NAR Report: Millennials Reclaim Position as Largest Group of Home Buyers
Millennials have surged ahead to become the largest group of home buyers, marking a significant shift in the housing market's demographic landscape, according to the latest report from the National Association of Realtors®. The 2024 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences among recent home buyers and sellers across generations, found that the combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), now make up a combined 38% of the home buying market, a substantial increase from 28% last year. Baby boomers, comprising both younger boomers (ages 59 to 68) and older boomers (ages 69 to 77), saw their share decrease from 39% to 31%, relinquishing their position as last year's largest demographic of home buyers. "The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers," said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. "This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs." The report underscored a rise in first-time buyers across many generations, with 32% of all buyers purchasing for the first time, an increase from 26% last year. Leading the charge were younger millennials, whose proportion of first-time buyers increased from 70% to 75% over the past year. Forty-four percent of older millennials and 24% of Generation X (ages 44-58) were first-time buyers. In parallel, the emergence of Generation Z (ages 18-24) in the housing market paints a picture of diversity and independence. While this cohort only accounted for 3% of all buyers, an impressive 31% of Gen Z purchasers were single females – a proportion significantly higher than that observed in any other generation. "Gen Z buyers are entering the housing market, and their demographics are emerging distinctly from other age groups," Lautz said. "More than half are single buyers, outpacing all age groups of single men and single women, and they are also most likely to identify as LGBTQ+." Despite these shifts in buyer trends, baby boomers remained the largest home-seller generation, accounting for 45% of all sellers in 2023. The tenure of homeownership before making a sale varied significantly by generation. While the median among all buyers was a 10-year stay before selling, older millennials typically sold their homes after just six years, contrasting sharply with Gen X, baby boomers and the Silent Generation (ages 78-98), who typically stayed in their homes for 15 years. "Baby boomers continue to dominate the home-selling market as they make pivotal decisions regarding their retirement living situations, whether it's right-sizing or moving closer to loved ones," Lautz said. "Benefiting from longer periods of homeownership compared to other generations, boomers approach these transactions with substantial equity, enabling strategic housing trades." In the face of changing market dynamics, the enduring appeal of homeownership remains strong. This year's report revealed that 82% of all buyers consider a home purchase a good financial investment, with this sentiment especially pronounced among younger millennials, 86% of whom echo this positive outlook. Across all generations, nine out of ten buyers indicated they would either definitely (75%) or probably (15%) enlist their real estate agent's services again or recommend them to others. Similarly, among sellers, 87% expressed they were likely to reuse or refer their agent. "The universal value of owning a home transcends every generation, serving as a cornerstone for both personal prosperity and community development," said NAR President Kevin Sears, broker-partner of Sears Real Estate in Springfield, Massachusetts. "In navigating the complexities of the market, buyers and sellers continue to rely on agents who are Realtors® for their expertise and guidance, underscoring the invaluable service they provide in bringing dreams of homeownership to life." Download the full report here. More in Research The Shifting Dynamics of Buyer-Agent Relationships in Real Estate How Agents Are (Unintentionally) Violating Fair Housing How Critical Will It Be to Renovate Before Selling In 2024?

How the New Generation Is Changing Home Buying
A new generation of home buyers is beginning the house hunt not by searching online listings or participating in virtual tours and open houses. Instead, young buyers are connecting with REALTORS® and researching properties and neighborhoods on social media platforms like TikTok, Instagram and YouTube. (On TikTok, the hashtag #realestate has over 5 million posts.) These platforms are popular avenues for Gen Z and millennials to consume information in general. One report found that a whopping 80% of Gen Zers spend their time on YouTube, another 75% on Instagram and about 60% on TikTok. And 35% of all Gen Zers spend over four hours each day on social media. But Gen Zers and Millennials aren't the only ones using social media platforms as their primary source of finding information. According to one forecast, approximately 11.3 million baby boomers will purchase a product via social media. Another study found that 83.9% of baby boomers say they feel like social media has improved their lives. What does this mean for real estate professionals? Now more than ever, establishing an online presence across a wide variety of media platforms is incredibly important to having a successful business. The Importance of Building a Digital Brand Having active, up-to-date profiles on all social media platforms will give practitioners a much better chance of reaching their target audience. Social media can help you position yourself as an expert and make important connections with other leaders in the industry. You can also use social media as a tool to educate buyers who may not be familiar with all the ins and outs of purchasing a home, further boosting your credibility. Perhaps the most powerful opportunity in social media is generating referrals and driving traffic to your website. When people discover you and are ready to take the next step in their homebuying journey, that's when they visit your website. And that's where you can convert them into leads. Standing Out in the Digital Age Where do you even begin in setting up a high-quality, intentionally crafted online presence, especially across multiple platforms? Here are a few tips to help you get started. Make sure you have a website that you can link to in your social media "bio" section. Often, people will look at your social media profiles as a preview of what you do and who you are, and they'll want to visit your website for the bigger picture. You'll need to make sure that your website is simple, professional, easy to use and includes multiple reminders to contact you via email or phone. You can quickly create a sleek, professional website with a .realtor™ domain, which is one of your exclusive benefits as an NAR member. Build up content that you can spread out over the week, and consider using an automation tool to schedule and publish posts. Find a day where your workload is a little lighter than usual and create as much content as you can in one go. Once you've created and edited this content to your satisfaction, you can schedule them to post on certain days of the week, taking the timing pressure off. Many platforms have free built-in tools that allow you to schedule the posts to publish ahead of time. Set aside time to respond to messages and comments. While you want to try and respond to audience interactions as quickly as possible, sometimes there will be comments or questions that require more thought. Depending on the growth of your following, you may also have an overwhelming amount of interactions on your profiles. Set aside an hour or so each day to go through and reply to messages and comments. Leveraging the .realtor™ Domain and Website NAR members can claim their .realtor™ domain (free for the first year), which includes a professional website with a number of templates to choose from. You can even choose to pay for concierge services that will help you register your domain, connect your social media, add a photo gallery and more. Having a .realtor™ domain immediately tells customers that you're a trustworthy, reliable real estate expert. It tells people what you do in an instant. Your website will help you stand head and shoulders above the competition, all while providing potential clients an easy and effortless way to access your accomplishments, the areas you service, and your digital portfolio. Social media is here to stay. The digital world is rapidly changing the way that people approach home buying, and it will continue to create trends that impact the real estate industry. So, don't miss out! Get started with your .realtor™ domain so you can begin building your digital brand and guarantee future business growth. Related reading Elevate Your Visibility Online With a Lasting Digital Brand The Top 10 Ways to Build Your Personal Brand Online, from REALTORS® Who Know Boost Your SEO Rankings with a .realestate Domain Lead Gen for Every Career Stage: How to Scale Your Website with Your Business Friday Freebie: One Month of a .realtor™ or .realestate Premium Website

Trend Alert: These Features Help Homes Sell Faster and for More Money
Home buyers are willing to pay more for a backyard decked out with all the bells and whistles. New Zillow research finds homes equipped with an outdoor TV command 3.1% more than expected — or $10,749 on a typical U.S. home. That's the highest sale price premium of all 359 features Zillow analyzed across nearly 1 million home sales in 2023. Homes with other desirable backyard features such as an outdoor shower, pizza oven and bluestone patio also fetch higher-than-expected sale prices when those features are mentioned in a listing description. Six of the top 10 features that help homes sell for more are outdoor features, signaling that the pandemic-era demand for functional outdoor space remains. Certain trendy or viral features can attract more competing buyers, contributing to a speedier sale. Rounded corners, popular in contemporary furniture design and now architecture (hello, curvy kitchens), can help a home sell six days faster than similar homes. #Plantparents snap up homes that mention a plant ledge in their listing description more than five days faster than expected. Statement terrazzo tile can help a home stand out and sell nearly four days faster. "When certain home features or design styles are highlighted in a listing description, they serve as a signal to a buyer that a home is appealing and up-to-date. As a result, those features can help a home sell faster and for more money," said Amanda Pendleton, Zillow home trends expert. "On the flip side, certain features can suggest a home is dated and needs work, and can lower a home's sale price. Features like laminate or tile countertops can hurt a home's value by at least 1% when mentioned in a listing description." In with the new Modern features that signal a home is either brand new or recently remodeled contribute to higher sale premiums. The current look of contemporary homes often incorporates matte black finishes and white oak flooring, which can boost a home's sale price by 2.9% and 1.6% respectively. Soapstone now outperforms quartz as the countertop material of choice, contributing to a sale premium of 3% versus 1.7%. And a beverage center is the new wine fridge. Beverage centers can help a home fetch a 2.4% sale premium, compared to 0.9% for wine fridges. These undercounter refrigerators offer different temperature settings for different types of beverages, not only wine. If you've got it, flaunt it Homeowners looking to sell for top dollar this spring will want to highlight these home features if they've got them. However, installing an outdoor shower or any of these individual features solely for resale may not deliver these kinds of returns. Instead, these keywords should be viewed as signals about everything else a home has going for it. For instance, if a home has an outdoor shower, it probably has a pool or is close to the beach, which is what buyers are ultimately willing to pay more for. Sellers should also keep in mind that features that help homes sell in one neighborhood may not resonate with buyers somewhere else. An experienced local real estate agent with extensive market knowledge can help sellers highlight the right features, and will likely have other creative pricing and marketing strategies to help maximize a home's sale price. Affordability curbs features' price premiums Price premiums for individual features were lower across the board in 2023 compared to previous years, as buyers' budgets were constrained by higher mortgage rates. Affordability remains the biggest hurdle for home buyers, particularly first-time buyers, who must prioritize "need to have" features over "nice to have" features. Home shoppers will face similar affordability challenges this spring home shopping season, along with more competition for homes that have sought-after features. Affordability calculators can help buyers set a budget, and buyers can then search for homes by monthly cost instead of by purchase price. With attractive homes flying off the market in only 17 days, prospective buyers should get pre-qualified for a mortgage first, so they can act quickly when the right home comes along — with or without an outdoor TV. Top 10 features that sell a home for more than expected Top 10 features that sell a home faster than expected Related reading Home Design Trends for 2024 Home Trends: What's In (and Out) for 2024 Research-backed Remodeling Ideas that Net a Higher Sales Price

Top Buyer Trends in the Real Estate Market for 2024: What Realtors need to know
The real estate landscape is constantly evolving, driven by shifts in buyer preferences and technological advancements. As we edge closer to prime real estate season, it's crucial to stay ahead of the curve by understanding the emerging trends shaping the market. We'll dive into the top buyer trends expected to dominate the real estate market in 2024, providing insights to help you navigate the changes and capitalize on new opportunities. 1. Sustainability takes center stage Environmental concerns are pushing buyers towards homes that are not only spaces of comfort but also eco-friendly havens. In 2024, expect to see a significant rise in demand for properties equipped with energy-efficient appliances, solar panels, and sustainable building materials. This shift is not just about reducing carbon footprints—buyers are looking for homes that promise lower utility bills and a healthier living environment. 2. The rise of smart home features Technology continues to redefine the way we live, and the real estate market is no exception. Smart home features are moving from luxury add-ons to must-haves for buyers in 2024. Automated security systems, smart thermostats, and voice-activated controls are becoming standard expectations. Properties that offer these tech-savvy amenities will not only stand out but also fetch higher market values. 3. House hunting goes digital The digital revolution has transformed house hunting from a physically demanding task to a virtual experience. Buyers in 2024 are leaning towards realtors who offer immersive virtual tours, detailed online listings, and instant communication channels. This trend underscores the importance of a strong online presence for Realtors, highlighting the need to invest in virtual tour technologies and digital marketing strategies. 96% of home buyers search for their dream home online (source) 4. The desire for multi-functional spaces As remote work becomes more ingrained in our culture, the demand for homes with multi-functional spaces is surging. Buyers are seeking properties with designated home offices, personal gyms, and outdoor living areas. These spaces offer the flexibility to blend work, fitness, and relaxation seamlessly into daily life, making them highly desirable in the upcoming market. 5. Urban exodus continues The urban exodus trend, accelerated by the pandemic, shows no signs of slowing down in 2024. Buyers are trading city skylines for suburban tranquility, driven by the desire for more space, lower living costs, and a closer connection to nature. Realtors should focus on highlighting the benefits of suburban properties, including larger lot sizes and community amenities, to attract this growing buyer segment. 6. Emphasis on health and wellness The health and wellness movement is making its mark on the real estate market. In 2024, properties that promote a healthy lifestyle, through proximity to parks, fitness centers, or offering clean air and water filtration systems, will be in high demand. Buyers are prioritizing their well-being, making it essential for Realtors to showcase homes that support a wholesome lifestyle. 60 percent of home buyers cited quality of the neighborhood as the most important factor determining the location (source) As we look towards 2024, the real estate market is poised for significant transformations, influenced by sustainability, technology, digital advancements, and changing lifestyle preferences. Staying informed about these trends and adapting strategies accordingly will be key to meeting buyer demands and succeeding in a competitive market. Want to adapt to the changing real estate market and better serve your clients? Check out iGUIDE to enhance your online property listings. To view the original article, visit the iGuide blog.

Anticipating Market Trends: A Data-Driven Approach for REALTORS with RPR
The real estate market is known for being dynamic, with prices and inventory levels constantly changing. For REALTORS®, the key to success is making well-informed projections based on solid data. RPR (Realtors Property Resource®) serves as an invaluable tool, offering a depth of historical and current market data that can provide clues to what lies ahead. In this article, we'll explore how leveraging RPR Market Trends and other vital data points can inform the decision-making process and help you craft strategies that align with the expected ebb and flow of future market conditions. The Predictive Power of Historical Data While historical data isn't a blueprint for the future in real estate, it often provides valuable clues that can help shape our forecasts. By analyzing past and present data, REALTORS® can recognize signs of what's to come. For instance, a consistent decrease of Median Days in RPR in a specific area can indicate increasing buyer interest, prompting a strategy to price new listings competitively. Key Market Trend Indicators for Anticipating Future Changes When starting, there are so many metrics to choose from, but two key indicators stand out: Month's Supply of Inventory and List to Sold Price averages (the average percentage difference between listing prices and final sale prices). These figures do more than summarize the past—they showcase potential future developments. Months Supply of Inventory Months Supply of Inventory indicates how long the current inventory would last at the present sales rate if no more listings were added. A low number suggests a seller's market and a high number points toward a buyer's market. Take, for example, an inventory that decreases over consecutive months—this trend could signal a growing seller's market. By recognizing this early, a REALTOR® might advise sellers to list sooner or buyers to act fast. RPR's graphs turn complex data into visual stories that are easy to read and act on. Average List to Sale Price Looking at past List to Sold Price Average Percentages offers a clear picture of the market's bargaining behavior. If this percentage rises, sellers gain more negotiation power, and listing prices should be set accordingly. Average Sold Prices serve as the benchmark—when aligned with a specific neighborhood's pricing trends, REALTORS® can more accurately advise clients on offers to make or accept. Time on Market and Seasonal Forecasts Median Days in RPR can be a powerful metric to estimate better how quickly properties will sell in the future. A downward trend typically indicates increasing demand, leading to a faster-paced market. For instance, a REALTOR® observing a shortened time on the market during spring can capitalize by listing properties when buyer activity begins to climb. Seasonal graphs in RPR help predict these cyclical shifts, aiding in timing the market perfectly. See Market Trends in Action: Get a close look at the dynamic real estate landscape with RPR's Market Trends. Short-Term vs. Long-Term Market Changes Market analysts know the devil is in the details of short-term (last month) and long-term (12-month changes) trends. While the former offers a snapshot, the latter shows the market evolving. For example, if condo sales are on the rise over the last month, but single-family homes have seen steady growth over a year, REALTORS® can tailor their property focus and marketing campaigns to align with these trends. Incorporating Additional Economic Indicators No market exists in a vacuum. Supplementing RPR data with additional economic indicators like mortgage interest rates or local employment stats paints a more complete picture. For instance, a low unemployment rate might encourage higher listing prices due to increased buying power—RPR's integration of these economic elements ensures REALTORS® have a comprehensive view. Take Market Trends Further: For those eager to dive deeper into Shareable Market Trends, there are lots of resources available. Visit RPR's learning center for a webinar, tutorials and ebooks that will sharpen your analytical skills. Use RPR's Historical Data to Anticipate Future Market Trends Predictive analytics is no longer just an advantage—it's necessary for REALTORS® who want to thrive in a competitive marketplace. By interpreting RPR Market Trends, you'll understand where the market has been and, more importantly, where it's headed. Embrace RPR's historical data to create a vision for the future, and let its powerful insights inform your strategic decisions. To view the original article, visit the RPR blog. Related reading 'How's the market?' Learn how to respond with RPR Market Trends Elevate Your Business with RPR's Master the Market eBook Series How to Spark Real Estate Conversations with Friends, Family, Clients and Prospects

Top 5 Hot Tech Trends in 2024 and How They Will Benefit You
From artificial intelligence to next-generation devices, new tech tools promise to enhance efficiency, improve client relations, and, ultimately, help you grow your business. But wait – you have heard those promises made by other new tech breakthroughs in the past, right? How do you know that all the buzz about this new tech won't be another case of over-promising and under-delivering? Tech Helpline keeps an eye on emerging technologies that may impact real estate. Let's dive into five new technologies that will make waves in 2024 and explore how they can benefit your real estate business. 1. Personal AI assistants: The rise of digital efficiency Personal AI assistants are evolving, offering more than just reminders and weather updates – "Hey Alexa, what's the weather today?" Today's AI assistants can manage your schedule, handle client communications, and even generate reports, all through voice commands or simple text inputs. As they continue to integrate with various platforms, you will synchronize your tasks across devices, making your workflow seamless and efficient. Benefits for real estate agents For real estate agents, this means less time spent on administrative tasks and more time for client interaction and property showings. Imagine having an AI assistant that can schedule your open houses, send follow-up emails after a client or prospect call, remind you of crucial deadlines – and even answer your texts. This level of automation allows for a more personalized service to clients, as you can focus on their needs, reducing the stress of juggling multiple tasks. Application in action An agent could use a personal AI assistant to analyze market trends, compile compelling hyperlocal comparative market analysis reports, and perhaps provide a new way of creating listing prices based on data gathered from the same sources you use now and based on your process, but automatically. This speeds up your process and provides more data-driven approaches to your more complex tasks. 2. Your own ChatGPT: Tailored conversational AI ChatGPT, a conversational AI, has been customized for various industries, including real estate. This AI can engage in meaningful conversations with clients, answering their questions about properties, buying processes, and financing options in real-time. Its learning algorithm improves with each interaction, providing more accurate and helpful responses over time. It's what Ojo and Ylopo have been working on for years, but a more "lite" version. Advantages for agents The next wave of ChatGPT plugins may help revolutionize how you interact with clients. They might help you qualify leads, provide instant responses to inquiries, and even handle preliminary discussions, freeing you to focus on more complex negotiations and closings. Expect this new technology to be embedded in your website and, eventually, social media platforms, ensuring you're always available to your clients any time of the day. Real-world usage Imagine a scenario where a potential seller or buyer has questions in the middle of the night; you know from experience that it does happen. Your personal ChatGPT plugin can engage them, provide detailed information about listings, and even schedule viewings, ensuring that you don't miss out on opportunities just because you're offline. Then, it will give you the entire conversation before you take over and connect directly with the prospect. 3. New devices like Rabbit R1: Next-generation timesavers The Rabbit R1, perhaps the hottest new tech at the January Consumer Electronics Show (CES), stands out as what could be the best new tech tool for real estate. How many apps do you have on your phone? How many do you use daily? How many do you still need, but only occasionally? What if there was a device that could turn all your apps into an "Easy button"? Just tell it what you want, and it will deliver it back. That's what Rabbit R1 will do. It is a personal assistant to control your smartphone. A red-orange device half the size of your smartphone but a bit thicker costs $199. And it's harder to get than the first-gen iPad; it doesn't even ship until late March – the second batch of 10,000 units sold out in one day. This device uniquely aggregates and summarizes notifications and messages from various apps, including email and social media, into a single, streamlined summary. For real estate agents, who often toggle between multiple platforms to stay connected with clients and manage their listings, the Rabbit R1 offers a significant leap in productivity and time management. Benefits for the agent With the Rabbit R1, the daunting task of checking numerous apps for updates becomes a thing of the past. Imagine starting your day with a concise summary of all your communications across platforms. This capability allows agents to assess their priorities quickly, respond more efficiently to client inquiries, and manage their social media presence without switching between apps. The time saved can be redirected towards more valuable activities, such as client meetings and prospecting. Practical application Consider the scenario where an agent manages multiple listings across different platforms and communicates with clients through email, text messages, and social media. The Rabbit R1 can compile all messages related to each listing and present them in a unified view. This ensures the agent has all the relevant information at their fingertips, enabling them to provide timely and comprehensive responses. Because it protects the agent from overlooking messages, the Rabbit R1 enhances the agent's ability to maintain high client satisfaction and engagement levels. 4. Smarter smartphones: Enhanced capabilities for agents Smartphones are getting smarter, with next-gen features that agents will welcome, including better cameras for property photos and built-in AI that makes activities like maximizing your CRM or creating a market report a breeze. How agents benefit With more advanced smartphones, agents will better manage their business on the go, from having a CRM they use daily to reducing the time they spend marketing and on social media as automation assistance becomes a big deal. Smarter phones mean agents can provide faster, higher-quality information to clients. The better agents can leverage this new tech, the further they can distance themselves from the competition. In the field An agent gets a text from a prospect and has no idea who it is. Embedded AI could automatically search emails – and even the web – for missing email, phone, and other contact info, updating your CRM automatically. This may not happen this year, but this type of smarter tech is coming. Need a virtual staging photo? Soon, digitally creating fully outfitted rooms may be do-it-yourself from upcoming advancements. 5. Automated listings: Upload your photos, first! Automated listings technology uses computer vision and generative AI to simplify creating property listings. By simply uploading photos, AI-powered CV can identify home features automatically (Wolf stove, Subzero refrigerator). It also can instantly create photo captions for every photo. Advantages for agents This technology saves time and ensures that listings are optimized for visibility and appeal. More importantly, CV automatically ensures compliance: it can find people, logos, and other potential MLS violations before the listing is complete. It may even blur the suspect item to make the photo compliant. Agents can focus on face time with sellers and buyers, confident that their listings are competitive and compelling. In practice Do you struggle with writing engaging and compelling property descriptions for your listings? AI provided by Restb.ai, embedded in nearly every major MLS tech system in 2024, does everything mentioned, including providing different property descriptions to select from in various tones. Plus, an agent can edit anything before it's posted, making the property description their own. The new way to start a listing is to upload all the photos first! Embracing new technology These top tech trends offer exciting opportunities for real estate agents in 2024. By embracing personal AI assistants, ChatGPT, innovative devices like the Rabbit R1, taking advantage of smarter smartphones, and leveraging automated listings, agents can increase their efficiency by 3X or more, improve client satisfaction, and stay competitive in a rapidly evolving market. These tools will streamline day-to-day operations and create new ways to grow and succeed in the real estate industry. Related reads From the Tech Helpline Blog: It's magic: new AI-powered software can make your photos look amazing 5 emerging technologies impacting real estate 3 best AI prompts for real estate agents Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.

