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First-time buyers need to earn $64,500 to afford a typical starter home

Housing Wire

New listings of starter homes dropped 23% from a year earlier in June, the biggest drop since the start of the pandemic, the report found. Austin buyers must earn $92,000, down 3.3% year over year, and Phoenix buyers must earn $86,100, down about 1%. In June, the typical starter home sold for a record $243,000, up 2.1%

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Get more real estate buyer leads in 2024

Housing Wire

In the ever-competitive real estate market, creating a consistent flow of real estate buyer leads is strategy for success. But beyond first-timers, we’ll show you how to attract real estate buyers of all kinds through a multi-tiered marketing approach that boosts both your visibility and credibility with potential buyers.

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Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

In down markets, the best agents and the best brokerages gain market share,” Reffkin, the CEO of Compass, told investors and analysts during his firms first-quarter 2024 earnings call on Wednesday evening. “We First, more buyers are using agents in 2023 than in 2003. Second, buyer agreements are not new.

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Why are existing home prices rising when sales are still so low?

Housing Wire

The one thing that is positive this year which is different than last year is new listing data is rising year over year, nothing spectacular, but it’s a positive story for housing This means we have more sellers that will be buyers in 2024. Historically, going back to 1982, the average inventory range is between 2 and 2.5

Inventory 483
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Download these 9 real estate prospecting letter templates that actually work

Housing Wire

It was listed at (list price) and sold well above the asking price. There are still plenty of buyers interested in this area. In fact, we had (number) offers, which means there are still ready, willing, and qualified buyers eager to make an offer! If you don’t have active buyers, ask around the office.

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Mortgage rates fell 18 bps, but that’s of little solace to homebuyers

Housing Wire

Mortgage rates dropped to 6.78% this week, the biggest weekly decline since mid-March, as investors digested a raft of mixed incoming economic data. To Ratiu, it is a clear signal that investors are still pricing a premium for the higher macro risk.

Mortgage 369
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Have we found the bottom in existing home sales?

Housing Wire

” One of the housing economic realities that I have been trying to stress this year is that a traditional seller of a home is typically a buyer as well. This explains why total active listing inventory data has been stable over the decades, with the exception of 2006-2011, when those forced distressed credit home sellers couldn’t buy.

Inventory 525