Set your agenda, build your routine

Warren Buffett once said, “You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”

We love that quote. It powerfully captures a truth we firmly believe: achieving your goals means saying no to distractions. It’s non-negotiable because time doesn’t wait for anyone.

In just one week, the second quarter begins. So in today’s Foundation Plans, we’re sharing a few tips to help you build a daily routine that supports your goals. If you put them into action, we believe you’ll be setting yourself up for success.

With that, let’s jump into today’s edition.

– James and David

Existing home sales spiked in February

Defying expectations of a 3% decline, existing-home sales rose 4.2% in February from the month prior, reaching a seasonally adjusted annual rate of 4.26 million units, according to the National Association of Realtors (NAR) latest update via CNBC. Here are the key takeaways.

• Inventory climbed to 1.24 million units by February’s end, a 17% jump compared to the same time last year.

• The median price of a home sold in February was $398,400, up 3.8% from the same time last year. That is a record high for February. 

• All four geographical regions of the country saw price increases.

• First-time buyers accounted for 31% of February sales, up from 26% a year earlier.

• Investors accounted for just 16% of sales, down from 21% last year.

• All-cash deals accounted for 32% of sales

Our take

Seeing actual sales outperform analyst expectations is great. It’s always a cause for celebration. However, it’s important to keep the broader context in mind. February’s numbers reflect decisions made a couple of months ago and may not fully represent what’s happening in today’s market. A separate February survey from John Burns Research and Consulting found that over half of real estate agents described this spring’s resale market as softer than usual. Their resale index also dipped for the first time in four months, a sign that momentum could be slowing. That’s why we’re maintaining a cautiously optimistic – but watchful – outlook moving forward.

Zillow lowers its home price forecast

Zillow now projects U.S. home prices will rise just 0.8% between February 2025 and February 2026, according to its latest forecast model via ResiClub. That’s a step down from the 1.1% gain projected in last month’s forecast, and it’s the second consecutive month Zillow has lowered its 12-month outlook. Here’s what else Zillow reported in its update.

• Existing home sales are projected to reach 4.1 million in 2025. For comparison, in pre-pandemic 2019, there were 5.3 million U.S. existing home sales. 

• Zillow anticipates a temporary boost in sales during the spring, followed by a seasonal slowdown.

• Zillow projects a 3.6% increase in single-family rents for 2025, while multifamily rents are expected to rise by 2.5%.

Our take

Zillow’s downward revision is reasonable given the current market environment. An increase in listings is easing upward pressure on asking prices, giving buyers more options and negotiating power. Zillow also expects mortgage rates to dip slightly in the near term and hold steady through the rest of the year. As a result, affordability challenges may keep many would-be buyers on the sidelines, extending their time as renters and further softening demand. Although the revision is reasonable, we’ll have to see how it plays out. As we reported in our last edition and in our story above, as of now, home sales prices are still rising

Markets with the highest fix-and-flip profits

The number of home flips across the U.S. declined in 2024, according to ATTOM’s latest Home Flipping Report. Investors flipped 297,885 single-family homes and condos last year — a 7.7% drop from 2023 and a steep 32.4% decrease from the recent high of nearly 441,000 flips in 2022.

Despite the slowdown in activity, gross profits rose. The typical flip generated a $72,000 gross profit, up from $67,846 in 2023. That equates to a 29.6% return on investment (ROI) based on the original purchase price, a modest increase from 28.6% the year before.

Here are the markets that recorded the largest increases and steepest declines in ROI:

Our take

Share this report with your investor clients. It’s packed with valuable insights. In 2024, the average time to complete a home flip was 162 days, a slight improvement from 169 days in 2023. Meanwhile, the share of flipped homes sold to buyers with FHA loans held steady at 10.7%. Although return on investment saw modest growth, profit margins remain well below the 2016 peak of 54.2%. Many investors are finding it difficult to capitalize on rising home prices due to elevated mortgage rates, a limited supply of foreclosure listings, and ongoing economic uncertainty

The news that just missed the cut

• Use this open-house sign-in script to get more leads

• This step is ‘really important’ if you plan to sell your home in 2025

• What Coldwell Banker sees for luxury real estate for this year 

• The quarterly email every agent should be sending

• Florida is thinking of ditching property taxes

Foundation Plans

Advice from James and David to win the day

We always encourage agents to “automate.” We don’t mean to turn yourself into robots, but create automatic daily routines each day. We believe this will maximize your productivity, enhance client relationships, and achieve your goals in your real estate practice. As we said up top, with the second quarter starting in a week, here are our best tips for self-automation.

Build momentum in the morning – Start your day with purpose by implementing a morning routine that sets the tone for success. Establish a consistent starting time and prepare a plan the night before. Prioritize three key objectives you aim to accomplish. We suggest emphasizing dollar productivity, such as negotiating a price reduction, meeting with a buyer to deliver your presentation and secure a signed agreement, and, of course, securing a new listing appointment.

Become a student of our craft – Set aside 30 minutes to an hour each day to stay current on the latest trends, comps, and relevant market data. Don’t just be aware of them; develop an opinion that you can share quickly and effectively with others. If there’s an area where you need to sharpen your skills–say marketing, negotiating, or social media–take the time to focus on it. You can’t do it all each day, so spread it out and focus on certain things on certain days. 

Connect with your clients – Maintain consistent communication with your clients by incorporating regular phone calls, handwritten cards, or personalized messages to demonstrate your commitment to their needs. Use social media to enrich your interactions. Schedule meetings with at least two individuals from your database each week for coffee, lunch, or brunch. Take on the role of connector within your community.

Lead Generation – Incorporate proactive lead generation as an essential part of your daily routine. Never let your pipeline go dry; it is the fuel of your real estate practice. Allocate specific time daily for prospecting activities like calling, door knocking, or attending networking events. Engage consistently with potential clients and broaden your sphere of influence. Determine the minimum number of daily contacts required to drive appointments and achieve your objectives. The clearer you are on that number, the easier it will be to set goals

We believe passionately in this and will say more in future editions, but start here if you want to know more.

Just in Case

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

“A lot of people say they want to be great, but they’re not willing to make the sacrifices necessary to achieve greatness. They have other concerns, whether important or not, and they spread themselves out.” – Kobe Bryant

Ruthlessly stay focused on your goals, friends. To be great at anything, you must choose. You can’t spread yourself too thin. Eliminate all distractions, focus on what’s important, and delegate the rest.

– James and David