DOWNS GO UP

The latest buyer move against higher rates

April 05, 2024

#29

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WELCOME

The largest age group in the country reaching a milestone birthday is a huge opportunity for agents and investors. If you know where to look, what to share, and how to reach them. 

A recent report from John Burns Research & Consulting found that the average homeowner who purchased a median-priced home in 2020 has seen their net worth surge a whopping $208,000 in just three years. Together, homeowners are sitting on nearly $32 trillion in home equity—double the peak value reached in 2006. 

The bottom line? Real estate is on 🔥 and only gaining more traction with every year that goes by.

SHARPEN YOUR SKILLS

🔊 Today’s Top Podcast Rec:

As a top real estate agent in the growing Las Vegas market, influencer, reality TV star, and industry pro, Cami Lincowski sells to celebrities and athletes—and never stops proving her value. In this episode of Glennda’s Guru, Cami shares her experience building a high-powered team of women agents, how she creates positive connections with other agents, plus an exciting announcement you’ll hear here first!

MARKETS

In a market where homebuyers are increasingly opting for interest-reducing purchase options, down payments have just broken a surprising two-year streak. In February, the median down payment jumped to $55,640—the biggest annual percentage increase since April 2022. 

By the numbers:

  • In February, the median down payment across all financed home purchases hit 15% of the purchase price. That’s up from just 10% this time last year. 

  • At $55,640, the median down payment is up 24.1% YoY—largely due to higher home prices and buyers paying more up front to lower their monthly mortgage payments.

  • With a 15% down payment and a 6.79% mortgage rate, a buyer purchasing a median-priced home can now expect a monthly mortgage of $2,836. 

REC ROUNDUP

The Friday Five

📖 Navigating the NAR. Read James & David’s advice for operating smart systems in the post-NAR-settlement market.

👀 AI Dream Homes. See inside Lana Del Rey’s Old Hollywood meets Waffle House home, as imagined by Chat GPT.

👀 Who runs the world. Celebrating some of the most influential women in real estate.

💡 Missing the market. This is the #1 biggest mistake costing you buyers, bids, and quick sales. 

💡 Real estate recap. Let’s Get to the Point recaps the top 5 real estate stories of this week. 

WHAT’S NEW FROM ESTATE MEDIA

See the listing for marble lovers

Our newest series, Selling Suebelle, takes a closer look at some of the most noteworthy listings on the market today—including a hurricane house, a $2.5M teardown, and the ultimate bathroom for marble enthusiasts. Join host, content creator, and image consultant Suebelle to see inside three listings you can’t unsee, and leave your review of each home in the comments below!

Corsica Crown Jewel

With 25,000 square feet of landscaped grounds, a heated rec pool, a paddle tennis court, and entertainment room for 200 of your closest friends, today’s featured listing is made for hosting. From the resort-like features outside, to the luxurious living spaces within—plus approved plans for a 12,000-square-foot brand-new home—this Pacific Palisades estate is synonymous with upscale exclusivity. 

estate-elegance.beehiiv.com/p/corsica-crown-jewel

ESTATE MEDIA NEWSLETTERS

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Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

Before we go…

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