Real Estate Backstory is your weekly update for real estate news, changes, and trends relevant to the Atlanta area and surrounding markets. Topics covered this week include:
What is new with Zillow – property alerts.
Key fed inflation measured eased in December.
Fed lifts rates by quarter-point but says inflation is easing.
Job reports show increase of 517,000 in January.
Mortgage rates continue to shift down.
How has inflation affected your home-buying plans?
What are the biggest barriers to homeownership?
The following is a synopsis of the latest episode of ” The Real Estate Backstory.” You can watch the video in its entirety below.
Zillow’s AI Powered Home Search
Zillow has taken the real estate industry by storm with its new AI-powered search tool, which is designed to assist buyers in finding their homes. This tool is a response to the growing trend of buyers finding their homes online, as opposed to through a real estate agent. With this new tool, Zillow is targeting the number one thing that buyers want from real estate agents: help finding their homes.
The Decline of Real Estate Agents’ Role in Finding Homes
The importance of real estate agents in finding homes for buyers has been declining for the past 10 years, especially with the growing popularity of online home searches. While buyers still want real estate agents for advice and help with negotiations, finding the home is the most important aspect for buyers. Real estate agents need to understand this trend and take action to stay relevant in the industry.
How Real Estate Agents Can Stay Relevant
Real estate agents can stay relevant in the industry by setting up property alerts for their clients and being proactive in engaging with them. They can also take advantage of technology to enhance their services and provide buyers with the help they need in finding their homes.
The Real Estate Market in the U.S
Inflation rates have been trending down in recent years, which has been positive for the real estate industry. However, the Federal Reserve raised the federal funds rate by a quarter point, indicating that inflation is not over yet. Despite this, interest rates still came down last week, reaching 6.09. Jobs continue to be a driving factor in the economy and real estate market, with unemployment hitting a 53-year low.
The S&P CoreLogic Case-Shiller Home Study
The S&P CoreLogic Case-Shiller Home Study found that nationally, property values increased by 7.5%. Atlanta, in particular, saw a 12.5% increase in property values year over year. While some markets in the U.S are seeing a decline in property values, Atlanta is not one of them. Pending sales, for the first time in six months, are also trending upwards.
In conclusion, Zillow’s new AI-powered home search tool is a game-changer for the real estate industry. Real estate agents need to understand the declining role they play in finding homes for buyers and take action to stay relevant. The real estate market in the U.S is stable, with inflation rates trending down and interest rates still low. Despite some declining property values in some markets, Atlanta is still seeing a strong increase in property values and pending sales. The real estate industry is constantly changing, and real estate agents need to stay up-to-date and adapt to new trends and technology to provide their clients with the best possible service.
Watch the entire video for more information here: