What buyers can get for a cool $250K
#55
Welcome to Q4. Ready or not, we’ve got 88 days left to end the year strong. As the market shifts and prices re-adjust, now is your moment to reset your strategies and set up your final deals before the holiday season really kicks in.
As you’ll read below, the opportunities are there—and growing by the week. October is your chance to take them.
🔊Today’s Top Podcast Rec:
There’s a misconception in the real estate world that to be exceptionally successful, you have to have a larger-than-life personality. But Chris Heller, former CEO of Keller Williams, best-selling author, and record-setting agent would be the first to disagree. In this mini episode of The Inspection Period, hosts Justin, George, and Lindsay sit down with Chris to learn more about his experience growing from an extreme introvert to a national speaker—without changing who he truly is.
TRACK THE TRENDS
MARKETS
It’s Starter Home Season
More good news for cash-strapped buyers: Snagging a starter home has gotten cheaper—even in hot markets like Florida and Texas. For the first time since 2020, the average income needed to ‘afford’ a starter home, defined as spending less than 30% of your income on monthly mortgage payments, has fallen. Though home prices are still higher than they were pre-pandemic, this small shift is a big win for buyers stuck on the sidelines.
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The typical starter home now costs $250,000, with the income required to afford it down 0.4% year-over-year to $76,995.
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With mortgage rates dropping a full percentage point since last year, the first annual decline in three years, high home prices have been largely offset by interest savings.
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In four major metros, Austin, Dallas, West Palm Beach, and Fort Lauderdale, starter homes went from being ‘unaffordable’—costing greater than 30% of the local average income—to ‘affordable.’ In these metros, the average income needed to buy a starter home dropped by as much as 3%.
REC ROUNDUP
The Friday Five
📖 Happy fall, y’all. How Glennda makes the most of the last season of the year.
👀 Howie bout that. Josh Flagg and Howie Mandel spitball a few ‘new’ tv show ideas.
👀 State by state savings. See the metros with the biggest savings since the rate cut.
💡Lab Coat Agents. Meet Tristan Ahumada, Century 21’s Rookie of the Year and top 1% agent.
💡Clear Cooperation Policy. Top real estate moguls weigh in on the controversial potential rules change.
WHAT’S NEW FROM ESTATE MEDIA
How Will the Rate Cut Impact Housing?
The recent rate cut is already starting to affect the housing market as a whole. But not for the reasons you might think. Check out Jeffrey St. Arromand’s expert take on how the Fed’s big move may trickle down—and trigger a significant boost in transaction volume, refinance activity, and inventory.
FEATURED LUXURY LISTING
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Before we go…
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