Facebook
X
Pinterest
Copy Link
Back to School, Back to Business, Back to…Normal?
September 2021 – The MoxiWorks Home Sales Predictor delivers monthly predictions based on agents’ activity inside our suite of products
The first day of Fall isn’t until next week on the 22nd, but in many parts of the country it’s already starting to feel like the autumnal months have begun with kids going back to school (either in person or via the web), getting back to the grind ourselves, and for me personally, the start of football season.
It’s been a really strong Summer of home sales and while a bit of a seasonal slowdown is ahead, it’s not as much as you might think. 2021 continues to keep us on our toes.
For a quick review of the past few months, you can read July and August’s reports here and here.
August Home Sales
August, the month of last-minute vacations and usually less time spent staring at our screens, still resulted in almost 600K home sales across the country, which means we were within 1% of our prediction at 594K home sales. That’s a 3% decrease in home sales from July and no change year-over-year.
Now, historically speaking, the change of the season usually means we see a change in the amount of monthly home sales. On average we’ve seen a 14% decrease in home sales month over month when the calendar rolls over from August to September (2020 was of course an exception when home sales stayed the same at 595K between August and September). This year we are expecting to see only a 5% decrease in home sales month over month from the 594K home sales we saw in August this year.
September/October Prediction
Source: MoxiWorks Home Sales Predictor – SEP 2021
So as you can see, September will drop only marginally compared to previous years. We should see a 5% decrease both month over month and year over year. Looking to October we expect to see the number of home sales creep back up with a 1% increase from September with 569K home sales.
There are quite a few theories about why we don’t expect this seasonality to behave as it normally does for both September and October including the following:
- While home price appreciation isn’t expected to drastically drop anytime soon, according to Mike DelPrete’s most recent report, it is definitely going to start decelerate. NAR, also reported this week that they are starting to see housing affordability increase which means both of these impacts will start to (slowly) swing the market back more towards a buyer’s market.
- Inman is reporting homebuyer sentiment ticking back up for the first time this year since March which could be interesting for how that effects any inventory coming on the market.
- On the more somber side, Fortune reported this week, the mortgage forbearance program is ending September 30th and Zillow says, “25% of the 1.7 million borrowers still in forbearance are likely to list their home for sale.” While that isn’t a number that will solve the inventory shortage, it will add a decent amount of homes on the market for September and October.
What about the remainder of 2021?
Based on everything we have seen this year, we predict there will be 6.8 million home sales in 2021 almost equalling the all-time peak of 7 million home sales in 2005. While time will of course tell if this pace will truly continue, it appears there are many homes still to be bought and sold this year. What are you and your agents doing to take advantage?
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
What Seasonality? Home Sales Hold Strong
Summer is winding down in many parts of the country. Kids are going back to school while professionals head back to the daily grind. One thing not winding down? Home sales.
There were nearly 600K homes sold in July with 591K home sales, meaning our prediction was within 1%. While that is a 10% decrease in home sales from June to July and a 4% decrease YOY that is still a very strong month of home sales and it looks like it should stay steady over the next few months, really just throwing our usual seasonality for a loop.
So, what’s ahead for August and September?
Predictions
Based on activity inside our MoxiWorks products we predict there will be a 2% increase in home sales in August with 601K homes sold followed by a 10% decrease in September with 538K home sales.
While that would mean a 9% decrease for September YOY, when comparing it to a more normal year like 2018 or 2019 that’s a 27% and 17% increase respectively for this time of year which definitely points to this wonky year of home sales continuing.
So, what about home prices?
The big thing we’ve been talking about around the virtual MoxiWorks lunch table this past month is less about the waning inventory (even though that is of course still a concern) and more about current home prices and interest rates. Interest rates are still at a record low, but, at some point, they will start to increase again as economic principles come into play. Until that happens this will remain a seller’s market with record breaking home prices that are spooking buyers. Because these buyers are spooked another thing we are keeping our eye on is the increase in non-traditional home buying, i.e. iBuyers. Needless to say, there’s a lot happening and it will be interesting to see what these changes mean in the coming months. So how can you and your agents be ready?
