Plunging home sales are adding to the horror of Halloween this year, but market shifts are a time to be brave and confront the demons in your business.

Fear may rule the night on Halloween, but don’t panic every time you face a scare. Plunging home sales are adding to the horror of the season for real estate pros who are afraid of a downturn haunting their business. Market shifts, however, are a time to be brave, get educated on the challenges you face and revamp your approach to clients. So, face these five fears to build the courage to confront market uncertainty.

1. Fear of a housing crash. The real estate market has been extremely volatile this year, going from an unprecedented homebuying frenzy to a precipitous slowdown. Many who worried a bubble was brewing may believe it’s starting to bust. But these five reasons we aren’t experiencing a housing crash can help calm your clients’ nerves. Even if you, the professional, are on edge, there are ways to break through your fear of a changing market and show buyers and sellers how a pro gets it done.
2. Fear of video. Consistent, branded and valuable video content should be the cornerstone of any real estate marketing plan. If you have anxiety about being on camera, you can overcome it. “Video is vulnerable,” says Los Angeles broker Ivan Estrada, adding that negative self-talk is common. Learn how to break down your fear of video and face it head-on.(link is external)
3. Fear of appraisers. Many real estate professionals say they avoid interacting with appraisers, believing that communication with them is illegal or could lead to appraisal bias. But, in fact, there are regulations allowing real estate pros to provide additional property information to appraisers, including a copy of the sales contract. Know what’s allowed next time you deal with an appraiser.
4. Fear of failing. Every real estate pro starts to watch their bottom line when the market begins turning. If you’ve built your business on strong foundational principles, you’ll be able to bounce back when you hit bumps in the road. So, how do you make sure your success lasts well into the future? Seasoned pros offer their most valuable advice.
5. Fear of being victimized. You know real estate can be a risky business, but you may not always think safety first when you’re out in the field. You should hear why one broker wants to make sure you do. Kitty Wallace, ABR, CRS, managing broker of RE/MAX Integrity in Cle Elum, Wash., recounts her experience with a stalker who had three years of Wallace’s ads in his trunk. Listen to the Drive With NAR podcast.

©National Association of REALTORS®
Reprinted with permission

Hotel and interior design experts offer tips for staging primary bedrooms with touches of luxe.

Recently, furniture and home decor company, CB2(link is external), named “luxury for all” as one of the top three home trends of 2022. The brand’s popularity with millennials, who currently comprise the largest percentage of home buyers(link is external), means CB2’s insights are valuable intel for real estate professionals.

The use of staging(link is external) can set a listing apart from the crowd and increase the amount buyers are willing to spend on a property, according to recent data from the National Association of REALTORS®. If homebuyers crave luxury and want it at a variety of price points, sellers would do well to stage their homes in a way that reflects these lifestyle aspirations. What better template for luxury staging than a five-star hotel suite?

Making a primary bedroom look and feel like a five-star hotel guestroom is “all about making mindful choices, keeping things really simple and introducing luxurious elements in very attainable ways,” says interior designer Rebecca Gitana, founder(link is external) of Healing Through the Home.

Luxury hotel experts and interior designers offer suggestions for arranging and styling bedrooms like five-star hotel rooms.

Limit Art and Accessories

Removing family photos and personal items is standard protocol when staging a house. But retaining or adding a couple of thoughtful accessories can boost the aesthetic appeal of a primary bedroom.

“High-end hotel rooms often imbue an aesthetic of minimalized clutter—sometimes just a coffee-table book, single piece of art, or a design-centric lamp bedside are enough,” says Brandon Berkson, founder(link is external) of Hotels Above Par.

“The hotel feeling is all about less is more,” agrees commercial interior designer(link is external) Gerardy Cabrera. “You can go wild with artwork, not with quantity, but with size and color.”

Choose Crisp White Bedding

If there’s one thing that makes a bedroom feel more like a five-star hotel room, it’s high-quality, high thread-count bedding, according to Brianna Glenn, luxury travel advisor(link is external) and founder of Milk + Honey Travels.

Interior designers agree. “Crisp white bed sheets are the number one staple in any five-star sleeping situation,” says Gitana.

