Home Affordability: A Mirage or Reality?

Splits and Caps Daily: Action for Agents

September 25, 2024

📈 Market Move:

Your Dream Home Just Got 1% Closer

For the first time since 2020, it’s a bit easier to afford a home in the U.S.—but don’t celebrate just yet. Thanks to a dip in mortgage rates (finally), buyers now need to make around $115K a year to snag the typical house. That’s 1% less than last year, marking the first annual drop in four years. But here's the kicker: the average household still only pulls in $84K, which means most people are still priced out.

Texas is leading the charge with the biggest drops in income needed to buy a home—Austin, San Antonio, and Fort Worth are top contenders. But on the East Coast? Philly, Chicago, and Nassau County saw prices jump, making it even tougher to get into the market.

The bottom line: rates are down, but so is affordability. Fewer homes, higher prices, and a market still adjusting mean it’s a mixed bag for buyers.

🌟Quote of the Day:

"Act as if what you do makes a difference. It does." – William James

⚡ Quick Win:

Speed Date Your Inbox: Give yourself 10 minutes to tackle the oldest emails in your inbox. Follow up on that lead you ghosted, check in with clients, or delete the junk. Clearing that clutter will feel like hitting the refresh button on your day.

🎉 Fun Fact of the Day: 

Pigeon-powered Marketing: Back in the day, real estate developers used homing pigeons to send property listings. Yeah, before email blasts, there were literal birds flying around with deals. Talk about an OG marketing strategy.

📚 Book Recommendation:

“Principles” by Ray Dalio: Dalio’s life and work principles are a masterclass in decision-making, especially in high-pressure situations. This book will make you think differently about your business, your processes, and how you handle both success and failure. Real estate is unpredictable—principles keep you steady.

Check out our Agent Bookshelf for previous recommendations and Agent Resources for other ways to improve your business!

That’s it for today! Stay sharp, keep hustling, and remember—big wins come from the small, daily moves. Let’s get out there and make magic happen.

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