Critical Industry Changes Ahead – Are You Ready?

Hello everyone! This weekend marks a significant shift in how real estate operates, thanks to the new NAR ruling. But there's no need to stress! My Team and I are here to help and ready to navigate these changes together and ensure a smooth transition.

And to help— Check out the special event that is coming later this week! Keep reading because it is one you won't want to miss!

Read time: ~4 minutes

Rates ended HIGHER compared to last week, and volatility was HIGH. Rates are in the mid-6’s range for most loan types without paying discount points.

How Top Agents are Getting Ready for Saturday 📅

I've been diving deep into interviews and articles, learning how top agents are preparing for the shifts coming our way. Here’s what I uncovered and what they are zeroing in on:

🔍 Perfecting Their Value Proposition: What makes you stand out? It's crucial to refine your unique edge so that buyers are compelled to choose you.

💬 Enhancing Buyer Consultations: A strong one-on-one meeting where you clearly demonstrate your expertise can be the game-changer in securing a client and the commission that comes with it.

📝 Mastering New Forms: Be the expert who can seamlessly explain the buyer-broker agreement and other new requirements your state may have.

🎭 Sharpening Scripts & Role Play: Don’t leave it to chance. Perfect your scripts and practice with a colleague. Your first discussion about commissions and the buyer-broker agreement shouldn’t be with a new client.

🏠 Hosting More Open Houses: Open houses don’t require a broker agreement for buyers. This is your golden opportunity to connect with motivated buyers who haven’t committed to another agent yet.

I’ve been syncing up with our Realtor partners to ensure we're all in sync. Here’s what your lender needs to know:

• Are you bringing up compensation before preapproval?

• How would you like us to handle compensation questions?

• Will a seller credit be necessary to cover part or all of your fee?

• Should we preapprove buyers for extra closing costs to cover commissions?

I also came across a valuable article. It highlights 6 Items to Consider Before Practice Changes Take Effect—a must-read to position your business to grab more market share.

Exclusive Insights from NAR President 🎤

Worried you're not up to speed on the latest industry changes? Don’t sweat it! I've got your back! 💪

This Wednesday, one of my coach’s, Tommy Choi, will be sitting down with Kevin Sears, the President of NAR. They're diving deep into the NAR settlement, tackling the tough questions head-on.

This is a private, exclusive event that has been opened up to our Realtor partners and I’d be thrilled to have you join us!

Las Vegas Housing Market: Migration Surge Supports Stable Prices

Las Vegas continues to be a prime destination for those looking to relocate, ranking third among U.S. cities for migration, just behind Columbus and Austin. This steady influx of new residents is playing a key role in keeping the local housing market robust, even as inventory levels increase.

Data from July shows that the median price for single-family homes in Las Vegas reached $480,000—just shy of the record set in May 2022. This represents a solid 6.7% increase from July 2023. Additionally, the median price for condos and townhomes hit a new high of $296,000, marking an 8.2% rise from the previous year.

Despite this price growth, the number of homes available on the market is expanding rapidly. At the end of July, there were 4,634 single-family homes listed without offers, up 31.5% from the previous year. Similarly, the number of condos and townhomes available rose by 70%. Interestingly, Las Vegas leads all major metro areas in new listings, with a 17.5% increase as of late July.

Even with the surge in inventory, demand remains strong. July saw 2,764 homes sold in Las Vegas, reflecting a 5.1% increase from the same month last year. This steady demand, fueled by the ongoing migration to the city, is helping to sustain home prices at near-record levels.

Must-Know News Highlights

This past week has been packed with significant developments, and as we head into another busy week, it’s essential to stay informed. Below, I’ve highlighted some of the most noteworthy news from last week and what to keep an eye on in the coming days.

• July CPI Report: Expected on Wednesday, the market is anticipating a 0.2% increase in CPI after June’s unexpected -0.1% decline, signaling potential ongoing inflationary concerns.

• Surge in Bankruptcies: U.S. Chapter 11 bankruptcies have climbed to 2,462, the highest number in 13 years. This indicates growing financial distress among companies.

• Consumer Confidence Shifts: U.S. consumer spending is beginning to wane, with consumer credit falling by $1.7 billion. Meanwhile, credit card delinquencies have risen to 7% in Q2, the highest since 2011, and auto loan delinquencies have reached 3%, marking a 14-year high.

• Recession Indicators: Leading economists are noting red flags in the data, particularly the Sahm Rule, which was triggered after the July unemployment rate jumped to 4.3%. This suggests that the economy may be on the brink of a recession.

Two Ways My Team & I Can Help

1. Lets collaborate- Schedule a zoom meeting

2. Tough Deal? Let us know if we can help