Jaclyn Isaac, the principal designer and owner of Doni Douglas Designs(link is external), calls white sheets a no-brainer and suggests topping them with a fluffy white duvet cover. “Certain colors don’t show well on camera, but white looks bright and clean and gives off that hotel vibe,” she explains.

Pick a Signature Scent

Filling the kitchen with the smell of fresh-baked cookies before an open house is the oldest trick in the book. The idea has stuck around because it works. But if the scent of cookies makes a kitchen feel like home, what makes a bedroom feel luxurious?

Hotel candles, according to Glenn. These days, many hotels infuse the lobby with seasonal signature scents ranging from the distinct smoky-spicy aroma of Hotel Emma(link is external) in San Antonio to the gentle waft of cherries and lilies in The St. Regis New York(link is external).

“I stayed at Royal Monsour(link is external) in Marrakech, and I remember they sent me home with a candle that had their signature scent—I could light it at home and instantly be transported back to that magical place,” she recalls.

While any high-end candle will do, homeowners can infuse their bedrooms with scents inspired by actual five-star hotels with products(link is external) from Hotel Lobby Candle, a brand launched by travel writer and influencer Lindsay Silberman.

Take Cues from Nature

Luxury lodging often brings the outside in. That’s the case with one of Berkson’s new favorite properties, Piaule Catskill(link is external), which he says features simple oak-framed beds and floor-to-ceiling windows that “allow you to wake up to the surrounding forest.”

Of course, staging a room isn’t the same as renovating it. But homeowners can still include nature with lush houseplants or simple arrangements of foraged branches. Isaac says she always uses fresh flowers when staging.

Gitana suggests taking it a step further by decorating with colors and textures that mimic the natural world outside the room’s windows. Natural fibers might include cotton, bamboo, silk or wool. Even a bedroom entirely staged in shades of white can include natural variety by mixing up the fabrics and textures.

Include a Seating Area

In the world of hospitality, consumers associate square footage with luxury. While standard hotel rooms clock in at 330 square feet on average, luxury guest rooms range from 430 to 4,000 square feet, according to hospitality management software company(link is external) Cvent.

You can’t increase the square footage of a listing, but you can spruce it up for all it’s worth. Luxury properties do this by creating thoughtful sitting areas, even in heritage hotels with limited space.

“No matter the size of the bedroom, you can create a little spot to take a call, have a cup of coffee, or just stare out the window,” says Gitana. “Create this for yourself by introducing an interesting chaise lounge or love seat into your space. Have an even smaller space? A single chair also works!”

Balance the Layout

Not all primary bedrooms are symmetrical, but thoughtful furniture arranging can make the space feel balanced.

“Start with a bed frame that fits the room,” says Cabrera. Bigger isn’t always better, as a crowded bedroom feels like the opposite of luxe. He suggests choosing a bed that leaves 3 to 4 feet of space on each side, even if that means staging with a double bed in place of a king or queen.

Once the bed is in place, position a nightstand on each side. It might sound like a simple suggestion, but the resulting visual balance evokes a luxurious sense of calm and comfort, according to Gitana. Complete the look with a large enough rug to fit under the bed and the nightstands. “A too-small rug is a rookie decor mistake,” Isaac warns.

©National Association of REALTORS®
Reprinted with permission

Sustainability is trending, especially among young buyers, and an aesthetically pleasing rain barrel offers cost savings and curb appeal.

Outfitting a house with a rain barrel does more than collect and conserve rainwater: It saves money, too. Well-placed rain barrels help cut utility costs by collecting free water for gardening, lawn watering or even washing the car. And homeowners are taking note.

“There has absolutely been an increase in the popularity of rain barrels in the last decade,” says Francesca Corra, a Los Angeles–based landscape designer(link is external). She says that drought and mandatory water restrictions have highlighted the need for water conservation in California.

A rain barrel might sound like a breeding ground for mosquitoes or a potential eyesore, but it’s surprisingly easy to maintain and to camouflage these cost-cutting green home features. Here’s what to know if your clients want to add a rain barrel or spruce up an existing rain barrel before a home resale.

Benefits of Rain Barrels

Interest in rain barrels is rising, but as with many green concepts, the learning curve is still vast. Real estate professionals have a unique advantage in educating clients who don’t know much about this affordable water conservation solution.

