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2023 NAR Profile of Home Buyers and Sellers - Big Changes & Some Stability

Sales meeting presentation on December 5, 2023, for the North Point Office of Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. How to decrease your interest rate (Homesale Mortgage), 2. Benefits of the enhanced title policy (Homesale Settlement Services), 3. Items/Issues affecting an insurance quote (Homesale Insurance), 4. Seven unexpected rental property costs (American Heritage Property Management), 5. Updates to Payload Keybox, 6. Handling incoming and outgoing referrals, 7. Time to update you HUDHomestore account, 8. Imagine a world without the National Association of REALTORS, 9. Insights and revelations from the 2023 NAR Profile of Home Buyers and Sellers.

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North Pointe Sales Meeting
2023 NAR Profile of
Home Buyers and
Sellers
Big Changes & Some Stability
1
December 5, 2023
Homesale Complete Services
2
Dan Ranck
Cell: (717) 271-2400
NMLS # 140989
James Ream
Cell: (484) 824-3630
NMLS # 1598468
4.96 / 5
2022 Average
Survey Score
How to Decrease Your Interest Rate
• Can be paid for by the Buyer or Seller
• Borrower is qualified at the lower
interest rate
• Buying 1 point does not equal your
interest rate going down 1%
• There are limits on how many points
can be bought
3
Discount Points
How to Decrease Your Interest Rate
• Can only be paid for with Sellers’ Assist
• 2-1 Buydown: payment is decreased by
2% for the 1st year, 1% for the 2nd year,
and full payment the 3rd year
• Borrower is qualified based on the full
interest payment
4
Temporary Buydown
Homesale Complete Services
5
Sarah Tompos
(717) 587-7666
stompos@homesale.com
Alexis Mull
amull@homesale.com
The Enhanced Policy
• Coverage in the event that insured is
forced to remove or remedy existing
structures (excluding boundary walls or
fences) because any portion was built
without obtaining a building permit
• Does NOT cover building code
violations if building permit was
obtained
6
Building Permits

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2023 NAR Profile of Home Buyers and Sellers - Big Changes & Some Stability

  • 1. North Pointe Sales Meeting 2023 NAR Profile of Home Buyers and Sellers Big Changes & Some Stability 1 December 5, 2023
  • 2. Homesale Complete Services 2 Dan Ranck Cell: (717) 271-2400 NMLS # 140989 James Ream Cell: (484) 824-3630 NMLS # 1598468 4.96 / 5 2022 Average Survey Score
  • 3. How to Decrease Your Interest Rate • Can be paid for by the Buyer or Seller • Borrower is qualified at the lower interest rate • Buying 1 point does not equal your interest rate going down 1% • There are limits on how many points can be bought 3 Discount Points
  • 4. How to Decrease Your Interest Rate • Can only be paid for with Sellers’ Assist • 2-1 Buydown: payment is decreased by 2% for the 1st year, 1% for the 2nd year, and full payment the 3rd year • Borrower is qualified based on the full interest payment 4 Temporary Buydown
  • 5. Homesale Complete Services 5 Sarah Tompos (717) 587-7666 stompos@homesale.com Alexis Mull amull@homesale.com
  • 6. The Enhanced Policy • Coverage in the event that insured is forced to remove or remedy existing structures (excluding boundary walls or fences) because any portion was built without obtaining a building permit • Does NOT cover building code violations if building permit was obtained 6 Building Permits
  • 7. The Enhanced Policy • Coverage if insured is forced to remove or remedy existing structures or any part of them because they violate an existing zoning law or zoning regulation • Note that there is NO exclusion for boundary walls or fences 7 Zoning
  • 8. The Enhanced Policy • Loss resulting from enforced removal of existing structures encroaching neighbor’s land • Loss resulting from enforced removal of neighbor’s existing structures encroaching insured land • Existing structure encroaches onto an easement or over a building setback line 8 Encroachments
  • 9. The Enhanced Policy • Neighbor builds any structure after the policy date, other than boundary walls or fences, which encroach onto insured land 9 Encroachments
  • 10. Homesale Complete Services 10 James White (717) 575-4014 JamesWhite@homesale.com
  • 11. Items/Issues Affecting Insurance Quote • Usage of home – primary, secondary or rented • Number of families • Mobile or manufactured home • Business conducted on premises • Type of construction, year built and square footage • Acreage • Presence of wood or coal stove • Vacant or under renovation 11
