May 31, 2022
It’s all about family
David here. Quick update on being a new dad. With a newborn and a four-year-old running around, it’s been crazy around here lately. I often get asked, “What’s the secret to keeping it all together?” I’ve got to tell you, I have no idea!
But in all this craziness, I’ve realized how thankful I am to have a career where I can create the kind of work-life balance that I want while supporting the family I love. That is one of the true benefits of the career path we have chosen— we have the power to carve out the lives we want.
On that note, I hope you had a restful weekend, and make the most of this short week ahead!
With mortgage rates on the rise and price growth showing few signs slowing down, Zillow is pulling back on its once-bullish housing market forecast for the second time this year. While the company still expects a strong market with near record-setting sales, it won’t be the ultra-competitive frenzy that we saw in 2021.
After the unpredictable quarter we’ve just seen, it makes sense that Zillow is revising its predictions. It’s important to keep in mind that these are only predictions. Right now, we’re seeing that the market is normalizing, and that’s why these numbers make a lot of sense to us.
Lending Tree recently released an interesting report about the youngest group of buyers, Gen Z, born between 1997 and 2012. According to their data, these buyers tend to make purchases in affordable Midwest cities, they have relatively high credit scores (over 690), and put down an average of $24,000.
Check out these key takeaways from the report:
From what we’ve seen, Gen Z buyers are typically looking for really modern, stylish homes, and a lot of the homes being built right now are just that. If you want to appeal to this younger buying group, it might help to get your foot in the door with a contemporary builder. The more listings you have that fit these buyers’ tastes, the more opportunities you’ll have to work with them.
It looks like the great buyer migration trend is here to stay. According to search trend data from Realtor.com, 40.5% of home shoppers looked for out-of-state properties in Q1. But affordability isn’t all that matters to today’s buyers. With NYC and DC making the list of most popular relocation cities, the data shows buyers will still shell out the big bucks for their dream destinations.
These are the top 10 fastest-growing destinations for relocation buyers:
Reaching relocation buyers is all about leveraging your tech. You can use the internet to reach anyone, anywhere. Start with social media, but don’t forget Google advertising, your website, and YouTube videos too. In addition to using technology, work to widen your referral network. Reach out to agents in other cities and start setting up referral relationships. The right partnerships now can pay off for years to come.
The news that just missed the cut
Advice from James and David to win the day
Ready or not, summer selling season is upon us! Use these tips to kick your career into high gear so you can capitalize on every summer opportunity.
Keep the latest industry data in your back pocket with today’s mortgage rates:
Today's stories really prove there’s still so much opportunity out there for all of us. If you’re struggling to find new leads or feeling like this career is just impossible, let us encourage you. Diligent, consistent, focused work ALWAYS pays off. Real estate isn’t rocket science. It just takes determination. You’ve got this!
- James and David
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