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MoxiWorks Ushers in Season of Growth, Welcomes Jim Crisera as Chief Operating Officer
The Seattle-based residential real estate technology company supports more than 800 brokerages and 400,000 agents across the US and Canada
SEATTLE, Wa. (July 13, 2021) – MoxiWorks, the leading real estate technology platform, announced today the addition of Jim Crisera as their new Chief Operating Officer. In this new role, Crisera will help oversee the streamlining of processes and automation across the real estate tech companies’ customer-facing teams as MoxiWorks continues rapid growth and increased market share. With more than 25 years of experience working with enterprise and SaaS companies, Crisera has a diverse range of experience from finance operations, marketing and sales, and customer service, bringing a depth of knowledge to this new role.
“As MoxiWorks continues its growth into a 3.0 company, we maintain the philosophy that what got you here won’t get you there,” said York Baur, MoxiWorks CEO. “We are taking great care to keep evolving in a thoughtful way that helps us grow with our customers and help them achieve success which is why I’m so thrilled to welcome Jim to the team in this next phase of growth. I am confident with Jim’s background and expertise he will help us scale the right way to continue to provide industry-leading service to our enterprise customers as an enterprise company.”
Crisera has spent the majority of his career in the enterprise software and SaaS space and during the last 10 years was President & CFO for Altify as he helped enterprise SaaS companies successfully grow and scale.
“It’s all about putting the customer at the center of what you’re doing and focusing on the best possible outcome for each andevery one of them,” said Jim Crisera, MoxiWorks COO. “I’m excited to continue to build upon the success of the MoxiWorks team; focusing on building out a solid foundation to support our ongoing growth. This is such an incredible time to be in this industry with a lot of technology-driven growth and change taking place. With this transformation come significant opportunities for both MoxiWorks as well as our customers, and we’re going to be ready to continue our market leadership going forward.”
The MoxiWorks team has grown nearly 35% already in the first half of 2021 with no signs of slowing down. If you’re looking for a new opportunity to work with a fast-growing, gritty and intellectually curious team, check out moxiworks.com for more information.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
MoxiWorks Announces New Scheduling Tool Partner through Instashowing Bringing Agents a Fast and Effective Solution
Agents gain access to Instashowing’s platform making it easier than ever before to schedule and manage showings
Key Takeaways:
- MoxiWorks’ new partnership with Instashowing brings its users direct access to Instashowing’s listing appointment scheduling platform.
- The new partnership will make Instashowing’s platform available to MoxiWork’s 400,000+ users.
- Access to Instashowing will streamline scheduling, allowing agents to focus more on thriving in today’s red hot market.
(Seattle, WA) – MoxiWorks, the leading real estate technology platform, announced today a new partnership with Instashowing, a technology platform specializing in listing appointment scheduling. This partnership will centralize key parts of the listing agent workflow in MoxiWorks platform and will be in effect and available to MoxiWorks’ 400,000 users as of June 16, 2021.
“Showings are a critical part of a listing agent’s business and bringing this product inside agent’s favorite platforms such as MoxiWorks will make the entire experience seamless,” said William Schoeffler, Founder of Instashowing. “The best agents have used multiple apps to manage their business and we’re excited to see the deeper integrations making agents’ lives more seamless. We were attracted to the open platform approach MoxiWorks stands for and this is exactly what we are doing with our open showing API.”
Through this new partnership, MoxiWorks users will gain access to Instashowing’s unique platform that will be automatically available when a user creates a new listing. Seller’s agents will be able to add their sellers to a portal so they can control when their home is shown and get property feedback directly. Additionally, both the agents and seller can conveniently manage the appointments and available times within their calendar.
This partnership will empower agents to capture more leads from qualified prospects as they book showings on agent and brokerage websites.
“The MoxiWorks team is excited to partner with Instashowing and to give our users access to their platform. This partnership will streamline the scheduling process for our users, cutting the time usually spent on scheduling in half,” says Krista Thomsen, MoxiWorks’ Senior Manager, Partnerships & Integrations. “By offering our users a tool to make scheduling easier, they will have more time to focus on helping home shoppers in today’s competitive market.”
To learn more about this integration and how it can benefit your business, visit moxiworks.com and Instashowing.com.
