Where home prices are falling the most
#58
🎃 Nothing gets us in the spooky spirit like a real real estate horror story.
This dramatic retelling of the true tale of flaky buyers, out-of-state sellers, a brazen builder, and one smoking gun is as tragic as it is I-told-you-so, and the perfect example of why timing is everything.
Give it a watch, then hit reply and tell us (if you dare): What’s the wildest real estate situation you’ve encountered?
🔊Today’s Top Podcast Rec:
As the #6 top-performing agent in the country—and an expert at all things luxury real estate—Santiago Arana has had the opportunity to work with high-profile clients like Ben Affleck, Jennifer Lopez, LeBron James, and Lady Gaga. But in 2009, he nearly walked away from the industry altogether. Watch the latest Glennda’s Guru to hear the moment Santiago made the decision to double-down on door-knocking, how he broke into higher listing price levels, and what he’s aiming for next.
TRACK THE TRENDS
MARKETS
The September Slash
Recent list price data from Redfin shows that some fall buyers are positioned to score a once-in-a-year deal on a single-family home. Driven by lower mortgage rates, surging inventory, and a buying slow-down, price reductions are becoming more common than Beetlejuice Beetlejuice costumes at this year’s Halloween party. In September alone, 18.6% of homes on the market saw price cuts, while the national median home list price dropped to $425,000.
Where can buyers score the best deal? Check out the top 10 cities with the highest percentage of listings with one or more price reductions:
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San Jose | 28.2%
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Riverside | 28.1%
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San Francisco | 27.4%
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Minneapolis | 26.4%
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Miami | 26.2%
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Washington, DC | 25.9%
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Virginia Beach | 25.9%
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Denver | 25.2%
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Austin, TX | 25%
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Phoenix, AZ | 25%
DIVE IN
The Friday Five
📖 The Curtain Launch. Take a peek behind the curtain at what it takes to launch new decor.
👀 $72M stunner. Scroll through the top 10 biggest deals of the week—including a Florida mega-mansion.
👀 Beckham’s beach estate. See the $80M coastal getaway David and Victoria just put an offer in on.
💡 Back at it. Watch Ricky Carruth square off with Panama City Beach agent Rachel Warrell in a new Cold Call Battle.
💡 Developing relationships. How to pivot to selling new construction, one relationship at a time.
WHAT’S NEW FROM ESTATE MEDIA
Overheard at an Open House
Some buyers (and their agents!) say the darndest things—especially when they think no one’s listening. Our new series features a handful of the quirky, quick, and unhinged snippets we’ve overheard in fixer-uppers and open houses. Tap to scroll through them or send in your own.
Introducing our new series! We’re sharing amusing and relatable quotes and snippets overheard in real estate settings, like open houses. This series highlights the quirky and sometimes absurd moments that agents experience in their daily lives. 🏡🔑
Have a funny or memorable… x.com/i/web/status/1…
— Estate (@estatemediaus)
7:12 PM • Oct 20, 2024
HANGS & HAPPENINGS
eXpcon 2024 | Miami, FL | October 27-30. Level up your business alongside the top players in the industry. With breakout sessions led by all-star agents on topics like luxury sales, lead generation, and leveraging AI, plus a giant EXPO hall packed with vendors, there’s no better place to supercharge your real estate game.
NAR NXT | Boston, MA | November 8-10. Join 15,000+ real estate pros at NAR’s premier annual event, featuring top-tier networking opportunities, educational sessions, and hands-on experiences with the latest real estate tech tools.
Inman Connect | NYC | January 22-24, 2025. Grow your network, learn from the best in business, and get inspired through multiple networking opportunities and breakout sessions from industry pros like Rayni Williams, Mauricio Umansky, and Jimmy Burgess.
FEATURED LUXURY LISTING
Put your best profile forward with a Homes Pro membership—and show up where (and when!) ready-to-move home searchers are looking. Tap the photo above to learn more about amplifying your real estate brand with premium tools, priority visibility, and enhanced exposure across the internet with Homes.com.
TIPS & TAKEAWAYS
Sold in 24 Hours Flat
Think mega deals don’t happen this late in the year? Think again! Congrats to our own Tracy Tutor on the incredible sale of one stunning 1930s hacienda in Brentwood—sold in less than 24 hours without even hitting the open market. Deals like these take heart, trust, and hardwork. Tracy consistently operates with all three. 👏
Before we go…
ESTATE RECOMMENDED RESOURCES
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