Home Design Trends for 2024
As we usher in a new year, 2024 home design trends are top of mind. Uncovering what's hot – and what's not – can directly influence how quickly a home sells on today's market and, more importantly, how much higher the final sales price will be with the right design elements for your sellers. Navigating the subjective world of home design can be as nuanced as the clients you serve. Helping homeowners make aesthetic choices that resonate personally and enhance their properties' marketability is the goal. When assessing what choices to make, the question designers will fall back on is, "What makes sense for the home and the future homeowner?" The newest trends for 2024 This year, you'll see a trend toward warm, earthy, and welcoming spaces. After being locked inside our homes for two years, people want to be a little bit cozier in their spaces. Kitchens remain the heart of the home The quintessential white kitchen with its white shaker cabinets – a long-revered staple for remodels – is ceding ground to its warmer counterpart: wood kitchens. But these are not the wood kitchens of yesterday. These spaces are being reinvented with modern twists that make them fresh and welcoming. The kitchens of 2024 are not just cooking spaces but often a central gathering place in a home. Another big trend for higher-end homes adding newer spaces are pantries that are as big as kitchens and even second kitchens. These are "back of the house" spaces designed for baking or meal preparation – highly functional, utilitarian spaces to work and store multiple appliances – and still have the "pretty kitchen" up front. A new canvas of colors This year bids goodbye to the gray tones and the clinical feel of white, welcoming instead earthy browns and the liveliness of greens. You'll see a huge push towards these colors as their hues reflect our natural world, fostering a serene and comfortable ambiance to every space in a home. We're moving away from the vibrant colors that pop to softer tones. It's no surprise, for example, that the color of the year is "Peach Fuzz." Illuminating your space This year's emerging trend in lighting is flush mount fixtures, replacing the ubiquitous can lighting. Flush mount lights create a more intimate glow and feel. That's not suggesting that everyone replace all their can fixtures, but again, this notes a trend towards a warm and welcoming feel. Pendants will always be a thing; the same is true with chandeliers. You will also see more tubular flush mount light fixtures and more sconces. Table lamps and floor lamps are also becoming more common. Spending as much time as we have in our homes made us realize that the bright natural morning light is welcome, but at night, we like to have things toned down as we wind down and relax. The right fixtures can do that – they can completely change a room's feel. Mixing finishes Today, designers are now leaning into mixing materials. You no longer must have one finish throughout your whole home: every fixture doesn't have to be brass. You can now use polished nickel or throw in black as finishes. There is a movement towards eclecticism. People are attracted to a home that feels warm and welcoming. What can detract from that is when everything is so matchy-matchy. It's kind of like bedding in a bag. You go to a big box store, grab your bedding-in-a-bag, and everything matches: your pillow covers, sheets, and comforter – everything is all curated for you. Sure, it looks great. But does it have that kind of lived-in layered look? Does it say "warm and cozy"? Flooring fashions Flooring choices are all about how you are going to use each space. Cool and trendy, take a back seat to what's practical. If you have several dogs or kids, LVP (luxury vinyl plank) is the perfect solution because you get the wood look. Still, you don't have to worry about its cleanability or durability. Today, flooring is swaying towards natural wood tones: timeless, elegant, functional, and warm. You are seeing a little less gray. Natural tones bring a bit of nature indoors. We also are seeing the beginning of a future trend in flooring: a renaissance of darker hardwoods, suggesting a swing back to more classic, rich, deep tones. You also will see a comeback for stone flooring – including slate – but with a fresh twist: It's travertine, honed, and large format. Yet it's not overkill, being used sparingly in mudrooms or entryways. Consistency is key The cornerstone of any home design process is being true to the home's character. Whether it's an elegant Colonial, ornate Victorian, or has the clean lines of a Mid-century modern, interior improvements should complement the type of home, not clash with it. Design consistency creates harmony. A fresh set of eyes It's hard for homeowners who have lived in their homes for 20 years to see it any other way. When a designer comes into the remodeling process, they put a fresh set of eyes on every space. Their overarching goal is to make it a home that will be loved. Design trends are great because they put new ideas into your head. It would be boring if we all loved the same things, right? Looking for the right design elements that appeal to more buyers is what sellers want to embrace — not just adding something because it is trendy, but because it can make someone fall in love with their home. Demographics and budgets matter Real estate agents understand that demographics and budget are essential components of the design process. You must look at the local neighborhood and nearby homes. Real estate is local, and so is design. In some places, designers can push the envelope, like in Los Angeles or San Francisco, where people trend a bit younger, want a cool space, and welcome more edgy elements. Designing for an established neighborhood requires a designer to be more conservative. Designers also look at what's going on in the neighborhood. What does the neighborhood tell us? Is it a young, hip beach area? You can push it a little bit and perhaps throw in some hip light fixtures, but make it something that can be easily changed. Design also is tremendously influenced by the budget allotted. For example, for a pre-sale renovation, budgeting is a vital element addressed on the front end with you, the agent, and the homeowner, considering the desired ROI and the options available. The key to success is finding the best product at the best price. Agents are happy because they're selling something they are proud of – a revitalized home with a beautiful new bathroom, fully remodeled kitchen, or whatever that special space is. It can't look like the house that someone flipped down the street and reaps of Home Depot. Homes that have a designer look and use higher-end products stand out against the rest. Trends are great, but… While it's fun to look at home design trends as they curate fresh ideas in our heads, staying true to the home and making a home one's own space is vital. The best design trends for a home being prepared for sale are the ones that turn the home into one that the next buyer will love. Rebecca Denis is Senior Interior Designer for Revive Real Estate, partnering with real estate professionals to provide the funding, guidance, design and contractor needed to get strategic pre-sale renovations done fast and for maximum value. A "Street of Dreams'' designer for homes in Portland, OR and Vancouver, WA, and with a Bachelor of Science degree in Interior Design, for more than a decade, Denis has been a leading home designer. Thank you to Revive for sponsoring this article on RE Technology! Related reading Home Trends: What's In (and Out) for 2024 Research-backed Remodeling Ideas that Net a Higher Sales Price

Real AI: Survey reveals real estate's heavy use of AI, fast facts, five headlines, and a Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI survey reveals real estate's heavy use, wide adoption A brand new study from real estate tech leader Delta Media shows the popularity and use of artificial intelligence (AI) in real estate has become nearly ubiquitous among America's leading real estate brokerages. Today, 75% of America's real estate brokerages already use AI technology, and almost 80% report that their agents have adopted AI tools. The responses, compiled from more than 130 leaders of real estate brokerages representing firms responsible for 65% of all real estate transactions nationally last year, also uncover worries about risks related to unchecked AI usage. Among the most striking findings come from gender differences: Female leaders recognize AI's importance more, especially in mid-sized brokerages with substantial transaction volumes. A greater percentage of female leaders (85.3%) utilize AI in their businesses than male leaders (70.4%). Female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI. The youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI. What's the profile of the "typical" brokerage leader using AI today? He (predominantly male) is an experienced senior executive helming a mid-sized brokerage. This contrasts with the characteristics of brokerages most actively using AI, often led by women aged between 31-39 or 50-59 years, managing a considerable number of agents and overseeing substantial transaction volumes. Among the other top findings: More than half of the top brokerage execs said they are "worried or very worried" that AI "does not have the appropriate guardrails" to limit their risk or liability around it. Real estate agents employ AI in their day-to-day business, primarily leveraging this technology to craft property descriptions (82%), followed by generating blog posts, emails, and letters (67%), social media content (60%), website content (44%), and writing personal bios (43%). AI is not just present but growing, with executives rating its current importance to the industry at 5 out of 10, which surges by 40% when asked about AI's importance in the "near future." Leaders note they plan to leverage AI in the future; digital marketing (73%) and social media (72%) are the leading anticipated uses. While some experts predict 2024 will be the year of AI personal assistants, only 23% of brokerage leaders see AI used for front-office or admin support this year. Remarkably, one in ten (11%) have "No plans to use AI" this year. AI fears But rapid AI adoption in residential real estate isn't without some misgivings: More than half of the top brokerage execs responding said they are "worried or very worried" that AI "does not have the appropriate guardrails" to limit their risk or liability, with female leaders slightly more concerned than their male counterparts. The highest level of worry is among brokerage leaders aged 60 or older, especially those managing smaller teams and lower transaction volumes. Conversely, middle-aged leaders of large brokerages with massive transaction volumes exhibit the least concern. Michael Minard, owner and CEO of Delta Media and an AI thought leader, notes, "As AI reliance grows, brokerages need assurance that their tech partners providing these tools have sufficient safeguards to protect them from the potential downsides. Managing risks remains an imperative even as competitive pressures make adoption table stakes." AI Fast Facts Nine in 10 global organizations believe AI will give them a competitive edge over their rivals – MIT Sloan Management Nearly 40% of large companies plan to use AI, according to Adobe, but among real estate brokerages, usage is nearly double that (75%), according to Delta Media. Studies show that almost 100 million people will be working in the AI industry by 2025 – We Forum Nearly 4 in 10 marketers believe that AI email marketing improves market revenue – Statista AI and Machine Learning are expected to replace about 1 in 6 US jobs in less than half a decade – Forrester Sources: Various collected by Exploding Topics AI Headlines: Take 5 What AI Can Do for Real Estate Professionals, and What It Won't | 1/17/24 - RISMediaAI can be your personal assistant, but AI can't replace real estate agents. Big Thinkers: Meet the AI Leaders Changing the Future of 3 Important Industries | 1/13/24 - Success MagazineGlenn Sanford of eXp Realty is identified as helping to pave the way for AI in real estate. Davos 2024: 5 business leaders on adopting AI and managing associated risks | 1/15/24 - World Economic ForumDespite significant "job re-organization," AI will lead to the emergence of new job roles. How CTOs can make the case that AI investments create value | 1/12/24 - FortuneConcrete examples of how AI is being used to create value at firms like Papa John, Canva, and Cushman & Wakefield. 2023 Was About Using AI. 2024 Is About Using It Better: Mosaik CEO | 1/16/24 - Inman NewsMosaik founder and CEO Sheila Reddy discusses AI's future ahead of Inman Connect. Quote the week To view the original article, visit the WAV Group blog.

Real AI: AI free-for-all, AI gets its own keyboard key, fast facts, top headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. The AI free-for-all 2024 is signaling a messy year ahead for AI. Last week, Apple and Disney were told by the U.S. Securities and Exchange Commission that they could not avoid shareholder votes calling for reports on their use of AI. The creators of Siri and Mickey were asked to disclose how the companies are using AI in their business operations. Apple was explicitly asked to reveal "any ethical guidelines that the company has adopted" related to the use of AI, Reuters reported. Likewise, questions for Disney centered on what role its board plays in overseeing AI usage. Seems pretty straightforward, right? Not so fast. Disney and Apple argued that such disclosures were "ordinary business operations," and they don't need to disclose, just like the firm's choice of which technology they use. The SEC disagreed, saying the requested disclosures "transcends ordinary business matters." Who is behind the requests looking for AI use and abuse? The AFL-CIO says they are just asking these giants to disclose like Microsoft already does. Adding to this latest news is the lawsuit against OpenAI for copyright infringement that comes from the New York Times, the recently settled Hollywood strikes, new AI laws making their way through state legislatures (like California) and Congress, and the AI Bill of Rights proposed by The White House. It's a bit of an AI free-for-all out there. How do these things impact real estate? AI usage is already remarkably high in our industry and leading the most. Significant potential impacts of AI are essential to follow – and track. AI gets its own keyboard key Are you a Windows user? Have we got a new key for you! Microsoft has been over the moon about its Copilot technology. Leaked strategically before CES (Consumer Electronics Show) next week in Vegas, Microsoft is touting it as the first change to its keyboard in three decades. First, what is Copilot? It's a shortcut to connect you with Generative AI via Microsoft's Office 365 Suite, including Excel, Word, PowerPoint, and Outlook. It also introduces "Business Chat" as somewhat of a virtual assistant. As Microsoft writes on its blog: Copilot is integrated into Microsoft 365 in two ways. It works alongside you, embedded in the Microsoft 365 apps you use every day — Word, Excel, PowerPoint, Outlook, Teams and more — to unleash creativity, unlock productivity and uplevel skills. Today, we're also announcing an entirely new experience: Business Chat. Business Chat works across the LLM, the Microsoft 365 apps, and your data — your calendar, emails, chats, documents, meetings and contacts — to do things you've never been able to do before. You can give it natural language prompts like "Tell my team how we updated the product strategy," and it will generate a status update based on the morning's meetings, emails and chat threads. The new AI "key" to access Copilot replaces the menu/application key, right next to the right-hand alt key on most keyboards. Press it, and it launches Copilot, which is built into Windows 11. It provides a chat window prompt for questions or requested actions. For now, we understand that Mac users have access to Copilot via Teams or the new Outlook for Mac. However, we're pretty sure Mac users will not flock back to Outlook (at least those of us who remember the horror of that email program; once you go Mac, you don't go back). AI Five Fast Facts A McKinsey survey found that 63% of companies experienced increased revenue after adopting AI into their systems. 35% of Americans believe that AI makes their lives easier, says a study by YouGov and Statista. Pew Research Center reported while more than half (57%) of adults in the United States have heard of ChatGPT, only 14% have tried it. Top 3 industries that adopted Generative AI in the workplace: Marketing and Advertising (37%), Technology (35%), and Consulting (30%), reports Statista. Statista projects the market size for AI-driven robots will reach $77.7 billion by 2030. Source: The Blogging Wizard AI Headlines Take 5 Get Ready for a 'Tsunami' of AI at CES | 12/29/23 - WiredGenerative AI shows no signs of quieting down in 2024. Real estate industry insiders dish about the upcoming year — good and bad | 12/31/23 - Business ObserverPatrick Murphy, founder and CEO of Togal.AI, discusses how AI will impact the construction industry. Rules of the AI Road for 2024 | 1/4/24 - ForbesWith AI technology continuously evolving, it's vital to understand the underlying rules as things change. How technology and artificial intelligence are bolstering the battle against wildfires | 1/3/24 - ReutersPano AI is one of the new "firetech" startups being used to make it easier to contain wildfires. Increase Your Creativity with Artificial Intelligence | 12/27/23 - Psychology TodayLearn more about the various ways AI can amplify your innovativeness. Quote of the week To view the original article, visit the WAV Group blog.

Real AI: AI fairness is a huge hurdle, AI can't count, fast facts, top headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI fairness is a huge hurdle Of all the obstacles AI faces to continue its rocket-speed integration into our lives, the largest one it will need to overcome is fairness. In 2023, "responsible AI" became a buzzword we advised clients early on to embrace. In 2024, we will be adding another word – responsible and fair AI. As the Harvard Business Review noted in September, "…it has become increasingly apparent that the promises of AI aren't distributed equally — it risks exacerbating social and economic disparities, particularly across demographic characteristics such as race." Last week, Axios, perhaps America's leading AI news source, published "1 big thing: AI inequality trap for Black Americans." This headline is indicative of more to come on this subject as research from McKinsey shows. Trust us, this is only the beginning. In its report, "The economic potential of generative AI: The next productivity frontier," McKinsey warned that generative AI "has the potential to widen the racial economic gap in the United States by $43 billion each year," and in particular, widen the economic divide between White and Black households. That chasm is already massive: a report from the Federal Reserve notes the median wealth – total assets – for a Black household is $44,900 and $285,000 for a White household. The AI-generated problem: job losses. The McKinsey Report projects that AI is poised to eliminate, through automation, as much as half of all jobs that don't require a college degree and pay less than $42,000 a year (what they use as wealth threshold). The result is a major disparate impact on Blacks. Workers who are most at risk – those working in office support, production, and food services – are Black because they comprise a significant majority in these jobs. AI is already struggling with algorithmic bias because what it knows is what we have taught it and we have systemic biases that AI has also learned. The Harvard Business Review story notes: Algorithmic bias occurs when algorithms make decisions that systematically disadvantage certain groups of people. It can have disastrous consequences when applied to key areas such as healthcare, criminal justice, and credit scoring. Scientists investigating a widely used healthcare algorithm found that it severely underestimated the needs of Black patients, leading to significantly less care. This is not just unfair, but profoundly harmful. The McKinsey report may be more impactful as it illustrates a potentially devastating concrete example: taking away jobs from Blacks. This subject is vital for every industry – real estate in particular – to pay attention to as this topic could emerge as the greatest risk for AI. Fairness is a hurdle that could impede AI adoption and its advancement – and for the right reasons. McKinsey does address this head-on, but this part is less likely to garner the headlines, as it notes: "But deployed thoughtfully, it (AI) could actually remove barriers to Black economic mobility." Somehow, I don't think that part of the study will get as much attention, but that is the right path forward. AI just might need AI to solve this quandary. AI can't count AI lies. You can call it "hallucinations" or anything else, but the bottom line is generative AI can give you the most convincing answers, only to be utterly false. Last week, we wrote about one valuable way an agent can use AI to crunch and analyze their most engaged newsletter subscribers. Things were going great until ChatGPT-4 spewed out a dataset that was more than 10x higher than it should be. Thankfully, it was easy to catch. We told ChatGPT that the numbers were wrong: without apology, it fixed it, outputting the correct dataset. When we asked it to provide in our prompts, links and sources to the research it was citing, the links were either dead or did not point to the correct place. Googling and Binging independently for the study revealed the data was completely fabricated. Try this: attach a specific number count requirement to any prompt requesting content in Claude.ai or ChatGPT-4. Ask for, say, a minimum of 500 words. You will likely get an output that begins with something like "Here is a 477-word draft…" Okay, not quite 500 words, but when you do an actual word count, you find the correct count is just north of 350 words! So, we tested this and found, again and again, the word count was never correct – ever. With an 800-word minimum requirement, even though AI will tell you it provided a "731-word version," the word count is actually just over 580 words. Recently, ChatGPT-4 has been improving, but still, you need to pay close attention to every piece of content you ask for AI to assist in creating, especially facts and figures. As I told a client earlier this week, when you use AI, know that it makes mistakes, so you must Reaganize it: trust but verify. AI Five Fast Facts According to McKinsey, about 69% of data processing tasks can be automated by AI, helping businesses increase their efficiency and productivity. Research shows that 8.4 billion AI-powered digital voice assistant units will be active in the world by 2024, eclipsing the total global population. A report by Outgrow highlights the top five industries that benefit from AI chatbots, which are real estate (28%), travel (16%), education (14%), healthcare (10%), and finance (5%). In a survey for senior executives, 69% of them consider AI "crucial" in responding to cybersecurity. When interviewed, around 62% of consumers stated they are willing to submit data to AI to improve their experience. Source: Various collected by Techdogs. AI Headlines Take 5 How Artificial Intelligence Can Help Streamline Property Transactions in 2024 | Newswatch - 12/18/23A take on how AI potentially can be used throughout real estate transactions to improve accuracy and speed. Movers: AI selects Brendan Brown as future top agent at Official | The Real Deal - 12/18/23Official, a boutique brokerage in the LA area, is using an AI mentoring program to evaluate the potential for agents to be top producers. How AI can help hiring managers recruit top talent | Business Insider - 12/20/23AI is being used to evaluate the resumes and skills of candidates at a quicker pace, but bias remains a concern. How AI is Revolutionizing the Real Estate Market | Yahoo! - 12/20/23Covers how AI is being used in the short-term rental space of real estate. Sure, artificial intelligence can provide real-time data on demand, but can it really replace Realtors? | Redwood City Pulse - 12/18/23A pragmatic view on what a human agent can do that AI can't. Quote of the Week – Microsoft's Nadella To view the original article, visit the WAV Group blog.

Real AI: AI Specializes, 5 Fast Facts, Top AI Headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI specializes: gets smaller, smarter While Craig Newmark, founder of Craiglist, may not have changed his UI in decades, he has become an advocate of responsible AI. One of the nonprofits he supports, Moms First, announced an AI pilot to help people in New York secure paid leave with benefits: PaidLeave.ai. Via LinkedIn, Craig points out that AI, when used for a specialty such as this, may significantly positively impact customer service. While chatbots taking over initial customer service screening, creating a wall between you and a real person, is still failing miserably (see the FedEx debacle we wrote about), this AI use for CS is highly intriguing. He writes: "PaidLeave.ai acts as a personal assistant to people in New York state to help them figure out what they need to do to get their benefits. The process isn't easy, but PaidLeave.ai creates clear checklists and next steps — even drafts emails to your employer for you — to make the process as straightforward as possible. The best part? It talks to you like a human. There's no convoluted language or insurance jargon to decipher." Now, think about the implications for real estate. OJO Labs has been on this path (simplifying the complex) for nearly a decade. Initially, they set up their AI platform to help answer buyers' basic questions about their journey in great detail and with a human-like conversational style. It has morphed into much more than that, but this kind of specialization – using AI for a more narrow, specialized task – is now the big trend. Axios just covered "The push to make big AI small," noting the move to smaller, cheaper yet still powerful AI models, showing that even in AI, bigger – at least for specific tasks – may not mean better. Dozens of ChatGPT apps are available, and dozens of other chat AI apps fill Google Play and the Apple App Store. The real estate industry – especially tasks agents do every day that they don't particularly enjoy – is ripe for innovation. The problem is that most of these apps are not simple or as easy to use as they demo. Agents need an AI easy button, and my guess is that, like PaidLeave.ai, it's designed to simplify a complex and difficult process, as more easy buttons for real agents (and consumers) are coming. AI Five Fast Facts Nine of every 10 Americans currently use AI devices, programs, or services featuring some element of AI. 87% of baby boomers are reluctant to use voice assistants like Siri or Alexa because they prefer email as a mode of communication. 83% of businesses claim that AI is a strategic priority in their business strategy. One in every four companies adopts artificial intelligence to address labor shortages and customer pressure. 97% of companies believe ChatGPT will help their business in some form. Sources: Invezz – various sources Top AI Headlines Take 5 1. Top 10 Benefits of AI in the Real Estate Industry | AiThority - 12/3/23Mostly about how generative AI will be used in real estate, not actually being used – yet. 2. With Fannie Mae's adoption, AI's role in real estate is solidified | Inman - 11/29/23When Fannie Mae talks, the lending industry listens. 3. Is AI the answer? The hotel industry grapples with its implications. | Hotels Mag - 12/1/23Insight into how AI may reshape how hotels operate and deliver the customer experience. 4. There's a gap between AI talk and businesses actually using it | NBC - 12/3/23Big business is great at talking the AI talk, but so far sucks at using it. 5. If AI is so smart, why are AI customer service chats so clueless? | ConsumerAffairs - 12/6/23AI-reliant customer service is more about cutting costs than improving one's experience. Quote of the week To view the original article, visit the WAV Group blog.