About Instashowing
Instashowing is a technology platform specializing in listing appointment scheduling that simplifies the scheduling process for agents. Founded in 2018, this online real estate tool is designed to help agents easily schedule home showings. Instashowing has made the booking process easier and more integrated with the platforms agents are currently using. Find more information at instashowing.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
As communities begin to re-open, home sales stabilize
With the exception of 2020, (I wonder how many times that has been said…?) there’s typically a significant month over month increase in home sales in May.
In 2017 there was a 21% increase, in 2018 a 15% increase, and in 2019 a 17% increase.
In 2021? There was a 1% decrease with 554K home sales. So, could the market finally be flattening out a bit after the last few wild months? We have a few theories why this might be happening which has something to do with a formula of:
Low inventory + high velocity + home prices + societal changes = most bizarre year of home sales?
We’ve been discussing this low inventory problem for months, but something else important to consider is the velocity at which homes have been selling. Homes are flying off the market faster than they can be listed, which is great for sellers but makes the buyer’s market rough. Very similar to when the job market is tight and prospective employees finally give up after being turned down after their 8th or 15th interview, prospective home buyers at some point and are going to give up.
Another reason we see for this slight slow down is all the swift societal changes we are experiencing. People are finally able to be out doing things outside of their homes so their focus is no longer on their home nest. Airbnb released a Report on Travel & Living in May that shows that people are traveling more and for longer, and with their families. Having freedom from being stuck inside our homes day in and day out could really make a difference in the number of home sales we see.
June and July Home Sales Predictor
So, what could all of this mean for home sales in the coming months?
We predict the number of home sales to have a slight increase in June at 601K home sales and July 583K home sales.
If these predictions hold this would mean June could potentially be our peak so far this year and would be an 8% increase over the previous month and an 18% increase YOY. For July that would be a 3% decrease to the previous month and a 3% decrease year over year.
Only time will tell if this flattening trend will continue or if we will see a spike later this year. Many of our clients have shared with us they are starting to see more listings in their area so maybe we will still see a spike? What trends are you seeing? Do you think we’ve seen the peak?
See you next month!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
Virtuance Partners with MoxiWorks, Bringing Agents an Efficient and Reliable Photo Solution
Through this partnership, MoxiWorks users will have access to Virtuance’s AI-powered HDReal® images, 24/7 online booking services, and their national network of professional photographers
Key Takeaways:
- Virtuance partners with MoxiWorks to bring agents direct access to Virtuance’s photography and virtual tour services
- The new partnership will connect Virtuance’s national network of professional photographers with MoxiWork’s 400,000+ users.
- Full integration will be available soon
SEATTLE, Wa. (May 21, 2021) – MoxiWorks, the leading real estate technology platform, announced today a new partnership with Virtuance, a technology company that provides real estate marketers with professional photography and virtual tours nationwide. Virtuance offers AI-powered HDReal® images among other visual marketing services including virtual tours, 360° panos, and drone photography.
“MoxiWorks and Virtuance are aligned in our goals of using technology to create more effective, simpler solutions for real estate professionals all the way from pre-listing to close. This relationship is a big win for brokerages, agents, and homesellers,” said Jeff Corn, Co-Founder and CEO of Virtuance. “We’re thrilled to partner with MoxiWorks to provide their customers seamless integrations into Virtuance’s suite of visual marketing services.”
Through this partnership, Virtuance will connect MoxiWorks users with professional photographers around the country through scheduling available on their online platform 24/7. Once the shoot is scheduled, Virtuance processes the images through a series of 25 proprietary algorithmic adjustments powered by AI to deliver high quality images the day after the photoshoot.
“In today’s low-inventory market, agents need to compete more intensely, and we’re excited to arm MoxiWorks clients withVirtuance’s advanced technology”, says Krista Thomsen, MoxiWorks’ Senior Manager, Partnerships & Integrations. “Virtuance offers an effective and reliable service that delivers great results to agents allowing them to enhance their listings and generate more success.”
The new partnership will connect Virtuance’s nationwide network of photographers with MoxiWork’s 400,000+ agents.
To learn more about this integration and how it can benefit your business, visit moxiworks.com and virtuance.com.
About Virtuance
Virtuance is a technology company that connects real estate marketers with professional photography and 3D virtual tours nationwide. Founded in 2010, Virtuance empowers real estate brands to efficiently scale by offering consistent images powered by their HDReal® technology, world-class support, and a network of hundreds of photographers, providing a streamlined and delightful experience for selling and renting properties. Learn more at virtuance.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
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MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Strong Spring of Home Sales Continue, Stronger Summer Ahead
We are up to our eyeballs in the inventory shortage. You can’t look at one news site without seeing something about the shortage. This has been going on for months and months, so what gives?
