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September 2022

T3 Insight Monthly Executive Brief

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The industry has so many stories, blogs, press releases and announcements each month that we all struggle to digest the information and distinguish between truly meaningful developments and hype or advertisement. Here are this month’s articles.

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September 2022
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VIDEO: 2022 State of the Real Estate Industry

Watch Stefan Swanepoel and Jack Miller discuss some of the biggest trends shaping the industry and provide a preview of the 2023 Swanepoel Trends Report.
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September 2022
]

The pending real estate digital marketing change all brokerages and agents should adapt to

With new legislation impacting targeted online marketing, brokerages and agents will need to develop new strategies to bring in business. Fortunately, many real estate practitioners will need to leverage something they already have — contacts.
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September 2022
]

The market-proof strategies to secure great real estate brokerage talent

Talented employees are the bedrock of strong, nimble, growing real estate companies. This chapter provides a detailed overview of where the real estate brokerage talent market is now, where it’s headed and how to best navigate it.
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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

Mortgage rates rise above 6%

  • Article available on New York Times
For the first time since 2006, rates on 30-year fixed-rate mortgages have passed the 6 percent mark, as the U.S. Federal Reserve keeps implementing a monetary policy to stem inflation. Purchase mortgages were down 29 percent in the week ending September 9 from a year earlier. Rising interest rates have played a large role in the shifting market. Brokerages and agents are having to adapt to a more balanced market, where competition for fewer transactions has gotten fierce.
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US Bureau of Labor Statistics

  • Article available on US Bureau of Labor Statistics
The consumer price index revealed that prices increased 8.3 percent in August from the previous 12 months, according to the Bureau of Labor Statistics. This jump sustains the largest year-over-year increase in the last two decades for prices. Pricing has become a challenge for agents across the nation; in many markets price reductions are common. In a shifting market like this, brokerages and agents should carefully forecast their local markets with the best data available to best serve their buyer and seller clients.
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US HUD Secretary says redlining is still present

  • Article available on PBS News Hour
In a video interview, U.S. Secretary of Housing and Urban Development Marcia Fudge said that redlining persists in America, especially in lower-income communities where lending is more constricted and appraisals come in lower. The Black homeownership rate is as low as it has been in five decades. The redlining that helped create this scenario continues to impact these communities today. The industry has made an increased investment in diversity, equity, and inclusion but clearly more needs to be done.
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The average home sold for less than list price in August

  • Article available on Redfin
In the four weeks through August 28, the average home in the U.S. sold below its list price at 99.8 percent of list. This ends a 16-month run of the average home selling over list price. This metric provided by Redfin provides another example that spotlights a changing market.
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Bright MLS

  • Article available on Bright MLS
In an analysis of its own MLS data, Bright MLS, the second largest MLS in the nation, found that properties marketed and sold through the MLS fetched a median premium of 13.0 percent compared with homes that sold without the MLS. In the study, which measured homes sold in MLS’s Mid-Atlantic footprint between January 2019 through March 2022, Bright MLS found that 83.4 percent of all sales in its market came through the MLS. The study also included an analysis of office exclusives. Of the 5,599 listings marketed as office exclusives between April 2021 and December 2021, 63.0 percent eventually were sold on the MLS. In addition, selling on the MLS, the study found, brought a 22.2 percent premium compared to office exclusives not sold on the MLS.
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