were distressed. First-time homebuyers comprised 32 percent of sales.

The hottest markets, according to realtor.com®’s Market Hotness Index, which is included in NAR’s report, were Rochester, N.Y.; Fort Wayne, Ind.; Lafayette-West Lafayette, Ind.; Boston-Cambridge-Newton, Mass.; and Midland, Texas.

For more information, please visit www.nar.realtor.

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Increase Sales Immediately With a GoldMine Pipeline™

May 29, 2019 by

Add unbelievable value as a sales manager or broker by implementing my exclusive sales lead and conversion strategy with your agents. This will generate immediate increases in listings, sales, revenue, marketshare and income for your agents and company! 

It’s the sales manager/broker’s primary responsibility to drive sales revenue to their operation, and to coach and drive the results of their sales teams. Your company is counting on you doing this—and, you may not realize it, but so are your agents!

We all know that most agents have very inconsistent income. They make money one month, then don’t the next. They fail to make new business generation a priority and they don’t create new business opportunities. Most spend too much time servicing the closing and should be generating new business every day. Because of this short-sightedness, they don’t have enough leads in their system to create the future listings and sales they would like to close; therefore, they don’t hit their production or income goals.

Additionally, they tend to only give attention to the 3-5 buyers (with very few listing leads) they have that want to do something “right now,” which I refer to as “in the now.” This mindset focuses only on “A” buyer or listing leads, and does not build a large enough pipeline of leads that they need to acquire and convert into appointments. The more people they are talking to, the more opportunities they have to close.

This strategy is the pulse of any agent’s business, and can increase an agent’s business from 50 percent to over 300 percent if done properly and consistently. Start to coach your agents with this mindset, watch my GoldMine Pipeline™ Strategy Webinar and request my GMP System™ document to assist you in creating this flywheel of lead generation and conversion within your sales teams! You will see dramatically huge increases of 40 percent-60 percent more production and sales revenue by increased appointments, listings and sales!

The GoldMine Pipline™ Strategy
Put all current and potential buyer and listing leads on the GoldMine Pipeline™ Strategy Worksheet and add up the total volume of sales for both categories. Rank their motivation, and include the potential selling price for each potential client and current client on the list. Add it all up. Add that number to the current inventory of active listings on the market, plus what is pending and has already closed, and an agent will have a fantastic year ahead of themselves.

Opportunities Aren’t Lost…They Go to Someone Else!
The goal of this sheet is to capture and stay close to all potential leads so that all leads are maximized. If a lead is not followed up with, we know that they will buy or sell with someone else—and they always do. There is nothing worse than seeing the listing in the MLS or the sign in the yard—not fun. Eliminate that from happening with the GMP System™ is in place and be the agent who adds the most value, gets hired and closes the deal.

Everyone Goes on the List
This is a list of current and potential clients, so every single lead goes on this list—even the name of a friend who has a referral on her street that she knows about. Put her name down on the list in order to remember to contact the friend about their referral. Once there is a name of the actual lead, then their name can go on the worksheet.

Focus on Appointments—They Make Sales Happen
The next step with these current and potential leads is to secure a face-to-face appointment with them. That requires updating an effective script strategy and perhaps increasing the marketing materials used. If there isn’t success in closing the leads into appointments, then new material, both written and verbal, are needed. All of the leads need to meet with an agent regardless of their timeline and needs, even if for just a quick tour of their home or to have them come to the office for a buyer consultation meeting. It’s important to cement the relationship as soon as possible. Remember, cell phones make outgoing calls! (Seriously, they do!) It is important to add tremendous value to get hired, and secure appointments that will move the client through the stages of the conversion process into a listing or sales contract. 

Empty List? Do More Prospecting and Lead Generation
If your list is empty, or has less than 20 names for buyers or listing leads, then do more prospecting activities. Schedule lead generation on the calendar as an appointment, and create a plan to focus on doing more open houses and planning what activities can be done to increase leads (sphere, opens, expireds, online lead conversion, past clients, etc.).

Existing Business Is Right There
There are existing buyer and listing leads already that agents have discounted, or thought the leads weren’t motivated when really, they are valid and legitimate. Go through old open house lists and pull the names. Generate lists from expired listing leads and all online leads that came in from listings.

Track Leads, Set Appointments, Close Sales
Track the numbers and watch the number of appointments increase weekly, which will in turn become new listings, sales and, most importantly, closings for income.

For a free copy of my Exclusive GoldMine Pipeline™ Strategy to create predictable monthly income, click here.

Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With 20 years of experience in real estate, Johnson offers coaching, consulting and keynotes, and is a national speaker for the Homes.com Secrets of Top Selling Agents tour. For more information, please contact coaching@sherrijohnson.com or 844-989-2600 (toll-free) or visit www.sherrijohnson.com.

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Backtrack for Existing-Home Sales: Can Lower Mortgage Rates Revive Them?

Apr 23, 2019 by

Existing-home sales in March tumbled 4.9 percent, coming off a February surge, the National Association of REALTORS® reports. At 5.21 million, existing-home sales last month underwhelmed by 5.4 percent year-over-year.

“It is not surprising to see a retreat after a powerful surge in sales in the prior month,” says Lawrence Yun, chief economist at NAR. “Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

Encouragingly, however, 1.68 million existing homes were on the market, an increase from 1.63 million in February and 1.64 million the prior year.

“We had been calling for additional inventory, so I am pleased to see that there has been a modest increase on that front,” says John Smaby, NAR president. “We’re also seeing very favorable mortgage rates, so now would be a great time for those buyers who may have been waiting to make a purchase.”

“Further increases in inventory are highly desirable to keep home prices in check,” Yun says. “The sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”

Across all house types (single-family, condo, co-op and townhome), the median price was $ 259,400, a 3.8 percent increase year-over-year. The median price for sales in the single-family space was $ 261,100; the condo median was $ 244,400. By region:

Midwest
Existing-Home Sales: 1.17 million (-8.6% YoY)
Median Price: $ 200,500 (+4.6% YoY)

Northeast
Existing-Home Sales: 670,000 (-1.5% YoY)
Median Price: $ 277,500 (+2.5% YoY)

South
Existing-Home Sales: 2.28 million (-2.1% YoY)
Median Price: $ 227,400 (+2.4% YoY) 

West
Existing-Home Sales: 1.09 million (-10.7% YoY)
Median Price: $ 398,300 (+3.1% YoY)

Currently, inventory is at a 3.9-month supply. In March, the average listing was on the market for 36 days, or six days longer than the prior year. Forty-seven percent of homes were on the market for less than one month.

Of the existing-home sales in March, 4.67 million were single-family—a dip from 4.91 million in February, and from 4.9 million year-over-year. Condo and co-op sales totaled 540,000, an 11.5 percent drop year-over-year.

Twenty-one percent of sales were all-cash, and 18 percent by individual investors. Three percent were distressed. First-time homebuyers comprised 33 percent of sales.

The hottest markets, according to realtor.com®’s Market Hotness Index, which is included in NAR’s report, were Columbus, Ohio; Boston-Cambridge-Newton, Mass.; Midland, Texas; Sacramento-Roseville-Arden-Arcade, Calif.; and Stockton-Lodi, Calif.

For more information, please visit www.nar.realtor.

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