A few things.
First of all, we still strongly believe this is not an inventory shortage, but a listings shortage. The homes and sellers are out there, they just need their trusted real estate agent and advisor (you) to help them understand the value of their home, and how to navigate this frothy market.
But there is something even more important than the pandemic that is impacting inventory.
According to a Statista study in September of 2020, there was a 79% decrease in new homes built between 2010 and 2019. Between 2010 and 2019 there were only 5.8 million new homes built while the three decades before it 27 million, 26 million and 25 million new homes were built respectively. The last time we saw such a low amount of new construction was the 1930s.
This stark decrease is certainly a factor in what we are seeing today alongside the pandemic.
But, it doesn’t mean there is a reason to panic.
The fundamentals of why people move (marriage, divorce, new babies, empty nest, new job, retirement, etc) have not changed and will not change. If anything, the new flexibility so many working adults across the US are seeing with remote work is likely to increase and let them move for work, but on their own terms.
And to top this all off, Freddie Mac expects home sales to reach 7.1 million in 2021. 7.1 million homes would be a 25% increase year over year in home sales from 2020 which saw 5.65 million home sales, during a pandemic, while we only say 5.25 million in 2019.
If Freddie Mac is correct in their predictions, we should feel hopeful. Those listings have to come through an agent, will it be you?
Now let’s dig into April and the upcoming May & June outlook.
April Home Sales
April closed out with 539K home sales across the country. That’s 5% less than our prediction of 565K. This was a 3% increase from the home sales in March, but year over year it was a 48% increase. Not at all surprising as April 2020 was when COVID-19 was really setting in across the US and only 364K homes were sold.
May and June home sales prediction
Our May prediction has been adjusted slightly from last month and we are now predicting there will be 622K home sales which would be a 15% increase month over month and 72% year over year.
Based on the activity inside our MoxiWorks products we predict there will be 650K home sales in June which would be a 5% increase month over month and a 29% increase YOY.
You control the listings
Our rallying cry remains that you and your agents have the control to make the market. 7.1 million homes won’t sell themselves.
So do the thoughtful home property reviews, do the comps analysis, show your clients why selling their home is a good idea. Doing these presentations are proven to make these transactions happen.
Our data team just pulled the stats on agents using MoxiPresent with their clients and the results speak for themselves:
- In 2020, agents fully utilizing MoxiPresent did 77% more transactions and saw 93% higher sales volume than those without MoxiPresent.
There is a lot to shake out in the market, so let’s stay proactive and persistent, and let’s make the market.
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
Find a Partner – Not Just a Tech Vendor
It happens too often … brokers come to us frustrated and exhausted, stuck in a contract with a tech vendor that promised them the world but fell short. Even if their technology is cutting it, they aren’t getting the service they need or deserve. Technology companies often see themselves as vendors rather than true partners to their clients.
That’s not the case at MoxiWorks.
Customer service is deeply rooted in how we operate. People expect good customer service, remember excellent customer service, and never forget terrible customer service. We understand that it is fundamental to ensuring that our clients are long-term, successful customers of ours. That is why at MoxiWorks, your success is our success.
Success with MoxiWorks
The two largest groups that ensure our clients are successful are our Account Management and Customer Success teams. The Account Management team is our client’s main point of contact and trusted business advisors, providing valuable guidance and support for our suite of tools and partner services. They gain an understanding of our client’s organization, their business drivers, and their service needs, providing a delivery plan that ensures their success with MoxiWorks’ suite of services. The Customer Success team is responsible for ensuring that our clients are wildly successful while using MoxiWorks. They offer several different channels for clients to get assistance including chat, scheduled call, email and help center.
Said best by our Manager of Customer Success and well-seasoned MoxiWorks employee, Nathan Losch, “Our team can help MoxiWorks users maximize the effectiveness of our products, increase adoption of the technology, and reduce the number of users who abandon the technology.”
Our Philosophy Behind Customer Service
Nathan explains that “MoxiWorks wants every interaction with our team to have the result of the requester being in a better situation than before contacting us. Maybe that means coaching on how to use the product. Maybe it means handling something for somebody. Maybe that means getting a bug reported and scheduled or referring the requester to the appropriate party who can help them if we cannot. We want to make it as easy as possible for the agent to successfully use our system to sell more homes.”
