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Did you hear? Last week, we launched our master guide to the real estate industry! It includes all the tips and tricks we used to sell $3,000,000,000 in 10 years. We bring you up to speed on the 20 most important topics we believe every single agent needs to know.

We share our best advice on negotiations, pitching a listing, how to get on a developer’s go-to list, door-knocking scripts, and more.

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– James and David

Rates and demand rise in tandem

Source: Unsplash

We’re in the middle of a true market rarity— interest rates and mortgage demand climbing at the same time. This small increase in demand is a bit of good news for sellers, but we’re still seeing far lower demand than this time last year. According to mid-September data from the Mortgage Bankers Association:

  • Mortgage applications jumped 3.8%, marking the first increase in six weeks

  • The average interest rate on a 30-year mortgage jumped 0.24% to reach 6.25%, hitting its highest peak in almost 14 years

Our take

This report proves that when interest rates rise quickly, it temporarily shocks the market. However, once buyers get used to the new rates, demand comes right back. There’s no question we’re seeing slower market activity than last year, but demand is still healthy and people are still looking to move. Take every opportunity you can to help your buyers find a place now before rates rise even further!

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Fannie Mae adjusts its market outlook

Source: Unsplash

Fannie Mae just released its latest 2022 and 2023 housing projections. The company predicts further market cooling, higher interest rates, and strong demand for rentals. Here are the biggest takeaways from that report:

  • Fannie Mae expects significant interest rate hikes through early 2023, topping out at a federal funds rate of between 3.5% and 3.75%

  • Annual single-family home sales are expected to fall to 5.71M in 2022 and 4.98M in 2023, a decline of 17.2% and 12.8%, respectively.

  • Fannie Mae also lowered its forecast for multi-family starts to 542,000 in 2022, but expects high home prices to keep the rental market strong through 2023

Our take

We agree with everything in this report, especially the fact that interest rates have more room to grow. Inflation isn’t under control yet, and we expect the Fed to continue aggressively raising rates until it is. What does that mean for agents? Continue looking for areas of opportunity– target sellers, look for clients who buy with cash, focus on strong sectors of the market like luxury and starter homes, and make sure you’re the go-to agent in your farm area.

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Where buyers are moving this summer

Source: Unsplash

Homeowners are increasingly leaving expensive major cities and pandemic hotspots in favor of more affordable markets. According to July and August data from Redfin, a record-setting 33.9% of users searched for homes in another metro. Higher mortgage rates, rising inflation, and diminishing affordability are to blame for the increasing relocation rates in cities like LA and New York.

Check out the top 5 cities with the highest outflow of residents:

  1. San Francisco

  2. Los Angeles

  3. New York City

  4. Washington, DC

  5. Boston

Here are the top 5 cities with the highest inflow:

  1. Miami

  2. Sacramento

  3. San Diego

  4. Las Vegas

  5. Tampa

Our take

We believe relocation activity is great news for the market because it creates opportunity for agents in both cities. This data doesn’t mean these big cities are losing popularity. Remember, every local market goes through its cycles— people move in and prices rise, so people move out and prices fall. Then as the city becomes affordable again, new people move in and the cycle repeats. That’s what we’re seeing play out here.

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The news that just missed the cut

Source: Wall Street Journal

🎧 Rise Above the Ranks

In this week’s Rise Above the Ranks podcast, James & David share their best tips for earning the trust of your clients… and their repeat business. Here’s a sneak peek:

  • Always act ethically. Being dishonest or cutting corners is the fastest way to lose your clients’ trust. But if you put your client first and you’re willing to be up front with them, you’ll build long-term trust.

  • Follow up! Find reasons to keep in touch, like sharing the latest market update, asking about their family, or sharing an interesting listing they may be interested in.

  • Be yourself. People connect with genuine people. Don’t be afraid to be authentic with your clients. 

For the full episode, check out latest episode → Apple | Spotify | YouTube

Take Our Poll

We've really been enjoying all the feedback on Rise Above The Ranks, so thank you for tuning in. We have so many topics we want to cover, so we thought we'd ask you all what topics excite you most!

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You ask, James and David answer!

Q: Do you have any advice on how to make the move to the US from abroad as a real estate agent?

Daniel, The Blueprint reader

A: It's definitely a big move, so first off, make sure you are ready. The most crucial thing is making sure you have a friend/family member to help you get situated in the first few months. Find the area you want to work in, and make some connections before you come out here. Have an internship or a job lined up, or at least a handful of interviews. Make sure that there is an option to receive a working visa. You'll have to get situated with the customs of real estate here, so find someone you can work under for as long as it takes. And last but not least, work harder than you've ever worked before, because once you make it, we promise it will be worth it.

James & David

We’ll be back next week with another answer to a real reader question. Submit yours here!

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

Source: Rocket Mortgage

See you on Friday!

-James and David

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