First-time homebuyers set new record

We launched a course

This past Tuesday, after a year of development, we launched our first-ever course! We couldn’t be more thrilled. It’s for anybody in the United States who wants to become a top 1% producer in their market.

We’ve put our heart and soul into this course, and we think that this is truly the best way to up your real estate game. We wish we had a course like this when we were starting out.

Here’s what we will cover:

Every aspect of luxury real estate – We will share our tips and advice on every single aspect of mastering luxury real estate sales, from door knocking to marketing to strategy to organization to having a winning mindset.

Leads, Branding, and Negotiating – We’ll give you tips for generating leads, defining your brand, and mastering the art and skill of negotiating deals.

Tools and Mentorship – We are going to give you all the tools and unparalleled mentorship you’ll need to take your business to the next level to enable you to achieve your financial goals.

Again, this course is specifically designed for agents looking to find an edge in their respective markets and rise above the ranks to become the top 1%.

It’s heavily discounted right now during presale. So be sure to snag your seat.

- James and David

Existing-home sales slipped in July

Last month, existing-home sales fell by 16.6% YoY, according to the National Association of Realtors®. Here are the key takeaways from NAR’s latest market report:

• Total housing inventory at the end of July was 1.11 million units, down 14.6% YoY

• Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.2 months in July 2022

• Existing-home sales varied by region

  • Northeast: down 23.8% YoY

  • Midwest: down 20.0% YoY

  • South: down 14.3% YoY

  • West: down 12.5% YoY

Our take

NAR’s report doesn’t surprise us. We all know that existing-home sales are lagging right now. New-home sales are keeping the market afloat. But we were a little surprised by the differences between regions, especially the steep slowdown in the Northeast. As long as mortgage rates remain high, and homebuyers keep waiting for them to drop, we expect this downward trend in existing-home sales and inventory to continue for the foreseeable future.

First-time homebuyers set record

50% of homebuyers in 2023 bought a home for the first time, marking the highest share on record, up from 45% in 2022 and 37% in 2021. That’s according to Zillow’s latest housing trends report. Here is a breakdown of what people are buying:

• 77% of buyers purchased a single-family detached home

• 7% purchased a townhouse and rowhouse

• 7% purchased a condo

• 6% purchased a manufactured or mobile home

• 3% bought a duplex or triplex

• 1% bought a boat, RV, van, or another type of home

Our take

This report from Zillow is a goldmine. It’s filled with so many insights on home-buying trends. Take some time this weekend to thoroughly study it, and then use it to update your marketing. It’s obviously super helpful to know what buyers want, and this helps. Just remember to adapt the national statistics for your market. Altogether, this is the kind of information you need to know to earn a reputation as a market leader in your locale.

Top 10 destinations for movers

26% of Redfin.com users are looking to move out of their hometown. That’s the highest percentage on record. This is up from 23.7% last year, and 18% in 2018 and 2019. Here’s the list:

Top 10 Metros Homebuyers Are Moving Into by Net Inflow

1. Las Vegas, NV

2. Sacramento, CA

3. Orlando, FL

4. Tampa, FL (tie)

5. Sarasota, FL (tie)

6. Cape Coral, FL

7. Dallas, TX (tie)

8. Phoenix, AZ (tie)

9. Myrtle Beach, SC

10. Houston, TX

Our take

There are familiar names on this list, but one not-so-familiar name stuck out–Myrtle Beach. In fact, this is the first time Myrtle Beach has ever appeared on the list. Chalk it up to a lot of D.C. residents moving south. The same forces that have moved people to Vegas and Sacramento are moving people to Myrtle Beach. Among the top reasons: affordable homes, better weather, and jobs. Study these trends. They help you focus in on your listing and buyer base. It’s crucial to know where your buyers are coming from and where they’re heading.

Schematics

The news that just missed the cut

• Beware of these fraudulent lenders

• How to prepare for 8% mortgage rates

• MLSs are coming back online after 2 weeks in the dark

• The steps it takes to be a home inspector

• Tips on how to find buyers

Foundation Plans

Advice from James and David to win the day

Even when deal volume is slowing down, there are steps you can take to build momentum. Here are some tips on how to handle the slow periods:

Leave no past client untouched – Your past clients are your goldmine. Reconnect and nurture those relationships for referrals and repeat business. Doing this will keep you at the top of their mind when they, or their circle of friends, want to sell, lease, or buy.

Do at least two hours of prospecting – Dedicating at least two focused hours each day to prospecting can supercharge your pipeline and ensure a steady flow of new opportunities. It’s all a numbers game. The more people you contact, the more opportunities you’re going to generate. This is key to building momentum.

Take over a neighborhood – Become the go-to agent in your chosen neighborhood, making you the real estate authority that clients seek out. Obviously, use traditional methods like mailers, calls, and email, but also take creative steps like hosting events in the neighborhood with food trucks in the evening or scheduling holiday events. The more you’re out there, the more that can happen. Sometimes it’s that simple.

If you want more momentum-building tips, start here.

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

That’s a wrap on this edition of The Blueprint!

Remember: each day is a gift and a new opportunity to lead the life you want and to become the person you want to be. The mistakes and missteps you’ve made in the past don’t define you. Live as intentionally as you can and be ruthlessly focused on the goals you’ve set out to achieve. You can do it!

Thanks for reading, and we’ll see you back here on Tuesday!

- James and David