After all, says Corra, homeowners were once concerned that solar panels could detract from a home’s appeal. Now? Fifty-two percent(link is external) of American homeowners have already installed, or given serious thought to installing, solar panels.

Rain Barrels Conserve Water

“One of the most important things everyone should be looking at right now is ways to retain any rainwater that falls on our properties and not send it out into the street. Is one rain barrel the solution to our drought problem? No, it is not. However, it does help,” Corra says.

“I have easily saved at least 500 gallons of water so far this spring and summer,” says Laura Peet, a homeowner and gardener with two 50-gallon rain barrels on either side of her Charlottesville, Virginia, home. Though Virginia is far less prone to droughts than are desert regions in California or Arizona, Peet says the clay soil tends to dry out quickly.

Rain Barrels Keep Landscaping Lush

“Whatever amount [the rain barrel] keeps from going out into the street is water saved for the plants in the garden,” says Corra. “Trees, especially, will always need more water, and they are in danger right now as more and more people are turning off their irrigation.”

Peet uses rain barrel water to keep her raised vegetable gardens lush. Tracey Zeeck, a communications director(link is external) and homeowner outside Oklahoma City, also enjoys using her rain barrel as an accessible, above-ground water source for gardening.

“I think it’s fun to capture it and use it when you want to—free water!” Zeeck says, adding that her husband thinks the plants thrive more when watered with harvested rain versus chlorinated city water.

Rain Barrels Attract Eco-Conscious Buyers

There’s no denying that more and more clients care about going green.

Fifty-one percent of real estate professionals say their buyer clients are interested in sustainability, according to National Association of REALTORS® data. Twelve percent of homeowners cite green home features as a reason for purchasing their current home, and 10% consider “landscaping for energy conservation” to be “very important.”

Rain barrels can play a small but important role in sustainability and water conservation. Saving rainwater “creates an awareness that we are doing something to help our environment,” says Corra.

How to Prevent Problems With Rain Barrels

Conserving water is excellent, but homeowners also need to keep their rain barrels from becoming problematic. Breeding insects can quickly destroy the tranquility of a yard.

Here’s what experienced rain barrel owners suggest for maintenance.

• Drain water regularly. A rain barrel isn’t meant to hold water indefinitely, says Corra. “Identify areas with the most need—i.e., trees, vegetable gardens, potted plants—and let the water out within a few days of the rain,” she adds.
• Install a mesh screen on top. If a rain barrel does not arrive fitted with a fine mesh at the entry point, installing a screen or fine netting is vital to keep debris and mosquitoes out of the water.
• Carefully consider position and elevation. “During a strong storm, the barrels will overflow, and you don’t want a steady stream of water to run against the house,” Peet says. “I have them nestled in gravel to keep any water flow away from the house.”

Conservation Chic: Can Rain Barrels Boost Curb Appeal?

There’s no reason to be concerned about rain barrels ruining the look of a home, according to Peet and Zeeck. And when they’re carefully selected to match the architectural style or disappear into the landscaping, these reservoirs of free water might actually boost curb appeal.

“Water barrels come in many shapes and sizes,” says Peet. “The ones I’ve purchased look like bourbon barrels, and I think they add a nice charm to my Craftsman-style home.”

With an increase in demand comes an increase in options, so homeowners are likely to find a rain barrel that fits the aesthetic of their home. It might also act as a conversation starter among like-minded potential buyers. After all, anyone who buys that home can now clearly signal a commitment to green living—and a lower water bill to prove it.

©National Association of REALTORS®
Reprinted with permission

The third quarter may have marked the end of price surges as higher mortgage rates put a damper on projections for property appreciation. Read more from NAR’s latest report.

Home prices continued to climb in the third quarter of this year, but the upward trend may finally be coming to an end, according to the National Association of REALTORS®’ latest quarterly report. Higher mortgage rates are starting to weigh on home price growth, though practically every major metro saw home prices rise in the third quarter. Forty-six percent of the 185 markets that NAR tracks even registered double-digit increases.

