Borrowers Get a Boost
#47
Last month, the real estate sector of the S&P 500 posted its strongest performance since May, ticking upwards while the index as a whole dipped down. While many stocks are stumbling this week, real estate ETFs and a handful of mortgage lender stocks are riding a wave of economic optimism—thanks to potential rate cuts on the horizon and the unwavering hard work of successful agents like you. 😉
🔊Today’s Top Reading Rec:
There are a number of real estate agents on social media who talk about closing deals and doing big business—but who aren’t actually putting up the numbers to match. Justin Konikow, co-founder of Prime Real Estate Brokerage and Prime Media Productions, does just the opposite. Through hundreds of hours of YouTube tutorials and podcast episodes, he teaches agents how to run the technical side of this business by showing how he’s built his own successful and scalable processes. For Justin’s unique approach to real estate entrepreneurship and differentiation, check out the latest Glennda’s Guru.
TRACK THE TRENDS
MARKETS
Refinance Relief
The recent interest rate dip is giving homeowners something to celebrate. Last week, the number of refinance candidates (loan holders who would save by refinancing their home loan at a lower interest rate) neared a two-year high, while tappable equity (what borrowers can pull out without dipping into their 20% loan cushion) reached a record-high $11.5 trillion.
By the numbers:
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The average 30-year mortgage rate dropped to 6.48%, marking the lowest since May 2023.
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The number of homeowners able to refinance and save on their monthly mortgage has increased to 2.4 million, the highest since April 2022.
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Rising home prices have pushed tappable equity up 4% since the first quarter of 2024 and over 9% since this time last year.
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Today, around 32 million homeowners can access at least $100,000 in equity and 1.2 million can pull out $1M or more.
Growing equity paired with softening interest rates is also a unique opportunity for agents. It puts potential sellers in position to leverage the equity they’ve earned to upgrade to a better property or desirable location, or even cash out their equity to invest in rental properties. Plus, lowering rates boosts the buying power of home searchers who’ve been priced out of the market most of this year.
REC ROUNDUP
The Friday Five
📖 It’s a strange summer. The key real estate market metric that dropped in July—for the first time ever.
👀 Mega mansion. See inside Ben Affleck and Jennifer Lopez’s just-listed $68M mansion.
👀 Celebrity edition. Let’s Get to the Point covers the top celebrity headlines of the past week.
💡 Most important things. These 3 truths will determine the success of your career.
💡 Lean into you. When you’re authentic, your best people will find you.
WHAT’S NEW FROM ESTATE MEDIA
A Panel of Powerhouse Women
ICYMI, on Tuesday night, we livestreamed a Q&A-style panel featuring four of the top female voices in real estate: Tracy Tutor of Million Dollar Listing LA, Rayni Williams of Williams & Williams, and real estate’s $8B woman, Jade Mills—hosted and emceed by TikTok star and real estate sensation Glennda Baker.
From minute one of this insight-packed panel discussion, these women brought brilliant advice, fresh perspectives, and the kind of soundbites that stick with you throughout your career. If you missed the livestream, catch the recording linked here and get ready to build a bulletproof business.
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Before we go…
ESTATE RECOMMENDED RESOURCES
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