A TikTok Trend to Revamp Your Pipeline: Tap Into the Triangle Method
Sometimes, your follow-up method with leads in your pipeline can feel a little rinse-and-repeat. There's nothing wrong with keeping your tried-and-true methods in place, but sometimes things can feel a little stale. What if you could shake your outreach style up a bit to breathe new life into your pipeline? You may (or may not) have heard about the triangle method for dating that's going around on TikTok, but it got us thinking about ways to implement a three-pronged approach to prospecting — because, after all, prospecting is a little like dating, too. Stay with us: it all comes down to communication, and building a strong impression to make a lasting impact. A 3-Point Communication Method to Keep You on Leads' Radar Consider this a three-part recipe for a well-rounded approach to communicating with leads in your pipeline and taking it up a notch. This approach also helps ensure you have a strong presence that's front and center every step of the way. Step 1: Make a Great First Impression To kick off meaningful communication with any lead, you want to show them what you're made of with a solid first impression. You also want to take the guesswork out of why they should partner with you. For this first part of the three-point communication approach, start by collecting as much information about your lead ahead of time — with as little questions as possible. Not only does this make sure you're researching everything you need to know about the lead, it shows them you've put in the legwork to learn about them, too. To accomplish this, use online databases as much as you can to get key info about things like where they're from, what they're up to, and what their current neighborhood is. Go beyond typical conversation starters and show you've done your homework. Step 2: Craft a Short Video Message You've already heard about drip campaigns and follow-up timing, but how about taking it up a notch and infusing a more personal approach? For the second part of this approach to communication, consider making a short video message, a great, no-pressure way to get face time in front of your potential clients. It also adds an extra personal element to any outreach you do, beyond just an email or phone call. Our pro tips to do a video message well: Include a bright, cheery greeting, and wear something colorful (yet professional) so you look put together and approachable Face an open window or other bright light source so your video quality is crisp and clear Do a few takes to get the nerves and stumbles out before the final cut As always, include a call-to-action that's clear about what you want them to do, and also include a way for them to call you back When your leads receive your video, it adds in the convenience of allowing them to watch your message whenever it works best for them — and still see you as a person. Step 3: Say Something Valuable and Send a Little Something Their Way Last but not least, our third point in the three-point communication approach to your pipeline. Think of this like the bow on the present, or the cherry on top of the ice cream sundae. This step wraps it all up neatly and helps you leave a lasting impression. You'll inevitably need to reach out to prospects multiple times, and that's okay. It's what nurture streams, follow-up plans (like this one), and outreach tactics are made for. In addition to sending your prospects key data, like market reports or trends in the ZIP they're interested in, you can also send a gift their way. It doesn't have to be extravagant; really, it just needs to be tangible. Go the classic route with direct mail and send a handwritten card, or even a kit with information on their area. If you're able to, you may also send a piece of branded swag their way, along with a brochure about your areas of expertise in the local neighborhood. By tying your communication approach together with valuable information and a nice little gift for them to enjoy, you can leave a lasting impression. Think about it: we all love getting surprises in the mail, no matter how big or small. Something as simple as sending a magnet with your name and information on it can not only inform them about your status as a real estate pro, it'll help keep you top-of-mind when they see it on their fridge daily. To view the original article, visit the Inside Real Estate. Related reading How to Follow-Up with Leads 450% More Effectively The Ultimate Guide to Email Follow Up Is Your Real Estate Lead Follow-Up Persistent... or Annoying?

Real AI: AI Turbo-powered, new AI research and top AI headlines
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. GPT-4 Turbo: What real estate pros need to know Microsoft-backed OpenAI, the creators of ChatGPT, during its first in-person developer event, launched a more powerful AI model dubbed GPT-4 Turbo, currently in Beta, among other advances. What will these AI improvements do? GPT-4 Turbo is said to be a smarter model than ChatGPT-4. It will let even non-coders create personalized versions of ChatGPT for individual use. Its answers are based on a new knowledge cutoff date of April 2023. It can handle up to about 300 pages of content – or 100,000 words – in a single prompt, vastly expanding the capabilities of current versions of ChatGPT. For developers, the cost is 2-3x cheaper. GPT-4 with Vision supports DALLE-3 and Text-to-Speech (TTS), which are all now in the API, meaning it can accept an image as part of a prompt and provide an appropriate textual response, generate images, and it can be spoken to and then respond using its voice. Oh, and there are six different voices you can choose to hear its answers. OpenAI also announced its significantly improved speech recognition model called Whisper V3, which can handle dozens of languages. Why is it important? We are already seeing the impact of computer vision on real estate as nearly the entire MLS platform is integrating with industry leader Restb.ai. If you haven't seen the Restb.ai video showing how an ADA and Fair Housing-compliant entire property listing can be completely generated immediately after the agent uploads the property photos into their MLS, click here. You will see in real-time a concrete example of how computer vision will make life as an agent easier and more productive. But this is only the beginning of extracting data and intelligence from images. The new GPT-4 Turbo with Vision demonstrations shows how incredible its AI is in instantly identifying individual items inside a photo and explaining what they are. Check out this video on X from Robert Lukoshko to see what we mean. Creating your own GPT is a breakthrough previously reserved for enterprise clients and developers. Open AI now claims, "Creating one is as easy as starting a conversation, giving it instructions and extra knowledge, and picking what it can do, like searching the web, making images or analyzing data." In terms of AI-powered multi-lingual tools, these might empower more potential non-English speaking home buyers to become more educated and knowledgeable about the real estate market and the benefits of homeownership. These new tools could also enhance agents' communications and outreach capabilities. The biggest takeaway is the OpenAI announcement showing the direction AI is going (and we've been forecasting): better TTS. Having to type in prompts in an AI world makes absolutely no sense. We can talk to Siri, Google Nest, and Alexa, but we need to speak to ChatGPT. Finally, CNBC noted that OpenAI offered its own guardrails for AI, saying it will step in and defend customers and "pay the costs incurred if you face legal claims around copyright infringement," echoing what Google, Microsoft, and Adobe have said. AI Five Fast Facts Survey of 216 college professors from 67 of the top 100 US computer science programs: 56% of computer science professors at top US research universities surveyed described the corporate leaders as "extremely disingenuous" or "somewhat disingenuous" in their calls for regulation of AI. One in four believe AI will become so advanced at medical diagnoses that it will generally outperform doctors. 85% of survey respondents said AI can be at least somewhat effective in predicting criminal behavior, but only 9% said it can be highly effective. 62% said that misinformation is the biggest challenge in maintaining the credibility and authenticity of news in an environment that includes AI-generated articles. 95% of those assessed described AI's current deepfake capabilities as "advanced" when it comes to video and audio content. Source: Axios, Nov. 8, 2023, with Generation Labs and Syracuse University. AI Headlines Take 5 1. YouTube creators will soon have to disclose the use of gen AI in videos or risk suspension | Associated Press - 11/14/23YouTube's updated policy will allow the removal of AI-generated video that simulates a person's voice. 2. 5 Steps Your Business Needs to Take to Build a Responsible AI Program | Inc. - 11/14/23Maximizing the use of AI is essential, but so is taking precautions for any AI pitfalls. 3. How the Real Estate Industry Can Effectively Leverage AI | Urban Land Magazine - 11/13/23Maurice Conti pines on the impact of generative AI in real estate development. (Requires ULI Guest Account signup.) 4. LinkedIn Introduces New AI-powered Premium Experience | Inman - 11/1/23Are you looking for a reason to pay LinkedIn? Premium users now get access to an AI job coach to assist with job hunting, including answering questions about a company's hiring process and helping determine if they'd be a good fit. 5. How to Use ChatGPT to Plan Your Winter Travel | Kimpton Hotels - 10/8/23Yes, this is a self-interested post, but it offers solid ideas on how to use ChatGPT as a travel planner assistant. Quote of the week To view the original article, visit the WAV Group blog.

Home Trends: What's In (and Out) for 2024
Get ready, #hometok. Zillow is unveiling its data-driven predictions for the features and design elements poised to transform homes and dominate social media feeds in 2024. From the raw appeal of brutalist design (concrete floors, anyone?) to the delicate artistry of Murano glass chandeliers, these emerging home trends highlight new post-pandemic pastimes and a nostalgia for the design of decades past. To discern these trends, Zillow looked at nearly 300 home features and design styles mentioned in for-sale listing descriptions, then identified the keywords showing up far more frequently than a year ago. "When certain keywords appear in a rising share of listings, it's a signal that today's home buyers may be gravitating toward those features," said Amanda Pendleton, Zillow's home trends expert. "Real estate agents are uniquely attuned to subtle changes in what buyers want, and they often get a first look at the latest and greatest features going into newly built homes. Savvy listing agents will highlight those trending, in-demand features when marketing a home for sale." It is important to note that while the share of listings mentioning a particular trend may be growing, the absolute percentage of listings that mention these features remains very low. That's why Zillow included expert analysis along with changes in listing keyword frequency to identify the six home trends poised to make waves in the new year, and three trends heading out of style. Trends to watch in 2024 Brutalism Characterized by raw, exposed materials, this mid-20th-century design style is primed to continue its controversial comeback in 2024. Zillow has seen a 452% increase in the share of for-sale listings mentioning brutalist design. Brutalist-inspired features, such as blackened steel casement windows, raw concrete floors and jagged patinated bronze light fixtures, read as modern, functional and sustainable. This style's stripped-back interiors act as a blank canvas, making them appealing to minimalists or to creative homeowners who want to furnish them according to their personal style. Those who aren't quite ready to embrace this stark style can bring in accessories such as wrought iron candleholders and tarnished brass trays to give their home a subtle edge. Sensory gardens or pathways Sensory gardens have been surging in popularity on Zillow, with homeowners and home buyers prioritizing functional and beautiful outdoor space as a way to reconnect with nature. Listings mentioning sensory gardens or pathways are up 314% compared to last year. Sensory gardens are designed to engage all five senses and are believed to have therapeutic benefits. They incorporate a variety of plants, textures, colors, scents, sounds and edible elements, such as herbs or produce. Cold plunge pools Move over, hot tubs. Cold plunge pools are the hottest wellness trend of 2024, touted by influencers as a way to improve circulation and reduce inflammation. The share of listings on Zillow that feature an at-home cold plunge pool is up 130% compared to last year. Once an invigorating amenity reserved for spas and luxury listings, DIY-friendly cold plunge tubs are making this wellness practice accessible to almost anyone looking for a quick endorphin boost and adrenaline rush. Pickleball courts Game on! This fast-paced paddle sport is becoming a sought-after amenity in backyards and neighborhoods. In New York City, StreetEasy is seeing a 100% increase in the share of for-sale listings highlighting a home's proximity to public or private pickleball courts. Nationwide, pickleball mentions are up 64% on Zillow compared to last year. "Pickleball courts have become a great selling feature because they appeal to athletes of all ages," said Joy Kim Metalios, a Zillow Premier Agent partner in Fairfield County, Connecticut. "I've seen homeowners converting their driveways into courts by using portable nets. Players with ultra-luxury homes are painting new pickleball lines on their sport courts or tennis courts. Since pickleball is such a social sport, an at-home court has become the latest entertaining feature, like an outdoor kitchen or a pizza oven." Murano glass chandeliers Classic Murano glass chandeliers are the ultimate bespoke light fixture. These handcrafted pieces of art from the island of Murano in Italy are reemerging as a designer favorite, channeling the glamor of decades past. These intricate, quirky and often colorful fixtures are now being featured 58% more often in listings on Zillow. Murals Homeowners and home buyers are saying goodbye to bland in favor of personality-packed homes. Eclectic, maximalist interiors are increasingly featuring statement-making murals that dial up the drama in a living room, dining room or bedroom. Murals are showing up 18% more often in for-sale homes on Zillow, and they're more accessible than ever. Wallpaper murals are now readily available and depict all types of scenes, from large-scale landscapes to modern botanicals. Trends heading out in 2024 Shou sugi ban Shou sugi ban is a traditional Japanese wood preservation technique that involves charring the wood's surface to create a blackened, weathered finish. This type of burnt-wood cladding became a mainstay of modern farmhouse design, creating a visually striking contrast against white shiplap siding. But like shiplap, barn doors and other farmhouse fads, shou sugi ban planks may be heading out to pasture, too. There are 69% fewer for-sale listings featuring this design element on Zillow compared to last year. The 'cloffice' The pandemic sparked many trends — some lasting (more athleisure, please!) and others short-lived (bye-bye, bread baking). The "cloffice" appears to be among the latter. This office space created out of a closet was a trend that grew out of necessity as remote workers living in tight quarters became desperate for a quiet place to take Zoom meetings. While some talented do-it-yourselfers were able to create beautiful, well-designed workspaces, others discovered that spending their workday in a closet was less than inspiring. Combined with the return-to-office movement, the cloffice is now appearing in 54% fewer Zillow listings. Zoom rooms are also down, by 41%, and office sheds are highlighted 31% less frequently in listing descriptions. Tuscan kitchen Wanderlust and pop culture sensations (ahem, "The White Lotus") sparked a wave of destination design during the pandemic. Spaces inspired by past or aspirational travels began trending as homeowners were hunkered down at home. Now that homeowners can set off on global adventures again, they may no longer be seeking Mediterranean villa vibes at home. Mentions of Tuscan kitchens are down 45% from a year ago, while all things Parisian are down 26%. Related Reading Research-backed Remodeling Ideas that Net a Higher Sales Price The ROI of Renovations: Explaining the Financial Potential of Renovating Before Selling Staging the Exterior of Your Home for Real Estate Photography

Real AI: AI Wasteland, the Song, Headlines and Five Fast Facts
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI Wasteland Is AI a lie? My greatest fear, fueled by the rabid hyperbole created by AI and ignited by its unmatched trajectory, is that we make the same mistake with this tech that we have with so many others. The great overpromise and underdeliver. It won't derail AI, but it could certainly arm its resistors. Right now, we are in that chasm: a place where posers and snake oil sales folks are profiteering. It is a time when companies who consume AI, not create it, clamor to rebrand by adding AI to their name. Others take credit for the AI they deploy, but are not transparent about the fact they did not invent the AI – or power it. AI product launches of incomplete offerings yet focus their demos on the major AI features coming "soon" – and we know how that has turned out before. Portals are jumping into the fray, offering AI solutions that are (mostly) a piecemeal embarrassment or, worse, a money grab. Strategies to jump on the AI bandwagon, even giving it away, knowing their customers hunger to check the box that they are providing their members/subscribers/clients AI. New AI events and webinars feature speakers and experts who are nothing but AI imposters. Startups in the US are emblazing their pitch decks with AI as AI funding already surpassed $23 billion this year, while nearly all other capital categories declined. You know you are in trouble when the federal government announces it has already spent $3.3 billion on AI in 2022. I attended a key housing industry conference this week where the AI speaker wasn't just terrible, they were utterly uninformed and spewed a significant AI falsehood. I attended another conference last week (virtually), and a well-known industry tech speaker has magically become an AI expert. Yet, the speaker does not have that expertise. The talk was a mile wide and an inch deep. What I worry about most is the impact of all this AI nonsense: how we are ruining the initial customer experience with AI. I fear that many people who consume stuff labeled as ready-for-prime-time AI, but it is an incomplete version of AI, will think that AI is a lie. I guess things always get worse before they get better. Let's hope this AI Wasteland fills up fast, and we move on with responsible and legitimate AI driving our industry and not a bunch of posers and imposters. The "AI Wasteland" Song We asked ChatGPT to rewrite the lyrics of "Baba O'Reilly," often referred to as "Teenage Wasteland" by The Who, to capture the AI sentiment detailed above: "AI Wasteland" Out here in the fieldsI see firms that pretend,Put AI in their titles,But it's just a trend. They label and rebrand,All for the marketplace.But under the surface,It's just a wild chase. AI Wasteland,It's an AI Wasteland.Oh, oh. Self-proclaimed geniusesOn stages they stand,Talking of AI wonders,But with no product in hand. They sell to the masses,Dreams that aren't quite realThe government buys in,Caught in the appeal. AI Wasteland,It's an AI Wasteland.Oh, oh. The firms rush to market,With tech half-complete.Customers left wondering,"Is this all just deceit?" Mistakes they are making,It's as clear as the day.True AI is lost now,In the disarray. AI Wasteland,It's an AI Wasteland.Oh, oh. Don't cry, don't raise your eye,It's only an AI wasteland.Journey, venture, take your stand,And reclaim the AI wonderland. Before the real tech is wasted,Before dreams are erased,We'll rise above the frenzy,For an AI that's embraced. For now, it's an AI Wasteland,It's an AI Wasteland.Oh, oh. AI Headlines Take 10 20 Mind-blowing AI Tools Helping Real Estate Agents Slay in 2023 | The Close - 10/3/23Full disclosure: our favorite AI firm (and client) is on this list – Restb.ai. How AI is changing the valuations process | HousingWire - 10/4/23Chris McLain of Consolidated Analytics gives his view on the appraisal market and AI innovation in valuations. The Repressive Power of Artificial Intelligence | Freedom House - 10/4/23AI's many advances are hiding the crisis of digital repression. Apple may be quiet on AI, but it's also the biggest buyer of AI companies | QZ - 9/26/23Google and Microsoft may talk about the AI game, but Apple has bought 21 AI startups since 2017. Can AI Businesses Save San Francisco From Its Real Estate Slump? | The Messenger - 10/11/23Footprint of AI firms set to expand despite lack of leasing. Artificial Intelligence In Talent Acquisition: How Machine Learning Is Influencing Recruitment | Forbes - 10/10/23AI is taking an increased role in processing applicants' skills and qualifications. The AI 100 2023: The top people in artificial intelligence | Business Insider - 10/10/23Learn about the list of people who make AI more Intelligent. A.I. Could Soon Need as Much Electricity as an Entire Country | The New York Times - 10/10/23AI's growing demand will increase energy consumption over the years. Adobe unveils three new generative AI models, including the next generation of Firefly | ZDNet - 10/10/23Utilizing text, these models will be able to create high-quality images, vector graphics, and design templates. National Security Agency is starting an artificial intelligence security center | AP News - 9/28/23The U.S. hopes to maintain its advantage by integrating AI into its defense and intelligence systems. AI Five Fast Facts Over 75% of top executives believe AI will expand their company and give them a competitive edge. When interviewed about the technologies they used, 84% of consumers stated they use one or more AI-powered devices or services. Studies show that 96% of Android users and 98% of iPhone users use the AI-based digital assistants OK Google and Siri respectively. The AI-powered voice-search feature on smart devices is growing in popularity. Around 41% of people with a smart device use the voice-search feature at least once a day. Consumers have varied opinions on chatbots. While 51% of those surveyed have a neutral view on chatbots, around 38% have a positive opinion and only 11% have a negative perspective. Source: Simple Learn Quote of the week To view the original article, visit the WAV Group blog.

Real AI: Legal Minefield, 5 Facts and AI Meme of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI is creating a legal minefield While the federal government and dozens of states scurry to create AI legislation, AI cases are already filling our courts. Among the most notable lawsuits: Microsoft, GitHub, and OpenAI are being sued for allegedly violating copyright law by reproducing open-source code using AI. Visual artists in a proposed class-action lawsuit are suing artificial intelligence image firms, as is Getty Images. Celebrities are getting into the act. Not only did the recently settled Hollywood writers' strike include provisions to protect writers from AI, but individual celebrities are suing. Comedian and author Sara Silverman is suing OpenAI and Meta, claiming copyright infringement, along with book authors Paul Tremblay, Mona Awad, Chris Golden, and Richard Kadrey. Recently, best-selling authors John Grisham and Jodi Picoult, along with Jonathan Franzen and Elin Hilderbrand, joined the legal battle against OpenAI. The minefield analogy is real. In March, the US Copyright Office said that works created using artificial intelligence may be copyrighted, provided the work meets a "human authorship requirement." However, in August, a US federal judge said AI-generated artwork can't be copyrighted. So, which is it? As the Verge recently observed, "Nobody really knows how things will shake out around US copyright law and artificial intelligence." While copyright infringement cases comprise the bulk of the current lawsuits, patent suits also are expected, as the court needs to consider, as the New York Times headline asks, "Can AI Invent?" AI Five Fast Facts This year, nearly 200 AI-related bills have been introduced nationwide in state legislatures – four times more than in all of 2022. Legislators in 31 states have introduced 191 bills related to artificial intelligence. However, only 14 became law. Bills restricting deepfakes are the most popular and the most likely to be passed: six of 37 bills were passed. A new North Dakota law defines a person as an individual, organization, government, political subdivision, or government agency or instrumentality. It specifies that the term does not include environmental elements, artificial intelligence, an animal, or an inanimate object. The FTC required Weight Watchers to delete the AI algorithm it developed for its weight-loss app. The FTC said that Weight Watchers marketed its app to children under 13 without parental consent. AI headlines: Take 10 How ChatGPT Can Help You Do More With PDFs | Wired - 9/24/23New ChatGPT plugins can read PDFs, helping you search and summarize PDF content. Real Estate's Hidden AI Revolution | NFX - 9/21/23Peter Flint, founder of Trulia, gives his take on AI, but hidden AI is all over real estate. ChatGPT update enables its AI to "see, hear, and speak," according to OpenAI | arsTechnica - 9/25/23Paid subscribers will soon be able to talk to a ChatGPT than can hear, speak, and see. ChatGPT users can now browse internet, OpenAI says | Reuters - 9/27/23The only problem is that ChatGPT uses Bing, and at rollout, the results are not very good. Introducing New AI Experiences Across Our Family of Apps and Devices | Meta - 9/27/23Facebook introduces a plethora of new AI tools to boost engagement (and its ad revenue). Amazon pours up to $4B into AI startup Anthropic, escalating rivalry with Microsoft and Google | GeekWire - 9/25/23Amazon accelerates its AI push, aiming to become a major player instead of a lagger. Supercharge Your Next Marketing Campaign: 5 Unconventional Prompts For ChatGPT | Forbes - 9/26/23Here are five unique prompts you can send to ChatGPT to boost your marketing campaigns. How AI Assistants Will Transform Real Estate Investing | IoT For All - 9/22/23AI can help real estate investors analyze real-time data and much more. Spotify is going to clone podcasters' voices — and translate them to other languages | The Verge - 9/25/23Spotify and OpenAI partnering will offer a new AI-powered voice translation feature for creating foreign-language versions of your favorite podcasts. YouTube unveils a plethora of new AI-powered tools for creators | CNN - 9/21/23Real estate agents can use new tools to simplify making videos and reach more people. Meme of the week Quote of the week To view the original article, visit the WAV Group blog.