I am sure you have heard the quote by Maya Angelou “at the end of the day people won’t remember what you said or did, they will remember how you made them feel.” We believe that to be true, especially in customer service. We want to make sure that MoxiWorks users always feel supported and never feel overwhelmed or frustrated.
The Proof is in the Data
Our Customer Success team has worked hard to maintain an astounding customer support satisfaction rating of 90% or higher over the last year and continue to do so as reported in a satisfaction poll sent to every single agent that uses our support. This means that at least 9 times out of 10, agents are leaving their experience with Customer Success feeling great about what they learned and accomplished. As a brokerage, that means your agents are continually seeing the value of your technology investment, and in turn, your investment in their success. When you compare this to the industry average customer support satisfaction rating of 78%, it is clear that with MoxiWorks, your agents won’t ever want to try to go elsewhere.
And it’s not just agents. Brokerages who choose MoxiWorks stay with MoxiWorks. Our customer retention rate stands proudly at 97%. Yes, 97% of our customers who have joined forces with MoxiWorks have stayed with us. Our clients see us as a true partner and we see our clients as customers for life, evolving with them and addressing the ever-changing needs of the industry. Rolling out new technology is never a desirable task for a brokerage or any business for that matter. With MoxiWorks, you can find ease knowing that you have found a technology partner for life.
On top of all of this, MoxiWorks is really proud of our Net Promoter Score (NPS). NPS is the world’s leading metric for measuring customer satisfaction and loyalty. It is designed to gauge how willing a customer is to recommend a product or service to others. We actively measure our NPS of key stakeholders and have an NPS of 54, significantly higher than the industry average of 26. This is measured by asking customers the question “on a sale of 0 to 10, how likely is it that you would recommend our organization to a friend or colleague?” If they answer 0-6, they are detractors, if they answer 7-8, they are passives, and if they answer 9-10, they are promoters. Then, take the percentage of responders that were detractors and subtract it from the percentage of responders that were promoters, and you will have you NPS score. MoxiWorks customers are not just satisfied with their service, but the vast majority of them would recommend MoxiWorks to a friend or colleague as well.
The Process
So how does it all come together for our clients? First comes our ‘Engagement Cookbook’ and onboarding. According to Bill Yaman, our VP of Customer Engagement, this process “has been refined over the years as a result of hundreds of onboarding engagements. It is a multi-phase process with one overriding principle– we are successful together only if the Moxi team really understands your business requirements and becomes an extension of your brand, training methodology, and marketing team. Moxi onboarding is not a ‘one size fits all’ model. Rather, it will vary based on business need, product requirements, geography, etc.”
Also, during this time, our Training and Creative Services teams are working alongside Account Management to ensure all-around success with onboarding, launch, and ongoing adoption. Training will develop curriculums based on a client’s needs and market while Creative Services will work as an extension of our clients’ marketing teams ensuring their content is beautiful and impactful.
Next, once MoxiWorks services are launched, the Account Management team will continue their involvement to ensure that agent adoption and success continues. Shared by Bill Yaman, “we have brokerages that have been clients for five years and we are still holding weekly or bi-weekly meetings with them. That is fundamentally how we achieve 97% customer retention – which is unrivaled in the industry. If you exclude customers that signed on with us in the past year, our average customer has been with us between four and five years.”
Once clients are onboarded, they are also able to utilize our Customer Success team. As mentioned before, assistance can be found via chat, scheduled call, email or help center. Nathan added, “our representatives do not have a numerical or time-based quota; they will help you for as long as it takes.”
At MoxiWorks, customer is key. If our customers are successful, we are successful. When a brokerage chooses us, they aren’t just getting a robust platform of tools to level up their real estate business, they are also getting a team of rock stars to assist and guide them along the way.
650K homes sales on the horizon in May
We know what you are thinking. We are thinking it, too. 650K home sales in May?
But this is what our predictor says. Based on the activity inside our products, we predict there will be 650,000 home sales in May.
We know that feels high when inventory is low, but as York Baur and Matthew Ferrara discussed last month inventory isn’t the problem, it’s listings. And from the activity we are seeing in our products it seems like listings are on the climb.
March Recap
In March we ended up with 506K home sales (we predicted 483k so we were within 5% accuracy) which was a 30% increase from the number of home sales in February 2021 and was a 21% increase year-over-year from March 2020. It feels good to see that seasonal increase begin after the strange months we had in January and February. And looking ahead to April and May it looks like we are really back on the upswing.
