Community Marketing & Real Estate Update

The Current Market

Although the indicators in the chart below remain positive, further change is evident and will most assuredly be reflected in upcoming reports.

Buyers are more and more discerning as they feel less “pressure” to make an immediate purchase versus the height of COVID-19. Rather than racing to acquire almost anything, higher values/housing costs, interest rates, and a bit more choice are causing buyers to take more time with their decision process.

Fortunately for the Company and The Landings at large, the 37 available listings are a point-in-time measurement, and there remains a “churn” to the inventory, with 27 houses closed in January and February, down from the 31 in 2023. We continue to keep up our marketing spend nationally and still have between 75-100 buyers waiting for the right house to become available.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As you can see in the Showing Trends Chart below, Landings showing activity has nearly doubled since February 2023.

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

Proposed National Real Estate Changes

On Friday, March 15, the National Association of Realtors followed several national real estate franchise organizations in proposing resolutions to a series of lawsuits regarding the way residential real estate is practiced in addition to financial settlements. As is often the case, settlement decisions appear to be made to mitigate cost and/or risk of further financial exposure.

We are not attorneys but, in short, the plaintiffs essentially argued that the way the industry is structured with Multi-List Services (MLS) displaying what the buyer’s agent will be paid causes home prices to be higher than they should and that commissions should be negotiable and transparent.

The following is a simplistic summary of the proposed “new” practices to begin in July 2024 should the settlement offer be accepted by the court:

1. MLS’s will no longer display what the seller is offering to pay the buyer’s agent in commissions. Sellers still can offer compensation to buyer’s agents; it just can’t be displayed in MLS.
2. Make it clear that commissions are negotiable.
3. All buyers must sign a Buyer Agency Agreement up front clearly outlining how the buyer’s agent is being paid -- by the seller or by the buyer.

Although we believe the case(s) have been sensationalized a bit in the news, The Landings Company believes these practices are very much in keeping with our standards and will embrace them as written or as they are further developed in the coming months. However, we do not believe that an objective of lower home prices will be met as a result. Certainly, there will be more to share along the way, and we will.

The bringing together of buyers and sellers is a multifaceted, often emotional, and more complex transaction than meets the eye. They are often misunderstood by those other than the ones experiencing them -- mainly the participating buyers and sellers.

We take great pride in working with hundreds of Landings buyers and sellers each year, “earning our keep” and helping participants through the process as we strive for excellence along the way.

 

 

 

The Landings Company is 100% self-funded from the sales commission revenue we generate. We continue to nationally market The Landings, which benefits all of our property values, with your support when selling your home, referring friends and family, or renting your home. Thank you in advance for your support thus far in 2024!