Real AI: Green Catch-22, AI Webinar, and The Creator (Ugh)
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI and the Green Catch-22 Among the biggest risks that AI faces on its trajectory to impact nearly every aspect of our daily lives before we know it is the Green Catch-22. The paradox: On the positive side, AI has the potential to tackle the environmental impact of humans, from dramatically improving energy efficiency and reducing waste to increasing farming yields and reversing the effects of climate change. Startups are beginning to proliferate, as this Google Blog provides a few examples. On the negative side is the impact of AI on Mother Earth itself. Training a single AI system can emit over 250,000 pounds of carbon dioxide. Experts estimate that using AI tech across all sectors already produces carbon emissions comparable to the entire aviation industry. Just as concerning is AI water consumption. Google's global data centers guzzled 15 billion gallons of water in 2022. Microsoft's global water consumption jumped 34% from 2021 to 2022 to almost 1.7 billion gallons. That's the equivalent of 2,500 Olympic-sized swimming pools. Researchers attribute the spike to its AI research. It doesn't sound like a lot, but a system like ChatGPT consumes about 500 milliliters of water for every dozen or so prompts. For some, the cost is already hitting home. ChatGPT has data centers in Iowa. It should not be surprising that the Des Moines Water Works saw a nearly 80% increase in residential rates since 2007, reaching $5.19 per 1,000 gallons for city residents. Just like the job paradox of AI – supporters argue AI will create more and better jobs than it eliminates – the Green Catch-22 for AI is real. So, it's not just Singularity we have to worry about when it comes to the advancement of AI. Webinar: Unveiling the Future: AI Revolution for MLSs and their users – Sept 19 RE Technology is hosting a webinar with Liz Sturrock, Chief of MLS Innovation at Miami Realtors. I recently met Liz at the Florida Realtors convention after I presented to the Emerging Technology Committee. This webinar should be a blast as Liz will talk about some of the real stuff in the MLS landscape today, not just what's coming (which is also exciting but not as actionable). For MLS staff and execs, this is a terrific opportunity to learn and ask questions about the practical applications of AI by MLS and how to best serve – and educate – members. A no-cost webinar, the registration link is here. Headlines: AI Take 5 These Prisoners Are Training AI | Wired - 9/11/23Finland's AI firm Metroc is paying prisoners $1.67 per hour to train its large language model. Chuck Schumer says he asked Musk, Gates and others about whether to regulate AI: ‘Every single person raised their hands' | Fortune - 9/13/23And so it begins, as legislatures play catch-up to try and regulate advanced tech once again. Just think about how successful they have been with social media. Amazon launches generative AI to help sellers write product descriptions | About Amazon - 9/13/23Like the real estate property descriptions that Restb.ai creates using computer vision, Amazon offers ChatGPT-like help for seller product descriptions. TurboTax-maker Intuit offers an AI agent that provides financial tips | Ars Technica - 9/6/23Using a large language model platform called GenOS, TurboTax users can now access a new AI assistant. It's expected to roll out to other Intuit properties, including Credit Karma, Quickbooks, and Mailchimp. Here's where the top startup investors are placing their bets | Albany Inno - 9/7/23Perhaps not surprisingly, artificial intelligence and machine learning investments lead the way in total deal value, with top investors pumping $646 million into the sector last quarter. E-commerce was second on the list in terms of deal value. Bonus: The Creator | YouTube trailer - Released 9/29/23Hollywood's dystopian view of what happens when Singularity is achieved. Quote of the Week To view the original article, visit the WAV Group blog.

Real AI: iOi, Fearing Singularity and Five AI Facts
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. iOi Summit Pitch Battle Winner Last year, Revive, the industry's hottest pre-sale renovation firm, won the Pitch Battle at the iOi Summit (Innovation, Opportunity, Investment). Like the Oscars, Revive CEO and Founder Michael Alladawi was on hand to help announce this year's winner: Productive.ai. Photo courtesy of Krishna Malyala, TLC Engine Joseph Wihbey, Productive.ai COO and Head of Product, simulated a real-time client phone call to demonstrate his app and the practical application of AI for a real estate agent. He did show some not-yet-released features – like the new AI assistant that will schedule a series of tasks based on the call, including drafting a follow-up client email summarizing the call. Wihbey conversed with a potential client, the audience witnessed the Productive.ai platform processing the call in real-time, performing tasks like searching for available properties or detecting and (soon) scheduling a follow-up meeting. I was at the Pitch Battle, and Productive.ai was my favorite by a considerable margin for one reason: this technology, as shown, delivers to agents an immediate, applicable, actionable takeaway to help significantly improve their workflow. At $25 or $34 a month, depending on the package, the time savings equate to a massive ROI because of what it does – and will soon do. What does Productive.ai do? It is a smartphone app that records a client or a potential client's call as AI automatically extracts both information and creates tasks based on information given during the call. It not only records and transcribes the call, but provides a summary of the highlights. It also documents the call for retrieval, creates a new lead from a call – or logs a current client call – and then automatically enters this information into your connected CRM. It has many other features, including an automated call greeting, which allows you to record a discreet audio note during your call that the client can't hear but will be added to the summary and tasks created from the call. Wihbey said the AI Assistant feature will be released in the next few months. Note: State call recording disclosure rules are here. More on iOi It was fitting that Productive.ai beat out 10 other firms since the entire iOi Summit this year in Miami Beach was an AI love fest. It led the scorecard in speaker topics. It seems nearly everyone is jumping on the AI bandwagon. But as Google's AI presenter noted, this is not an NFT-Web3-Blockchain tech fad of the year. AI, Dan Siegler at Google said, "Is the third big shift," after the internet and mobile. Overall, iOi Summit 2023, now the sixth hosted by Second Century Ventures, the National Association of Realtors' investment arm, was another hit. The content wasn't nearly as consistent in terms of tech depth, and several presentations were snoozers, but several sessions alone were worth the price of admission. Keynote Salim Ismail was one, and even though I was deeply disappointed that Amy Webb was a no-show (check out her SXSW 2023 video), Ismail delivered big time. Singularity, Explained The Hustle is one of my favorite daily reads, and back in May, they did a great job talking about an AI topic we are sure to hear more about in the future, just like we are talking about AI hallucinations today. Singularity. Specifically, they dive into technological Singularity, or when "AI becomes smarter than its creators, capable of improving itself and building tech more advanced" than a human ever could. Singularity is probably the greatest AI fear and one I am sure many anti-AI real estate agents are fearful of most. How far off? Google's director of engineering says, by 2045, in this other post on Singularity, another one worth reading. AI headlines: Top 5 5 AI tools agents swear by in today's market | Inman 8/31/23Most agents haven't even heard of most of these tools, so the headline overpromises. ChatGPT Enterprise now available from Open AI | Search Engine Journal 8/29/23Unlimited access to high-speed ChatGPT 4, more secure, 4x longer length inputs. How PayPal Is Using AI to Combat Fraud, and Make It Easier to Pay | Associated Press 8/28/23Using AI to look for common red flags to spot fraud faster. Unlock Game-Changing Insights: 5 ChatGPT Prompts Every Business Owner Must Know | Forbes 8/28/23Here are a few examples to help you better understand how to construct solid prompts. Haystacks.AI and CoreLogic: Revolutionizing Data Analytics to Power Real Estate Investment | CoreLogic 8/28/23We usually only use third-party sources for headlines, but this case study is too interesting – and relevant – to pass up. AI Five Fast Facts 80% of Fortune 500 companies now use ChatGPT (OpenAI) 77% of our devices use AI in some form (Creative Strategies) $3.7 trillion is the projected value of AI in businesses by 2025 (McKinsey & Company) 15% of enterprises are using AI, 31% say it's on their agenda for the next 12 months (Adobe) 72% of execs believe AI will be the most significant business advantage of the future (PwC) Quote of the Week To view the original article, visit the WAV Group blog.

Real AI: Florida, Headlines and The Beatles
Introducing Real AI -- a human-curated weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI is Florida's "Rockstar" I just returned from the Florida Realtors annual convention, where the real star of the show was artificial intelligence – apologies to Tim Tebow, the keynote, who was surprisingly quite good. Agents and brokers packed every session that has AI in the title. When highlighting AI as it relates to public relations in my first presentation ("5 Takeaways to Enhance Your Business with Public Relations"), the crowd actually went, "Wow." At the Emerging Technologies Committee, Craig Grant, founder of the Real Estate Technology Institute, and I did a one-two take on AI. Craig's talk was "How AI and ChatGPT Are Transforming Real Estate," packed with excellent practical examples of AI touching nearly every part of the real estate ecosystem. My 20-minute talk was "AI in Real Estate: Where we are now, where we are going," and also touched on some of the social, ethical, regulatory and legal obstacles ahead. The committee typically has 50-60 people in the room, but it was packed at nearly three times that. The AI in real-time video from Restb.ai that I shared during the conference continues to get a "wow" reaction every time: it is here. AI headlines Here's a dozen recent headlines to give you an idea of how obsessed we all are about AI right now: The $900,000 AI Job Is Here | WSJ – 8/14/2023 Can States Learn to Govern Artificial Intelligence – Before It's Too Late? | Foreign Affairs – 8/16/2023 AI Can't Build a High-Rise, but It Can Speed Up the Job | NY Times – 8/15/2023 Google DeepMind testing ‘personal life coach' AI tool | The Guardian – 8/17/2023 The World Isn't Ready for the Next Decade of AI | Wired – 8/16/2023 AI is coming for your audiobooks. You're right to be worried. | Washington Post – 8/16/2023 AP, other news organizations develop standards for use of artificial intelligence in newsrooms | AP – 8/17/2023 Snapchat just confirmed people's worst fears about artificial intelligence | The Street – 8/16/2023 How artificial intelligence could help us talk to animals | Science News Explores – 8/17/2023 Artificial intelligence could help us reduce plane emissions | CNN – 8/17/2023 Barbie and the dark side of generative artificial intelligence | Salon – 8/17/2023 The Worst Thing You Can Do With A.I. | Entrepreneur's Handbook – 8/21/2023 Speaking of AI as a "Rockstar" .... How long will it be before AI-creates a new in-person Beatles concert? Read this, this, and this. Image from Reddit: AI Take Four: Cool tech tools (Shoutout to Craig Grant, Reti.us, for many of these sources) D-ID – Video AI: Uncomfortable on video and not a one-take wonder? Generative AI allows you to upload your photo to create your own talking avatar – or use a template – and then type your script to create a video instantly. Test it out with a free 5-minute video. Paid plans start at $60 a year for longer videos. www.d-id.com – Also: Synthesia – www.synthesia.io Durable.co – Website building AI: Build a complete website in less than a minute, including images, copy and contact form. durable.co Otter.ai – real-time transcription: We've been using Otter for several years, and it keeps getting better and more accurate. Otter now offers free Zoom, Google Meet and MS Teams plug-ins to transcribe your meetings automatically. otter.ai – Also: Tatiq – tactiq.io Canva – new AI tools: One of the most important AI trends is the integration of ChatGPT (typically 3 or 3.5) into existing popular platforms and software like the Photoshop alternative Canva. Canva developed its Magic Write text-to-image tool with ChatGPT 3. The creation of images and memes for social media has a ton of applications for real estate. It is a free add for subscribers. canva.com/ai-image-generator AI Company to Watch: Restb.ai Kevin wrote about Restb.ai in a recent WAV Group blog post, Computer vision is revolutionizing MLSs: The appraisal industry is next. The bigger news is Restb.ai just won the Inman Innovator Award for Technology. Lisa Larson and Nathan Brennan, two Restb.ai leaders, are becoming go-to AI conference speakers as Restb.ai dominates the MLS industry and is now expanding to the appraisal and valuation industry. Keep an eye on real estate's computer vision leader Restb.ai. AI Quote of the Week Content suggestions welcomed: email [email protected]. To view the original article, visit the WAV Group blog.

4 Tips for Working with AI as a Real Estate Agent
Lately, news about artificial intelligence (AI) is everywhere; this emerging technology has reached an inflection point, and we can expect to see it become increasingly ubiquitous in the coming months and years. New technologies are exciting, especially for people who love exploring ways to maximize their efficiency and work smarter, not harder — including real estate agents. But new technologies also come with a learning curve. It can take some time to understand the best way to use and implement these tools in your business. Tricia Stamper, director of technology at Florida REALTORS®, did the work so you don't have to. Read her top guidelines around how agents can (and should) be thinking about using AI, from how to write a prompt that works to how to keep your brand's proprietary information protected and private. People have often feared new technologies. In the late 1800s, after the invention of the telephone, many people were frightened by it. Historians note that many people wouldn't touch a telephone because they feared they would suffer an electric shock. A greater fear among others was that the phone would somehow attract evil spirits. Misconceptions of new technology accompany innovation. Electricity, telephones, bicycles, elevators, and automobiles were all feared, boycotted, and eventually regulated. Artificial intelligence is no different. As early as 2015, one survey found that Americans are more afraid of robots than death. While some real estate agents may fear AI, others are embracing the power of AI to help them save time for many tasks that AI is well suited to assist. When your competitors use new technology to make them more productive, it's at least worth understanding how your competition uses it. One caveat: the impact of the AI landscape is rapidly changing. When you finish reading this, numerous new AI applications will likely have been conceived and launched. With that in mind, here are four indispensable guidelines for adopting AI best practices fearlessly in real estate today. 1. Perfecting the prompt: The quality of the information and specific direction you provide an AI tool will be proportional to the quality of the results it returns. The biggest mistake most people make when using an AI tool like OpenAI's ChatGPT, Google's Bard, Microsoft's Bing, and Anthropic's Claude is that they provide too little information with too little guidance. The secret to success is specificity. For instance, if you need ChatGPT to compose a blog post, offer more than a topic. Supply a detailed prompt outlining the target audience, word count, key points to include, relevant research, tone (casual or formal), and even your writing style. With the proper prompts, you can even teach ChatGPT how you write like you so it can better mimic your writing style. But don't rely on ChatGPT to provide accurate research and URLs. If you do, test the links and validate the referenced study, as the information from ChatGPT only extends until September 2021. 2. Encourage improvement: The first response from an AI tool is not necessarily the best it can offer. You'll likely receive more creative and valuable suggestions by requesting revisions or reiterations. Interactive use of AI amplifies its capabilities, especially for writing bios, resumes, blog posts, property descriptions, or brochures. For example, if you don't like the suggested writing output, ask for a version with a different tone. Ask it to create another version that is more casual, more formal, clever, or funny. If the ending doesn't summarize your blog post, ask for a more compelling conclusion summarizing the key points. Providing specific feedback is vital for maximizing the value of AI tools. AI image tools like DALL-E2 can create unique and license-free house photos but remember to provide clear and detailed instructions for the best results – and to iterate. Remember that tools like ChatGPT are idea machines. You name it, not just for blog posts but for video scripts, emails, letters of recommendation, testimonials, content plans, and SEO enhancement ideas. And the best way to maximize the value of what you get back is by giving specific feedback on how to improve it. 3. Impersonate to innovate: When asking for assistance – say you want to create a new marketing plan – tell it to provide you the information from an expert's perspective. You might say, "You are a real estate marketing expert" or "Imagine you are Gary Vaynerchuk…" and then make specific requests: what you need in terms of your marketing plan, the audiences you are trying to reach, the tools or channels you would prefer to use, and more. You can also seek advice similarly, for example, "Assume you're Warren Buffett and advise me on improving my real estate business…" However, you must share your current strategies and accomplishments for more personalized and relevant advice. 4. Preserve privacy and verify: If you don't want your competitors to see it, don't feed it into ChatGPT, Bard, Bing, or Claude because there is no guarantee of privacy. We have already seen data leaks, and the experts warn that what you share is stored and just might be used for future AI training. Most importantly, make sure you verify the AI-assisted content you provide. It takes an agent years to build trust with their sphere of influence, and you can decimate that trust in seconds by giving your clients wrong information. The good news is that when used right, AI should save you significantly more time than you will spend fact-checking. The bottom line AI holds immense potential for the real estate industry, and these guidelines can help professionals navigate this rapidly evolving landscape. Perfecting your prompt, pushing for more drafts, leveraging expert impersonations, maintaining privacy, and checking the facts are keys to maximizing the utility of AI tools. Real estate professionals can gain a significant edge in productivity, creativity, and efficiency by embracing AI fearlessly and strategically. The future belongs to those who are prepared for it today. And remember that if you have access to Tech Helpline, while our analysts are not experts on AI, they can help you discover where to find many of these new AI tools. Other related posts: To AI or not to AI: What are the risks and rewards? 6 ways you can use technology to reduce your stress 6 new cutting-edge iPhone features coming soon with iOS17 Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.

'How's the market?' Learn how to respond with RPR Market Trends
It's probably the question you hear the most frequently, especially by people who might be interested in buying or selling at some point in the near future. Answering it regularly via an email blast or social media posts, using data, can help establish you as a local expert and the go-to source for buying and selling advice. But those three words can trip up even the most experienced agent if you haven't practiced how to respond. RPR's Market Trends ScriptWriter is a ChatGPT-powered market analysis tool for real estate agents that can help you automatically write market updates, custom video scripts, social media content, and much more. Read all about how to use the RPR Market Trends ScriptWriter in your own business with a step-by-step guide. A How-to on Empowering Clients with RPR's Market Trends ScriptWriter Market uncertainty often creates confusion, leading to consumer apprehension. As a REALTOR®, you have an opportunity to educate and inform clients by offering valuable market insights and regularly sharing local updates. This not only helps consumers better understand the real estate landscape, but also alleviates fears associated with national or regional headlines. But does the thought of staring at a blank screen while trying to write a market update for your clients and prospects make you cringe? Maybe diving into data and metrics isn't your favorite topic, or your to-do list is piling up with other important tasks. Worry no more, as this guide will walk you through utilizing RPR's Market Trends ScriptWriter for a seamless and efficient experience in delivering high-quality content to your clients. Unlocking the power of RPR Shareable Market Trends and ScriptWriter RPR Shareable Market Trends itself cover a wide variety of data points. But the heart of any market update revolves around key metrics such as Months of Inventory, List to Sold Price Percentage, Media days in RPR and Median Sold Price. And that's exactly what the Market Trends ScriptWriter tool uses for its analysis. To harness the power of RPR's Market Trends ScriptWriter, follow these steps: Log in to RPR: Visit the RPR website (narrpr.com) and log in using your credentials. Go to 'Research': After logging in, locate and click on the 'Research' button in the main navigation at the top of the page. Select 'Residential Market Trends': After selecting 'Residential,' you will find several options; click on 'Residential Market Trends.' Define Geographic Area: Enter the geographic boundaries of the area you are interested in researching – this can be county, city, ZIP code or even certain neighborhoods. Create Script Button: On the Market Trends results page generated by your search input, locate and click on the 'Create Script' button. Customize Your Script: From the dropdowns, choose options for tone (e.g., casual, formal), audience type (e.g., existing clients, potential buyers). Now select the content to generate: The Market Trends ScriptWriter generates tailored content based on your selections—video script text, social media post ideas and messaging or analysis of Months of Inventory, List to Sold Price Percentage, Media days in RPR and Median Sold Price. Create Video Script Create Social Campaign Analyze Metrics Copy Text: Once finalized, select the "Copy Text" button to copy the newly generated text. Now paste this into a document where you can refer back and edit (i.e., Microsoft Word, Google Docs, etc.). Email Yourself the Content: Select "Email Content" to send a copy of this text to the account email address. Maximizing the potential of RPR's Market Trends ScriptWriter: a three-pronged approach Now that you know how to access the Market Trends ScriptWriter, let's dive into the benefits it offers. In this section, we'll explore three ways the ScriptWriter can boost your real estate communication strategies: by creating captivating video content, crafting engaging social media posts and interpreting metrics for informed decision-making. Creating Market Analysis Video Scripts with RPR's ScriptWriter Video offers a dynamic and engaging way for REALTORS® to deliver market updates to prospects and clients. However, getting started can sometimes be the biggest hurdle. Thankfully, with RPR's Market Trends ScriptWriter, you can generate personalized video scripts that effectively educate clients, build trust, and capture potential leads' attention while considering their preferences and expectations. After generating and customizing your video script, it's time to bring your content to life. Utilize the equipment you have at hand, such as your smartphone, webcam, or DSLR camera, and create a compelling video that highlights your local market. This data-driven video content not only enhances your credibility as a knowledgeable real estate pro, but also showcases your market expertise in a visually appealing manner. Ultimately, incorporating engaging video content into your market analysis updates empowers you to stand out and foster meaningful connections with clients on a more personal level. Crafting Engaging Social Media Content Consistently sharing market insights on social media platforms is important to keep your audience engaged and informed. RPR's ScriptWriter enables you to create tailored content focusing on local market metrics, ensuring that your message remains relevant. To optimize social media engagement, consider factors such as appropriate posting frequency, a balanced mix of educational and promotional content, and leveraging visuals like RPR's Shareable Market Trends charts and graphs. Analyzing Metrics for Informed Decision-making Metrics analysis is an essential component in guiding your clients through their real estate journey and determining your marketing and pricing strategies. RPR's Market Trends ScriptWriter allows you to review crucial metrics like months of inventory, list-to-sold price percentage, and median sold price while highlighting correlations and trends. Armed with this valuable insight, both you and your clients will be better equipped to make data-driven decisions and move forward with confidence. Leveraging Local Market Data for Better Client Experiences By using RPR Shareable Market Trends ScriptWriter to address consumer concerns, you'll be able to create a stronger rapport with your clients, solidify your expertise and differentiate yourself as a go-to real estate professional in your market. Here's how: Build credibility and trust: Providing accurate, timely and relevant local market data demonstrates that you are knowledgeable, professional and committed to your client's success. Becoming a trusted source of information fosters long-lasting relationships with your clients, leading to a loyal customer base and repeat business. Enhance communication and help clients make informed decisions: Consumer concerns can often arise from a lack of information or understanding of the real estate market. With RPR Shareable Market Trends ScriptWriter, you can easily communicate complex data in a digestible format, empowering clients to make educated choices about buying and selling properties. This will not only boost client satisfaction but also streamline your decision-making process, ultimately saving you time and effort. Generate leads and secure word-of-mouth referrals: Providing exceptional client experiences, backed by accurate market insights, turns your satisfied clients into enthusiastic advocates for your services. A happy client is more likely to refer your services to friends, family members, and colleagues, growing your network and expanding your potential for new leads. You are your market's resource. By effectively interpreting market data and presenting it in an accessible way, you can simplify complex concepts, promote understanding and empower your clients to make informed decisions. Try it today and happy script-writing! To view the original article, visit the RPR blog.

