What a week! 

I've been at the Tom Ferry conference this week and it’s been absolutely amazing. I've soaked in a wealth of information and met a ton of really incredible people from all across the country. If you took the time to say hello, thank you!

For me, one of the biggest takeaways from this conference was the fact that over 7,000 people took the time to learn, grow, and build their real estate careers. We have so much respect for every professional who’s willing to prioritize their development and become a master of their craft. 

I'll be coming back to sunny California better than when I left— inspired, energized, and ready to make some major deals. See you at the conference next year. 

– James 

Surprising news about home prices

In July, home prices dropped for the first time in nearly three years, and now, as we head into the slower buying season, more price cuts may be on the horizon. Here are some stats from Black Knight which show why July was so unusual.

• The average list price dropped 0.77% month to month, the biggest decline since January 2011

• More than half the active listings in pandemic boomtowns had price cuts, including Boise (70%), Denver (58%), and Salt Lake City (56%)

• On the whole, home prices were still 14.3% higher compared with July 2021.

Our take

This data is no surprise if you look at recent interest rates, which jumped to 6% in June. That caused buyers to pull back and sellers to make the necessary adjustments. With rates coming back down a bit in July and August, it will be interesting to see how that impacts the latest price data. 

Zillow addresses the “double-rent” problem

It’s one of the biggest issues renters face– timing the end of one lease with the start of the next. As average rent now exceeds $2,000 a month, renters can lose a lot of money if they have to pay two leases at the same time.

Enter Zillow’s new feature, Renter Hub. This latest upgrade includes a move-in date filter that allows renters to sort units by lease date and narrow their search to rentals available when they actually need them. This could potentially save renters thousands in overlapping rental payments.

Our take

Zillow is much better positioned to support renters than buyers & sellers. Renters are usually looking for a temporary place to live before they make another move down the line. Since the choice is temporary, there’s much less emotion and money involved. They usually don’t need an agent to help them make a decision. Instead, they can use helpful technology like this to narrow their choices.

The top 10 best states to live in

With relocation numbers hitting all-time highs, WalletHub has come out with a list of the best 10 states for interstate movers. They compared 52 different livability metrics from affordability to education quality to health care to commute times.

Here’s the Top 10:

1. Massachusetts

2. New Jersey

3. New York

4. Idaho

5. Virginia

6. New Hampshire

7. Florida

8. Wyoming

9. Minnesota

10. Wisconsin

Our take

We like the criteria they used for this list. If your client is moving to a new state, or if you’re working with someone new to your area, make sure they are aware of every important factor that determines livability. There are many factors to consider from the quality of nearby schools to health of the local job market to whether the area caters to families or not, and so much more.

Schematics 

The news that just missed the cut

• Laguna Beach is home to Orange County’s most expensive sale of the year

• Blackstone to stop buying single-family homes in these 38 cities

• Two lawyers are using an obscure tax incentive to build affordable housing

• How to stage your listing like the pros

• Real estate investors: don’t overlook campgrounds

• Two top executives at Compass just sold a huge portion of their shares

Foundation Plans

Advice from James and David to win the day

Traveling to a conference or networking event this fall? Use these tips to make real, meaningful connections without coming off as “salesy”.

• Remember, networking isn’t selling. It’s not about making a deal. It’s being in the right place, at the right time, and having the right conversation for the setting you’re in. When you focus on making a true connection, the sale will follow. 

• Come with questions! Want better connections? Ask better questions. Ask them about their hobbies and interests, where they’re from, what they like, and what they’re all about. Find commonalities and relate to them!

• Be yourself. We truly believe the best way to appear authentic is to be authentic. When you’re genuine, you’ll make real connections that last.

Q&A

You ask, James and David answer!

We’ll be back next week with another answer to a real reader question. Submit yours here!

Just in Case

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

We’ve had a whirlwind of a week learning, networking, and sharpening our skills. We truly believe no matter how high up you go in your real estate career, you never know it all! You can learn something new from everyone you encounter. This week really reminded us of that. There are some incredible agents doing awesome things, and we can’t wait to see where this industry goes over the next year. 

Have a fantastic weekend, and we’ll see you back here on Tuesday!

-James and David

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