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Millennial Mortgage Maze
Young buyers vs. cash-loaded bidders—guess who’s winning?
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Splits and Caps Daily: Action for Agents
November 5, 2024
📈 Market Move:
Houses, Hurdles, and High Hopes
The age of the average U.S. homebuyer has hit 56, a jump of six years in just over a year—meaning younger buyers are getting squeezed out of the market. Home prices have surged 39% since 2020, while mortgage rates have more than doubled, making homeownership feel like a luxury for many young Americans.
The biggest hurdle? Affording that down payment. An 18% down payment on a median-priced home now nearly equals the annual U.S. household income. And even for those young buyers who scrape together the cash, they're often outbid by older buyers with equity or wealthier cash buyers. Homeownership has become a game of who can bring the most money upfront, and right now, younger buyers are struggling to compete.
🌟Quote of the Day:
"The only journey is the one within." — Rainer Maria Rilke
⚡ Quick Win:
Client Anniversary Text: Got a quick 5 minutes? Shoot a “Happy Home Anniversary!” text to clients from last year. It’s a simple way to stay top of mind and maybe spark a chat that leads to a referral. Keep it casual and personal!
🎉 Fun Fact of the Day:
The White House Deal: When the White House was built, it cost around $232,000—about $4 million in today’s money. A bargain for one of the world’s most iconic addresses!
The Real Estate Professional’s Secret Weapon - Land id™
Discover extensive nationwide private parcel & ownership data
Create & share powerful, interactive maps of any property
Mobile Apps: Find property data on the go
📚 Book Recommendation:
"The Five Dysfunctions of a Team" by Patrick Lencioni – Listen up! No matter how talented you are, let’s face it: success in real estate is all about teamwork. This book dives into why so many teams hit the skids and offers solid strategies to get back on track. If you’re managing a crew of agents or even just pondering it, this read is essential. It’ll help you build trust, cultivate accountability, and most importantly, smash your goals together like a well-oiled machine. Grab it and start turning your team into a powerhouse!
Want to level up even more? Hit the Agent Bookshelf for top reads, Agent Articles for real estate gold, and Agent Resources for the tools to boost your biz—go get it!
That’s it for today! Stay hungry, stay relentless, and remember - every little win builds your path to greatness. Let’s get after it!
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