It may be Friday the 13th, but you’re in luck—new listings are up 3% and the fall housing market is handing out more treats than tricks.
With purchase applications dropping to a near 30-year low, today’s buyers and investors practically have their pick of the neighborhood, especially in high-inventory cities like Orlando, Jacksonville, and San Jose. If you’re an agent or real estate pro ready to end 2023 on a sweet note, this market shift might just be the golden opportunity you need to seize the season.
Keep reading for:
Supply surge. Why rental rates are reversing.
Beautiful and bizarre. The wild side of Zillow.
Court cases. How agent commission lawsuits may impact you.
SHARPEN YOUR SKILLS
🔊Today’s Top Podcast Rec:
Sustainable real estate careers are built on a steady flow of ready-to-close leads. Learn how mortgage broker and social media master Margot Ettedgui uses her digital brand to connect with buyers—and her go-to platform for creating viral content.
TRACK THE TRENDS
After two straight years of steady rent growth, prices have finally stabilized, giving renters a chance to catch their breath—and balance their budget.
The median rental rate dropped 2% month-over-month, to $2,011 in September.
That marks the sixth consecutive month of nearly flat rental rate growth.
A boom in multi-family construction and development has increased the number of completed apartment buildings by 32% since last year, lowering competition and prices.
The pandemic triggered a nationwide surge in rent prices, especially in the West and South. But today, between increased apartment construction and layoffs in major high-rent cities, costs are becoming just a bit more affordable for renters on the hunt.
WHAT’S NEW FROM ESTATE MEDIA:
Your weekly dose of weird, wacky, and wild
There are great Zillow listings with professional photos and enticing walk-throughs… and then there are downright Zillowtastrophes, complete with creepy basements, carpeted bathrooms, and more than a few shocking features.
Want to expect the unexpected—and still be surprised? Subscribe to the Zillowtastrophes newsletter, hosted by social media star Jess, for a weekly dose of the most beautiful, bizarre, and I-can’t-believe-THAT’s-for-sale listings live on Zillow.
The Friday Five
📖 Connections count. Glennda’s actionable advice for growing your network.
👀 Horsing around. Tour a $9M horse-happy home, tucked in the rolling hills of Ontario.
👀 Welcome to New York. Luxury real estate (Taylor’s Version).
💡The power of pre-approval. 3 places lenders look before pre-approving your home loan.
💡Law of the land. How the latest commission lawsuits may reshape the real estate industry.
Before we go…
ESTATE RECOMMENDED RESOURCES
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