  • 12. Items/Issues Affecting Insurance Quote • Additional structures detached from home excluding sheds • Location – city, suburbs, country, coastal or in a flood zone • Credit – bankruptcies, foreclosures or no credit • Claims on property • Homes that are 40-50 years old with no updates within the last 20 years • Roof – flat or sloped 12
  • 13. Items/Issues Affecting Insurance Quote • Electrical system –knob and tube • Underground oil tank • Trampolines • Swimming pools with a slide or diving board that are not properly secured • Debris, trash or old vehicles on property • Pets – any dog with aggressive behavior or bite history, livestock or exotic animals 13
  • 14. Homesale Complete Services 14 • Basic rental property costs • Seven unexpected rental property costs • How to avoid unexpected costs
  • 16. 16 Bulk Registration Cost: $450 Social Registration Cost: $450
  • 17. 17
  • 18. Buffini Pathway to Mastery 18 Essentials North Pointe Office w/Burnell Zeiset January 10 - March 6 (skip 1/17) Wednesdays 10:00 AM – 12:00 PM Advanced North Pointe Office w/Jesse Hersh March 4 - April 29 (skip 3/11) Mondays 10:00 AM – 12:00 PM NOTE: Buffini & Company Referral Maker PRO or O2O Coaching Members Essentials is Complementary – Advanced is $195 Register via HomesaleCareerDevelopment.com $195 (+s/h/tax) if registering between Nov. 13 – Dec. 31
  • 19. Level Up Coaching 19 • Personalized One-on-One coaching • Establish a growth mindset, uncover your strengths and develop a consistent pipeline $250/month (includes two, 45-minute virtual coaching conversations/mo.) $100/month (for first three months with a six-month commitment) Intro Offer
  • 20. Payload Keybox 20 This makes it even easier to communicate our seamless electronic escrow deposit option to co-op agents and buyers Add this language in your MLS listing: We welcome digital deposit of escrow funds. Have your buyers go to HomesaleEscrow.com to make their electronic escrow deposit. HomesaleEscrow.com
  • 21. Received or Placed a Referral Directly? 21 With so many referral sources available today, it is most likely that you have or will receive a lead directly at some point. We have created a simple step that will make the process as smooth as possible for all parties. Send any corresponding documents (such as the referral agreement) to relocation@homesale.com.
  • 22. Why is this important? 22 • Protects the company and you from being in a duplicate referral situation for the same client • Expedites the referral payment to the referring source and quicker payments to YOU • This is a FREE service with no additional fees attached
  • 23. HUDHomestore Updates 23 Already have a HUDHomestore Account: • Need to create a single registration using your email address as your username • Additional layers of security will be added using multi-factor login authentication with passcodes sent via text • To get started, Login to your HUDHomestore.com account and follow the instructions
  • 24. HUDHomestore Updates 24 For Agents with NO HUDHomestore Account: • Agents will now be managed by the broker in the NAID portal • Only the broker can add new agents • Questions: Katharine Marion, Relocation Director kmarion@homesale.com (717) 572-4876
  • 25. 25 Imagine a World Without the National Association of REALTORS® Be careful what you wish for
  • 26. NAR In the Eye of the Storm • Commissions Conspiracy – Recent antitrust case went against NAR and several brokerages • Sexual Harassment Allegations – Criticism from multiple sources on how this was handled • Top Leaders Exit – NAR’s CEO and President exit withing sixty days of each other • Brokerages Flee – Several leading brokerages and franchises have severed ties with NAR 26
  • 28. The Code of Ethics at a Crossroads 28
  • 29. 29 • 42nd year of publication • Most current and comprehensive resource for anyone navigating the real estate market Digital Download Price $199.95 NAR Member Price $19.95
  • 30. 1. What percentage of households have three or more children living in the home? A. 18% B. 14% C. 9% D. 5% 30
  • 31. 31 TAKEAWAY #2: Builders need to reevaluate the traditional 4 BR, 2.5 bath homes. Offices, dens, work-out rooms, hobby rooms, etc. TAKEAWAY #1: Over 80% of households have one or no children
  • 32. 2. What percentage of first-time homebuyers were not born in the U.S.? A. 21% B. 17% C. 12% D. 8% 32
  • 33. 33 TAKEAWAY: Our demographics are changing – RAPIDLY. 1 in 10 Buyers don’t speak English as their primary language. Almost 1 in 5 Buyers were born outside the U.S.
