WELCOME

Hold on to your for-rent signs—Gen Z is taking a new approach to apartment hunting.

Recent data out of RealPage, a real estate software and analytics firm, shows that young renters are increasingly relying on social media and community recommendations—not online ratings or internet listing sites (ILSs)—to find their next place.

The bottom line? Gen Z isn’t completely dismissing agent expertise and traditional listings platforms. They’re just tuning in to new channels.

Keep reading for:

• Rising rates. But with a twist.

• Level up. Josh Flagg’s latest listings masterclass.

• Selling Sunset. The Maya Vander story.

SHARPEN YOUR SKILLS

TRACK THE TRENDS

MARKETS

Oops!… Rates did it again

Last month, the interest rate for a 30-year fixed-rate mortgage soared past 7%—hitting highs not seen since early 2000. But unlike the last interest rate spike, in today’s market, home prices are rising right alongside borrowing costs.

• Low inventory has pushed the median home sale price up about 3% YoY.

• The typical loan payment for a median-priced existing home is now nearly $2,300, which is about 50% of homebuyers’ median income.

• Between high prices and rising rates, in August, contract signings dropped 7.1% month-over-month, and pending home sales dipped 19% since last year

This unusual market is a big opportunity for sellers who have built up equity in their home. Though interest rates are rising, with inventory limited, buyers are willing to pay out for what they want.

WHAT’S NEW FROM ESTATE MEDIA:

REC ROUNDUP

The Friday Five

📖 Spooky szn. Zillowtastrophes visits a witch house.

👀 Luxury home tour. What $16 million gets you in Beverly Hills vs Malibu.

👀 Who’s watching? Why you should assume your clients always have their eyes on you.

💡Brokerage or bust. Kickstart your career by choosing the right brokerage.

💡After Selling Sunset. How Maya Vander balances motherhood and real estate post-Netflix.

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