Student Loan Pause Benefits Homeownership for Young People
A new report from the Jain Family Institute found that the recent student loan repayment pause has had a positive impact on young Americans' ability to become homeowners.
Specifically, the homeownership rate for 18 to 35 year-olds rose from 17.8% in 2020 to 18.9% in 2022. The Federal Government's decision to freeze student loan repayments due to the pandemic lowered the debt-to-income ratio of these borrowers. This enabled them to qualify for certain home loans. The government has also made additional changes to the decades-old loan repayment system to further reduce the burden on young people. These will have a positive impact on your future clients who are looking to become homeowners.1
How to Communicate Real Estate Risk More Effectively
Risk management is an essential part of any successful business. Therefore, communicating potential risk to real estate clients, teams and partners in a professional manner is vital to ensuring trust and loyalty. Here are three methods that will help you manage risk:
1. Be proactive.
Create a risk strategy that makes sure issues are communicated quickly and effectively. This will help you handle problems in a timely way and ensure that clients stay informed.
2. Create a process.
Establish a standard process for communicating risks to reduce ad-libbing. This will set reasonable expectations for everyone on how certain situations will be handled, reducing potential anxiety around these instances.
3. Develop metrics to measure success.
That means you need to provide clear and accurate information in risk situations, respond to clients quickly, and take steps to prevent it from happening in the future.2
How to Collect Feedback You Can Use
Soliciting client feedback for your business should accomplish more than gather positive reviews and testimonials. You need to create a strategy that enables you to learn from mistakes, find potential holes in your services and make improvements. Here are four ways to collect client feedback and put it to good use:
1. Do your research.
Clients should receive an in-depth evaluation after closing. Research ratings/reviews service providers' methods to identify the right tools for capturing client feedback.
2. Consider your goals.
Ask potential service providers what approach will help ensure the success of your business. Listen carefully to this guidance to implement effective strategies.
3. Ask the right questions.
Collect client feedback and don't simply solicit testimonials and positive reviews. This should include asking what you did well, and what could have been done better.
4. Put feedback to good use.
After you've collected the answers, set aside time to identify weaknesses and improve your client services. Prioritizing this analysis is one of the best ways to secure future growth.3
The Great Reshuffle Dealt Sun Belt States a Better Hand
ChatGPT has literally taken center stage since being released late last year.
California and Illinois have had the most people leave and relocate to other states since 2020, based on data from the Census Bureau.
The majority of the moves were to Sun Belt states like Texas, Florida, and the Carolinas. Dubbed the Great Reshuffling, these findings also support U-Haul data that show Texas had the largest population increase, and Florida was the state with the biggest growth rate between 2021 and 2022. North Carolina had the third largest population increase during the same time period. That means the real estate industry must be ready to respond to changing demographics to stay ahead of the curve.4
What are Rammed Earth Homes?
Rammed earth construction has been growing in popularity nationwide, especially in the Western U.S.
These unique homes are built with a mix of sand, silt, clay, and water compacted into frames used to shape and support concrete until it sets on the foundation. The benefits of rammed earth homes include energy efficiency, environmental advantages based on durability, fire resistance and limited maintenance. Since these homes take longer to build, future homeowners need to plan accordingly as remodeling is complex due to the thickness of the walls. But with extra thought and consideration, rammed earth homes can be enjoyed for many years to come.5
Sources: 1realtor.com, 2theamericangenius.com, 3theamericangenius.com, 4inman.com, 5realtor.com
Recent Comments