The national median price for a single-family existing home was $398,000 in the third quarter, an 8.6% jump from a year earlier. That’s a slower pace than in the second quarter, when the median price was 14.2% higher year over year. More easing is expected over the next few months, says NAR Chief Economist Lawrence Yun. “Much lower buyer capacity has slowed home price growth, and the trend will continue until mortgage rates stop rising,” he says. “The median income needed to buy a typical home has risen to $88,300. That’s almost $40,000 more than it was prior to the start of the pandemic.”

Meanwhile, the monthly mortgage payment on a typical existing single-family home with a 20% down payment swelled to $1,840 in the third quarter, up 50% year over year. The 30-year fixed-rate mortgage is currently above 7%—double what it was a year ago—prompting house hunters to revisit what they can afford. The typical family now needs a qualifying income of at least $100,000 to afford a 10% down payment on a mortgage in 59 markets, up from 53 markets in the second quarter. Further, a family with a qualifying income of less than $50,000 can afford a home in just 17 of the markets NAR tracks, down from 23 in the previous quarter.

First-time home buyers are struggling with these dynamics. A typical starter home worth about $338,700 would have a monthly mortgage payment of $1,808 with a 10% down payment, an increase of nearly $600 compared to a year ago. First-time buyers typically spend nearly 38% of their income on mortgage payments; most financial experts consider households financially burdened when they spend more than 25% of their income on housing.

Where Prices Are Rising the Most

Some of the priciest markets in the country, like the San Jose and San Francisco areas in California—with a median home price of $1.7 million and $1.3 million, respectively—could see some cooling in the months ahead. “The more expensive markets on the West Coast will likely experience some price declines following this rapid price appreciation, which is the result of many years of limited homebuilding,” Yun says. “The Midwest, with relatively affordable home prices, will likely continue to see price gains as incomes and rents both rise.”

The South not only saw the highest share of sales of existing single-family homes in the third quarter but also the highest year-over-year appreciation in the country, NAR’s report shows. Prices jumped 11.9% in the region, followed by an 8.2% increase in the Northeast, 7.4% in the West and 6.6% in the Midwest.

The following 10 metros posted the largest year-over-year price increases in the country in the third quarter:

• North Port-Sarasota-Bradenton, Fla.: 23.8%
• Lakeland-Winter Haven, Fla.: 21.2%
• Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C.: 21.1%
• Panama City, Fla.: 20.5%
• Deltona-Daytona Beach-Ormond Beach, Fla.: 19.6%
• Port St. Lucie, Fla.: 19.4%
• Greenville-Anderson-Mauldin, S.C.: 18.9%
• Kingsport-Bristol-Bristol, Tenn.-Va.: 18.8%
• Tampa-St. Petersburg-Clearwater, Fla.: 18.8%
• Ocala, Fla.: 18.8%

©National Association of REALTORS®
Reprinted with permission

How real estate pros can support greater diversity within brokerages and associations.

Growing up on the South Side of Chicago, Marki Lemons-Ryhal was considered “Black royalty.” Her family owned the city’s second-oldest Black-owned restaurant, and her grandfather was an inductee into the Barbecue Hall of Fame. Despite Chicago’s well-documented segregation, Lemons-Ryhal, a broker, author and real estate speaker, says her early experience was that her status within the Black community offered her safety.

It wasn’t until her study abroad experience in Reykjavik, Iceland, that Lemons-Ryhal recognized the importance of diversity. “My Icelandic family loved me as if they birthed me,” she recalls. “Living in Iceland changed my heart. It showed me how to feel unconditional love for a person outside their color.” At a session Saturday during NAR NXT, The REALTOR® Experience(link is external) in Orlando, Fla., Lemons-Ryhal shared insights on how real estate leaders can be more intentional and inclusive in their business.