Get Shareable Market Trends to Keep Your Clients in the Know
Today, we're introducing a weekly series called "Tips and Tricks Tuesday" that highlights articles around a monthly topic. July's theme is "How can I make more money with my phone?" Read on to learn more about the latest mobile apps and innovations that can help you be productive from anywhere: The RPR Mobile™ app is your key to listing and local housing market intel. If you haven't opened it up lately, you're really missing out. It's recently been improved with enhancements such as an updated interface and a plethora of data that you can access while in the field. And here's the really big news... (drum roll) the Shareable Market Trends charts and graphs are now available on the RPR Mobile™ app! This collection of hyper-local housing stats is designed to help you inform your clients about local real estate market trends, info and indicators. It's also great for positioning yourself as a local market expert. Keep clients informed with hyper-local market updates Access to Market Trends and Housing Stats through the RPR Mobile app makes it easier for REALTORS® to stay up-to-date on market trends, even when they are on the go. Use these metrics to assess and analyze the current state of the housing market in specific local areas. You can use this information to advise your clients on a pricing strategy, offer strategies and market conditions. You can also use it to identify trends that may affect future buying or selling decisions. For example, if there is a low inventory of homes for sale and high demand, you may advise a seller to list their home at a higher price point knowing that there are likely to be multiple offers. Alternatively, you may advise a buyer to act quickly when a new property is listed because you know that competition will be fierce. How to find Market Trends on the RPR Mobile™ App Watch this quick video (under five minutes) for a walkthrough of where to find the Market Trends and how you can easily share these important metrics directly to your favorite social media channels. You can also simply save the images to place in other marketing materials or communication pieces. RPR Market Trends and stats: up-to-date and on the go If you haven't downloaded the RPR Mobile™app, do so now! The previous link will take you to an area within our blog where you can easily get to the App store (for iPhones) or Google Play (for Android devices). If you're a REALTOR®, it's included in your NAR membership.

Tech Leaders Share Insights at 2023 REALTORS Legislative Meetings
Tech leaders took the stage at the 2023 REALTORS® Legislative Meetings to discuss existing innovations and trends to help real estate agents level up their businesses. Several hundred Realtors® attended Tuesday's "Emerging Business Issues and Technology Forum," which provided insight into technologies that help agents maximize their presence on social media, streamline marketing, and attract and retain clients. Alex Montalenti, co-founder of Real Grader, covered the importance of branding and having a well-curated social media presence. Real Grader measures, manages and maximizes the digital presence of real estate professionals. When asked about the most important thing that real estate agents should do when it comes to their social presence, Montalenti said that after setting up all social accounts, it is vital to connect with your sphere. "Find your clients on Facebook, Instagram and LinkedIn and connect with them," he said. "Once you've set that connection, they will follow your relationship and journey for years. With social media, you have the ability to keep in touch and stay top of mind." Mark Choey, founder of Highnote, spoke about the importance of streamlining the process of building presentations. Highnote is a drag-and-drop presentation and proposal platform that helps agents pitch and sell listings, offers, neighborhoods and themselves. "Agents need great presentations, and they need them fast," he said. "An effective presentation is the lifeblood of all great real estate agents." Glenn Shimkus, founder and CEO of Prisidio, discussed the importance of organizing and safely managing all types of vital documents and information. Prisidio provides consumers with a digital vault to capture and securely share the most important information with the key people in their lives. When asked about tips for people interested in this type of software but who are unsure how to get started, Shimkus encouraged the audience to take things one step at a time. "It's all about tiny habits," he said. "We want to enable you – in quick bursts – to go in and get organized. When you break everything up into little chunks, you will be amazed at how quickly you can be ready, prepared and have peace of mind." Prisidio, Highnote and Real Grader were all recently accepted to the 2023 REACH program, a technology scale-up program created by Second Century Ventures, NAR's strategic investment arm. In another Tuesday session at the REALTORS® Legislative Meetings, real estate industry expert Marki Lemons Ryhal shared valuable insights and practical tips about how real estate agents can leverage artificial intelligence technologies to enhance efficiency, productivity and reach in their businesses. Her session, entitled "How AI is Transforming the Real Estate Industry," highlighted the capabilities of ChatGPT, an advanced language model developed by OpenAI, describing it as a "productive, electrifying, trained assistant." She also provided an overview of Canva's AI tools, including text-to-image generation and a translation tool that can convert text within a design to more than 100 languages. Lemons Ryhal explained how these technologies are enabling real estate professionals to create engaging and visually appealing marketing materials while catering to a diverse clientele. She shared that many agents use AI tools to write real estate descriptions but stressed these tools are not perfect, and proofreading content remains crucial. "We still have to adhere to license law, the Realtor® Code of Ethics, and fair housing rules and regulations," Lemons Ryhal said.

RPR Launches Hyper-Local Shareable Market Trends
RPR has unveiled one of its most exciting features ever: Shareable Market Trends! With this powerful tool, REALTORS® can now easily share up-to-date, hyper-local market trends and housing stats like never before. Just a few clicks or taps from the website or RPR mobile app and you'll be sharing across all your favorite social media platforms and marketing touchpoints. Trust us—it's a game-changer! Empower consumers with data-driven insights Imagine captivating your clients and prospects with a goldmine of data-driven insights, all available at your fingertips. Sharing is a breeze on Facebook, LinkedIn, and Twitter, while Instagram lovers using RPR Mobile™ can easily download the image (JPG or PNG) and share it directly. Plus, the charts come with an oh-so-convenient "Copy" function, perfect for pasting these market trends into Canva, PowerPoint, Google Slides, or any other marketing tool you're using. Harness the power of RPR's Shareable Market Trends in all of your marketing touchpoints RPR Shareable Market Trends are a powerful resource for real estate agents looking to stay informed and impress their clients with up-to-date, detailed insights into the local market. They offer a variety of metrics to help you (and your clients and prospects) understand current market dynamics, such as the Market Trends Indicator with key details on Month's Supply of Inventory, List to Sold Price Percentage, Median Days in RPR and Median Sold Price. Below that are a series of dynamic charts representing different statuses, including New Listings, Active Listings, New Pending Listings, Pending Listings, Sold Listings and a chart for Sold Public Records. Each chart features tabs showcasing essential metrics such as Median List or Sold Price, Number of Properties, List-to-Sold Price Percentage and Median Days in RPR, among others. Additionally, the Months Supply of Inventory is presented in a dedicated chart for your convenience. Now, here are some tried-and-true strategies to make the most of these shareable charts: Social Media: Regularly post charts and stats on your social channels, engaging your audience with meaningful market insights that keep them coming back for more. Email Marketing: Spice up your newsletters or campaigns with these informative charts, showing subscribers you know your stuff when it comes to the local market. Blog Posts: Write data-driven posts with charts to back up your analysis, boosting your website's SEO and solidifying your reputation as a local market expert. Listing Presentations: Wow potential clients by weaving charts into your presentations, proving you've got your finger on the pulse of the market. Buyer/Seller Guides: Enhance your guides with charts to give clients a comprehensive understanding of current trends and what to expect in their real estate journey. Direct Mail: Grab your target audience's attention by featuring charts in postcards, flyers, or other direct mail materials. Video Content: Produce videos discussing chart insights and post them on platforms like YouTube or Vimeo. Share these videos on social media and embed them on your website to maximize engagement. Webinars and Virtual Events: Use charts as visual aids during webinars or virtual events to educate your audience and showcase your know-how. Print Marketing: Broaden your reach by incorporating charts into brochures, magazine ads, or local newspaper publications. Here's how to find the shareable charts and how to share them Now it's time to experience where to find the Market Trends charts and graphs, and how easy it is to share them. Simply join us on this guided tour in RPR for a step-by-step walk through. This shortcut will take you through the process in no time. Share hyper-local market stats in hyperspeed We've made it super easy to access and share local market housing data. Now it's up to you to spread the word! By integrating RPR's Shareable Market Trends into your marketing mix, you'll effectively showcase your expertise, attract new clients, and keep your existing clients in the loop. So go ahead—unleash the power of RPR's latest product offering and watch your business flourish! To view the original article, visit the RPR blog.

Market Trends and Housing Stats Now Available in RPR Mobile
Last year, RPR (Realtors Property Resource) unveiled a fantastic resource for REALTORS®: the Market Trends charts and graphs. This collection of hyper-local housing stats is designed to help you inform your clients about local real estate market trends, info and indicators. It's also great for positioning yourself as a local market expert. (Check out these articles for details: RPR Unveils New Charts and Graphs in its Neighborhood Pages and Future Proof Your Business by Knowing Your Market and Your Numbers.) And now… (drum roll) the Market Trends charts and graphs are available on the RPR Mobile™ app! Keep clients informed with hyper-local market updates Access to Market Trends and Housing Stats through the RPR Mobile app makes it easier for REALTORS® to stay up-to-date on market trends even when they are on the go. You can quickly access Months of Inventory, List-to-Sold Price Percentage, Median Days in RPR, and Median Sold Price from your mobile device. Best of all, they're conveniently grouped by each status: New Listings, Active Listings, New Pending Listings, Pending Listings, and Sold Listings. This can help your clients make informed decisions and provide better service by being able to respond quickly to changes in the market. Use all these metrics to assess and analyze the current state of the housing market in their area. You can use this information to advise your clients on a pricing strategy, offer strategies, and market conditions. You can also use it to identify trends that may affect future buying or selling decisions. For example, if there is a low inventory of homes for sale and high demand, you may advise a seller to list their home at a higher price point knowing that there are likely to be multiple offers. Alternatively, you may advise a buyer to act quickly when a new property is listed because you know that competition will be fierce. How to find Market Trends on the RPR Mobile™ App To find the charts, open up your RPR app (after updating it, of course) and look towards the bottom of the home screen. There is now a new Market Trends icon! Click the tab to access a variety of market statistics, similar to the Market Trend tools on the RPR website. Be aware that the Market Trends will open to the geography that the user is currently in. To change it, type in a new neighborhood, ZIP or city. Pro Tip: If you're searching a neighborhood or area with little to no recent transactions, there will not be enough data for a chart to be offered. For the transaction-based charts, RPR needs at least three transactions within a calendar month. If no data appears on a chart or the "Updated" date is not what you expected, try searching within a larger area or select a different Property Type. The chart options will include: New Listings Active Listings New Pending Listings Pending Listings Sold Listings Sold Public Records Months Supply of Inventory Median Estimated Property Value You'll also be able to view a variety of metrics for all property statuses and property types. And filters allow you to break down statistics by individual property types as well. Tip: You can also "Save" markets by tapping the heart icon. RPR Market Trends and stats: up-to-date and on the go If you haven't downloaded the RPR Mobile™app, do so now! The previous link will take you to an area within our blog where you can easily get to the App store (for iPhones) or Google Play (for Android devices). Be sure to update and fire up your app or download it to your phone to get easy access to RPR's Market Trends and Housing Stats. To view the original article, visit the RPR blog.

Guide to AI and Real Estate in 2023
AI is short for Artificial Intelligence, a computer system that makes decisions and makes problem solving a lot easier. There are two types of AI: general AI and narrow AI. General AI is an artificial intelligence capable of performing any intellectual task that a human can do. On the other hand, narrow AI is an artificial intelligence that specializes in a higher level of intelligence that can be difficult for humans to attain. AI systems have three parts: data, algorithms, and processing power. Data refers to the information used by the system to make decisions or solve problems, and processing power refers to how fast the computer can execute these instructions. The Possibilities of AI In Real Estate In the past, the real estate industry depended solely on more traditional methods of completing transactions. However, with the introduction of technology, even real estate professionals without coding skills can now set up their websites, get access to listing data on a simplified platform such as the MLS feed, as well as generate leads without much cold-calling or door-knocking. Real estate agencies are using AI to automate various parts of their business processes. For example, they use AI to generate new leads, gain listing data through the MLS, and more. They also use it to find properties that match buyers' preferences. Also, financial real estate services use AI in several ways, such as to monitor investing portfolios for performance and making predictions for the value of investments based on historical patterns. They also use machine learning techniques to extract insights from data sets that would be impossible to do by hand. What Are the Main Benefits of Using AI In Real Estate? Just like in other economic sectors, AI is making its mark in the real estate industry. Let's look at some of the benefits of AI for real estate professionals. It helps agents better understand clients' needs Agents can now provide better customer service With AI, real estate agents can make more informed decisions Agents can locate new customers using AI AI helps reduce costs for real estate agents, especially in cases where doing it manually would be more expensive AI also helps agents create effective marketing campaigns There's improved agent productivity and efficiency with AI Conclusion: Why the Future of Real Estate and AI Looks Exciting Shortly, we expect to see many more AI applications in the workplace. From marketing to customer service, AI can do much more for real estate professionals. Therefore, it is clear that AI will have a significant impact on the industry and will be able to help agents easily reach their goals. To view the original article, visit the Realtyna blog. Related Reading Fact vs. Fiction: 3 Myths of A.I. in Real Estate How Real Estate Agents Can Use ChatGPT How ChatGPT Can Help You Generate Real Estate Marketing Ideas

How Economic News Affects Your Clients' Mindset
We see the headlines every day. "Rising interest rates throw cold water on a hot market." "How to prepare for the inevitable economic recession." "Mortgage demand takes a big step back." Homeowners, renters and home buyers are being bombarded with these national, some might say sensational, messages on a daily basis. Your clients and prospects hear it too, and it may be making them nervous or thinking twice about buying, selling or investing in real estate. How can you ease their apprehension and nudge them off the fence? Be the source of truth by sharing relevant, up-to-date housing data that affects their actual neighborhood or town. RPR (Realtors Property Resource) puts this type of information at your disposal so it's easier than ever to position yourself as a local market expert. Keep it local and keep them focused on their market's data National statistics, as they relate to housing markets and the economy, can be helpful in certain discussions. Housing costs and policies can shape where people choose to live, work and study, as well as their ability to move or change jobs. However, when it comes down to an individual and their situation, financially and personally, national or even regional numbers don't tell the whole story. That's because real estate is local. Hyper local in reality. What's happening in San Jose, California is definitely going to be different than Cave Springs, Arkansas. Homebuyers and sellers need the latest market trends and data in their immediate area to make informed decisions. And what's the best thing to arm yourself with to do that? Knowledge. Knowledge is your best friend in a changing real estate market. Here's how RPR gives you quick access to an abundance of it: Charts that are smart The "Summary" and "Housing" sections of the Neighborhood details pages, and the new "Market Trends" tab on any Property Details page, are your ticket to real estate market knowledge. Pro Tip: To see these new charts in detail, check out this article: RPR Unveils New Charts and Graphs in its Neighborhood Pages. These charts present local market activity, sales stats and inventory details, and package them in an easy to digest format. There's even a slider that indicates what type of market the area is in. Here's an example: The charts are a snapshot of local market stats, including months of inventory, list to sold price, median days in RPR, and much more. You'll find this collection of data, graphs and statistics incredibly helpful in explaining local market trends to your buyers and sellers. It's also an easy to understand topline that you can share with clients and prospects, which positions you as THE local market expert. This "Market Trends" chart is something home sellers and buyers will really appreciate. You can save the page as a PDF file (through the "Print" option") to add to reports, or make a screen grab and send them an email or text, or even post it as a graphic to your social media channels. Get hyped! The key to adapting and succeeding in a changing market is keeping tabs on it from a local perspective. Gaining the knowledge and delivering hyper local market trends data is really easy, thanks to RPR's charts and graphs. Show potential sellers that even though things have come down to earth, homes are still selling and many markets are still considered a "Seller's Market." Or show potential buyers inventory levels and list to sale prices. To view the original article, visit the RPR blog.

What the Housing Market Could Look Like in 2023
The housing market has been a hot topic over the past year, with many people wondering what the future holds. Now, it is important to note that it is difficult to predict with certainty what will happen to house prices in 2023. The housing market is influenced by a variety of factors, including economic conditions, interest rates, and the availability of homes for sale. While it's always difficult to make predictions, there are a few key trends that experts are watching as we head into the new year. Here's a look at what we might expect to see in the housing market throughout 2023: Continued demand for homes The pandemic has had a big impact on the way people think about their living situations, with many people looking for more space or seeking out homes in the suburbs or rural areas. This trend is expected to continue in 2023, with strong demand for both new and existing homes. Limited inventory One potential challenge for homebuyers in 2023 could be a limited supply of homes on the market. The pandemic has disrupted construction and there are already reports of shortages of materials like lumber and concrete, which could lead to fewer new homes being built. Additionally, many homeowners who were hesitant to sell during the pandemic may now be more willing to put their homes on the market, which could lead to increased competition for available homes. Rising prices Given the strong demand for homes and limited supply, it's likely that home prices will continue to rise in 2023. This could make it more difficult for some buyers to afford a home, particularly if they are trying to enter a market that has already seen significant price appreciation. Increased demand for rental properties While the pandemic has led to a surge in demand for single-family homes, it has also increased the demand for rental properties. Many people have been forced to move or change their living situations due to the pandemic, and the flexibility and security of renting may be more appealing to some in the current economic climate. This trend is expected to continue in 2023, with demand for rental properties remaining strong. Greater use of technology in the homebuying process The pandemic has accelerated the use of technology in the real estate industry, with virtual tours and online transactions becoming more common. This trend is expected to continue in 2023, with technology playing an increasingly important role in the homebuying process. This could make it easier for buyers to find and purchase a home, even if they are not able to physically visit the property. Greater focus on sustainability and energy efficiency The housing market has long been a major contributor to energy consumption and carbon emissions, but there is growing interest in making homes more sustainable and energy efficient. This trend is expected to continue in 2023, with buyers increasingly looking for homes that are built with energy-efficient materials and appliances, and that have features like solar panels or green roofs. As a result, builders and developers may focus more on constructing homes that meet these standards. Looking forward Overall, the housing market is expected to remain strong in 2023, with low interest rates and continued demand driving the market. However, limited inventory and rising prices could present challenges for some homebuyers. It is important to note that the housing market can vary significantly depending on the location, and what is happening in one market may not be reflective of what is happening in others. If you are considering buying or selling a home in 2023, it is a good idea to consult with a real estate professional and do your own research to get a sense of what is happening in your local market. To view the original article, visit the Transactly blog.

[Best of 2022] Is a Recession About to Rock the Housing Market?
Here it is — our top article of the year! This article was originally published back in May and is the most read article of 2022. See #2 here, or read the full list of our Top 10 articles from 2022 here. The signs are clear and causing alarm: The U.S. may be on the verge of entering a recession. Even with low unemployment and a tight labor market, persistent inflation, slowing growth, and rising interest rates have many economists, investors, and policymakers girding for a sustained economic downturn. If a recession hits, will the housing market tank? After all, in the past two years the housing market has gone gangbusters, with supercharged sales prices and record-low inventory. A correction in the market could be overdue. Learn why some experts think a recession would upend the housing market, and others believe the factors driving high prices and low inventory will persist – regardless of whether the economy is growing or not. Yes, a Recession Would Upend the Housing Market The health of the housing market is, in general, determined by whether enough people want to buy and can pay for a home. Practicing social distancing and working remotely during the height of the COVID-19 pandemic caused many middle-class buyers to realize they wanted to own a home or upgrade to a larger property. Contributing to this surge in demand was the Federal Reserve's decision to slash interest rates, resulting in record-low mortgage rates – a huge incentive for buyers to get in the market. Buyers currently face a considerably different situation: COVID restrictions have largely been lifted, and many white-collar Americans are back in the office and the rhythms of normal life. The Fed is raising interest rates to curb the most serious, sustained inflation of the past 40 years. Mortgage rates are surging, making it harder for buyers to qualify for a home loan. Taken together, it's not unreasonable to think that a recession – during which people usually lose jobs and income – would not simply cool but torpedo the housing market. Already, there are indications that rising mortgage rates are locking consumers out of the market. Buyers of newly built homes have reported that skyrocketing mortgage rates caused them to back out of a deal. And even before the economy started to wobble, some buyers this year were entering the market because they expected mortgage rates to be prohibitive in the coming months and years. No, the Housing Market Won't Implode in a Recession For all the gloomy economic predictions, the housing market is and may remain somewhat protected by a simple, powerful reality: There are far more people who want to buy homes than available properties on the market. The home shortage is attributable to three factors: Home building remained atypically low in the years after the late 2000s subprime mortgage meltdown. Record-low mortgage rates and marked changes in day-to-day life in 2020 and 2021 released unprecedented and insatiable buyer demand for homes. Supply chain snags wrought by the pandemic and soaring prices for raw materials such as lumber have made it costly and difficult to build new homes. All told, the causes of the home shortage – namely, that it's hard to build new homes – won't change even if the economy slows down. And while nobody's cheering for what could become a combination of economic recession and rampant inflation, real estate has traditionally been a safe harbor when currency becomes less valuable. In addition to low supply, there are demand-side realities that could shelter the real estate market from the worst of an economic recession. Among the biggest contributors to inflation has been increasing salaries – indicating that plenty of buyers still have the means to put money down on homes, even as interest rates rise and the cost of borrowing for a home loan increases. And the pool of eager potential buyers is unlikely to dry up soon: millennials, the U.S.'s largest generation, are in or about to enter prime home buying age. Finally, the housing market is at reduced risk of capsizing during a recession because homeowners can pay their mortgages. In the late 2000s, delinquency rates on mortgages surged, because checks on income verification were weak and the "teaser" periods on adjustable-rate mortgages (ARMs) slotted people into home loans they couldn't afford. Today, income verification is much stronger, and ARMs and mortgage discount points are more tightly regulated. To view the original article, visit the Homesnap blog.

