Market News November 17

Market Updates

Check Out These New DPA Sources
As home prices and rates rise, so does the need for down payment assistance (DPA). Providers have responded by increasing the total number of DPAs to 2,256, which adds up to 54 additional programs.


A new report issued by Down Payment Resources included these stats:

  • Hundreds of current DPA programs provide funds to be used for buydowns to lower mortgage rates.
    • • 253 programs allow for a permanent rate buydown.
    • • 166 programs allow for buydowns lasting one to three years.
  • Other DPA programs assist buyers with loan fees and mortgage insurance.
While California is home to the highest number of DPA programs, Florida and Texas — two states popular with relocating homeowners — come in second and third, with over 100 programs each.1

Should You Go Niche with Listings?


If winter listings are thin, it may be an ideal time to implement a new strategy: identifying and serving the niche markets that are active in your area. If one or more of the following options appeals to you, consider signing up for a CE or certification class, or trailing an agent willing to share specialized knowledge with you.

1. Vacation Rental Investors
While some buyers are waiting for lower rates, real estate investors are buying up vacation rentals. These are still proving to be lucrative, especially those offered as short-term rentals. When you demonstrate expertise with market regulations, permits, demand, and fees, you can become the agent that investors call for accurate market updates and listings.

2. Military Movers
Since over 400,000 members of our armed forces receive Permanent Change of Station (PCS) orders every year, this can be an ideal niche, especially if you're near a military base. One major plus to assisting military moves is that most will be using their Veterans Affair (VA) benefits, including mortgages that require little or no down payment. Learning military jargon is mandatory. You can also become a certified MRP, or military relocation professional.

3. Empty Nesters
2022's biggest share of homebuyers was 55 or better, and a "silver tsunami" of home transactions has already been predicted for 2024 and 2025. While many downsizers move closer to family members, others plan to shop for a condo or townhome with minimal upkeep while others are looking forward to a retirement community with golf and other sports amenities. In addition to contacting long-term homeowners in family neighborhoods, consider earning a Seniors Real Estate Specialist (SRES) designation.2

Facts To Share (and NOT Share) With FSBO Sellers
Even though the overall numbers of For Sale by Owner (FSBO) sellers have dropped, chances are you're still spotting them. While many come to their senses quickly and begin working with a local agent, a few will balk. Here are some facts and numbers to mention...and one you may want to keep a secret.


Be armed with stats to back up the following FSBO factoids.

Sellers going it alone rarely get their asking price. There are several reasons this happens:

  • Many offer buyer incentives that end up costing much more than what an agent would recommend, such as a home warranty policy.
  • Since their home is not listed in an MLS, their pool of potential buyers is much smaller. In addition, they haven't been vetted by an agent who will only present suitable buyers.
  • FSBO sellers are often contacted by would-be buyers who won't qualify for a mortgage, or "looky-loos" with no intention of buying.
  • After a FSBO is on the market for a month or two, potential buyers tend to make smaller offers. Many assume that the home hasn't sold because it's overpriced or has major structural problems.
Here's something you may want to keep a secret: FSBO sellers who switch to an agent often have the worst outcomes with home sale price and incentives. This is usually because their prior attempts to sell were so frustrating that they're now ready to sell at a discount. You may have to work harder to deliver a better price. If you're negotiating with one or more FSBO sellers, explain how important it is to deal with qualified, credit-worthy buyers — and send them to me so I can assist them with the right mortgage.3

Three Steps to a Harder-Working Website
Sometimes it's easy to overlook your business website, especially when you're busy with holiday-related activities. That's why it's a good idea to reserve an afternoon to review your current website and make some improvements (or discuss them with your office IT staff).


Navigation. When someone visits your site, what options do they have? Can they find the right link easily or do they have to scroll to the bottom? Ideally, visitors can learn about you, check out your listings, visit your blog page or send you a message without having to venture too far. It's also wise to search the site for obsolete or outdated information.

Design. Have you surfed your site on your cell phone recently? If it's difficult to read or visit different pages, bring in a web ninja who's an expert with responsive design. Not only will your site be easier to navigate, but visitors will also be enticed to stay longer.

SEO. Optimized content brings more visitors, and Search Engine Optimization (SEO) makes this happen. Either you can hire an expert to review and perfect your site's copy, or you can check out SEO tools like Moz or SEMRush and brush up on your strategies in your spare time.4

Friendsgiving or Thanksgiving?

Not everyone is planning on a traditional family gathering on November 23rd, especially those who are single, without a family, or unable to make it home for the holiday. If you know several friends, colleagues and/or clients who may be spending Thanksgiving alone and without a turkey, consider inviting them to a relaxed Friendsgiving event.

While you're free to serve a traditional meal with pumpkin pie and cranberry sauce, you can go informal with a buffet. Or keep it simple with a selection of beverages and snacks. No matter what you decide, your guests will appreciate your thoughtfulness and be thankful you're their friend.5

Sources: 1themreport.com, 2theclose.com, 3listwithclever.com, 4estatevue.com, 5bhg.com