Equity, Inventory Numbers Continue to Grow
According to recent data, housing affordability and buying power are both moving in the right direction.
The latest Mortgage Monitor Report from Intercontinental Exchange, Inc. (ICE) contained encouraging data for buyers and sellers alike. A typical home buyer's income share required to buy a median-priced home fell by nearly five percentage points from October 2023. In addition, the national housing inventory deficit has improved for the seventh month in a row.
Established homeowners also have reason to celebrate. Last year, mortgage holders collectively gained $1.6 trillion in equity, reaching a historic year-end total of $16 trillion. This adds up to an average of $299,000 in equity per mortgage holder. When these homeowners decide to sell, they'll be able to produce a sizeable down payment that may make it easier for them to qualify for their preferred mortgage product.1
What's Your Personal Brand?
Almost all of us have looked at top producers and wondered what steps were involved in their path to million-dollar sales. One thing many have in common is that they've built a strong, recognizable personal brand. When you create or revise your own, it should showcase your competence and knowledge of your territory. This will help you build trust with prospects and increase your status as an authority.
Every successful personal brand takes a unique approach. For example, check out Ryan Serhant's biography. His career in real estate began September 15, 2008, a date few of us like to think about, but one that defines him as extremely brave. Real estate legend Ebby Halliday introduced the concepts of model homes and staging during her first months as a real estate agent. If you've overcome any obstacles that are proof of your tenacity and make a good story, don't hesitate to include them.
Your personal brand's foundation and mission statement should also include the beliefs and values that drive you, together with an in-depth understanding of the people and neighborhoods you serve. Don't be afraid to set yourself apart from your competition this year.2
The Plight of the Boomer Renter
It's easy to assume that most potential first-time buyers are in their 20s and 30s. But a new survey has found that there are still plenty of renters who are within the Boomer bracket. As of 2024, a Boomer is classified as being from 60 to 78 years old, although those aged 60 to 69 are sometimes described as belonging to the Boomer II or Generation Jones group.
According to last month's NeighborWorks America survey, 51% of long-term Boomer renters currently consider home ownership as out of reach, while 41% of Gen X and Millennials agree with them. Many of the Boomer II renters grew up during the 1980s, when mortgage rates ballooned to over 18%. This may have contributed to their current pessimism, as there are more Boomers than Gen X and Millennials who feel that they'll never buy a home.
One possible solution is to introduce Boomer renters to ways to prepare for home ownership in advance. Younger buyers are much more likely to have begun educating themselves before making the decision to trade rent for mortgage payments, learning about financial planning, first-time homebuyer programs and credit improvement methods. This is where we can work together, introducing Boomer I and II renters to these and similar programs.3
Think You Can't Write a Press Release? Yes, You Can.
A press release is an official statement delivered to the news media and websites that specialize in distributing them. They're written to provide news outlets with material for taking the subject matter further and writing their own stories. Savvy agents often write press releases for a variety of reasons — in addition to local media coverage, they provide brand exposure and can even improve search engine rankings.
Consider writing and distributing a press release with details of an upcoming event, a luxury listing or subdivision you'll be selling, an award you or your office has recently won, or details of promotions and/or new hires.
Here are the basics for composing a press release.
- Begin with your contact information and 'For Immediate Release' at the top.
- The title and italicized subheading should summarize your news.
- Put your city and state in the opening line.
- Write two to three paragraphs with additional details.
- Use bullets to add any facts and/or figures.
- Insert a company description at the bottom.
- Put three pound symbols (###) at the end to signify the end of the release.
Don't Leave Home Without These
Paper towels and Magic Erasers: just in case you spot fingerprints on your listing's walls or doors. A fold-up Swiffer can keep foyers clean during Open House events.
Blank paperwork: In addition to fixing typos, you never know when you'll meet a new prospect.
Measuring tape: Let's say you're showing a listing and the prospects are loving it, until one asks if their antique china cabinet or pool table will fit inside of a room. You can provide instant measurements that (hopefully) result in a contract.
Extra phone chargers: If you carry an iPhone, it's a good idea to have an Android charger for clients or colleagues, and vice versa.
Dog treats: Not all dogs love visitors, but a couple of treats can help you make friends quickly.
Air freshener: If it smells good, it sells good. It's also good to pack a few light bulbs in case one burns out just before a showing.
Don't forget kids: Pack a coloring book, colored pens and Happy Meal toys so parents can tour your listings without interruptions by bored children.
Extra shoes: Whether you need a break from your new Manolo Blahniks or have just walked through a muddy yard, a spare pair can keep you looking classy.5
Sources: 1nationalmortgageprofessional.com, 2nar.realtor.com, 3themreport.com, 4blog.hubspot.com, 5lightersideofrealestate.com
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