1. Ask explicitly for help and money. During national unrest following the 2020 murder of George Floyd in Minneapolis, Lemons-Ryhal posted an emotional plea(link is external) for funds that would benefit The 77(link is external), which is the Chicago Association of REALTORS®’ Diversity Committee. The post went viral, garnering more than 50,000 views and $88,000 in donations. Lemons-Ryhal noted that the post was out of character for her, but she also knew that “closed mouths don’t get fed.” She recognized that she was in a unique position to use her platform and ask for what her community needed.
2. Coordinate with someone who can do the work. It’s equally important to know when you aren’t the best person for the job, Lemons-Ryhal said. For example, if you don’t speak Spanish, you may not be the right person to represent your brokerage when engaging the Hispanic community. “Become the coordinator,” she recommended. “Invite a bilingual lender and REALTOR® to speak on the changes in the industry.” It’s a win-win, Lemons-Ryhal said, to show that you’re an inclusive organization that values all voices while also building referrals to the fastest-growing market of home buyers in the country.
3. Offer accessible experiences. When her brokerage offered a private screening of “Punch 9 for Harold Washington(link is external),” a film about the first Black mayor of Chicago, Lemons-Ryhal noted that her company rented separate theaters near their two offices. “It was the same experience in two different locations. By giving everyone the same experience, we made sure no one was missing out,” she said.
4. Consider diversity outside of race. Lemons-Ryhal noted that while most continue to think of diversity in terms of race, it’s equally important to consider people with disabilities, those who are from different cultures and religions, and those who identify as LGBTQ, among others. You may need to learn and use new terms. (Lemons-Ryhal said she recently called her niece to ask what it meant to be “poly-pan,” a term she first heard from her barber.) To be truly inclusive, “we need to be OK with everything,” she said.
5. Ask about institutional support. One audience member at the session shared that she joined her association’s diversity, equity and inclusion committee, but efforts fizzled out after a few meetings. She asked Lemons-Ryhal for advice on how to proceed. “Go to leadership,” Lemons-Ryhal responded. “You want to know what is the strategic plan of the association and if they are going to support that effort.” She also advised that DEI committees survey members about what is important to them or what is missing from the association’s output. This ensures that the goals are framed around member input rather than assumptions or anecdotes.

Being inclusive is good for business, Lemons-Ryhal said, as it can help identify new leaders with fresh perspectives and help REALTORS® do a better job of servicing their clients. But it will also benefit each person who becomes comfortable with being uncomfortable. “When we become more intentional about bridging all walks of life, we learn what we don’t know. I’m sad for those who only hang out with people who look like them,” she said.

©National Association of REALTORS®
Reprinted with permission

This foolproof method for crafting storytelling videos can build deeper connections with your clients or prospects.

You undoubtedly know the power of video marketing, considering that YouTube is the number two search engine. But maybe you don’t feel comfortable in front of the camera, so you’ve avoided trying your hand at creating videos. The purpose of video is to connect with clients more personally and enable them to get a better glimpse of who you are, Robert Kennedy III, a national speaker with Kennetik Kommunications, told attendees Sunday at a session during NAR NXT, The REALTOR® Experience(link is external) in Orlando, Fla. Kennedy said a simple storytelling approach can help calm your fears around what to say and how to structure your videos.

First, find a topic that will speak to your audience. Kennedy suggested using Google Trends(link is external) to find the most popular searches online and answerthepublic.com(link is external) to identify popular questions being asked online. You also can visit YouTube for video ideas. “Get the questions they’re asking, and then use storytelling as a framework or formula so you’re not just showing yourself as an expert—but as their expert,” Kennedy says. Videos can be as short as 60 seconds or less, and you can post them on numerous platforms like YouTube, TikTok, Instagram Reels or Amazon Live.

Kennedy offered the following formula to move audiences to action:

• Have a hook. The hook should leverage the audience’s emotion, such as by stating something shocking or asking an unusual question. Kennedy offered an example: “Now is the absolute worst time in history to buy commercial property. Here’s what you should do instead …” or, “If you want to grab the absolute lowest interest rates, now is the time to buy. Here’s how I know …”
• Add context. Show that you understand your audience’s challenges, and be relatable.
• Address the conflict. This is the drama and the catalyst of the action you want your audience to take. For example: “Because of this, you should/need to…”
• Have a conclusion. This part of the video should include a call to action, like inviting viewers to a seminar, clicking on a link, downloading a report or visiting a website. Offer a specific step you want your audience to take. “Every video should have a call to action,” Kennedy said. “Your words are less about information, more about transformation” and getting them to do something.

Kennedy also emphasized that your videos ultimately should not be about you but rather the customer or prospect and the challenges they face. “Help them solve those problems,” Kennedy said. “And use video to help them figure out if you’re the one with the personality that will connect with them and help them.”

©National Association of REALTORS®
Reprinted with permission