On The Hot Seat

You might remember a few weeks ago when we mentioned we’d be appearing at the REIMAGINE Expo in Long Beach in partnership with Homes.com. Well, if you were unable to attend the event, we have terrific news. You can see it in the latest edition of our podcast, Rise Above the Ranks! 

This was so much fun. We sat down in the “Hot Seat” to answer rapid-fire questions from attendees about all things real estate while giving actionable advice they can use. We really had to use our wits and think fast! It was a thrill for us, and we think you’ll enjoy it too.

If you want to check out the questions we faced, we’ve listed them below in today’s Foundation Plans. 

Watch it on YouTube, and if there are any questions you still want us to answer, feel free to e-mail us. We love to hear from you!

– James and David

Home values and sales expected to rise

Home values are expected to rise 2% in 2024 and 0.9% over the next 12 months, according to Zillow. The company also predicts a gradual increase in existing home sales, with an estimated 4.4 million transactions in 2025, up from the 4.1 million transactions recorded in 2023 and projected for 2024.

Interestingly, according to Zillow's new rental market forecast, single-family rents are expected to increase 3.8% in 2024 and 2.3% in 2025. Multifamily rents are expected to rise 1% in 2024 and 0.5% in 2025.

Our take

This is good news for buyers. The rise in new listings is slowing the growth of home prices. Likewise, with lower mortgage rates expected in 2025, we’re likely to see a boost in inventory and more home sales. That projected growth of 300,000 more home sales next year is good news too for sellers and us agents.

First-time home buyers delayed by election

23% of buyers who are likely to purchase their first home in the next year said they are waiting until after the election. That’s according to Redfin’s latest survey of 1,802 U.S. homeowners and renters aged 18-65. Here’s more data from their survey:

• 26.1% said they are waiting to see if the Harris housing affordability plan goes into effect

• 15.9% are waiting to see if the Trump housing affordability plan is enacted.

• 18.3% are waiting for the Federal Reserve to cut interest rates in 2025

• The election is actually the third-most common reason buyers are hesitating, behind saving for a home (30%) and waiting for the right timing (29%)

Our take

Redfin’s survey results aren’t surprising, as they align with other surveys like this one by Veterans United Home Loans. We are definitely seeing uncertainty about the election have an effect on buyers. But as the economy continues to improve, and we move beyond the election, buyer confidence should rebound. As mentioned above, we can expect stronger sales activity in 2025.

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Top 10 cities people are leaving

Several cities that saw massive amounts of in-migration during the pandemic are now experiencing a mass exodus. That’s the conclusion of a new study by home services company Thumbtack. After analyzing long-distance moving requests of at least 1,000 miles between April and September 2024, and then adjusting for population, Thumbtack determined that these are the cities with the most long-distance moves out of town:

1. Austin, TX

2. West Palm Beach, FL

3. San Diego, CA

4. San Francisco, CA

5. Miami, FL

6. Las Vegas, NV

7. Houston, TX

8. Denver, CO

9. Seattle, WA

10. Colorado Springs, CO

Our take

There are several reasons behind this trend. Homeowners in these markets can cash in on substantial home equity gains, making a move more enticing, especially if they find more affordable options elsewhere. In Austin, for example, soaring home prices have made renting cheaper than buying. Additionally, many of these cities are located in regions with extreme weather conditions, where rising homeowner’s insurance costs are becoming an issue.

The news that just missed the cut

• More sellers found their agents online than through referrals

• Lisa Vanderpump just dropped $5M on her new digs in Vegas

• These cities have skyrocketed in popularity among homebuyers

• Floyd Mayweather to acquire 1,000 apartments for $420M

• Future boomtowns to keep an eye on

Foundation Plans

Advice from James and David to win the day

As we said up top, a few weeks ago, we told you about the live show we were doing at the REIMAGINE Expo in Long Beach, in partnership with Homes.com. Well, if you weren’t able to be there in person, you can enjoy the whole thing on the latest episode of our podcast, Rise Above the Ranks. We took the "Hot Seat" to answer questions from fellow real estate pros, and it was a thrill. We had to think on our feet and deliver quick, actionable advice. We think you’ll love this episode. It’s fast-paced, high-energy, and brimming with some of our best tips. Here are some of the questions we faced:

• Given the recent changes in the market, how do we see the next year or so?

• How does a new agent pivot to get into selling a newly constructed home?

• Have we experienced any benefits from using AI? If so, how?

• What’s our advice for breaking through the competitive luxury real estate market?

• Does door knocking still work or are there now better tools available for realtors?

• How do I promote international listings in Los Angeles or in California in general?

• What’s our advice for a new agent looking for a mentor in a new brokerage?

• What’s our advice for growing a real estate business without lowering the standard?

• What should agents focus on when transitioning to luxury homes?

• How do you stand out when there’s so much competition out there?

• What do we recommend when branching out and going with a partner?

• How do we handle negotiations and what is our way to get the best deal?

• What impact does social media have on buying and selling real estate?

• What is the “spookiest” home we’ve ever seen?

As you can see, the questions were wide-ranging and genuinely interesting. We had a blast answering them. Watch it here, and then tell us what you think. And if you have any questions we didn’t address, drop us a line. We love hearing from you. 🙂

To learn more about Estate Media, visit their website.

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

“We have two lives, and the second begins when we realize we have only one.” — Confucius

You only have one life to live, friends, so take ownership of it. Take action to become who you want to be. Nobody else can do it for you. 

Have a great weekend and we’ll see you next Tuesday!

– James and David