Fall & Covid-19
We are of course not ignoring the Delta variant and what that might mean for the Fall and Winter months of home sales, but for now, our message remains the same. Protect yourself and your agents from whatever is coming our way by staying in flow with your sphere. Keep working for your future by staying in flow with your sphere now. If the last 16 months have taught us anything it’s that things can change at a breakneck pace and you don’t want to be left wishing you had kept your book of business fresh, nurtured and full of your future leads.
Until next month.
Hot housing market, with no indication of a cool down, for now.
In last month’s Home Sales Predictor article we said –
“Only time will tell if this flattening trend will continue or if we will see a spike later this year. Many of our clients have shared with us they are starting to see more listings in their area so maybe we will still see a spike? What trends are you seeing? Do you think we’ve seen the peak?”
And, it appears the flattening has not happened yet. In June there were a record-breaking 636K homes sold across the US. That’s 6% higher than our prediction and 24% higher year-over-year. In fact, that is the most homes sold in a month that we have seen since we started tracking this data back in 2016.
July/August Predictions
Looking ahead it appears the market will remain hot with a brief slow down expected for July (which is a historical trend) with 587K home sales. That would be an 8% decrease from June and a 4% decrease YOY. We then expect the market to pick right back up to 601K in August. If our prediction holds true that would be a 2% increase from July and a 3% increase YOY.
When talking with our data team this month about the Home Sales Predictor one thing we all agreed on was the fact that this is a weird housing market that really feels like the tip of a lot of interesting things happening in the world right now.
Especially for us here in the Pacific Northwest. We’ve been living in a market that was mostly closed for the last 15 months, it’s been shocking to see how much has changed in the last two. And, especially in the housing market. A lot has been unpredictable and while we are confident in the data at our fingertips, time will only tell how much wackier this market may get.
Institutions vs. Homebuyers
Things are starting to look up in the economy as we return to work, travel and entertainment. There are even signs things may change for the better in terms of the housing inventory as lumber prices start to stabilize and housing starts will finally be reviving, but we still have an uphill battle to climb as more and more millennials aim to get into the homeownership game.
One of the biggest things at play that we are focusing in on is how much institutional buying is putting pressure on the already shrinking existing home inventory. We’ve been talking for months about the listings shortage vs. inventory shortage, but new data is causing us to take another look when an already pressured consumer market is seeing more pressure from the resurgence of the iBuyers (more on that below) and this further immergence of the institutional buyers that are buying homes and taking them off the market by turning them into rentals.
According to a recent Redfin report investors spent a record $77 billion on homes over the past six months compared to the $55 billion that was spent in the second and third quarters of 2020. That’s 1 of every 7 U.S. homes in the first quarter where in the previous three quarters investor bought closer to 1 in 10 homes (Source: HousingWire).
That same report shared that “Most [investors] focused on single-family homes, which made up the biggest share of acquisitions and first-quarter growth, year over year. Nearly 39,000 of the 55,000 homes investors bought in Q1 were single-family properties, up 4.8% from last year” and that among those buyers were Invitation Homes and American Homes 4 Rent, both “single-family-rental behemoths.” (source: The Real Deal)
So while concerns have been flying around about the resurgence of iBuyers it’s important to note that iBuyers are still only roughly 50% of the way back to their pre-pandemic levels with only 4,383 homes purchased in Q1 of 2021 and only account for 0.5% of homes sold across the U.S. making them nowhere near an immediate threat to our housing shortage.
What does the future hold?
The market will likely continue at this velocity, but the concerns around intuitional buyers squeezing our inventory opportunities will remain top of mind. Especially for how it can disproportionately impact the lower and middle class and especially for minorities who oftentimes lack the generational wealth to get their foot in the door, especially in a crazy market like this one.
And it’s not a great sign when, according to HousingWire “investors gobbled up the largest share of lower-priced homes in the first quarter…One of every five low-priced homes that sold in the U.S. (20.8%) was purchased by an investor, compared to 12.5% of high-priced homes and 11.3% of mid-priced homes.”
So, what can you do?
Use your power as a real estate professional to help overrepresent the underrepresented. Try and focus on building your sphere with families to help get them into homes and start building wealth and generating more opportunities for future growth. The more we can build diverse communities the better for society and the better for our future as an industry. Look for the opportunities to make positive change in your community while making sure all the homes on our street aren’t bought up by investors. Be that valuable resource for all of your contacts in your sphere and educate them on the benefits of buying and selling a home in their market to help continue to foster movement and transactions across the industry.
