Headed to the Inman Connect Conference

Hey, James here. Hope your new year is starting off on the right foot! For me, the first few weeks of 2023 have been jam-packed, and I’m excited to keep the momentum going. Next week, I'm headed to New York for the Inman Connect Conference.

I'm going to be speaking on two panels on Wednesday, so if you're around, come swing by and introduce yourself. The first panel is at 2:20pm and goes over how to be a top producer in your market. The second panel at 4:00pm is all about how to start your own real estate podcast.

Don't be shy! Tell me you're a subscriber, and let’s take a photo!

Hope you enjoy today’s Blueprint! 

– James

Turning point for housing market?

Source: Unsplash

We just saw unexpected surprise in builder sentiment in the single-family housing market. In January, the number rose for the first time in 12 months, even after economists had predicted a slight decline. Both builders and consumers are likely responding to the recent drop in mortgage rates. 

“While NAHB is forecasting a decline for single-family starts this year compared to 2022, it appears a turning point for housing lies ahead,” said Robert Dietz, NAHB’s chief economist. “In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

Our take

This is great news and more reassurance that this year is starting in the right direction. Share this news with your clients. If builders are shifting, then that affects the whole market and we'll all see that momentum soon!

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Best markets for first-time homebuyers in 2023

Source: Unsplash

Realtor.com released its 2023 National Housing Forecast which ranks the Top 10 cities for first-time home buyers. The rankings were measured by affordability, job opportunities, the share of residents aged 25-34, amenities in each area, and forecasted home and price growth. 

Here’s the Top 10 cities for first-time homebuyers:

  1. Portsmouth, VA

  2. DeForest, WI

  3. Windsor Locks, CT

  4. Gloucester City, NJ

  5. Moore, OK

  6. Magna, UT

  7. Eggertsville, NY

  8. Watervliet, NY

  9. Mattydale, NY

  10.  Somersworth, NH

Our take

There’s a lot of pressure on first-time home buyers, so lists like this can really help a hesitant client. Focus on what they measured and why. We agree that buyers coming into the market this year will be younger, so understand what is important to them. Remember, you want to help your client make the right decision, even if the final decision is not to buy.

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Older Americans will contribute meaningfully to inventory in 2023 

Source: Unsplash

TKI, a predictive analytics firm, reports that 5.7 million homes have a higher probability of coming on the market in the next 12 months due to older Americans listing their homes for sale. The report shows that homeowners between ages 45-64 with no children at home are expected to make up 10.2% of all listings.

Here's the breakdown of the metros expecting to see an increase in inventory:

  • Large metros –> Washington D.C., Dallas, Atlanta, San Fransisco

  • Mid-size metros –> Austin, Denver, Colorado Springs, Salt Lake City

  • Small metros –> Casper, Wyoming, Hinesville, Georgia, Corvallis, Oregon

Our take

This is definitely a demographic you should be targeting. Think outside of the box and figure out the right way to get in front of these potential sellers. We think this is the perfect opportunity to door-knock, especially if your market is on this list. These sellers might appreciate that “old-fashioned” approach!

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The news that just missed the cut

Source: Unsplash

Foundation Plans

Advice from James and David to win the day

If you've decided to join a brokerage in your market, it's important to do your research! You've got to make sure the brokerage you choose is a good fit for you and will support you in growing your career. Our friends at Broke Agent Media shared an amazing list of questions all agents should consider before signing with a brokerage.

Here are three questions to ask when choosing a brokerage:

  • Do you provide buyer or seller leads? This one is huge because it's how you get clients so you can close more deals and make more money. Brokerages that provide leads are a major asset to new agents, so take the time to learn more about how each brokerage finds and provides leads. 

  • What is the company culture like? Whether you're working out of the brokerage's office or working remotely, you definitely want to look for a good fit. You'll be working closely with the staff and agents at your brokerage, even if it's on Zoom. It's important to know what will be expected of you, so make sure to ask the brokerages about the day-to-day work!

  • What are the financial details? Each brokerage will have different policies on commissions, referral fees, and covered expenses, so ask about these when you research them. Write down the specifics for each brokerage so you can compare notes later and choose the best one for your financial goals.

Want to learn more about what to ask when researching a brokerage? Click to read the article

Just in Case

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

Source: Rocket Mortgage

That's it for this edition of The Blueprint! Don't forget to stop by my panels at the Inman Connect Conference next week, if you're in the NYC area. We truly appreciate all our readers and the community we've built here, and I'd love to say hi.

Have a great weekend, and we'll see you on Tuesday!

–  James

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