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In the real estate industry, technology isn’t just knocking on the door. It’s already hosting the open house. According to a report from NAR, the most popular tech tools agents and industry influencers swear by are:

• eSignature software (79%)

• Lockbox and showing tech (66%)

• Cloud-based storage solutions (48%)

The survey also found that over the past year, 54% of agents landed their best and most valuable leads through social media, and a surprising 92% of those agents named Facebook as their platform of choice.

SHARPEN YOUR SKILLS

TRACK THE TRENDS

MARKETS

Locked-in and loving it

In the current real estate market, 88.5% of homeowners with a mortgage benefit from an interest rate below 6%. While that’s down a bit from last year’s peak of 92.8%, it still contributes to the “lock-in effect”—the hesitation to sell now and buy a new place, losing your sub-six rate in the process. 

How’s the lock-in effect impacting the 2024 market?

• The average mortgage rate this month sits around 6.6%, down from a recent high of 8% just three months ago. While that drop represents significant savings, it’s far from the historic low of 2.65% in January 2021. The 3% to 5% rates many buyers jumped on just a few years ago can feel too good to lose—especially as home prices keep rising. 

• The monthly mortgage payment on a median-priced home is around $2,399. That’s down $300 from 2022’s peak, but is still about 7.4% higher than this time last year. 

• For folks that do choose to sell now and take on a higher rate, the significant increase in home equity since the pandemic started pushing prices up is a major motivating factor—especially if they’re downsizing or relocating to a more affordable market. 

ResiClub CEO: “The market is loosening”

According to Lance Lambert, who recently co-founded the media and research company ResiClub with Anthony Pompliano, if rates stay in the mid-6% range, the market is positioned to pick up serious speed. Between higher consumer confidence, lower inflationary pressures than we saw in 2022, and the seasonal spring uptick in inventory, it looks like all lights are turning green for buyers holding out for better conditions. 

Check out the full interview with Yahoo Finance for the stats and trends Lambert is tracking, plus his prediction for 2024 interest rates, here.

REC ROUNDUP

The Friday Five

📖New buyers. There’s a first time for everything—especially in these starter-home cities.

👀 Ol’ Blue Eyes. Frank Sinatra’s mid-century modern home is back on the market for under $9M. 

👀 Half-house. See why this Juneau home is now 50% off. 

💡Glennda’s got it. How to get the maximum ROI out of your SOI.

💡Design trends. Check out 2024’s interior ‘in’ list.

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