April & May Predictions
For April we predict there will 565k home sales which will be an 11% increase in home sales from March 2021 and a 57% increase year-over-year from April 2020. In May our prediction of 650k home sales will be a 15% increase from April and an 82% increase YOY from May 2020. Both a 57% and 82% increase may sound extreme, but it’s unfortunately due to what a scary and uncertain time it was this time last year so it makes complete sense we would see that dramatic of an increase YOY.
Source: MoxiWorks Apr-May-21 Home Sales Predictor
But the good news is everything is continuing to trend up in every way when it comes to real estate activity.
As the light at the end of the pandemic tunnel continues to shine brighter more and more homes will be bought and sold as people are starting to re-evaluate how they spend their time, how they work and especially where they live. It’s also clear that the economy “feels” stronger which could be a good sign for home sales and what we are expecting we will see in May.
Let’s continue to all make the market.
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks partners with CENTURY 21 Canada to bring new technology through HUB21
HUB21, powered by MoxiWorks, gives agents an edge with suite of real estate technology
Key Takeaways
- CENTURY 21 Canada REALTORS® now have access to MoxiWorks’ exclusive real estate technology solutions through HUB21.
- This partnership arms agents with the tools necessary to enhance and elevate their communication and marketing efforts.
SEATTLE, Wa. – MoxiWorks, the leading real estate technology platform announces today their new partnership with CENTURY 21 Canada, the pioneers in Canadian Real Estate franchising. The partnership gives CENTURY 21 Canada REALTORS® access to MoxiWorks’ suite of technology through a new platform called HUB21. This platform, powered by MoxiWorks is now available to all CENTURY 21 Canada Realtors.
HUB21, powered by MoxiWorks, puts the power of easy to use technology in the agent’s hand. MoxiWorks’ technology is built by real estate for real estate with an emphasis on sphere selling, making agents great with the people who already know, like and trust them. Agents can now stay focused on building relationships that drive business instead of having to worry about figuring out cumbersome technology.
“We deliver the gold standard– to our franchisees, agents and consumers,” said Brian Rushton, Executive Vice President of CENTURY 21 Canada. “Our new HUB21 platform, powered by MoxiWorks is incredible technology. Not only does it have everything an agent needs to be successful, the different segments of the platform work together, meaning our agents can spend time understanding their clients’ needs and delivering an excellent experience.”
HUB21, gives CENTURY 21 Canada Realtors access to MoxiWorks’ best-in-class suite of software solutions and open-cloud network including their productivity dashboard and CRM proven to increase annual GCC by 41% on average, their industry leading presentation tool and CMA, marketing automation center, fully robust and customizable website platform, and company intranet. Access to all of these features and more will arm CENTURY 21 Canada Realtors with the tools necessary to enhance and elevate their communication and marketing efforts with their clients.
“During the pandemic, the need for technology solutions in the real estate industry became more vital than ever before,” said York Baur, CEO of MoxiWorks. “We are thrilled to be able to work with CENTURY 21 Canada and their agents to help further all the great success CENTURY 21 Canada has already seen.”
Currently, MoxiWorks powers over 800 brokerages and more than 400,000 agents across North America, accounting for more than 20% of the transactions in the U.S. Their partnership with CENTURY 21 Canada through HUB21 will further expand their influence and reach.
For more information on partnering with MoxiWorks, visit: moxiworks.com.
About CENTURY 21 Canada™
Century 21 Canada Limited Partnership (century21.ca) is a real estate master franchisor with complete rights to the CENTURY 21® brand in Canada. The CENTURY 21 System is one of the world’s largest residential real estate brokerage franchisors, CENTURY 21 has approximately 13,600 franchise offices and more than 146,000 independent sales associates located in 86 countries and territories. Independently Owned and Operated. ®/™ trademarks owned by Century 21 Real Estate LLC used under license or authorized sub-license. ©2021 Century 21 Canada Limited Partnership. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 50 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
January home sales dip, but signs of resilience abound
Last month we predicted that home sales in January would see a dramatic dip. It’s common in January to see a decrease in home sales after the holiday months and turn of the new year (between December 2019 and January 2020 there was a 24% decrease) and our model predicted we would see that again this month.
But then, on top of all the usual reasons for a dip, the now historic month of January 2021 happened.
Before you roll your eyes and say ‘yes, every month has been unprecedented,’ ‘every month has been unpredictable,’ January was an entirely different animal.