Sources:
- https://therealdeal.com/2021/05/21/institutional-buyers-are-flooding-single-family-market/
- https://www.housingwire.com/articles/investors-are-buying-up-single-family-homes-across-the-us/
- https://www.redfin.com/news/ibuyer-real-estate-q1-2021/
- https://www.vox.com/recode/22407667/home-sales-boom-rent-housing-single-family-rental
- https://www.wsj.com/articles/lumber-prices-are-way-downbut-dont-expect-new-houses-to-cost-less-11626260401
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks Ushers in Season of Growth, Welcomes Jim Crisera as Chief Operating Officer
The Seattle-based residential real estate technology company supports more than 800 brokerages and 400,000 agents across the US and Canada
SEATTLE, Wa. (July 13, 2021) – MoxiWorks, the leading real estate technology platform, announced today the addition of Jim Crisera as their new Chief Operating Officer. In this new role, Crisera will help oversee the streamlining of processes and automation across the real estate tech companies’ customer-facing teams as MoxiWorks continues rapid growth and increased market share. With more than 25 years of experience working with enterprise and SaaS companies, Crisera has a diverse range of experience from finance operations, marketing and sales, and customer service, bringing a depth of knowledge to this new role.
“As MoxiWorks continues its growth into a 3.0 company, we maintain the philosophy that what got you here won’t get you there,” said York Baur, MoxiWorks CEO. “We are taking great care to keep evolving in a thoughtful way that helps us grow with our customers and help them achieve success which is why I’m so thrilled to welcome Jim to the team in this next phase of growth. I am confident with Jim’s background and expertise he will help us scale the right way to continue to provide industry-leading service to our enterprise customers as an enterprise company.”
Crisera has spent the majority of his career in the enterprise software and SaaS space and during the last 10 years was President & CFO for Altify as he helped enterprise SaaS companies successfully grow and scale.
“It’s all about putting the customer at the center of what you’re doing and focusing on the best possible outcome for each andevery one of them,” said Jim Crisera, MoxiWorks COO. “I’m excited to continue to build upon the success of the MoxiWorks team; focusing on building out a solid foundation to support our ongoing growth. This is such an incredible time to be in this industry with a lot of technology-driven growth and change taking place. With this transformation come significant opportunities for both MoxiWorks as well as our customers, and we’re going to be ready to continue our market leadership going forward.”
The MoxiWorks team has grown nearly 35% already in the first half of 2021 with no signs of slowing down. If you’re looking for a new opportunity to work with a fast-growing, gritty and intellectually curious team, check out moxiworks.com for more information.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
###
For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Zip Your Flyer Joins the MoxiWorks Partner Network
MoxiWorks clients will now have access to the email flyer service as a part of the MoxiCloud open ecosystem
SEATTLE, Wa. (July 8, 2021) – MoxiWorks, the leading real estate technology platform, announced today that Zip Your Flyer has joined as a new partner on the MoxiCloud. This new partnership gives MoxiWorks users access to the agent-to-agent listing email flyer service through the MoxiWorks platform. This seamless integration will allow MoxiWorks users to get their listings directly in-front of other agents with buyers.
“We’ve been a trusted resource for agents for over 16 years and we are always finding new ways to save agents time and help them sell,” said Caitlin Thornburg, Executive VP/Owner, Zip Your Flyer. “We are proud to partner and integrate our system into MoxiWorks to provide a seamless way for agents to import their listing details and photos directly to Zip Your Flyer. It’s a great opportunity for agents to get things done and get their listings into other agent inboxes.”
Zip Your Flyer has a proven 90% inbox placement using an accurate agent email database, queried by agent location. Agents can quickly import their listings directly into the Zip Your Flyer ordering environment or upload their own flyer with same-day turnaround to save time.
“We’re thrilled to have Zip Your Flyer join the MoxiCloud partner program,” said Krista Thomsen, MoxiWorks’ Senior Manager, Partnerships & Integrations. “With 16 years of service in the industry, and as a company founded by agents for agents, they know the needs of this industry. We’re excited MoxiWorks clients will now have access to their service through our open ecosystem.”
Zip Your Flyer also offers evideos for social media and print quality PDFs to make an even bigger splash with your client’s listing.
