It was a victorious weekend!

The most heated competition over the weekend wasn’t at the Olympics. It was in Los Angeles, where we were battling to win the gold medal, which in this case, was a wildly competitive listing.

Out of 21 offers on the table, we finally helped our client win his dream property. Friends, it was a fight to the finish… we dug in our heels, kept our buyer constantly informed, and we didn’t stop grinding until we crossed the finish line and got the deal done.

We won for two reasons: we had a truly fantastic buyer (who made a great offer) and we have a great relationship with the seller’s agent. Because remember, in real estate, the “competition” isn’t always your enemy. It’s important to have good relationships with other agents. They can make or break your business. Clients come and go, but you’ll work alongside the same agents for years. They’ll help you bring home the gold… that huge money-making sale.

– James and David

Investors break records in the housing market

According to Redfin’s Q4 market report, investors dominated the housing market in ways they haven’t before. Here’s a brief rundown of the report:

• A record-setting 18.4% of homes nationwide were sold to investors

• Single-family homes represented 74.8% of all investor purchases (almost a record high)

• Atlanta (32.7%), Charlotte (32.1%), and Jacksonville (29.8%) led the way with percentage of homes sold to investors

• 75.3% of investor deals were all cash

Our take

There’s never been so much competition between investors and primary residence buyers. Why? Chalk it up to incredibly low interest rates, soaring prices and rental rates, and a whole group of investors flush with cash. Use this as another data point if your buyer is unsure about adding more to the offer. If investors are getting more involved than ever, then it’s probably the right time to start following their lead.

Looking for an affordable home? Look at these 10 cities!

With home prices rising 30% nationwide in the past two years, it’s becoming increasingly difficult to find an affordable home. “Affordable” being a home you can own for less than 30% of your monthly income. Luckily for affordability-seekers in these 10 cities, there’s an above-average number of homes priced to move. 

Check out these top 10 cities with the highest number of affordable houses, and their median listing price:

1. Des Moines, IA – $180,000

2. Detroit, MI – $75,000

3. Augusta, GA – $180,000

4. Youngstown, OH – $95,000

5. Scranton, PA – $139,000

6. Pittsburgh, PA – $225,000

7. Deltona, FL – $290,000

8. Akron, OH – $114,000

9. Birmingham, AL – $155,000

10. Chicago, IL – $322,000

Our take

Even if your clients don’t live in these affordable cities, their dreams of home ownership aren’t out of reach. There are pockets of affordability and opportunity in every single city. Keep your eye on which areas will flourish in the next few years, and you can help your clients find a place of their own and benefit from an up-and-coming market. 

Three steps to buying a home with Bitcoin

In most buyer-seller transactions involving Bitcoin or other cryptocurrencies, the buyer converts their crypto into cash before paying for the property. But in a handful of recent real estate transactions, the deal was done with actual cryptocurrency. Here’s how it works:

1. Have the buyer and seller agree on a price, plus a day and time to make the exchange

2. Exchange the currency electronically from the buyer’s crypto wallet to the seller’s crypto wallet

3. Use regular cash to cover the additional expenses, like agent commissions, title and escrow fees, inspection fees, closing costs, and taxes

Sound easy enough? Well, here are nine homes you can buy with crypto today. 

Our take

If you have a client looking to use crypto in their transaction, take the ride with them! If they’re buying or selling in crypto, consider taking your commission in crypto also. You’ll learn a lot, you’ll seriously stand out as an agent, and you can always cash it out as soon as the deal is done. Crypto is the future. Get ahead now or you’ll fall behind!

Schematics

The news that just missed the cut

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• Nine tips to help your clients save for their dream home

• Families are flocking to charming Charleston

• All new agents should ask their brokers these questions

• How Zillow lost $881M in one year

Foundation Plans

Advice from James and David to win the day

So you landed a fantastic new listing (congrats!). Now what?? These six tips will help you get top dollar for your seller:

1. Declutter every inch of the space. Trinkets, tokens, and trophies must go!

2. Depersonalize. Make that place look like a hotel. Inviting, but totally generic.

3. Touch up the paint. A fresh coat in every room makes an instantly positive impression.

4. Don’t neglect staging. Good staging helps the home sell fast and for more. 

5. Neutral is key. Muted colors, textures, and decor allow potential buyers to envision themselves in the space.

6. Spring for incredible photography. With great photos, your property will practically sell itself. Get magazine-worthy photography, video walkthroughs, and drone footage for high-end homes or those with more land.

Just in Case

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

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See you on Friday! 

– James and David