What mortgage rate will move the needle on sales? About 5.5 million more households would be able to afford a home if rates dropped to this magic number. NAR's latest housing forecast shows what that target is, when the market may get there, and where you can find opportunities for business growth. Full Story: REALTOR® Magazine (7/17)
Home staging should be planned early in construction Home staging is a crucial step in residential construction that should be planned early to avoid delays and maximize property value. By accounting for home staging in construction budgets, developers can ensure a seamless transition from completion to market, making properties more appealing to buyers and potentially leading to faster sales and higher offers. Full Story: Commercial Construction & Renovation (7/16)
Bamboo is rising in popularity in interior design for its visual softness, light tone and sustainability. Designers like Lauren Saab and Allison Babcock are using bamboo to add texture and create visually interesting furniture, highlighting its durability and ability to be shaped into unique forms. Full Story: House Beautiful (7/16)
Houston's $5M homes offer luxury, history, amenities A $5 million budget for a home in Houston can secure properties in desirable neighborhoods such as River Oaks and Tanglewood, offering amenities such as multiple fireplaces, lake views and spacious garages. One River Oaks home, listed for $5.2 million, has historical significance as the site of a 1969 murder detailed in the book "Blood and Money." Other notable listings include a new build in Tanglewood for $5.25 million and a lakefront property in The Woodlands for $5.45 million. Full Story: PaperCity (Texas) (7/16)
Technology & Innovations
AI-driven video ad creation expected to hit 40% by 2026 Generative AI usage in digital video advertising is on a strong upward trajectory. Generative AI is currently used to create or modify 30% of video ads on digital, a figure which is projected to reach nearly 40% by 2026. The growth is driven by brands seeking efficiency and scalability in video production and wanting to personalize ads more effectively. Generative AI-powered solutions demand more buyers to allocate resources and seek support for creative testing and implementation. Full Story: eMarketer (7/16),Marketing Brew (7/15),MarTech (7/15)
Business Wellness
Cultural competence essential for business success Organizations must prioritize cultural competence to thrive in a diverse marketplace, involving genuine understanding and engagement with different cultures, customers, communities and stakeholders. By actively recruiting diverse talent, addressing boardroom diversity, allocating resources for bias training and revising decision-making processes, leadership drives the cultural competence journey and positions the organization as an industry leader. Full Story: O'Dwyer's (7/15)
News from NAR
Relief is on the way for victims of Texas floods The REALTORS® Relief Foundation announced today that it would grant $500,000 toward relief and recovery efforts for Texas communities devastated by flooding on July 4. RRF grants help households in need of immediate housing-related support, and 100% of contributions to the foundation go to help those in need. Full Story: REALTOR® Magazine (7/17)
Fair & Equitable Housing
FHLBSF awards $49.7M for affordable housing in 3 states The Federal Home Loan Bank of San Francisco has awarded $49.7 million in grants for affordable housing developments in Arizona, California and Nevada. The funding will finance 31 projects, creating 2,053 units, including those with mixed-use spaces for job training and child care and tribal-led developments for seniors and low-income families. Full Story: Philanthropy News Digest (7/16)
City moves to formalize fair housing protections in its code Lake Oswego, Ore., will adopt a fair housing policy to demonstrate its commitment to inclusivity and combat perceptions of being a regressive community. The policy aligns with state and federal standards against housing discrimination, but councilors say it is a proactive step to highlight the city's progress in affordable housing and cultural celebration. Full Story: Lake Oswego Review (Ore.) (7/16)
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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