Mortgage rates hit highest average so far this year | 7 traits that put a building in the luxury category | Be authoritative about your value to the transaction
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7 traits that put a building in the luxury category High-end multifamily housing delivers the creme de la creme in technology, concierge-style services and amenities. And while these trends are exclusive now, they'll eventually become more widespread and affordable for a larger pool of residents. Full Story: REALTOR® Magazine (6/30)
Retain chatbots' benefits without losing the human touch It is possible to be receptive to the benefits of AI, such as speed and accuracy, without abandoning the human elements of compassion and empathy, writes Sabrina Leblanc of SurveyMonkey. Leblanc suggests keeping an open mind to market research that gives insight into how customers use AI and continuing to search for "the right combination of human strategic thinking and AI-driven efficiency." Full Story: Fast Company (tiered subscription model) (7/6)
Real Estate Trends
Sustained demand expected for modern farmhouse design The modern farmhouse aesthetic, a blend of traditional and contemporary design elements, is becoming increasingly popular in American suburbs. Pennsylvania home builder Mark Canale noted that local real estate agents advised him that the demand for this style was strong, leading him to develop a nine-house subdivision of modern farmhouses. Full Story: The New York Times (7/7)
Home starts key to home improvement stores' prospects Long-term prospects for the home-improvement sector will benefit from owners' needs to care for aging homes, protect their equity and hang onto the lower mortgage interest rates, say analysts. Sales at Home Depot and Lowe's are expected to grow as the housing market stabilizes and housing starts fuel growth in the contractor business that accounts for a significant portion of sales at both retailers. Full Story: MediaPost Communications (free registration) (7/6)
Technology & Innovations
Platform offers intent-based demographic targeting New Nano Interactive platform Intent Personas segments audiences into lifestyle-based groups like parents, pet owners and baby boomers. Consumer research from Nano, which uses data from its Intent Library for the personas, indicates 70% hide their identities online once a week or more. Full Story: MediaPost Communications (free registration) (7/5)
Seattle expediting development of affordable housing The Seattle City Council has approved two bills to expedite affordable housing construction amid a persistent homelessness and affordability crisis. The bills allow more developers to bypass the design review process, which builders argue delays construction and increases costs. Full Story: The Seattle Times (tiered subscription model) (7/5)
Legislation & Regulation
ADP: Private sector gained 497K jobs last month The U.S. economy gained 497,000 private-sector jobs last month, according to ADP data, marking the largest gain in over a year. The leisure and hospitality sector showed the largest gains with 232,000 added jobs, followed by more than 90,000 each from construction and trade, transportation and utilities, while the manufacturing sector shed 42,000 jobs. Full Story: CNBC (7/6),MarketWatch (tiered subscription model) (7/6),Bloomberg (7/6)
Economy "moving ahead," says NRF chief economist The U.S. economy demonstrated "underlying strength" in the first half of 2023 and appears to be "rolling forward" even as the rate of growth slows for the remainder of the year. Consumers are doing their part to keep the economy moving ahead supported by employment rate growth and $500 billion in surplus savings accumulated during the pandemic, Chief Economist Jack Kleinhenz said in NRF's July Monthly Economic Review. "The first half of the year is over and the economy is still moving in the right direction," Kleinhenz said. Full Story: Store Brands (7/6)
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The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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