Why Millennials are Waiting on Rates
#53
Did you catch the season finale of Million Dollar Listing: Los Angeles?
Not only does the last episode of an incredible Season 15 go out on multiple high notes (The mega deals! The ribbon cuttings!), watch closely and you might just notice a familiar cameo. Josh Flagg’s chic and stylized walkthrough video—graced by none other than Denise Richards—was first featured right here in Estate Weekly.
You can catch the full strategy behind the video, plus Josh’s unconventional listing approach, in The Friday Five below.👇
🔊Today’s Top Podcast Rec:
In real estate, you’re expected to be always on and always engaged, all hours of the day and night—even on holidays, field trips, and vacations. That’s why the team at SignMore developed a 24/7 live reception service that serves as an extension of your team or solo business. Watch the latest Glennda’s Guru to learn how SignMore’s real-time call and chat support boost lead conversion rates, client retention, referrals, and more.
TRACK THE TRENDS
MARKETS
How Low Must They Go?
While recent mortgage rate drops are making home buying more affordable by the day, it will take more than a handful of basis points to motivate some potential buyers to move from the sidelines to signing on the line. Buyers, especially millennials and Gen Z, are waiting for rates to dip further before diving in—signaling a potential buying frenzy may be just around the corner if rates fall into the 5-6% range.
According to a buyer readiness survey by Realtor.com:
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38% of potential purchasers have postponed buying a home due to high rates, and don’t feel that the recent rate dip is enough.
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28% of respondents want to see a drop of at least two percentage points before they’ll consider buying.
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Millennial buyers reported being significantly more likely to purchase if rates settle between 5% and 6%.
This strategic patience could pay off for buyers that move quickly. But historically, home prices have risen after nearly every rate cut. The window for snagging a good deal with a great interest rate is a narrow one—but the opportunity is out there.
REC ROUNDUP
The Friday Five
📖 More with less. Meet Glennda’s lean and (not) mean Diamond Squad supporting her transactions.
👀 Diddy in the city. While Sean Combs is in court in NYC, his Beverly Hills mansion hit the market for $61.5M.
👀 Hawaii hideaway. See Justin Beiber’s newly-sold cliffside mansion, seen in Love Island and Ex on the Beach.
💡Survey says. 750K job reviews reveal the happiest career in America—and you might be doing it.
💡Multi-platform promotion. How Josh Flagg and Estate Media drove 100,000 clicks to one incredible property listing.
WHAT’S NEW FROM ESTATE MEDIA
Why the Election is a Win-Win
Every election year sends the housing market into a bit of a frenzy. But this year, the late-season chaos may be just the shake-up needed to put your clients in a particularly profitable position.
In the latest Rise Above the Ranks, James and David break down exactly how elections impact the housing market, plus their predictions for the next two months. If you have clients hesitant to move during an election cycle, or you’re lacking certainty yourself, give this candid conversation a listen—or forward it to the client who needs to hear it.
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