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Out with the Old
Why buyers want new builds
#66
WELCOME
‘Twas the Friday before Christmas, and nationwide, every agent was scrambling to close on time.
In the midst of the travel-packed, traffic-jammed, and family-filled week ahead, we wish you a happy holiday and an empty inbox. At least until the last gift is unwrapped.
We’ll be back next week with our year-end round-up and best 2025 predictions. After all, the market doesn’t take holidays off—so neither do we. 😉
🔊Today’s Top Podcast Rec:
Curious how everyday agents get the chance to represent multi-million-dollar listings? In short, who you know matters just as much as what. But that’s only part of the story. For the full tell-all, including strategies and soundbites you can use at your own listing pitch appointments, watch the latest episode of Glennda's Guru featuring special guests Ericca Woodruff and Steve Games—the lucky agents representing the $40 million property, 3 The Point, in Coronado, California.
TRACK THE TRENDS
MARKETS
New Builds are a Bright Spot
New-home sales are on the verge of a solid two-year winning streak, as buyers keep turning to new construction in a market short on existing options. Purchase applications for newly built homes climbed 7.2% year-over-year in November, proving that builders are holding their ground even as mortgage rates ticked up post-election. First-time buyers, many using FHA loans, are pushing up demand, while builders continue to sweeten the deal with incentives like rate buydowns. With new homes now making up nearly one-third of all sales—triple the historical average—it’s clear they’re playing a bigger role in today’s housing game than many expected at the start of this year.
By the numbers:
Purchase applications for new homes rose 7.2% year-over-year but dipped 12% from October, largely because of seasonal slowdowns.
The average loan size fell to $402,873 in November, down 1.7% from the previous month.
New homes now account for nearly one-third of housing sales, far outpacing the historical average of 12%.
DIVE IN
The Friday Five
📖 Face it ‘til you make it. The three transactions that taught Glennda her toughest lessons.
👀 A world of luxury. See inside the most incredible homes in the world with 100 minutes of uninterrupted walkthroughs.
👀 The future of living. Get a behind-the-scenes tour of Paradaero Homes, an architectural marvel in Todos Santos.
💡Tick, tock, boom. What small businesses stand to lose if the TikTok ban goes into effect next month.
💡Rise Above the Ranks. These are the 8 reasons why so many agents fail—and how to avoid these mistakes for yourself.
THE PAST WEEK IN ESTATE ELITE
Our new exclusive community for real estate agents looking to level up their business—and connect directly with top pros excelling in the luxury space—is packed full of brilliant masterclasses, busy discussion boards, recorded sessions, and live Q&A events.
ICYMI, this past week featured two live sessions with Tracy Tutor, James Harris, and David Parnes, where agents had the opportunity to get personalized advice on the questions that mattered most to them. And there’s more where that came from.
Join Estate Elite now to gain instant access to past Q&A sessions and claim your spot in our upcoming conversations, including Glennda Baker’s next session on co-listings and commission negotiations, and Josh Flagg’s Q&A conversation on differentiating yourself from low-commission agents.
Learn more and gain real-time (and face-time) access to the experts, here.
WHAT’S NEW FROM ESTATE MEDIA
The Unexpected Habits of Younger Homebuyers
There’s no question—the strategies, motivations, and resources that move older buyers are different from what drives Gen Z and Millennial clients. But you may be surprised to learn social media isn’t the main source of information these younger buyers turn to when looking for homes, vetting neighborhoods, or searching for an agent.
Tap to check out our at-a-glance breakdown of the preferences and trends that define Gen Z and Millennial clients—including the surprising place 57% of young buyers look for trustworthy guidance.
HANGS & HAPPENINGS
Inman Connect | NYC | January 22-24, 2025. Grow your network, learn from the best in business, and get inspired through multiple networking opportunities and breakout sessions from industry pros like Rayni Williams, Mauricio Umansky, and Jimmy Burgess.
RETCon | Las Vegas, NV | March 10-12, 2025. RETCon is a must-attend event for real estate technology and innovation professionals. The conference focuses on PropTech and RealTech solutions, trends, automation tools, AI advances, and more, and gives agents and industry pros a place to learn, network, and stay competitive.
FEATURED LUXURY LISTING
TIPS & TAKEAWAYS
Wow-worthy walkthrough
Need some inspo for your next luxury listing walkthrough video? Check out James’ live listing showcase—a master class on highlighting a home’s best angles and biggest selling points.
Put your best profile forward with a Homes Pro membership—and show up where (and when!) ready-to-move home searchers are looking. Tap the photo above to learn more about amplifying your real estate brand with premium tools, priority visibility, and enhanced exposure across the internet with Homes.com.
Before we go…
ESTATE RECOMMENDED RESOURCES
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