September real estate news

It's a crazy world out there - here's all the real estate news that's fit to print as we move into the fall.

It’s a crazy world and an even crazier real estate market.

We’re thinking of refinancing instead of selling

Hey, who can blame homeowners who want to take advantage of the current, amazingly-low interest rates?

Except for the potential fly in that ointment, that is.

“Fannie Mae and Freddie Mac will be charging lenders a new fee on refinances that is likely be passed along to borrowers,” according to Clare Trapasso, senior news editor at realtor.com.

She goes on to explain that the new fee will amount to 0.5%, “. . .an average $1,400 added onto the refinance cost.” It depends, as we all know, on the size of the loan so it could be even higher.

The Federal Housing Finance Agency defends the action “as a way to ward off potential losses as a result of the pandemic-induced recession,” Trapasso claims.

One economist claims the fee is “ill-timed,” and that it places a burden on homeowners who are “cash strapped.”

That’s why God created real estate agents. These cash-strapped homeowners can always (and hopefully) sell the home and purchase something less burdensome on their budget. And, you’re just the agent to help them.

Make sure to let people know about this new fee – in your marketing content, on social media, etc.

Real estate: the sugar rush of the masses

The current, amazingly brisk housing market is merely a brief burst of energy similar to a “sugar high,” according to Jacob Passy, personal-finance reporter for MarketWatch.

In all fairness, Passy is quoting Daren Blomquist, vice president of market economics at Auction.com, a real-estate website for foreclosure sales.

The “sugar,” in this case, is a combination of “… government stimulus and a pandemic-fueled rush to low density housing,” he added.

Yes, it could be wishful thinking for Mr. Blomquist. After all, life would be so much better for his business interests if we dove into a deep recession and folks were losing their homes to foreclosure.

But, that’s not the case, and wishing won’t make it so.

Enjoy this current market while you can and don’t listen to naysayers. You deserve it.

Why people unsubscribe from your email list

It doesn’t take a genius to figure out why we can’t keep people subscribed to our email lists. The emails suck. But the folks at Marketing Sherpa did a survey a while back to find out just what consumers hate about B2C emails.

Many of these pet peeves are committed by real estate agents, so let’s just take a look at those.

The number one reason someone unsubscribes from your email list is that they get too many emails in general.

Number 2? “The emails aren’t relevant to me.”

That sounds like a home seller prospect that receives a newsletter filled with info for homebuyers, or vice versa.

“The emails are too focused on the company’s needs and not on my needs” was expressed by more than 10% of consumers surveyed.

I feel their pain because I get this one every week: “We need homes to sell!”

From cluttered and sloppy emails to a lack of trust in the content, Americans are getting pretty fed up with B2C email.

If you’re sending emails more than once a week, quit it. Then, reconsider your content.

Realtor.com’s hottest ZIP code list is out

It isn’t really “news” that pandemic-era homebuyers’ wish lists are different from those of pre-pandemic buyers.

Homes are “flying off the market” in parts of the country where homes with more square footage are less expensive, according to Clare Trapasso at realtor.com®.

The site’s economists pored over recent sales nationwide to find the 10 hottest ZIP codes and here are the cities attached to those ZIPs (in order of “hotness”):

Colorado Springs, CO – no surprise here. Colorado Springs has been making various “hot” housing lists since before the pandemic.
Reynoldsburg, OH
Rochester, NY
Melrose, MA
South Portland, ME
Topeka, KS
Hudson, NH
Worcester, MA
Springfield, VA
Raleigh, NC

If you’re curious about the criteria used for the list, check it out at realtor.com.

Have an amazing September!