What's Coming for Open Houses? Predictions for 2023
Open houses have long been a point of contention for real estate agents. Are they in? Are they out? Are they back in again? Even just in the last couple of years, this will-they-won't-they dynamic has switched multiple times—understandably, given world events. Those switches have happened fast, too. As an example, an article on Inman from July 2021 definitively stated that open houses were out. At the time, that was more than fair: Between government and health agency mandates and consumers' concern about being in closed environments with strangers, it was going to be next to impossible for agents to bring in visitors. Less than eight months later, another piece definitively stated that open houses were back in vogue. Again, fair: People were ready to be out and about, they were ready to start home searches, and they were ready to see spaces through more than the occasionally fish-eyed lens of a virtual tour. Now, with 2023 around the corner, here we all are wondering again whether open houses will be the thing agents turn to with confidence. No matter what happens, though, one thing is for certain: Open houses will be different. Here's what we expect agents will see with open houses in the new year. They will become more popular with sellers. The hot-or-not dichotomy for open houses has historically been incredibly dependent on their popularity with consumers, especially sellers. We've based this prediction for popularity on a combination of larger expectations for the year: Foot traffic for individual home showings as reported by Sentrilock through NAR has consistently fallen in every report issued throughout 2022, and hasn't shown signs of changing. Experts have predicted that days on market will most likely spike this coming year, potentially reaching over 30 days. Together, these trends mean that fewer people are touring homes than ever, and home sales will drag on much longer than most sellers would like. This will likely leave sellers in a position where they feel an open house is their best bet for getting an interested buyer. Open houses will be in agents' best interests, too. The state of the real estate market has been fickle in the last few years, changing almost as quickly as the popularity of open houses. Next year, though, has been almost universally predicted to be a balanced market, thanks to a combination of external factors. Issues like inflation, increasing—or at least, not decreasing—mortgage rates, and affordability issues will likely impact the number of buyers who decide to brave the market. Sellers, who often end up becoming buyers as well, will have the same concerns, and will understand that their own audience is reluctant. This may hinder the number of sellers coming onto the market, as well. This means that agents will need to work harder to find buyers and sellers—and to help them as best as they can. Generally, open houses present an opportunity for agents to showcase their value to both sides of a real estate transaction, and can give them visibility and access through neighborhoods of potential sellers and larger audiences of buyers all at once. Agents will need a hybrid approach. The pandemic has had a much longer effect than many of us would like to admit. When was the last time you were happy to touch something that a stranger may have—especially an implement like a pen, which inadvertently reaches people's mouths far more often than anyone wants to think about? Traditional sign-in sheets (and their requisite pens) will fall by the wayside in 2023, and will largely be replaced by digital methods that allow visitors to check in using their own smartphones. After all, they know where those have been. As a bonus for real estate agents, digital sign-in methods can also make it easier to follow up with interested parties quickly—which could help secure an otherwise uncertain buyer. To view the original article, visit the Lone Wolf blog.

TikTok Trends for Real Estate Agents
Do you want to get in line with Gen Z and promote your real estate business through a more immersive and intuitive strategy? Use TikTok! Technology is not only changing, but it is doing so fast. Since its rise to popularity, TikTok has quickly risen to the level of Instagram and other social media platforms. And according to Statistica.com, users spend an average of 52 minutes every day on the app compared to Instagram's 28 minutes daily. This means that following TikTok trends and incorporating them into your real estate marketing strategies will give your business an edge and much-needed exposure. Trends on TikTok for Real Estate Agents Before making content for your real estate business on TikTok, you must create a Tiktok account. A lot of boomers might find it a little challenging to try out TikTok, but that shouldn't be the case because just about any content regarding your business will go a long way. This is mainly because the platform already suggests every user's content to other users whether they follow each other or not, creating a high chance for your videos to reach a huge audience really quickly. Here are some TikTok trends real estate agents can pick up to market their businesses on the platform. Property Tours Many TikTok users find home tour videos very fascinating, especially of luxury properties. And many of these users are not only fascinated, but are already looking for properties to buy. So a short tour video will come in handy. We recommend that real estate agents make sure to use every free marketing service available out there at their disposal to showcase their business and services. All you need is a smartphone to get your business kicking with the latest home tour videos. Snippets of Your Real Estate Business Your real estate clients have no idea about the million and one details that go into running your business. Get imaginative and show them minor habits or facts about your job and workspace. Consider creating a video on any of the following topics: Celebrating a client's new home Workday routine Random conversations you have at open house events and more. Real Estate Tips and Tricks TikTok is home to a vibrant community of real estate professionals, investors, and enthusiasts who are happy to share their knowledge. As a real estate professional on the platform, you can attain your marketing goals by sharing real estate investment tips, videos on property listing tips, as well as tips on when to buy a property. This will help you amass loyal followers through insightful real estate tips. Make Videos that Answer Frequently Asked Questions You can find the ideal song lyrics to address a frequently asked real estate question. Make a video of yourself answering the FAQs, add suitable hashtags and upload it to TikTok. Additionally, you can ask your followers questions which they can answer in your comments section. All in all, this will go a long way to establishing your position as an authority in the field, making you a go-to source of information for your followers. Conclusion The marketing potential of TikTok is quite extensive. By following some of the trends on the platform, you can pull traffic of potential clients to your real estate site, improving your market scale and productivity. To view the original article, visit the Realtyna blog.

Augmented Reality and Generative AI Could Transform Future of Real Estate Marketing
Augmented reality and image generation through generative artificial intelligence are two emerging technologies that could play a key role in the future of real estate, according to experts at 2022 NAR NXT, The Realtor® Experience, in Orlando, Florida. Sessions at NAR's annual conference covered the role these technologies may soon play and the possible legal and ethical ramifications Realtors® should keep in mind when using them. On Friday, Dan Weisman, NAR's director of emerging technology, discussed how augmented reality could become a mainstream tool for creating a new experience for home buyers and sellers. He noted that although virtual tours are used in the real estate industry, augmented reality may change how consumers preview a potential house. "Through the use of a phone, augmented reality will allow us to scan rooms, get dimensions, detect objects, remove them and even replace them with a décor that may be more fitting to your client. This technology will create a totally different virtual experience for a potential buyer of a home," Weisman said. On Saturday, Weisman took the stage at the Emerging Business and Technology Forum to discuss how the evolution of artificial intelligence has allowed consumers to easily create and manipulate photos. He showcased examples of tools like Dall-E 2 and Google Imagen, which can take a text prompt and use artificial intelligence to produce and alter images with an extraordinary degree of photorealism. "There is power in this technology that ties into the real estate space," Weisman said. "It could have an impact on renovation previews, listing photo modifications, and stock photo generation." Weisman showed an example photo of a backyard with a sandbox. With a simple text prompt, the sandbox was removed. With an additional prompt, it was replaced by a fire pit. "This technology will give you the power to change photos to better portray what your client may envision for the space," he said. Matt Troiani, NAR senior counsel, director legal affairs, shared copyright best practices and discussed some of the legal and ethical ramifications this new technology may create, noting these new tools currently pose more questions than answers as the law tries to keep up with technology. "The biggest takeaway is to be very mindful about how you use these tools," Troiani said. "Ensure that you have copyright protection for the works that you are creating. Make sure you have a directive element over the generative AI and be careful not to infringe on someone else's copyrighted work."

Consumers Think Home Prices Will Decline. Are They Correct?
Consumer real estate sentiment is shifting fast: After two years of soaring home prices, consumers are more likely to think home prices will decline than will rise over the next year. What does this mean for your clients? Should prospective buyers and sellers anticipate falling home prices? How can you answer questions about home prices, or set expectations for local consumers who are planning to buy or sell now or in 2023? Here's what to know about the state of consumer housing sentiment and the future price of homes. Why Do Consumers Think Housing Prices Will Fall? The last two times a higher percentage of consumers believed housing prices would decrease rather than increase were 2011, in the aftermath of the housing market meltdown, and early in 2020, as the COVID-19 pandemic began. In those instances, huge events shook the economy and caused tumult in the housing market. Now, a new event is rocking real estate, dampening consumer sentiment, and leading to the expectation of lower housing prices: rising mortgage rates. Mortgage rates have more than doubled in the past year, and haven't been this high since 2008. The ultralow mortgage rates of 2020 turbocharged buyer demand and resulted in a historic jump in home prices. Now that mortgage rates are up, demand is down, and less demand typically means lower prices. You shouldn't be surprised if buyers and sellers also figure that mortgage rates are set to rise further. After all, the Federal Reserve has been clear that it will raise interest rates until inflation abates, and rising interest rates usually drive up mortgage rates. Will Housing Prices Fall? You can't blame consumers for thinking that home prices are due for a decline. But consumer expectations don't mean that home prices will actually decrease in your local market. Probably the most important reality of the current housing market is that there are more people who want to buy a home than homes available. This housing shortage goes back to the Great Recession, which depressed homebuilding and made "starter homes" hugely difficult to find. Bidding wars may be less common now than last year, but home shortages mean that when a property goes on the market, there are usually multiple buyers willing to make an offer. Another trend working against the possibility of falling home prices is the glut of millennial buyers entering the market. These buyers in their 20s and 30s are getting married, looking for space, and ready to invest their equity into property. Young buyers with the means are still going to want to buy homes, even if they have to agree to an adjustable-rate mortgage (ARM), buy discount points, or plan to refinance when rates drop. Some super-hot pandemic-era markets may see home prices decline, but larger market forces suggest that nationwide, home price growth will continue at a tapered pace. For sellers, the likelihood of home price growth means that it is still a good time to buy a home. For buyers, now is the time to get in the market. If prices and mortgage rates rise together, it will be better to buy now than in six or 12 months. For agents, understanding consumer expectations are different than agreeing with them. Be ready to explain to clients that their low sentiment about the housing market doesn't necessarily equal lower home prices. To view the original article, visit the Homesnap blog.

3 Must-Know Trends About the Housing Market
Spend enough time reading real estate news or listening to chatter about the housing market, and you're bound to encounter the R word: Recession. Home sales are at their lowest level since 2015, and some economists and real estate watchers say we've entered a housing recession. If that's true, are your clients in trouble? Not necessarily. Sellers don't have the leverage they did a year ago, and buyers still face a tough market, but a housing recession doesn't mean everything about the housing market has or will turn upside down. Check out this new and exclusive Homesnap data to learn what makes this housing market complicated, and why despite the challenges, your buyers and sellers can still accomplish their real estate objectives. 1. There are more home listings, but they aren't spending longer on the market In recent months, agents have reported more active home listings in their market. So when our Homesnap data scientists crunched the numbers, we weren't surprised to find that active on-market listings are up by 23% year over year. In theory, more homes on the market means less competition. Buyers are unlikely to engage in bidding wars or pay top dollar for homes, and sellers may find themselves struggling to get homes off the market. And homes that hit the market should take more time to sell, right? Not yet. For now, homes aren't on average lasting longer on the market. Nationally, homes are actually spending an average of 31 days, or one month, on the market before selling. In comparison, last summer, homes were spending an average 34 days on the market. What's going on? How could the number of active home listings rise and the average days homes spend on the market fall? In short, it's because both buyers and sellers face challenges. Homes aren't spending more time on the market because there's still fierce competition for a limited demand of homes. And active home listings are increasing because sellers are trying to list their homes before mortgage rates rise further and more buyers are pushed out of the market. The good news? Sellers still have leverage, and can expect to get their home off the market quickly. And buyers have the luxury of more listings and inventory than any time since before the COVID-19 pandemic. 2. Home prices are rising, but price cuts are more frequent In recent years, the big, overarching trend in residential real estate has been summed up by a single phrase: "Wow, that house sold for a lot of money." For consumers, that still feels true, as consternation about the price of homes has negatively affected housing market sentiment. But agents should know that while the price of homes is still rising, the market also shows a major sign of softening: More price cuts to on-market homes. According to new Homesnap data, the home price oxymoron looks like this: Over the past year, the average selling price of American homes has risen by 11%. At the same time, the number of price cuts to on-market homes has risen by 81%. How can this be happening? If homes are getting more expensive, why are price cuts to on-market homes becoming so much more frequent? Rising homes prices and increasing price cuts to home can coexist because: Rising home prices are attributable to historic inflation: Inflation is at a 40-year high. To some extent, increasing home prices are reflective of an economy in which the average cost of goods is increasing by nearly 10%. Price cuts are inevitable when sellers don't read the current market: For two years, sellers were able to list at sky-high prices and sell at that price point – or even higher. Softening demand has caught some behind-the-times sellers and agents by surprise, necessitating price cuts and increasing their frequency. Low inventory drives up home prices: Even with demand softening and sellers slashing prices on listings, persistently low inventory ensures upward pressure on home prices. Inventory may be higher than last year, but it is still lower than at most points in recent history, and is not anticipated to rise rapidly because of the cost and challenges associated with new homebuilding. Price cuts are necessary when buyers see better deals ahead: After two years in a market weighted strongly towards sellers, buyers are recognizing that they have an increasing amount of leverage. Mortgage rates rose in 2022, but have tapered in recent months. And with speculation that inflation is tapering, too, many buyers are willing to wait out the market and see what things look like in three or six months. Overall, sellers should know that their home's value is still likely to be higher than a year ago, and won't crater should inventory remain low. Buyers can adjust to a less-crazed market, and the anticipation of increasingly buyer-friendly home searches. 3. The national housing market is cooling, but things vary state-by-state In aggregate, the national housing market is cooling. But what's happening on average might not be happening in your local market. Just consider statistics for the change in active listings over the past year. Nationally, active home listings have increased by 23%, suggesting a more buyer-friendly market. But buyers' and sellers' on-the-ground experience can vary widely by region. In Colorado, consumers experience a nationally-representative increase in listings, with a 24% year-over-year rise. But in Connecticut, chatter about a more buyer-friendly market may be just talk: There's actually a 13% decrease year-over-year in the number of active home listings. Conversely, Idaho, which played host to an unsustainable, turbocharged real estate boom in 2020 and 2021, has seen home listings skyrocket this year, tilting the housing market balance back to buyers. These discrepancies mean that the advice you'd give a client in Hartford could be entirely different from the advice you'd give a client in Boise. And this is precisely why real estate agents are so important. You're the licensed professional who lives in your market and understands it. You can tell consumers what's happening where they want to buy, and do so with a nuance and local flavor that national statistics just can't capture. Our data helps you contextualize big trends in the housing market. Your expertise helps clients make sense of these trends, and figure out how to achieve their real estate goals. To view the original article, visit the Homesnap blog.

This One Trend Indicates the Housing Market is Finally Returning to Normal
For more than two years, agents, buyers and sellers have been waiting for the housing market to return to normal. There's one major indication it's finally happening: More homes on the market are getting a price cut. In June 2022, 1 in 7 homes on the market had their prices lowered. That's nearly twice the frequency of June 2021, when only 1 in 13 homes lowered their initial listing price. What's causing sellers to slash the price of on-market homes? And what other signs should you be looking for when evaluating the state of your local real estate market? Why Are Sellers Cutting On-Market Home Prices? In short, price cuts are returning to the housing market because fewer buyers are competing for homes. The biggest reason? Rising interest and mortgage rates. In 2020, the Federal Reserve slashed interest rates to blunt the economic effects of the COVID-19 pandemic. Those lowered interest rates resulted in rock-bottom mortgage rates, and prompted a flood of buyers to enter the market. This increased competition turbocharged the housing market. The price of homes skyrocketed; bidding wars on properties and offers over listing price became common. In 2022, the Federal Reserve has hiked interest rates. Mortgage rates have followed, rising faster than any time in the past 40 years. As the cost of borrowing increases, fewer buyers are entering the market, and many of those who do simply aren't willing to engage in all-out bidding wars. Many experts believe price cuts signal a housing market correction, not a crash. Keep in mind that from 2017 to 2019, before the disruption of the COVID pandemic, about 1 in every 4 to 5 homes had its price cut while on the market. Price cuts are normal, and likely to become more common so long as mortgage rates increase. What Are Other Signs of a Cooling Housing Market? Price cuts indicate that the housing market is returning to normal. But you should consider other vital signs when monitoring your local market, including: Mortgage applications: Before consumers can buy a house, they have to apply for a mortgage. Nationwide, the number of mortgage applications has fallen throughout 2022. Keep tabs on your region's mortgage application trends to gauge buyer demand whether the local market is cooling Number of home listings: Demand is driven by supply. In a cooling housing market, more homes are likely to be on the market. Some metro areas have more housing supply than others, but all remain affected by the limited number of new homes being built. Attendance at tours and open houses: As you host and attend home tours, ask yourself: Does turnout seem to be down? Are buyers making aggressive, cash-heavy offers? If turnout is low and buyers seem to be weighing their options, consider your local market cooling. Overall, price cuts indicate a housing market that is moving back to normal. But every metro area is different, and every buyer and seller has different expectations. Be sure you have the tools and information to help clients navigate the market, no matter what. To view the original article, visit the Homesnap blog.

It's a Sellers Market. So Why Aren't More People Selling Their Home?
If you're an agent, you've recently heard (and maybe said) this line: It's a seller's market. With housing inventory at a record low and home prices still rising, that conventional wisdom begs the question: If it's a seller's market, why aren't more people selling their homes? 1. The Most Eager Sellers Have Already Sold Why aren't more owners listing their homes? In part, because people who were most eager to sell already have. For nearly two years, ultra low mortgage rates resulted in a supercharged housing market. Sellers were listing homes and often receiving dozens of offers, some of which came above already sky-high listing prices. Homeowners who wanted to sell had ample time to get their home on the market and sell it at a high price. And they did. Just consider the below chart displaying existing home sales from 2017 to 2022. Existing home sales are the clearest proxy for tracking the rate at which owners are selling their homes. It's evident that home sales bottomed out in the early spring of 2020, when COVID-19 was first declared a pandemic. But sales rebounded at a record rate after the Federal Reserve slashed interest rates and mortgage rates plunged to a record low. Throughout 2020 and 2021, sales of existing homes were at their highest level in years, and have only this year begun to taper towards a pre-pandemic normal. Basically, fewer homes are hitting the market now because more homes than anticipated were sold 6, 12, 18, or 24 months ago. Many of the most interested sellers have already hit the market – it's been a seller's market for some time. 2. Mortgage Applications and Buyer Interest Is Down People are motivated to sell their homes when they know there is strong buyer demand. Right now, a sustained drop in mortgage applications indicates less buyer demand for homes in 2022 than preceding years. Mortgage applications are for consumers the first step of obtaining a home loan, and as such, are often used as a gauge of industry-wide housing demand. Mortgage applications are down a full 15% year-over-year, which most experts attribute to surging mortgage rates. As mortgage rates rise, fewer buyers are qualified to seek one, tampering overall buyer demand. With less buyer demand, would-be sellers may figure that it's better to wait out the market and not list a home until mortgage rates fall. Fewer mortgage applications suggests a housing market that's in the process of cooling. People who don't need to sell a home now may think that today's market – still low on housing inventory and hospitable for sellers – will be more promising in a few years, after interest and mortgage rates have stopped rising so rapidly. 3. Sellers Usually Also Have to Buy – and That's Not Currently Easy The final and arguably most significant factor keeping home sellers out of the market is epitomized by a question: "If we sell, where are we going to go?" You can't blame sellers for wondering. Usually, selling a home means buying a new home in its stead, and right now, that's hard because: Buyers are facing high mortgage rates: Mortgage rates have risen at their fastest rate in decades. Sellers who also need to buy a home risk trading into a higher mortgage rate, blunting the financial windfall of selling a home. Home prices are still high: Housing prices aren't rising at the breakneck clip of 2020 and 2021, but are still formidable. Low inventory means that for sellers, finding the right new home at a reasonable price is not guaranteed, or even likely. The newly built home market is difficult: Potential home sellers can't easily upgrade to a newly built home. For one, new homes simply aren't being built at the rate of demand, with inflation and supply-chain snarls jumping the cost of supplies and materials. Plus, buyers of newly built homes pay a hefty price when mortgage rates rise. The time between agreeing to a contract on a newly built home and moving in can last up to a year – putting buyers at risk of being on the hook for much higher borrowing costs than first anticipated. Clearly, there are compelling factors keeping home sellers out of the market. But for agents, market tumult and uncertainty may signal an opportunity. Those who want to sell a home still can, even as rates rise, because inventory is so scant. And people looking for homes are starting to find a market with more reasonable home prices and fewer bidding wars – which may encourage them to hire an agent and buy before mortgage rates rise even more. To view the original article, visit the Homesnap blog.