  • 34. 3. From 2021 to 2022, what segment of housing saw the largest percentage drop in type of home purchased? A. Suburb/Subdivision B. Small town C. Rural area D. Urban/Central city 34
  • 36. 4. What was the median distance moved in 2023 between home purchased and previous residence? A. 7 miles B. 13 miles C. 20 miles D. 50 miles 36
  • 37. 37 TAKEAWAY: Are we headed back to normal?
  • 38. 5. What was the actual length of a homeowner’s tenure in a home that sold in 2023? A. 15 years B. 12 years C. 10 years D. 9 years 38
  • 39. 39 TAKEAWAY: This number has not changed much over the past decade.
  • 40. 6. Of those Buyers that purchased a home in 2023, what is the expected length of a homeowner’s tenure in a home? A. 15 years B. 12 years C. 10 years D. 9 years 40
  • 41. 41 TAKEAWAY: This is a big jump! People anticipate being in their homes longer. More reason than ever to stay in touch.
  • 42. 7. What percentage of Buyers started their home search process by driving by homes and neighborhoods? A. 34% B. 28% C. 11% D. 4% 42
  • 43. 43 TAKEAWAY: Is the importance of signs waning?
  • 44. 8. What was the median length of home search for Buyers that purchased in 2023? A. 29 weeks B. 21 weeks C. 14 weeks D. 10 weeks 44
  • 45. 45 TAKEAWAY: We’re doing more in a compressed time frame. FAST & QUICK are the name of the game.
  • 46. 9. What percentage of Buyers used the internet in their home search process in 2023? A. 100% B. 98% C. 95% D. 93% 46
  • 47. 47 TAKEAWAY: The real estate business has totally changed in the last 25 years
  • 48. 10. Of the following features found on a real estate website, which one was valued more by Buyers? A. Floorplans B. Video C. Virtual tours D. Interactive maps 48
  • 49. 49 TAKEAWAY: Almost 50% of Buyers want to see a floorplan. Are you using CubiCasa?
  • 50. 11. What percentage of Buyers purchased their home through a real estate agent in 2023? A. 94% B. 89% C. 85% D. 80% 50
  • 51. 51 TAKEAWAY: With all the turbulence in the real estate industry, the value of an agent remains of paramount importance
  • 52. 12. What percentage of Buyers didn’t have a written Buyer Representation Agreement when purchasing a home in 2023? A. 21% B. 38% C. 45% D. 59% 52
  • 53. 53 TAKEAWAY: This has to change! Now, more than ever, it is so important for a Buyer’s Agent to review what value they bring in a real estate transaction.
  • 54. 13. What percentage of first-time homebuyers in 2023 found the mortgage application and approval process difficult to navigate? A. 14% B. 25% C. 39% D. 52% 54
  • 55. 55 TAKEAWAY: We have to do a better job of educating 1st time homebuyers on the mortgage process.
  • 56. 14. Over the last twenty years, For Sale by Owner real estate sales have: A. Increased by 50% B. Decreased by 50% C. Increased by 20% D. Decreased by 20% 56
  • 57. 57 TAKEAWAY: The complexity of a real estate transaction is not getting any easier. Agents have VALUE!
  • 58. 15. What percentage of Sellers would probably refer their agent in the future? A. 87% B. 74% C. 70% D. 64% 58
  • 59. 59 TAKEAWAY: Agents need to do a better job of staying in touch with past clients
  • 60. TIEBREAKER: According to Zillow research, homes with black and/or charcoal colored front doors versus white front doors sell for how much more money? ANSWER: $6,271 60
  • 61. 61 The future ain’t what it used to be. - Yogi Berra
  • 62. 62 Tom Blefko Director of Operations North Pointe Office Associate Broker, REALTOR® Office: (717) 560-9100 Cell: (717) 587-6600 Email: tblefko@homesale.com • 2022 Distinguished Service Award • 2021 REALTOR® of the Year • 2021 President • 2009 Volunteer of the Year Presenter Contact Information