For more information, MoxiWorks clients can talk to their account manager, or visit https://www.zipyourflyer.com/.
About Zip Your Flyer
Zip Your Flyer is an agent-to-agent listing email flyer service using our accurate agent email lists to ensure over 90% inbox placement. Agents can quickly upload their own flyers or see a proof using our unique templates with same-day turnaround to announce New Listings, Price Reductions, Open Houses and more. There are no monthly fees, orders are placed a-la-carte with guaranteed double digit open rates. MLS Hotsheets Are Not Marketing and getting listings out in front of agents with potential buyers is essential to selling listings fast. Zip Your Flyer is the most trusted agent email flyer resource for over 16 years and proven effective because it works.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide that account for more than 13% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 50 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
###
For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
MoxiWorks Announces New Scheduling Tool Partner through Instashowing Bringing Agents a Fast and Effective Solution
Agents gain access to Instashowing’s platform making it easier than ever before to schedule and manage showings
Key Takeaways:
- MoxiWorks’ new partnership with Instashowing brings its users direct access to Instashowing’s listing appointment scheduling platform.
- The new partnership will make Instashowing’s platform available to MoxiWork’s 400,000+ users.
- Access to Instashowing will streamline scheduling, allowing agents to focus more on thriving in today’s red hot market.
(Seattle, WA) – MoxiWorks, the leading real estate technology platform, announced today a new partnership with Instashowing, a technology platform specializing in listing appointment scheduling. This partnership will centralize key parts of the listing agent workflow in MoxiWorks platform and will be in effect and available to MoxiWorks’ 400,000 users as of June 16, 2021.
“Showings are a critical part of a listing agent’s business and bringing this product inside agent’s favorite platforms such as MoxiWorks will make the entire experience seamless,” said William Schoeffler, Founder of Instashowing. “The best agents have used multiple apps to manage their business and we’re excited to see the deeper integrations making agents’ lives more seamless. We were attracted to the open platform approach MoxiWorks stands for and this is exactly what we are doing with our open showing API.”
Through this new partnership, MoxiWorks users will gain access to Instashowing’s unique platform that will be automatically available when a user creates a new listing. Seller’s agents will be able to add their sellers to a portal so they can control when their home is shown and get property feedback directly. Additionally, both the agents and seller can conveniently manage the appointments and available times within their calendar.
This partnership will empower agents to capture more leads from qualified prospects as they book showings on agent and brokerage websites.
“The MoxiWorks team is excited to partner with Instashowing and to give our users access to their platform. This partnership will streamline the scheduling process for our users, cutting the time usually spent on scheduling in half,” says Krista Thomsen, MoxiWorks’ Senior Manager, Partnerships & Integrations. “By offering our users a tool to make scheduling easier, they will have more time to focus on helping home shoppers in today’s competitive market.”
To learn more about this integration and how it can benefit your business, visit moxiworks.com and Instashowing.com.
About Instashowing
Instashowing is a technology platform specializing in listing appointment scheduling that simplifies the scheduling process for agents. Founded in 2018, this online real estate tool is designed to help agents easily schedule home showings. Instashowing has made the booking process easier and more integrated with the platforms agents are currently using. Find more information at instashowing.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
###
For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
As communities begin to re-open, home sales stabilize
With the exception of 2020, (I wonder how many times that has been said…?) there’s typically a significant month over month increase in home sales in May.
In 2017 there was a 21% increase, in 2018 a 15% increase, and in 2019 a 17% increase.
In 2021? There was a 1% decrease with 554K home sales. So, could the market finally be flattening out a bit after the last few wild months? We have a few theories why this might be happening which has something to do with a formula of:
Low inventory + high velocity + home prices + societal changes = most bizarre year of home sales?
We’ve been discussing this low inventory problem for months, but something else important to consider is the velocity at which homes have been selling. Homes are flying off the market faster than they can be listed, which is great for sellers but makes the buyer’s market rough. Very similar to when the job market is tight and prospective employees finally give up after being turned down after their 8th or 15th interview, prospective home buyers at some point and are going to give up.
