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Expert Update - 05.28.2021

Quick takeaways:

  • Facebook is the preferred social media platform for real estate agents.
  • First-time buyer benefits aren't just available to people buying their first home.
  • Experts predict big economic growth, but also slowing home price growth.
  • Homes in less expensive neighborhoods are seeing strong interest.

Read on for our coverage.

 

Agents Prefer Facebook

97% of real estate agents use Facebook as their primary social media platform, according to a recent survey by the National Association of Realtors. They appreciate the outreach features it offers to their business, and the strong presence on the platform of Millennials, who have reached prime home-buying age.1

 

Defining "First-Time Buyer"

First-time homebuyers are eligible for many financial incentives and assistance programs. However, these perks also apply to previous buyers who haven't owned a home in the past three years.2

 

Strong Growth Could Cool Market

National Association of Realtors Chief Economist Lawrence Yun expects the economy to grow 4.5% in 2021, thanks to increased consumer spending as the pandemic lifts. At the same time, higher mortgage rates, more owners willing to put their homes on the market, and an increase in new home construction could help to increase tight inventory, easing the super-competitive housing market.3

 

High Demand for Less Expensive Homes

Buyers are seeking out homes in some of the least expensive neighborhoods in the country. Areas with a median home price below $100,000 have seen a 42 percent jump in home value over the last three years. A drawback is that this shift may keep some lower-income people out of the market.4

 

              

 

Sources:   1 mpamag.com;  2 themortgagereports.realtor;   3 nar.realtor;   4 magazine.realtor

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