New: 🧠 Market Minds Issue #003

We appreciate each and every one of you for taking the time to read Market Minds. Buckle up and enjoy the free value - and you won’t want to miss the crazy listing that might break the record for the most windows.

Rank in the Top 3 on Google

Every agent can optimize their Google Business profiles to get thousands of views every month without spending a dollar.

We did all the homework for you. You just have to put it into action by spending only 1-2 hours a month with these steps:

• Post 3-4 times a month from your profile (open houses, market updates, etc). Whatever it is, just be consistent.

• Get. More. Reviews. Consider reaching out to past clients with a script similar to this: “We’re trying to get our reviews up this year. I’ve had such a great experience working with you. I was just wondering if you’d be open to leaving us a review when you have a moment.”

• NAP (Name, Address, Phone Number). Make sure all of these are consistent across all of your profiles (Zillow, Realtor.com, Homes.com, etc.). You will only need to do this once but it will help tremendously with SEO.

• Repeat the first 2, CONSISTENTLY.

Home Sellers Offering Concessions

According to data submitted by Redfin buyers' agents across the country, home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31. While this percentage is little changed from the previous year, it has increased from 27.6% two years earlier.

Interest rates aside, sellers are more open to giving concessions due to major life events, such as divorces and new jobs, that prompt them to sell their homes quickly. Homeowners who don't have to move are holding onto their low mortgage rates and staying put. This creates an opportunity for buyers to negotiate for concessions and make contingent offers without having to waive inspections and other important safeguards.

Buyers Becoming Picky

If you relate to this, don’t worry - you’re not alone.

Buyers in today's market are pickier than ever before. With the high cost of buying a home, they want to ensure they find the right one. As a result, buyers have become increasingly likely to terminate a deal if they don't get the concessions they desire. In September, roughly 16.3% of home purchase agreements were canceled, the highest percentage since October 2022. This trend highlights the importance of concessions in the current market.

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Frank Lloyd Wright’s Westhope

This Tulsa, OK home can be yours for a cool $7.995M. View the full listing here.

How much would you guess it costs to replace all the windows in this house? 😂

TL;DR (Too Long; Didn’t Read)

Optimize your Google Business profiles through consistent posting and acquiring reviews. Ensuring consistent Name, Address, and Phone Number (NAP) across profiles for improved SEO. There’s been a rise in sellers offering concessions (35% of U.S. home sales) and the pickiness of buyers continues to increase, leading to a higher rate of canceled home purchase agreements in September (16.3%). How much would all the windows cost in the home above? A lot.

Have a great weekend - we’ll see you next Saturday.

Cheers 🍻

-Market Minds Team