Foreign home buyers recede from U.S. market as prices soar

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Foreign home buyers recede from U.S. market as prices soar | Can NAR use reserves to pay for the settlement? If so, how much? | Make home affordability products available to your buyers

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July 17, 2024

Top News

Foreign home buyers recede from U.S. market as prices soar The number of homes international buyers purchased fell to the lowest level on record in the last year. Find out which markets are still attracting global attention. Full Story: REALTOR® Magazine (7/17)

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When it comes to buyers in this market, setting expectations is the key. During tomorrow's webinar, we're going to share how to use our Buyer Presentation to do just that. With this process, you can speed up the timeline for getting your buyers under contract. Plus… helping a buyer find a home now means you have a seller lead in the pipeline! Register Now! >>

Settlement Answers

Can NAR use reserves to pay for the settlement? If so, how much?

This settlement was heavily negotiated, and the amount is based on NAR's ability to pay. One of the critical advantages of this agreement is that NAR would be able to pay the settlement amount over time. NAR will determine how to allocate funds as they become due, working closely with its Finance Committee. Get more facts about NAR's proposed settlement agreement at facts.realtor.

Best Practices in Sales & Marketing

Make home affordability products available to your buyers Buyers are likely looking for ways to secure smaller down payments or lower monthly payments and interest rates. The good news is that there are a variety of loan options and products that can help them. Full Story: REALTOR® Magazine/The Lounge (7/9)

How to sell by solving problems, creating value Restating a customer's problem in your own words and sharing how your product offers value by solving their problem is a surefire sales method, advises sales expert Colleen Francis. "If you can back up your results and your benefit with metrics and proof, real numbers, then you cement the value that you're communicating to the client," Francis writes. Full Story: Engage Selling (7/15)

Don't solve team problems, coach them to solve their own

(Nuthawut Somsuk/Getty Images)

Your team doesn't want you to solve their problems; they want you to coach them so they can learn to figure things out on their own, says Bruce Watt, senior vice president at DDI, whose research found that 40% of leaders say their managers don't have adequate coaching skills. Companies need to invest in a culture of coaching, says Watt, which includes giving managers the feedback they need to be effective and creating a way to measure success. Full Story: Human Resources Director (7/17)

Real Estate Trends

Island listing highlights variation in Maine's market Chance Island, a 44-acre island in Machiasport, Maine, is listed for $725,000, including two seasonal cottages with two bedrooms and one bathroom each. The price highlights the regional variation in Maine's housing market, with southern areas showing significantly higher property prices. Downeast Properties co-owner Jeff Allen is the listing agent. Full Story: Bangor Daily News (Maine) (tiered subscription model) (7/16)

Rising insurance top of mind for condo owners in Hawaii Master hurricane insurance policies covering condo common areas and structures are fueling pricey insurance premiums in Hawaii, with at least one COA experiencing a 300% hike. Since many mortgage lenders require full coverage, COAs are left with paying for high insurance or being placed on mortgage blacklists for choosing lesser coverage, while lawmakers have no proposed bill to address the growing issue. Full Story: Honolulu Civil Beat (7/15)

Technology & Innovations

Connected home chip offers cross-platform interoperability InnoPhase IoT has developed a single-chip device for ultra-low power Wi-Fi-connected home devices that enables interoperability across various ecosystems, including Amazon Alexa, Apple, Google and Samsung. Full Story: Design News (7/16)

Fair & Equitable Housing

Bill looks to incentivize residential conversions Legislation introduced in the House and Senate would seek to use tax credits to support the transformation of underused commercial properties into affordable housing. The measure would require that properties be put into service at least 20 years before the conversion to qualify. Full Story: GlobeSt (free registration) (7/16)

Legislation & Regulation

Economists call for Fed rate cuts as inflation cools Economists are increasingly calling for the Federal Reserve to cut interest rates due to tame inflation readings and a rising unemployment rate. Despite these calls, the Fed is expected to hold rates steady in July, and investors expect cuts starting in September. "We see a solid rationale for cutting as early as the July 30-31 meeting," Goldman Sachs Chief Economist Jan Hatzius says. "If the case for a cut is clear, why wait another seven weeks before delivering it?" Full Story: Bloomberg (7/16)

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About The National Association of REALTORS®

The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.

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