From location, location, location, to accommodation, accommodation, accommodation—for your pets!
A new market trend has listings fetching more offers and buyers’ best friends wagging their tails. According to a survey by Realtor Magazine, a surprising 43% of buyers would turn down a potential property if it didn’t have the right “barkitecture,”—pet accommodations—for their furry family.
From dog washing stations to built-in feeding areas with water bowl refilling faucets, cattitude might be the new curb appeal.
🔊Today’s Top Podcast Rec:
These mega-listings are defining the luxury market this month. Watch Scott from Real Estate Report cover the biggest sales, pending contracts, and fresh listings in the multi-million-dollar space—including a private island formerly used to “raise monkeys for science.”
TRACK THE TRENDS
Interest rate whiplash
The average interest on a 30-year fixed-rate mortgage passed 7% on Monday for the first time since December 2023—topping out at 7.04% according to Mortgage News Daily. While interest rates are expected to fall as 2024 rolls on, January’s low unemployment and strong economic activity worked together to rapidly push rates up—shrinking affordability and accessibility this week.
Here’s what’s happening:
Last Friday, rates increased at the fastest pace in over a year following January’s employment report, then jumped again early Monday after a positive manufacturing growth report.
Even with the spike, rates are better today than last fall. In October, the average mortgage rate peaked at 8.03%, the highest recorded in 20 years.
According to Redfin, buyers are still braving the cold winds and hot rates. Year-to-date, home touring is up 9%, and not showing signs of slowing.
The Friday Five
📖 High-impact open houses. Glennda’s advice for getting the maximum value out of every open house event.
👀 The floor is lava. Welcome to the Jungle this secret basement.
👀 Wine Walls. What $43M gets you in the Hollywood Hills.
💡Monitoring the market. 3 major market predictions straight from the experts at Homes.com.
💡130% more showings. Boost your listings activity with these 10 outbound marketing keys.
WHAT’S NEW FROM ESTATE MEDIA
Refreshing a space—whether it’s to prep a listing, flip your property, or give your own home a much-needed zhuzh—doesn’t have to break your budget. In fact, according to our resident design expert and thrifting aficionado Paige Wassel, a handful of high-value, low-cost upgrades can transform your space in as little as a weekend.
Give the latest edition of WAS [the newsletter] a read for eight easy ways to touch up your room—all in under an hour or two.
FEATURED LUXURY LISTING
Sunset Riviera Oasis
Today’s ultra-private Pacific Palisades estate offers over 6,500 square feet of contemporary elegance, state-of-the-art entertainment areas, and luxe amenities in every room. As the listing agent on this meticulously manicured modern estate, Josh Flagg can attest to its retreat-like feel and tastefully sophisticated spaces.
Our full lineup of real estate reads:
Estate Elegance. Your daily dive into luxury real estate. Everyday.
Homes.tastrophes. Unique, weird, and wild real estate. Every Monday
The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.
WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.
Before we go…
ESTATE RECOMMENDED RESOURCES
📣 WANT TO REACH 100K+ REAL ESTATE PROFESSIONALS RIGHT IN THEIR INBOX?
Promote your brand with Estate Weekly and get noticed by the leading professionals in the real estate industry. Our subscribers include high-income decision-makers, investors, and key players in the real estate sector. For more information, please email email@example.com.
Thank you for participating in our survey! Your insights and contributions are invaluable to our ongoing efforts to enhance the real estate industry.