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New Index Reveals Impact of COVID-19 on Real Estate

New Index Reveals Impact of COVID-19 on Real Estate

Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry, tracking each of the following:

  1. Housing Demand – Growth in online search activity
  2. Home Price – Growth in asking prices
  3. Housing Supply – Growth of new listings
  4. Pace of Sales – Difference in time-on-market

The index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”

The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.New Index Reveals Impact of COVID-19 on Real Estate | Keeping Current MattersIt’s clear to see that the housing market is showing promising signs of recovery from the deep economic cuts we experienced earlier this spring. As noted by Dean Mon, Chairman of the National Association of Home Builders (NAHB):

“As the nation reopens, housing is well-positioned to lead the economy forward.”

The data today indicates the housing market is already on the way up.

Bottom Line

Staying connected to the housing market’s performance over the coming months will be essential, as we continue to evaluate exactly how the housing market is doing in this uncharted time ahead.

What Makes You Productive?

What Makes You Productive?

This just in…tough choices: making decisions tires your brain! We all make 100’s of decisions a day, is that taxing?

Studies show your brain is just like a muscle. When your brain gets depleted it’s less effective. The compound effect of simple choices – like what groceries to buy this week – might lead us to procrastinate on that important work project. A “tired” mind finds a path of least resistance in distracting leisure activities.

The solution? Delegation, breaks, rest.

One culprit? Multitasking! If you think you’re being efficient when you perform three tasks at once, think again. It’s very taxing on your brain.

Solution? “Set Shifting.” This means consciously and completely shifting your attention from one task to the next and focusing on the task at hand.

Sounds like an interview I need to set up with some experts – maybe Dr. Daniel Amen or Dr. Hans Hagemann – for a special video and share.

#WinTheDay

Episode 122: Silas and Genevie Houk – Be Consistent!

Episode 122: Silas and Genevie Houk – Be Consistent!

Today on episode 122 of Success Superstars, JPAR’s Silas and Genevie Houk share how they went from zero to being nominated for rookies of the year.  They both faced many challenges as new REALTORS®.  Being married and business partners create more nuances than typical business partners. They discuss their success with Mark Johnson, CEO of JP & Associates REALTORS®. Listen in!

“Be consistent and don’t give up.” – Genevie Houk

Now available on the go: listen to inspirational stories on all podcast platforms including Apple Podcasts, Google Play, Spotify, just search ‘Success Superstars’ anywhere you listen to your favorite podcasts.

Can You Have It All?

Can You Have It All?

In one of our major markets, recently our company learned it was performing nearly four times better than the market average. That’s a big win amid a global pandemic.

That got me to thinking how did our real estate sales associates do it? What is in our culture that makes this type of result possible? Well, five things came to mind:

  • Done is better than perfect
  • Redirecting after accepting mistakes
  • Focus
  • Fun
  • Growth mindset

Done is better than perfect

Psychologists Thomas Curran and Andrew Hill studied more than 40,0000 people from 1989 to 2016 and found that perfectionism has increased by 33% since 1989. We seem to be internalizing a myth that life should be perfect, when, in fact, that is an impossible outcome.

The research shows those who become preoccupied with perfection set themselves up against challenges.

The key to moving ahead is to follow through, and our associates performed exceptionally well during this crisis.

Redirecting after accepting mistakes

So, you made a mistake, now what?

  • Recognize that sinking feeling
  • Assess: what happened and why
  • Make it right
  • Adjust the system or process
  • Be kind to yourself.

“If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.” ~ F. Wikzek

Curiosity is the art of questioning everything without judgment or assumptions. With this approach comes continuous improvement and learning. As I look at our associates, they have a mindset of constant improvement. They participate in an ecosystem that encourages life-long learning, sharing, and best practices.

Focus

The human brain is programmed to narrow its concentration in the face of a threat. We are designed for self-protection.

The trap is that your field of vision becomes restricted. Leaders need to intentionally pull back, opening our mental aperture to take in the mid-ground and background.

As a veteran, it’s what we call – situational awareness — taking a broader view of both challenges and opportunities.

During this crisis, we’ve provided our associates with clear communication on:

  • What was
  • What is
  • And what will be

There was a past of relative stability and predictability. There now is disruption and uncertainty. There will be a different future state. As this future unfolds, our associates are preparing to be resilient. To be gritty. That’s a competitive advantage.

Fun

According to a 2015 study, laughing makes us more open to new people and helps us build relationships. And real estate sales are a relationship business.

We booked a virtual comedy night in the quarantine, and a virtual American Idol knock off event. Laughter can improve our health and make us better learners. And what’s more: laughter is contagious.

Growth mindset

The truth is we all have our fixed-mindset triggers. When we face challenges, receive criticism, or compare ourselves with others, we can easily fall into insecurity and defensiveness, a response that inhibits growth.

To spend more time in a growth zone, our team and associates have worked hard in small groups to identify the triggers that do not serve us. It’s hard work, but during the quarantine, our associates gained a lot by deepening their understanding of growth-mindset concepts and putting them into practice.

It seems our most effective associates during this crisis followed a pattern:

  • They controlled the controllable
  • They prepared, planned and trained
  • They had situational awareness
  • They kept the human factor in mind
  • They guarded their mind & heart

At the end of the day, they ensured their choices reflected their hopes and not their fears. You can do the same. Join us.

 

Homebuyers Are in the Mood to Buy Today

Homebuyers Are in the Mood to Buy Today

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

 With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what FreddieMac is identifying as the buying mood:

“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”

There’s no doubt that even though buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below):Homebuyers Are in the Mood to Buy Today | Keeping Current Matters

What does this mean for buyers?

Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well. Getting pre-approved now will help you gain a competitive advantage and accelerate the homebuying process, so you’re ready to go when you find that perfect home you’d like to buy. Working quickly and efficiently with a trusted real estate professional will help put you in a position to act fast when you’re ready to make your move.

What does this mean for sellers?

If you’re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today. Selling now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.

Bottom Line

 Whether you’re looking to buy or sell, there’s great motivation to be in the housing market, especially with mortgage rates hovering at this historic all-time low. Reach out to a local real estate professional today to make sure you’re ready to make your move.

Episode 121: Sarah Hallum and Lala Alvarez – Be Intentional With Your Time

Episode 121: Sarah Hallum and Lala Alvarez – Be Intentional With Your Time

Today on episode 121 of Success Superstars, Sarah Hallum, mentor and Lisette ‘Lala’ Alvarez, mentee discuss how the teacher and the student work together on creating mutual success. Both in the top 10% of the mentorship program, they have much to share on creating a life and a business by design. How did they do it? They discuss with Mark Johnson, CEO of JP & Associates Realtors.

“I’m very intentional with my time and with the things I have in front of me.” – Lisette ‘Lala’ Alvarez

Now available on the go: listen to inspirational stories on all podcast platforms including Apple Podcasts, Google Play, Spotify, just search ‘Success Superstars’ anywhere you listen to your favorite podcasts.

 

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