Plus, How To Handle Difficult Clients
#50
For the first time in four years, the average monthly mortgage payment has nudged downward.
It’s a small drop—just 0.1% to $2,587—but it’s a move in the right direction. If your real estate career survived May’s peak 7.2% interest rate, give yourself and your fellow industry pros a pat on the back. Then get back to hustling. At this rate, it’s about to get busy.
🔊Today’s Top Podcast Rec:
Elias Astuto, the Director of Sales and Coaching at Fast Real Estate x eXp Realty, sees the NAR settlement not as an attack on how agents do business, but as an opportunity for buyers agents to prove what they really can do. Watch the latest Glennda’s Guru for Elias’ advice on positioning yourself as an advocate and expert—so clients don’t question your value for a second.
TRACK THE TRENDS
MARKETS
Starter Home Sales Rise
A surge of first-time home buyers eagerly rolled out their new welcome mats last month as slower price growth, softening interest rates, and a nationwide inventory boost made a white picket fence property actually affordable last month. As mortgage rates fell to a 15-month low, starter home sales picked up in many major metros, even as sales declined for homes in higher price brackets.
According to Redfin’s data:
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Starter home inventory jumped nearly 19% in July compared to this time last year, giving first time buyers more choices and greater negotiating power.
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Pending sales of starter homes rose to 10.2%—the highest level seen since October 2022—while middle-price and upper-price pending home sales fell 6.5% and 10% respectively.
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The median price for starter homes grew only slightly to $250,000 last month, slower than price growth at higher price points.
For agents, this late-season trend means the entry-level buyers who couldn’t afford a home even just a few months ago may be able to find a property that fits their budget—or negotiate a better deal.
REC ROUNDUP
The Friday Five
📖 Knowledge is power. The extra steps Glennda takes to educate her buyers on taxes, commissions, and buyer agreements.
👀 Election year. What to expect in the housing market as election season heats up.
👀 The SINK snap-up. These Single Income, No Kids buyers purchased nearly 20% of homes last year.
💡When competition hurts. Why it’s okay to take losses personally.
💡Interest rates. Is an emergency interest rate cut possible next month?
WHAT’S NEW FROM ESTATE MEDIA
Meet Strategist Steve Valentine
Building a sustainable real estate career takes more than smart tactics and insider tips. Real success is built piece by piece when you show up consistently, do right by your clients, and take care of your mental and physical health.
In the latest episode of The Inspection Period, industry veteran Steve Valentine shares his real and raw experience of overcoming addiction to become the best husband, father, CEO, and strategist he can be, even when the market gets turbulent. Watch now for:
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The moment Steve knew it was time for a change
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Why he’s a real estate ‘strategist’ first and agent second
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How to stop a bad client relationship before it starts
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Where to find clarity when everything moves fast
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