January was the worst month on record for the pandemic. As of January 27, 2021, we lost nearly 80,000 people in the U.S. to the coronavirus, just in January.
That is an unimaginable loss.
Then, there was also an insurrection, an impeachment, and an inauguration like we’ve never seen before. It was not your typical month, even by 2020 standards.
So, it’s really no surprise that the result was home sales dropping more month-over-month than they ever dropped during any month of the pandemic. During the pandemic, the biggest drop we saw was a decrease of 14% between March and April of 2020.
Source: MoxiWorks Month-Over-Month Sold Listings (February and March are predictions*)
The good news is though, that we are not worried. As we have said time and again during all of this, we are resilient. This industry is resilient.
We’re confident and still hopeful that sales will pick back up very soon. Our predictor has remained directionally accurate each month, and we predict home sales to pick back up in February and in March with a 2% and 25% increase month-over-month respectively.
February and March Home Sales Prediction
Based on activity inside our products in February we predict there will be 385K home sales and in March there will be 483K. You can see the full scope of these predictions below.
With our predictions that means the number of home sales in February would be 13% higher than they were a year ago and for March there would be 15% more home sales than there was this time in 2020.
All signs pointing to recovery from the last few months.
Brokers and Agents. This is your time.
January proved once again the absolutely crucial role real estate agents play in helping their clients buy or sell a home.
Agents have always had an enormous role to play when it comes to the sale of a home, but right now, as the level of stress people are under continues to tighten its grasp, a professional and quality real estate agent is crucial to keep our ecosystem running. High-quality brokers and agents are needed to advise, mentor, and guide their clients during the buying and selling process, now more than ever.
Our communities have always and will always need you. Hear us as a technology company when we say, let the computers do the things computers are good at so that you can continue to do the things that humans, and only humans, are good at. Building relationships, showing compassion, and helping people buy and sell their homes to continue to build a better life for themselves.
We look forward to hopefully reporting back some positive outcomes for February, March, and beyond!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks predicts 415,000 home sales in January to kick off 2021
We are approaching the end to a year like no other. We know a lot of people are ready to kick 2020 to the curb, but before we do that, we have our final home sales prediction and analysis to wrap up 2020 and jump into 2021.
Expansion and Growth
Specifically, in the real estate industry, we have seen so much grit, compassion, and expansion as we all pivoted to meet the needs of the year. While things were frightening (to say the least) in Q2, this industry has bounced back with a lot of fire.
Since September, sold listings have eclipsed nearly 100K transactions higher than they were in the same month in 2019.
“This is a gigantic delta and sign of the boom of the housing market,” said York Baur, MoxiWorks CEO. “And 2019 was no slacker year, it was also very strong.”
While the inventory shortage has been and remains a concern, movement in the market is still happening and will continue.
Home Sales Predictor
Based on the activity inside MoxiPresent during October and November, the MoxiWorks Home Sales Predictor predicts there will be 530K home sales in December and 415K in January.
Source: MoxiWorks Dec-20 Jan-21 Home Sales Predictor
The presentation run rate in October predicts that December will close out higher than November. And while we predict a dip for January, this is typical with every year based on a bigger push in October and the beginning of November to get stuff done before the holidays and the new year hits. That’ll be exacerbated this year due to the unusually short time between the Thanksgiving and Christmas holidays in 2020.
If our prediction is accurate that will put the total number of home sales for 2020 at 5.53 million. There were 5.43 million homes sold in 2019 according to NAR. “Achieving this level of growth during a pandemic year that includes a gaping hole in the market in Q2 is a spectacular performance on the part of the residential real estate industry,” said Baur.
Looking to 2021
As we move into 2021 it’s important to focus on the pieces of your business that you can control. We learn during every downturn, recession, or set back that the strong survive. When you can set your business up for success to weather any storm you will always bounce back.
From reviewing our Home Sales Predictor data this year we now know that you have a secret weapon. You can look at the number of presentations your team has done and know how many sold listings you will see two months out, which means you can know ahead of time if your agents are going to be hitting their goals or falling short. Instead of reflecting on your data, you can use the leading indicators in this data to see what sort of action needs to be taken ahead of time.
Use the data you have to your advantage. Continue to look for ways to think about your numbers in new ways to stay ahead of whatever curveball gets thrown our way next.
Cheers to a safe, healthy, and prosperous New Year!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
