Signs that a buyer’s market is on the horizon?

Plus, 5 must-know resume tips

Grace Townsley
May 20, 2022

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- James and David

Is a buyer’s market on the horizon?

Source: Unsplash

New data from the Mortgage Bankers Association shows that we could see a slowdown in home sales. Their report included two key statistics that indicate a cool-off could be coming.

  • New mortgage applications were down 12% last week and are down a full 15% YoY.
  • The median mortgage payment is now up to $1,736. Compared to last spring, that’s an increase of $387 a month.

Our take

We aren’t surprised by these numbers. With rising interest rates and out-of-control inflation, it makes sense that demand is leveling off. Bear in mind, however, that mortgage rates are down from insane highs and interest rates are still relatively low. This market is still a good one compared to ones we’ve seen in the past.

Millennials have a new state of mind

Source: Wall Street Journal

Millennials go big or go… out of state. New data obtained by Business Insider shows that homebuyers ages 26-41 are four times as likely to move to another state in search of affordability. In fact, up to 4% of millennials are changing states right now. 

According to author and researcher Jason Dorsey, many of these movers are relocating to the same areas as their peers, creating pockets of millennials, particularly in suburban areas outside big cities. Two of these emerging pockets are Hudson Valley, New York and Gallatin County, Kentucky. They offer this group of buyers convenience, community, family-friendly amenities, and most importantly, a little price relief.

Our take

This is why we think social media marketing is very much an important part of our marketing today. The pandemic has caused millennials to rethink where they want to live. It’s important to be in front of this demographic. TikTok and Instagram offer tremendous ways to reach this next generation of buyers and showcase the services you offer.

Why is it so hard to find a good contractor?

Take it from us–there is nothing more important than finding a contractor you can trust. We’ve learned the hard way that you have to find someone who values your property as much as you do. Enter GreatBuildz.

Their knowledgeable and friendly staff will match you and your clients with several local,  rigorously-screened contractors. This free service will take care of everything so you don’t have to worry. They handle consultations, estimates, and other tasks for your clients so you can save time while still making sure the job is done right. If you live in the Southern California area, check them out.

Single-family rent growth hits one-year high

Source: Unsplash

The growth in single family rent prices just hit a one-year high. In March, the average price went up 13.6% since the same time last year. 

But that’s nothing compared to what’s going on in Miami where rent increased 40.7%, more than ten times its growth rate a year ago. Orlando (24.6%) and Phoenix (18.6%) recorded the biggest gains among major metropolitan markets.

Our take

Inventory constraints have continued to make it tough for buyers who then need to rent. Higher borrowing rates have also meant that buyers are renting instead of buying. It makes sense that this, coupled with a housing shortage, would cause rents to increase. This is great for clients who have investment properties and are looking to buy more.

Schematics 

The news that just missed the cut

Source: Twitter

Foundation Plans

Advice from James and David to win the day

Want your resume to really stand out to brokerages? Do these five things:

  1. Open with a powerful statement. The top of your resume should showcase your best relevant achievements. How many deals have you closed? How long have you been in real estate or a related industry? What’s your biggest, most impressive deal? Make sure the first thing they read is the best thing about you!
  2. Talk numbers. A great way to stand out is to quantify your best achievements. Add your average time on market, your average price per square foot sold, your list-price to sale-price ratio, your highest sales volume year, and any other quantifiable wins. 
  3. If you’re a new agent, thrill them with your relevant skills. Were you in sales, property management, interior design, financial services, or a similar field before? Point out your biggest achievements in those other industries and how you’ll use those same skills to absolutely crush it in real estate. 
  4. Show your hometown knowledge. If you’ve lived locally for a while, put that in your cover letter! Brokerages want agents who know the area, know how to connect with locals, and already have an established network. That’s a huge plus! 
  5. Get a second set of eyes. Once you’ve written your resume, have someone else review it. You can even go the extra mile and work with a professional resume editor to polish and format your work. If it lands you the job of your dreams, it’s worth the effort!

Q&A

You ask, James and David answer!

Q: I’d like to know more about how to manage my team better. How can I retain quality agents and keep them happy and working here long term?

Daniel, The Blueprint reader, North Carolina

A: The best thing you can do is incentivize your team and their high-quality work. Create an incentive structure that rewards everyone when one person wins. That keeps competition among your team members from destroying your whole brokerage. Every person is incentivized to help everyone else on the team, because it helps them too. Offer fun bonuses, rewards, and special experiences for outstanding work. And most of all, make it a fun place to work!

James & David

We’ll be back next week with another answer to a real reader question. Submit yours, here!

Just in Case

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

Source: Rocket Mortgage

Have you referred 5 friends to The Blueprint? If so, what did you “Brit-ify” with your one-of-a-kind referral reward stickers?? Show us! Send in a pic of your decked out laptop, water bottle, or bumper. You just might get featured on Instagram! 

- James and David

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