Mortgage Applications Are Plummeting. Is the Housing Market Collapsing?
Agents, buyers, sellers, and investors have had ample reason to question the sustainability of the real estate market. After all, the scorching-hot housing market was fueled in part by COVID-related lockdowns and life disruptions that are becoming more rare. Rising interest rates, intractably high home prices, and continued rumblings about a recession add to skepticism about the housing market's health. Enter another housing market warning sign: A sustained drop in mortgage applications. When people need a home loan, they submit to lenders a mortgage application, which contains information on the borrower's income, employment history, and the property being purchased. Since mortgage applications are the first step of obtaining a home loan, they're often used as a gauge of industry-wide housing demand. With mortgage applications down a full 15% year-over-year, should agents fear a housing market implosion? The data says no. Homesnap's team of data scientists investigated and found that when comparing the first week of June 2022 with the first week of May 2022, active home listings increased by 26.6%, while the number of active open houses skyrocketed by 71.2%. What's going on? If fewer people are applying for mortgages, how can more people be listing and touring properties? In short, the drop in mortgage applications indicates a housing market that's due for cooling, but not yet. For the duration of busy season, at least, fewer mortgage applications will likely coexist with a competitive housing market. How Can the Housing Market Remain Robust, Even as Mortgage Applications Decrease? Mortgage applications are falling because mortgage rates are rising. Basically, as the cost of borrowing for a home loan increases, fewer buyers are qualified to seek one. But even with interest rates set to rise throughout 2022, the housing market isn't collapsing. As our data scientists found, home listings and open houses are actually increasing. There are three reasons: 1. The Market Takes Time to Change A reduction in mortgage applications isn't tanking the housing market because reduced demand takes time to ripple through the market. In fact, months can elapse between submitting a mortgage application and closing on a property. For new home buyers, it could be six months or a full year between submitting a mortgage application and moving into a home. Fewer mortgage applications in the spring and summer may not materially affect the housing market until the fall and winter. Mortgage applications are a measure of housing demand, but not necessarily of today's demand. The housing market is big and complicated, and doesn't adjust to consumer behavior overnight. 2. Housing Inventory Remains Low Other than high prices, the trend agents most frequently identify about today's housing market is record-low housing inventory. That inventory isn't expected to soon replenish, so the housing market is unlikely to topple. Low housing inventory means the number of people who want a home continues to far eclipse the number of available properties. With low listings, having fewer people seeking a mortgage isn't a death knell for the real estate market – even if it results in tapering home prices. 3. It's Busy Season For all the broader market forces at play, an increase in home listings and open houses just after Memorial Day isn't unusual. It's just busy season. If the normal real estate cycle seemed blurred or even erased in 2020 and 2021, it was because the market was turbocharged – hugely affected by the COVID-19 pandemic and the social and financial changes wrought by it. Now, the market may simply be approaching something close to normal. Summer's starting, kids are out of school, people are allowed to slip out of the office early on Fridays, agents have more daylight during which to host home tours – the market is found to pick up. The return of a conventional busy season points to a related reality: Reduced mortgage demand may put the market back to where it was in 2018 or 2019. Agents still had ample buyer demand during that time, even if the market wasn't going gangbusters. Home buying seasonality shifting back to normal doesn't mean the sky is falling, and a reduction in mortgage applications doesn't make for a housing market meltdown. To view the original article, visit the Homesnap blog.

Is a Recession About to Rock the Housing Market?
The signs are clear and causing alarm: The U.S. may be on the verge of entering a recession. Even with low unemployment and a tight labor market, persistent inflation, slowing growth, and rising interest rates have many economists, investors, and policymakers girding for a sustained economic downturn. If a recession hits, will the housing market tank? After all, in the past two years the housing market has gone gangbusters, with supercharged sales prices and record-low inventory. A correction in the market could be overdue. Learn why some experts think a recession would upend the housing market, and others believe the factors driving high prices and low inventory will persist – regardless of whether the economy is growing or not. Yes, a Recession Would Upend the Housing Market The health of the housing market is, in general, determined by whether enough people want to buy and can pay for a home. Practicing social distancing and working remotely during the height of the COVID-19 pandemic caused many middle-class buyers to realize they wanted to own a home or upgrade to a larger property. Contributing to this surge in demand was the Federal Reserve's decision to slash interest rates, resulting in record-low mortgage rates – a huge incentive for buyers to get in the market. Buyers currently face a considerably different situation: COVID restrictions have largely been lifted, and many white-collar Americans are back in the office and the rhythms of normal life. The Fed is raising interest rates to curb the most serious, sustained inflation of the past 40 years. Mortgage rates are surging, making it harder for buyers to qualify for a home loan. Taken together, it's not unreasonable to think that a recession – during which people usually lose jobs and income – would not simply cool but torpedo the housing market. Already, there are indications that rising mortgage rates are locking consumers out of the market. Buyers of newly built homes have reported that skyrocketing mortgage rates caused them to back out of a deal. And even before the economy started to wobble, some buyers this year were entering the market because they expected mortgage rates to be prohibitive in the coming months and years. No, the Housing Market Won't Implode in a Recession For all the gloomy economic predictions, the housing market is and may remain somewhat protected by a simple, powerful reality: There are far more people who want to buy homes than available properties on the market. The home shortage is attributable to three factors: Home building remained atypically low in the years after the late 2000s subprime mortgage meltdown. Record-low mortgage rates and marked changes in day-to-day life in 2020 and 2021 released unprecedented and insatiable buyer demand for homes. Supply chain snags wrought by the pandemic and soaring prices for raw materials such as lumber have made it costly and difficult to build new homes. All told, the causes of the home shortage – namely, that it's hard to build new homes – won't change even if the economy slows down. And while nobody's cheering for what could become a combination of economic recession and rampant inflation, real estate has traditionally been a safe harbor when currency becomes less valuable. In addition to low supply, there are demand-side realities that could shelter the real estate market from the worst of an economic recession. Among the biggest contributors to inflation has been increasing salaries – indicating that plenty of buyers still have the means to put money down on homes, even as interest rates rise and the cost of borrowing for a home loan increases. And the pool of eager potential buyers is unlikely to dry up soon: millennials, the U.S.'s largest generation, are in or about to enter prime home buying age. Finally, the housing market is at reduced risk of capsizing during a recession because homeowners can pay their mortgages. In the late 2000s, delinquency rates on mortgages surged, because checks on income verification were weak and the "teaser" periods on adjustable-rate mortgages (ARMs) slotted people into home loans they couldn't afford. Today, income verification is much stronger, and ARMs and mortgage discount points are more tightly regulated. To view the original article, visit the Homesnap blog.

Realtors Discuss Top Emerging Tech Trends Impacting Real Estate Industry
The metaverse and blockchain technology could have a significant impact on the future of real estate, according to experts at the 2022 REALTORS Legislative Meetings. Several hundred Realtors attended Wednesday's Emerging Business Issues and Technology Forum, which provided insight into the top emerging tech trends that are expected to have the biggest impact on the real estate industry in the coming years. Jane Dzielski, Google's principal analytical lead, kicked off the session with a presentation on data trends in the real estate sector. She said that prior to the pandemic, only one in 10 households moved each year. "We are now seeing a ton of moving activity," Dzielski said. "Twenty-five percent of consumers have moved in the past two years and 24% plan to move in the next year." Dzielski also said that while internet searches for buying a second home dropped in the first half of 2020 (-9%), they have surged since then (+23%). According to Google's data, the top reasons that homeowners cited for purchasing a second home were to diversify their investments, earn money renting, and use as a vacation home. Ashley Stinton, Second Century Ventures' head of marketing, discussed the recent rise in investment in real estate technology companies, explaining that over $31 billion was invested in 2021. "These are unprecedented numbers," Stinton said. "We've seen 12 new prop tech unicorns as well as over 150 merger and acquisition transactions." Stinton noted that SCV's REACH scale-up program plays an active role in shaping the future of real estate technology investment. "We find, support, accelerate, and scale the innovative companies that are going to have the highest impact on Realtors®' businesses," she said. "We then bring these technologies to NAR members so that these companies can work hand-in-hand with the Realtor® community as they build out their products and services." "Meta has committed to investing $10 billion per year, for each of the next 10 years, just on the metaverse," Weisman said. "The metaverse is going to change how we interact as a society, how we use the internet in general, and ultimately how people buy and sell homes." Dave Conroy, NAR's director of emerging technology, discussed how cryptocurrencies, NFTs, and blockchain technology will influence real estate businesses and transactions. He cited a Redfin report that said nearly one in nine first-time buyers – 11.6% – sold cryptocurrency to help finance a down payment in 2021, up from 8.8% in 2020 and 4.6% in 2019. "Blockchains are a new way of thinking about information management," he said. "They provide a verifiable and trustworthy record of events or transactions. This is a critical component of any transaction." Conroy concluded the session underscoring the importance of decentralized finance and the role it could play in real estate in the future. "Decentralized Finance, or DeFi for short, refers to financial services that exist on blockchains," he said. "With financing being a key component of the transaction, Realtors® should become familiar with the new tools that are becoming available in the DeFi landscape."

Are We in a Real Estate Bubble?
Mortgage rates are rising fast, the Federal Reserve is hiking interest rates, and people are starting to ask: Are we in a real estate bubble? You can't blame buyers, sellers, agents, and everyday consumers for wondering whether the housing market has become overhyped. After all, economists at the Federal Reserve Bank of Dallas published a blog post last month detailing "growing concern that U.S. house prices are again becoming unhinged from fundamentals." "Unhinged from fundamentals" sounds scary. Is there a housing bubble that's about to burst? For now, real estate experts and economists generally aren't concerned that the hot housing market is going to implode the way it did when the 2008 subprime mortgage crisis sparked the Great Recession. But they are sharply divided about whether there's a real estate bubble, what could be fueling it, and the events that might signal a cooling or collapsing housing market. Yes, There's a Real Estate Bubble Even for people who aren't prone to doom and gloom, recent indications point to the possibility of a real estate bubble. The most-often cited indication of a housing bubble is mortgage and interest rates. Specifically, mortgage and interest rates plunged to record-lows as the federal government sought to limit the economic fallout of the COVID-19 pandemic. Because of those low rates, people flooded into the housing market, driving up demand and the price of homes. Now, the federal government is raising interest rates, which has caused the 30-year fixed mortgage to climb above 5% for the first time in a decade. Traditionally, higher mortgage rates result in lower or cooling housing prices. But, as we suggested last month, some consumers may figure if mortgage rates continue to rise, this is the time to lock in a decent rate, which could keep demand for homes strong. Another factor that could be fueling a frothy housing market is the influence of real estate investors. Investors now buy about one-third of homes in the U.S., and are often able to make cash offers on homes that normal buyers cannot match, which drives up home prices. Rising inflation may spur even more aggressive buying behavior by real estate investors, as real estate is traditionally a safe harbor against less valuable currency. If investors continue to buy, everyday consumers may find themselves forced to agree to mortgage rates and home prices that are divorced from traditional market fundamentals. No, We're Not in a Real Estate Bubble For all the concern, many experts and agents don't believe that there's a real estate bubble. First and foremost, low housing inventory has resulted in a supply and demand mismatch that many believe is the single biggest source of rising housing prices. In the wake of the late 2000s housing crisis, home building plunged. Over time, there weren't enough homes available for interested and qualified buyers. Low inventory isn't an issue that experts expect to be resolved soon. The cost of housing materials has skyrocketed due to supply-chain issues, inflation, and the war in Ukraine. Plus, millennials, the U.S.'s largest generation, are in or entering prime home buying age, which some experts think will ensure housing demand remains higher than supply. The other primary reason to be skeptical of a housing bubble is the average personal financial health of home buyers. On average, Americans are in their strongest-ever financial situation, with record-high savings and record-low debt. In the run-up to the last housing crash, excessive borrowing was rampant and many people were granted mortgages they couldn't actually pay. Now, economists and real estate agents report that buyers are purchasing homes with significant cash down payments. Coupled with stronger lending guidelines, robust personal financial health means that people who are buying homes today are more likely to make their home payments, reducing the odds there's a real estate bubble. As an agent, be prepared to answer client questions about whether there's a real estate bubble. Keep a finger on the pulse of your local market, encourage buyers to come with strong, cash down offers, and remind sellers that whether there's a bubble or not, this is a great time to sell a home. To view the original article, visit the Homesnap blog.

Interest Rates Just Went Up. What Does That Mean for the Housing Market?
After months of anticipation, the Federal Reserve this month raised interest rates. The move was not a surprise -- persistently high inflation and a strong labor market have monetary policymakers anticipating six rate increases over the course of 2022. Amid a strange, hard-to-predict economy, rising interest rates add yet another unique variable. And compared to other industries, real estate stands to be strongly affected by rising interest rates. Put simply, rising interest rates make it more expensive to buy a home. Rising interest rates mean rising mortgage rates, and rising mortgage rates mean that buyers have to shell out more to pay off their mortgage every month. How will rising interest rates affect the housing market? What outcomes should agents anticipate when advising leads and clients about rising rates in 2022? 1. Home Prices Could Fall – Or Not It's been the biggest point of discussion in the housing market for nearly two years, and rising interest rates will only fan the conversational flames: Are home prices going to stop rising? Traditionally, rising interest and mortgage rates tamped down home prices, as competition for homes decreased because of higher borrowing costs. Some experts think that will be the case in 2022, but others aren't sold. Just consider: Inflation is still at its highest point in decades Home inventory is still at an unprecedented low If general consumer prices continue to rise, home prices are unlikely to fall. And without many homes on the market, people may be willing to buy a home at its listing price, even as mortgage rates increase. 2. Millennial Home Buyers Are the X Factor Research indicates that a median first-time home buyer is in his or her early thirties. Millennials, who make up a plurality of the American population, are the generation that currently occupies this cohort. As interest rates rise, the home buying behavior of millennials will indicate the broader health of the housing market. On one hand, many millennials may not be able to enter the housing market as interest rates rise. Millennials already hold less wealth relative to other generations, since they came of age during the Great Recession and are disproportionately burdened by student debt. On the other hand, one result of the 2008 housing crash was the underbuilding of new homes. So, the number of millennials who make a good salary and are at the age to buy a home may not meet the supply of available properties. Despite higher interest rates, these millennials may power a housing market that remains robust, at least until the supply of homes meets or exceeds their demand. 3. Rising Interest Rates Could Cause Some Buyers to Enter the Market Rising interest rates mean rising mortgage rates. Is it possible that rising mortgage rates are, for now, actually heating up the real estate market? The answer is maybe. Remember that last week's interest rate hike was the first of six scheduled for this year. Mortgage rates are currently rising but still may be at their lowest point for the foreseeable future. Home buyers are not unreasonable to think that buying conditions are better now than they will be in a year. If some home buyers determine that rising interest rates will make the market even more challenging in the future, they may act to buy now. Buyers deciding to enter the market while they still can may maintain or even raise the price of homes and the negotiating leverage of home sellers. To view the original article, visit the Homesnap blog.

[WATCH] Capitalism 2.0: The next generation of real estate success with web3, NFTs and the Metaverse
There's a technology revolution happening called web3. The pioneers of this movement are creating massive online communities selling digital land, digital properties, and even digital rentals. Fueled by $3 trillion in cryptocurrency wealth, there is a brand-new set of buyers for a brand new type of real estate available. High net-worth individuals and companies are engaging in NFTs and cryptocurrency as a hedge that benefits tax strategy and currency fluctuations, too. Others are reinventing business operations in the metaverse. Posted below is the recent discussion hosted by WAV Group managing partners Victor Lund and Marilyn Wilson along with Nelson Diaz, the company's web3 division leader, explaining why you don't want to miss out on the opportunities that lie ahead. Enjoy! To view the original article, visit the WAV Group blog.

Blockchain and Its Impact on Real Estate
The exciting and developing world of the digital real estate transaction. Confused by terms like cryptocurrency, blockchain, NFT, bitcoin, and Metaverse? Wondering what the heck Elon Musk is talking about? The future of real estate transactions on the blockchain are here and are quickly gaining momentum. Due to the unknown, these topics may sound slightly overwhelming. If you've ever wondered how our industry may be impacted, you're not alone! Elm Street Academy had the opportunity to bring together top thought leaders across the real estate sector to share their perspectives on these exact topics. As a leading technology company, we understand the need to focus on the present, while always keeping our eye on advancements that will impact the future of the real estate transaction. View this exciting one-hour, on-demand webinar where Matt Fagioli, Operating Partner, BKG™ - Brokerage Atlanta and Founder of Xplode Conference facilitated a conversation with Rob Hahn (7DS Associates), Chris Haran (MRED), Nobu Hata (Denver Assoc. of REALTORS), and Liz Sturrock (Miami Assoc. of REALTORS) on the current state of cryptocurrency in real estate. The panel addressed specific questions like: What are the key things agents and brokers need to be aware of in regards to blockchain technology? Do agents and brokers need to be prepared for Web3? Will NFTs continue to be introduced into the real estate sector? Is blockchain technology secure? How can the real estate industry be best prepared? Ultimately, they spoke of the challenges and hurdles that we face in adoption and how the real estate transaction could be forever changed. Be sure to view the webinar so you don't miss any of the great ideas shared: Interested in more great educational content from Elm Street Academy? Check out upcoming webinars and in-person events here. Elm Street Academy exists to spread ideas, share best practices, challenge the status quo and help educate the industry to be the best we can be. Elm Street's portfolio of products and services allow busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. Schedule a quick convo today: Brokers and teams - Schedule here Agents and others - Schedule here

[Best of 2021] 4 Reasons Why the End of Forbearance Will Not Lead to a Wave of Foreclosures
We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in August and is #6 in our countdown. See #7 here. With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won't happen. 1. There are fewer homeowners in trouble this time After the last housing crash, about 9.3 million households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected 30% of all mortgage holders would enter the forbearance program. Only 8.5% actually did, and that number is now down to 3.5%. As of last Friday, the total number of mortgages still in forbearance stood at 1,863,000. That's definitely a large number, but nowhere near 9.3 million. 2. Most of the 1.86M in forbearance have enough equity to sell their home Of the 1.86 million homeowners currently in forbearance, 87% have at least 10% equity in their homes. The 10% equity number is important because it enables homeowners to sell their houses and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create. The remaining 13% might not all have the option to sell, so if the entire 13% of the 1.86M homes went into foreclosure, that would total 241,800 mortgages. To give that number context, here are the annual foreclosure numbers of the three years leading up to the pandemic: 2017: 314,220 2018: 279,040 2019: 277,520 The probable number of foreclosures coming out of the forbearance program is nowhere near the number of foreclosures coming out of the housing crash 15 years ago. The number does, however, draw a similar comparison to the three years prior to the pandemic. 3. The current market can absorb any listings coming to the market When foreclosures hit the market in 2008, there was an excess supply of homes for sale. The situation is exactly the opposite today. In 2008, there was a nine-month supply of listings for sale. Today, that number stands at less than three months of inventory on the market. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains when addressing potential foreclosures emerging from the forbearance program: "Any foreclosure increases will likely be quickly absorbed by the market. It will not lead to any price declines." 4. Those in power will do whatever is necessary to prevent a wave of foreclosures Last month, the White House released a fact sheet explaining how homeowners with government-backed mortgages will be given further options to enable them to keep their homes when exiting forbearance. Here are two examples mentioned in the release: "For homeowners who can resume their pre-pandemic monthly mortgage payment and where agencies have the authority, agencies will continue requiring mortgage servicers to offer options that allow borrowers to move missed payments to the end of the mortgage at no additional cost to the borrower." "The new steps the Department of Housing and Urban Development (HUD), Department of Agriculture (USDA), and Department of Veterans Affairs (VA) are announcing will aim to provide homeowners with a roughly 25% reduction in borrowers' monthly principal and interest (P&I) payments to ensure they can afford to remain in their homes and build equity long-term. This brings options for homeowners with mortgages backed by HUD, USDA, and VA closer in alignment with options for homeowners with mortgages backed by Fannie Mae and Freddie Mac." When evaluating the four reasons above, it's clear there won't be a flood of foreclosures coming to the market as the forbearance program winds down. Bottom Line "The likelihood of us having a foreclosure crisis again is about zero percent." To view the original article, visit the BoomTown blog.

5 Ways Technology Is Impacting the Real Estate Industry
You've probably heard the old saying, "The more things change, the more they stay the same." While this may be true in regards to human nature and many aspects of working with buyers and sellers, there's no doubt that technology has been changing homes, the real estate industry, and the services that you provide as a real estate agent in significant ways — and promises to continue to do so in the years to come. From the ways we live in our homes today, to the ways that we market and sell listings, technology creates both challenges and opportunities. By better understanding the technology you use and embracing its potential, you can create low-cost leverage in your business that makes every day easier and more profitable. Here are five ways that technology is already contributing to greater productivity for you and your business. Improving home performance Home automation and smart home technology have never been more accessible and affordable. The internet of things (IoT) and a host of property technology (or PropTech) enhancements have made it possible to create a fully integrated smart home environment more affordable and more easily accessible than we ever thought possible. If you're looking for ways to follow up with past clients, providing information about smart home updates and enhancements can help you add value and stay top of mind. When you're working with potential listing clients, providing recommendations on smart home upgrades is a good way to help them implement marketable improvements, update their homes for modern buyers, and compete effectively with other listings in their market. Enhancing real estate marketing Think about the time and expense involved in marketing both your real estate business and your latest listing in decades past. Film photography, newspaper advertising, bus benches, billboards — there were so many moving parts and expensive platforms required to establish even the most basic presence in your local market. Now, you can develop an international reputation for little or no financial outlay using the power of Instagram and YouTube. You can obtain professional photography, copywriting, and graphic design for just a fraction of the cost you would have paid only a few years ago. You can exercise greater control over all of your marketing and generate leads from the comfort of your home with the help of your smartphone. Facilitating home showings With virtual reality and augmented reality platforms, you can virtually stage a home at little or no cost and provide a virtual walkthrough that rivals in-person tours. You can show your new listing to buyers anywhere in the world at any time of the day or night, easily and affordably. Want a targeted audience for your home showing? You can create one with the power of social media advertising platforms and analytics. You can even access service providers for targeted ads on streaming platforms, allowing eligible potential buyers to see your latest listing while watching TV with their family for far less cost than traditional broadcast television advertising. Streamlining business operations Imagine finding out a few years ago that accounting, document management, and other operational tasks would no longer require full-time support personnel and could, in many cases, be handled from a laptop computer or mobile application. Imagine learning that administrative support would be available around the clock through low-cost virtual assistants and a host of virtual helpers like interactive calendars, productivity platforms, and intuitive AI chatbots. Tasks ranging from the highly specialized to the broadly generalized can now be done easily, conveniently, and affordably through widely available freelancers. You can share documents, presentations, and information with the touch of a button, in the blink of an eye. What's more, we have so fully integrated these technical capabilities, it's hard to imagine living without them. Optimizing transaction management Real estate offices used to spend significant time and money on reams of paper, powerful copiers and printers, and support staff to maintain all of that paperwork for each transaction. Rooms full of file cabinets were needed to manage current and ongoing transactions, with warehouses of storage for document maintenance requirements that lasted for years after closing. For each of those documents, in-person signings were required by each of the stakeholders. That means hours of driving around just to get one document fully signed and executed. Multiply that time expenditure by all of the documents required for just one transaction and imagine the workforce hours and energy involved. Now, however, virtual transaction management platforms make every transaction easier and more streamlined than ever before. Documents, tasks, supporting information — all of these can be captured with a scanner or smartphone app, allowing agents and their clients to experience faster, more efficient, more convenient transactions. With expert support from a digital transaction coordinator, you'll free up valuable time and get back to the business of every day with family, friends, and clients. To view the original article, visit the Transactly blog.