Another reason we see for this slight slow down is all the swift societal changes we are experiencing. People are finally able to be out doing things outside of their homes so their focus is no longer on their home nest. Airbnb released a Report on Travel & Living in May that shows that people are traveling more and for longer, and with their families. Having freedom from being stuck inside our homes day in and day out could really make a difference in the number of home sales we see.
June and July Home Sales Predictor
So, what could all of this mean for home sales in the coming months?
We predict the number of home sales to have a slight increase in June at 601K home sales and July 583K home sales.
If these predictions hold this would mean June could potentially be our peak so far this year and would be an 8% increase over the previous month and an 18% increase YOY. For July that would be a 3% decrease to the previous month and a 3% decrease year over year.
Only time will tell if this flattening trend will continue or if we will see a spike later this year. Many of our clients have shared with us they are starting to see more listings in their area so maybe we will still see a spike? What trends are you seeing? Do you think we’ve seen the peak?
See you next month!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
New Data Reveals Agents Using MoxiPresent in 2020 did 77% More Transactions than Their Peers
2020 analysis shows increased productivity of real estate agents using the MoxiWorks CMA and presentation tool
SEATTLE, Wa. (May 25, 2021) – MoxiWorks, the leading real estate technology platform, released new data this week for their industry-leading CMA and presentation tool, MoxiPresent®. The analysis done by MoxiWorks looked at productivity and MoxiPresent usage in 2020 across 82 brokerages representing nearly 100,000 agents. According to the analysis real estate agents using MoxiPresent did significantly better than their peers who didn’t.
According to the analysis, on average, an agent using MoxiPresent in any capacity saw 17% more transactions and 24% higher sales volume than those not using MoxiPresent. Further, those who fully utilized MoxiPresent in their business saw 77% more transactions and 93% higher sales volume than their peers.
“It’s clear – while 2020 held many challenges for agents, those who used MoxiPresent outperformed their peers by a landslide,” said York Baur, MoxiWorks CEO. “Analyzing this data proves that, despite the uncertainty and unforeseen challenges of 2020, inventory moved and agents found success.”
This data comes after a year when there were 5.65 million home sales despite a pandemic, compared to 5.25 million sold in 2019, and we are tracking to exceed that in 2021 (source). “While we like to fault the market for a lack of listings, inventory is coming and going at exceptional rates, which means there is inventory out there – but only some agents are seeing it,” said Baur. “Those agents are the ones that serve as trusted advisors to their clients, helping them see what’s possible in a difficult market. As a result, they get a disproportionate share of the business.”
MoxiPresent enables agents to create CMAs in addition to buyer tours, open house presentations, relocation presentations, neighborhood tours, and so much more, empowering agents to serve as a true consultant with those in their sphere of influence, facilitating everything from listing presentations and pricing conversations to annual property reviews. “These are the agents outperforming their peers and finding 77% more inventory in the midst of a national ‘shortage,’” said Baur.
“These agents who are seeing leaps and bounds more business are serving as true consultants to their sphere of influence,” added Baur. “They save time, benefiting from the ease-of-use of integrated property data and they deliver a better experience to their clients. These are agents at brokerages that have invested in tools built on improving agent productivity, and that success is being proven time and time again.”
MoxiPresent’s efficacy is tried and true, having been around for almost a decade, continually evolving to meet the ever-changing needs of agents and rising expectations of consumers. More than 3 million presentations have been created using MoxiPresent.
To learn more, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
###
For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Virtuance Partners with MoxiWorks, Bringing Agents an Efficient and Reliable Photo Solution
Through this partnership, MoxiWorks users will have access to Virtuance’s AI-powered HDReal® images, 24/7 online booking services, and their national network of professional photographers
Key Takeaways:
- Virtuance partners with MoxiWorks to bring agents direct access to Virtuance’s photography and virtual tour services
- The new partnership will connect Virtuance’s national network of professional photographers with MoxiWork’s 400,000+ users.
- Full integration will be available soon
SEATTLE, Wa. (May 21, 2021) – MoxiWorks, the leading real estate technology platform, announced today a new partnership with Virtuance, a technology company that provides real estate marketers with professional photography and virtual tours nationwide. Virtuance offers AI-powered HDReal® images among other visual marketing services including virtual tours, 360° panos, and drone photography.