4 Reasons Why the End of Forbearance Will Not Lead to a Wave of Foreclosures
With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won't happen. 1. There are fewer homeowners in trouble this time After the last housing crash, about 9.3 million households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected 30% of all mortgage holders would enter the forbearance program. Only 8.5% actually did, and that number is now down to 3.5%. As of last Friday, the total number of mortgages still in forbearance stood at 1,863,000. That's definitely a large number, but nowhere near 9.3 million. 2. Most of the 1.86M in forbearance have enough equity to sell their home Of the 1.86 million homeowners currently in forbearance, 87% have at least 10% equity in their homes. The 10% equity number is important because it enables homeowners to sell their houses and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create. The remaining 13% might not all have the option to sell, so if the entire 13% of the 1.86M homes went into foreclosure, that would total 241,800 mortgages. To give that number context, here are the annual foreclosure numbers of the three years leading up to the pandemic: 2017: 314,220 2018: 279,040 2019: 277,520 The probable number of foreclosures coming out of the forbearance program is nowhere near the number of foreclosures coming out of the housing crash 15 years ago. The number does, however, draw a similar comparison to the three years prior to the pandemic. 3. The current market can absorb any listings coming to the market When foreclosures hit the market in 2008, there was an excess supply of homes for sale. The situation is exactly the opposite today. In 2008, there was a nine-month supply of listings for sale. Today, that number stands at less than three months of inventory on the market. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains when addressing potential foreclosures emerging from the forbearance program: "Any foreclosure increases will likely be quickly absorbed by the market. It will not lead to any price declines." 4. Those in power will do whatever is necessary to prevent a wave of foreclosures Last month, the White House released a fact sheet explaining how homeowners with government-backed mortgages will be given further options to enable them to keep their homes when exiting forbearance. Here are two examples mentioned in the release: "For homeowners who can resume their pre-pandemic monthly mortgage payment and where agencies have the authority, agencies will continue requiring mortgage servicers to offer options that allow borrowers to move missed payments to the end of the mortgage at no additional cost to the borrower." "The new steps the Department of Housing and Urban Development (HUD), Department of Agriculture (USDA), and Department of Veterans Affairs (VA) are announcing will aim to provide homeowners with a roughly 25% reduction in borrowers' monthly principal and interest (P&I) payments to ensure they can afford to remain in their homes and build equity long-term. This brings options for homeowners with mortgages backed by HUD, USDA, and VA closer in alignment with options for homeowners with mortgages backed by Fannie Mae and Freddie Mac." When evaluating the four reasons above, it's clear there won't be a flood of foreclosures coming to the market as the forbearance program winds down. Bottom Line "The likelihood of us having a foreclosure crisis again is about zero percent." To view the original article, visit the BoomTown blog.

Remote Working in Post-COVID America: What's Next?
Since 2005, working from home has grown more than 11 times faster than the rest of the workforce and 54 times faster than the self-employed population. Before the pandemic, only 9% of employers offered remote working on an ad hoc basis to at least some employees. Fast forward to the first week of June 2021, 72.5 million American families had adults working from home. During the height of the pandemic, 51% of the workforce was working remotely, though the option to work from home varied significantly by industry. More than 80% of workers in banking and finance could telework, while only 16% of retail, trade, and transportation workers could, and one-third of health care and social services providers could. Remote Working Isn't Going Away Many employers have found that remote working options are attractive employee benefits as the pandemic winds down. In a recent survey of 2,000 workers by Morning Consult for Prudential Financial, 87% of workers who have been working remotely during the pandemic want to continue doing so at least one day a week. Nearly half of current remote workers in the survey (42%) said if their current company doesn't continue to offer remote-work options long term, they will look for a job elsewhere. Global Workplace Analytics, a forecaster of workplace trends, estimates that the average employer of 500 workers would save $1.9 million annually by reducing office space, $1.3 million in absenteeism, and gain more than $7 million in increased productivity. And it seems employers are taking note; in March 2021, LaSalle Network, a national recruiting firm, surveyed top executives at 350 companies and found three out of four (77%) are planning to offer a hybrid model with a portion working in-office and a portion working from home. A recent Gallup survey found that 26% of workers who are teleworking because of the pandemic will continue to do so, while Global Workplace Analytics estimates that 25-30% of the workforce will be working from home multiple days a week by the end of 2021. The Draw of Remote Working A December 2020 Homes.com survey found that nearly half of respondents (45%) said they would move if given a chance to work remotely, with 20% indicating that remote working was why they moved within the last year. Additionally, the survey found that 40% of those who moved or planned to move had set their sights on locales more than 100 miles away. Among that group, half of them sought locations more than 500 miles away. Many of these workers are drawn to remote working because of its financial benefits. By working at home 2-3 days a week, employees can save between $600 and $6,000 per year, due to reduced travel, parking, and food costs. They could also save the equivalent of 11 workdays in annual commuting time. According to the latest government data, 90% of commuters report driving to work at a median cost of $11 per day, or $2,782 per year. Nine percent of the commuters surveyed took public transportation at a median annual cost of $1,612. Where Do Remote Workers Want to Live? In 2020, vacation home sales jumped 57.2% over 2019, more than twice as much as the 20% year-over-year growth in total existing-home sales. Many believe this increase has been affected by remote workers. "With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers," said Lawrence Yun, chief economist for the National Association of Realtors. "The enduring opportunity for remote work will continue to raise the already high demand for property in these counties, particularly in those counties with reliable broadband internet service." Still, for most hybrid remote workers, vacation destinations are too far from their home offices to make commuting even a few days a week a viable option. As more employers introduce remote working options, many workers have either moved to, or are considering moving to, an exurb or rural county where prices are more affordable. While the cost and time to commute two or three days a week from a more distant location could equal or exceed commuting costs before the move, these workers know they'd still enjoy lower costs of living overall. Rural America is Attracting Remote Workers Rural areas across the country are experiencing a wave of remote workers. By August 2020, brokers in Lake Tahoe and nearby Truckee, California, were running out of inventory due to an influx of remote workers. Overall, Truckee saw a 23% increase in real estate transactions. On the other side of the country, Winhall, Vermont welcomed so many new residents in 2020 that its high school saw a 25% increase in enrollments last September. Vermont is one of several states and smaller cities offering incentives to attract remote workers. Others include: "The Shoals" region of Alabama Alaska Maine Tulsa, Oklahoma Topeka, Kansas Newton, Iowa New Richland, Minnesota Natchez, Mississippi The West Virginia areas of Morgantown, Lewisburg, and Shepherdstown Livability.com recently partnered with Fourth Economy to compile a list of the "10 Best Remote-Ready Cities in the U.S." Categories and amenities included broadband access, availability of remote work, affordability, a robust regional economy, and quality of life. Six of the ten were small cities: Grand Rapids, Michigan Bellingham, Washington Oak Park, Illinois Fort Collins, Colorado Frederick, Maryland Duluth, Minnesota Bad News for Cities, But is it Permanent? The explosion in remote working has simply not been good news for cities. Since the start of the pandemic, thousands of people have moved away from urban centers, with cities like San Francisco and New York City experiencing the most significant losses and their nearby suburbs experiencing the greatest gains. "This upsurge in working from home is largely here to stay, and I see a longer-run decline in city centers," said William D. Eberle, Professor of Economics in Stanford's School of Humanities and Sciences and a senior fellow at the Stanford Institute for Economic Policy Research (SIEP). However, some studies are showing that the urban flight might not be as prevalent as previously though. A recent study by Unacast, a leading generator of mobility data, found that in January and February of this year, the declining population growth in New York City actually reversed over 2019 levels. With remote working becoming more normalized across industries, cities are left with a two-pronged problem solve: first, how to stop the exodus of those who are leaving for literal greener pastures, and second, how to entice residents back in. As more people get vaccinated and businesses continue opening up, it could help curb the urban flight by creating new jobs or opening up positions that shut down for the pandemic. But jobs aren't enough. Unless city centers are revitalized with more suburban and rural amenities to justify the cost of urban living, they may face a substantial uphill battle. To view the original article, visit the Homes.com blog.

Why Builders Can't Keep Up with Home Sales
Once upon a time, the key words in real estate were "location, location, location." Then, the infamous three Ls, at least in the new construction sector, became "land, lots and labor." Those Ls remain important, to be sure. But now, as far as builders are considered, the Ls refer solely to "lumber, lumber, lumber." Softwood is used in structural framing such as beams, joists, and trusses as well as sheathing, flooring and underlayment, interior wall and ceiling finishing. Softwoods also are used in certain manufactured products, particularly cabinets, windows and doors. Since April 2020, the cost of softwood lumber has risen more than 300%, adding nearly $36,000 to the price of a typical house, according to the National Association of Home Builders. The Factors Behind Surging Lumber Costs The primary reason for this price surge is insufficient production at mills across the country. Like most other businesses, pandemic stay-at-home orders greatly impacted the ability to produce products in sufficient quantities to satisfy demand. And even though operations around the country have increasingly opened back up, many mills are still not back to pre-pandemic capacities. Another factor is the import duties placed on Canadian lumber during the previous administration. And now, in a step that has brought a strong rebuke from NAHB President Chuck Fowke, the current administration is proposing to double the tariffs on Canadian lumber shipments. What Else is Stifling Builders' Production? While the cost of lumber is builders' most pressing problem, it is hardly the only one. Here's a brief rundown of the other issues that are keeping them from erecting all the houses needed to take some of the heat out of the blistering housing market: Availability Builders rarely have trouble securing appliances, which they must have to obtain occupancy permits. But now, 95% of those polled by NAHB reported shortages of refrigerators, stoves and the like. Shortages are now more widespread than at anytime sine the 1990s when the NAHB first started tracking. Skyrocketing lumber prices have rightfully dominated the headlines, but prices for steel, concrete and gypsum products also continue to climb at record pace. In a recent survey by marketing and advisory firm Zonda, which monitors some 18,000 active communities nationwide, 86% of builders reported significant supply disruptions resulting in significant construction delays. Among the components that are tough to obtain are interior doors, windows, siding, plumbing fixtures, shingles, insulation and cabinets. About the only item builders aren't having a hard time finding are kitchen sinks — as in, "everything but…" Practically everything else is in short supply; again because production was severely curtailed during the height of the pandemic. And as a result, the costs to builders for many of the products they need have also rocketed. Regulation Another NAHB study found that regulations imposed by all levels of government account for $93,870, or 23.8% of the average sales price of a new house, which is currently $397,300. Of that, $41,330 is attributable to regulation during development, and $52,540 is due to rules that must be followed during construction. Because of the pandemic, builders and their customers aren't getting all they are paying for, though. At least not lately. Local building departments are so short staffed that it is taking longer to get plans approved and the required inspections made. There are other regulatory issues that builders must contend with, too. The most recent was a change in the National Electrical Code, a change that caused HVAC systems to fail. The new rule, the NAHB contends, was hastened unnecessarily during a process that was manipulated by special interests, perhaps trying to sell a particular product. Land "Builders are paying stupid land prices," Zonda's Tim Sullivan told his clients recently. But they almost have to if they want to remain in business. Why? Because the supply of home sites is dwindling rapidly. Zonda says roadwork has commenced on just 165,000 lots nationwide. Considering that some 500,000 new homes are sold annually, that's not a lot. Builders tend to believe the lot pipeline will be most constrained for the rest of the year, but about a third of those polled said finding buildable sites will be an issue next year as well. "The under supply isn't going to go away," said Sullivan. Location Remember the original three Ls? Forgetaboutit. A community's relationship to downtown used to be much more important, but it hardly matters these days in the new home market. Zonda research shows that 70% of the best-selling communities are 30 miles or more from their central business districts as builders move farther and farther out to hold the line on prices as best they can. In Houston, for example, properties within 10 miles of downtown are notching 1.1 sales per month while those 30-35 miles out are grabbing 4.3 deals monthly, up 118%. (READ MORE: Which Markets Will See New Home Builds Ease Inventories?) Higher Prices Zonda's research shows 97% of builders have raised prices, half of those by $10,000 or more. But, said the company's chief economist, Ali Wolf, "There's virtually no sticker shock." Even as builders restrict supply, prices continue to march higher. One reason: The market is supported in large measure by out-of-towners moving from places where housing prices are out of this world. For example, a 2,500-square-foot house that costs $1.16 million in San Francisco or $1.14 million in Los Angeles runs a mere $450,000 in Austin. That's why locals are buying farther and farther out, where the prices are the less expensive. Labor Experienced carpenters, plumbers, electricians and other tradespeople are in short supply. But only 49% of builders said that's a big deal right now, probably because they're beset by other, more pressing problems and because they're not erecting houses as fast as they'd like. Slowing Down To protect against getting too far ahead of themselves, a majority of builders are "by design" now taking only a specific number of contracts per month. While 9% said it's still business as usual, 17% said they are accepting offers only as new lots come online, and 13% said they are "pausing" sales or reservations. As a result, new home production slid in April and is likely to continue slowing. Supply constraints, labor scarcity and a lack of buildable lots "are weighing meaningfully" on builders' ability to keep up with housing demand, says Doug Duncan, chief economist at Fannie Mae. Builders, he adds, have little choice but to slow the pace of construction. Syndicated newspaper columnist, Lew Sichelman has been covering the housing market and all it entails for more than 50 years. He is an award-winning journalist who worked at two major Washington, D.C. newspapers and is a past president of the National Association of Real Estate Editors. To view the original article, visit the Homes.com blog.

What Will Happen When the CDC Eviction Ban Ends?
At the outbreak of the COVID pandemic last year, the Centers for Disease Control placed a ban on all rental evictions, fearing that many evicted renters would end up in shelters or move in with friends or family, conditions that would exacerbate the spread of the virus. Since then, the CDC order has been extended several times and now is scheduled to expire on June 30. But what happens when ban expires? The Current Scenario Forty-four states and dozens of local jurisdictions imposed their bans on evictions in the early weeks of the pandemic. (Here is a complete list.) Many of the state bans lasted only ten weeks. Nevertheless, a recent study by researchers at five leading universities found that the lifting of 27 state bans on evictions between March and September contributed to the spread of the virus, resulting in 433,700 excess cases of COVID-19 and 10,700 additional deaths. According to the Center for Budget and Economic Priorities, the ban has kept more than 10.7 million renters — about 15% of adult renters ― in their homes without fear of eviction. Their April study found that renters of color were more likely to report that their household was not caught up on rent: 22% of Asian renters, 22% of Black renters, and 20% of Latino renters said they were not caught up on rent, compared to 9% of white renters. The rate was 20% for American Indian, Alaska Native, Native Hawaiian, Pacific Islander, and multiracial adults taken together. Is the CDC Eviction Ban Illegal? When the CDC order finally expires — which may happen as early as June 30 — an estimated $32 billion in back rent will come due, with up to 8 million tenants facing eviction filings, according to a tracking tool developed by the global advisory firm Stout Risius and Ross, which works with the nonprofit National Coalition for a Civil Right to Counsel. According to the Princeton University Eviction Lab, 3.6 million people face eviction cases In a typical year. On May 6, a federal judge threw out the moratorium on evictions but agreed to put a temporary hold on her ruling as the government seeks to reverse the decision on appeal. U.S. District Judge Dabney Friedrich said that although there was "no doubt" Congress intended to empower the CDC to combat COVID-19 through a range of measures such as quarantines, a moratorium on residential evictions was not among them. The ruling was widely regarded as a setback for millions of Americans who have fallen behind on rent payments during the pandemic. The Recovery is Helping Landlords Weather the Ban On the flip side, the recovery is helping landlords and property owners with rental income without having to resort to evictions. In fact, this spring shows virtually no sign of the ban. The National Multifamily Housing Council found 80% of apartment households made a full or partial rent payment by May 6 in its survey of 11.7 million units of apartment units across the country, only 1.7 percentage points below total rent payments in May 2019, ten months before the pandemic. "This month's findings are part of what seems to be an increasingly clear pattern of economic recovery and strong demand for multifamily housing," said Doug Bibby, NMHC President. "With more and more vaccines being administered, job creation on the rise, and tens of billions in rental assistance being distributed to residents and housing providers in need, the outlook for the industry is a positive one. "With rental assistance being disbursed, the economy on the way back, and a broad return to normalcy underway across the country, it is past time for the federal eviction moratorium, a policy that was intended to be an emergency effort, to be concluded," Bibby said. (READ MORE: The Collateral Damage of the Pandemic on Real Estate) Emergency Aid is Slow to Reach Renters and Landlords Congress approved $25 billion in December and $20 billion in March to keep lower-income renters in their homes without fear of evictions. The federal government now has $46.5 billion for emergency rental aid. Some $17.6 billion has been awarded to state governments, but 20% is going to states not taking applications from tenants and landlords. The program offers up to 12 months of rent and utilities to low-income tenants economically harmed by the pandemic, with priority on households with less than half the area's median income — typically about $34,000 a year. To be eligible for rental aid, renters must earn $198,000 annually or less for couples filing jointly, or $99,000 for single filers; demonstrate that they've sought government help to pay the rent; declare that they can't pay because of COVID-19 hardships, and affirm they are likely to become homeless if evicted. They must also file declarations saying they would become homeless or be forced into a "shared living setting." It takes time to identify the neediest residents so that they can make the declarations, apply for relief and process the paperwork, but for millions of renters who are delinquent in their rent payments, the clock is ticking. "Tens of thousands of tenants and families are being evicted every week, many of whom would have had the right to stay in their home," Dave Uejio, the acting director of the Consumer Finance Protection Board, recently told reporters. "The scale of that is hard to wrap your head around." What Can We Expect? Many state and local governments are preparing for an end to the CDC eviction bans, including those enacted statewide by governors or state legislatures that are also expiring. In Colorado, the Department of Local Affairs has paid out more than $80 million in Emergency Rental Assistance since last year with federal and state aid money. But about one quarter of the 50,000 plus applications is still pending. Tenant organizers have asked the governor to step in with another state eviction ban if the federal moratorium expires. Landlord groups say the market should be allowed to do its work before landlords suffer more damage. "People are hopeful that we're getting to the end of manipulation of the markets," said Drew Hamrick, general counsel for the Colorado Apartment Association to Colorado Public Radio. In Seattle, the city council is concerned that evictions will create a flood of homeless students and is considering banning certain school-year evictions and requiring landlords to offer lease renewals in many cases. In March, Seattle Public Schools had more than 2,100 students registered as homeless, according to district data. More than half were doubled up with other families, and 17% were living in transitional housing, while others were in shelters and on the streets. San Diego County passed a new law on May 4 that caps rent increases at roughly 4% increase based on the inflation rate included in the Consumer Price Index for the San Diego region for April 2020 to April 2021. In Minnesota, aid to renters has been slowly distributed, and legislative negotiations about how to end the moratorium in an orderly way have gotten bogged down over timing. For more than a year, a state executive order has made it difficult for property owners to cancel leases or otherwise remove problem tenants. The state government, landlords, and tenant groups are now working to have a solution in place by July. New York's state legislature has extended its eviction ban through August 31. Neither tenants nor landlords want to see a spike in evictions that will disrupt families, contribute to homelessness and throw rental markets into chaos. While this doomsday scenario seems unlikely, it's not entirely off the table. At least for now, both renters and landlords are left holding their breath. For information about your locale, Nolo has compiled a state-by-state list of eviction moratoriums and related legislation and sources of rental assistance for tenants and landlords. Steve Cook is the editor of the Down Payment Report and provides public relations consulting services to leading companies and non-profits in residential real estate and housing finance. He has been vice president of public affairs for the National Association of Realtors, senior vice president of Edelman Worldwide and press secretary to two members of Congress. To view the original article, visit the Homes.com blog.

What Are Home Buyers Looking for in 2021?
Current trends in the real estate market have got everyone's attention. Record-breaking low interest rates, dwindling inventory, and the changing function of a home are affecting sales. What are home buyers really looking for? Are they all jumping on the bandwagon for fear of missing out on the next great listing? Or perhaps they are seriously looking to fulfill a need—for comfort, shelter, a remote workplace, and a sense of home. Either way, they are not just looking, they are buying at a rate not seen in years. Riding the Wave You have just had the best year of your real estate career. Your listings are selling even before you have finished inputting the data and organizing your first virtual tours. You are definitely riding the wave of the current trend in the market. You need to keep the momentum. So looking back, what have you learned about your buyers and what are they seeking in 2021? The Real Estate Buyer Persona According to the most recent NAR study, the typical home buyer was 47 years old with an annual income of $96,000. They plan to live in their new 1900 square foot home for around 10 years and they really want to buy sooner than later. If the buyer contacted you first, it is very likely that you became their real estate agent for the transaction. Studies show that 73% of consumers used the first agent that they contacted. So what about the other 27% and what about the ones who didn't choose you? How can you increase your leads and turn them into repeat buyers? The Journey Starts Online Since 97% of all buyers start their search on the internet, it is evident that you need to have a great online presence. How do you get your brand out there and compete with the thousands of other real estate professionals vying for the same buyers? What are home buyers looking for and what makes them choose you as their real estate agent? Show Value Presentation skills are first and foremost when you market a property. Seeing is believing now more than ever. As a real estate professional, you have to show value to your buyer and that means giving them what they want. The home buyer's preferences haven't dramatically changed in comparison to a year ago, but what has changed is the way they view potential homes. When you provide immersive 3D tours and accurate square footage on an easy-to-follow floor plan, the buyer is better informed to make a decision on whether or not the property is suited to their needs. What Is Trending for Home Buyers The world was shaken up by the events of 2020 and it has caused a ripple effect throughout the real estate industry. Buyers have been snatching up listings fast due to low-interest rates paired with a little fear of missing out. How can you help them find what they want going forward into 2021? Here's a look at what's trending with home buyers: Renovations are a no go for almost half of today's buyers There is an increase in the demand for multi-generational homes Pets are now additional family members and they need their space too More than 87% of buyers are financing their homes Your role as a real estate agent is to help your buyer find the home they are looking for at a price they can afford. Help them navigate through 3D tours and explore the floor plans of their potential new home. When they need a multi-generational home, a floor plan is a great tool to let them interact and easily visualize where they can set up a secondary suite. Exploring the 360° tour lets them know if renovations are a necessity or if the home is in move-in condition. When you help them make an informed decision, they will avoid buyer's remorse. Buyer optimism remains high and if the past few months are any indicator of the future, then you know the real estate tsunami has not retreated. Expect the unexpected – we didn't see 2020 coming until it hit us all in our (masked) faces.