“MoxiWorks and Virtuance are aligned in our goals of using technology to create more effective, simpler solutions for real estate professionals all the way from pre-listing to close. This relationship is a big win for brokerages, agents, and homesellers,” said Jeff Corn, Co-Founder and CEO of Virtuance. “We’re thrilled to partner with MoxiWorks to provide their customers seamless integrations into Virtuance’s suite of visual marketing services.”
Through this partnership, Virtuance will connect MoxiWorks users with professional photographers around the country through scheduling available on their online platform 24/7. Once the shoot is scheduled, Virtuance processes the images through a series of 25 proprietary algorithmic adjustments powered by AI to deliver high quality images the day after the photoshoot.
“In today’s low-inventory market, agents need to compete more intensely, and we’re excited to arm MoxiWorks clients withVirtuance’s advanced technology”, says Krista Thomsen, MoxiWorks’ Senior Manager, Partnerships & Integrations. “Virtuance offers an effective and reliable service that delivers great results to agents allowing them to enhance their listings and generate more success.”
The new partnership will connect Virtuance’s nationwide network of photographers with MoxiWork’s 400,000+ agents.
To learn more about this integration and how it can benefit your business, visit moxiworks.com and virtuance.com.
About Virtuance
Virtuance is a technology company that connects real estate marketers with professional photography and 3D virtual tours nationwide. Founded in 2010, Virtuance empowers real estate brands to efficiently scale by offering consistent images powered by their HDReal® technology, world-class support, and a network of hundreds of photographers, providing a streamlined and delightful experience for selling and renting properties. Learn more at virtuance.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
###
MoxiWorks – Let’s sell more homes together
###
For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Strong Spring of Home Sales Continue, Stronger Summer Ahead
We are up to our eyeballs in the inventory shortage. You can’t look at one news site without seeing something about the shortage. This has been going on for months and months, so what gives?
A few things.
First of all, we still strongly believe this is not an inventory shortage, but a listings shortage. The homes and sellers are out there, they just need their trusted real estate agent and advisor (you) to help them understand the value of their home, and how to navigate this frothy market.
But there is something even more important than the pandemic that is impacting inventory.
According to a Statista study in September of 2020, there was a 79% decrease in new homes built between 2010 and 2019. Between 2010 and 2019 there were only 5.8 million new homes built while the three decades before it 27 million, 26 million and 25 million new homes were built respectively. The last time we saw such a low amount of new construction was the 1930s.
This stark decrease is certainly a factor in what we are seeing today alongside the pandemic.
But, it doesn’t mean there is a reason to panic.
The fundamentals of why people move (marriage, divorce, new babies, empty nest, new job, retirement, etc) have not changed and will not change. If anything, the new flexibility so many working adults across the US are seeing with remote work is likely to increase and let them move for work, but on their own terms.
And to top this all off, Freddie Mac expects home sales to reach 7.1 million in 2021. 7.1 million homes would be a 25% increase year over year in home sales from 2020 which saw 5.65 million home sales, during a pandemic, while we only say 5.25 million in 2019.
If Freddie Mac is correct in their predictions, we should feel hopeful. Those listings have to come through an agent, will it be you?
Now let’s dig into April and the upcoming May & June outlook.
April Home Sales
April closed out with 539K home sales across the country. That’s 5% less than our prediction of 565K. This was a 3% increase from the home sales in March, but year over year it was a 48% increase. Not at all surprising as April 2020 was when COVID-19 was really setting in across the US and only 364K homes were sold.
May and June home sales prediction
Our May prediction has been adjusted slightly from last month and we are now predicting there will be 622K home sales which would be a 15% increase month over month and 72% year over year.
Based on the activity inside our MoxiWorks products we predict there will be 650K home sales in June which would be a 5% increase month over month and a 29% increase YOY.
You control the listings
Our rallying cry remains that you and your agents have the control to make the market. 7.1 million homes won’t sell themselves.
So do the thoughtful home property reviews, do the comps analysis, show your clients why selling their home is a good idea. Doing these presentations are proven to make these transactions happen.
Our data team just pulled the stats on agents using MoxiPresent with their clients and the results speak for themselves:
- In 2020, agents fully utilizing MoxiPresent did 77% more transactions and saw 93% higher sales volume than those without MoxiPresent.
There is a lot to shake out in the market, so let’s stay proactive and persistent, and let’s make the market.
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
