GEN Z AFFORDABILITY

Why young buyers are coming up empty

WELCOME

Buyers in the Mid-Atlantic to 8%+ interest rates: Bring it on.

According to a regional survey by Bright MLS, 51.2% of recent homebuyers said high interest rates weren’t a factor in their purchase decision—and 16% said rates factored in, but weren’t their biggest consideration.

Not only are these buyers shrugging off sky-high rates and historic home prices, they’re fighting for what they want, and getting it! With the buyer pool shallowing by the week, shoppers who do put in an offer are enjoying more concessions, greater negotiating power, and better success finding what they’re looking for.?

Is this a temporary bright spot, or the new market normal? Hit reply and tell us what you think ??

Keep reading for:

• No cap. Why Gen Z is locked out of today’s $$$ market.
• Mega millions. How Gary Gold sold the Playboy Mansion.
• Investment advice. Maxing your real estate ROI.

SHARPEN YOUR SKILLS

??Today’s Top Podcast Rec:

If there’s one thing mortgage lender and social media star Margot Ettedgui has learned on her journey to 350K followers, it’s how to use her niche to carve out an incredible career. Tune in to this episode of The PowerFemme Podcast to learn personal branding tips, how to choose your specialty, and why overcoming Imposter Syndrome is the key to building deep connections.

TRACK THE TRENDS

MARKETS

New buyers on the block?

Young buyers under 25 now make up about 4% of home sales. But for Gen Z, this pricey market is giving sorry, not sorry.?

• Today, Gen Z borrowers need more than $12,000 in savings just to afford the 3% down payment on a $405,000 home—more than many young savers have.?
• Between budget restraints and high prices, Gen Z is buying the smallest homes on the market, at a median size of just 1,480 cozy square feet.
• With a median home price of about $255K or less, Virginia Beach, Cincinnati, Detroit, St. Louis, and Indianapolis have seen the largest share of Gen Z buyers this year.

Agents that use social media to reach and educate Gen Z buyers on savings strategies and local real estate deals stand the best chance of helping this growing group achieve homeownership without sacrificing their financial stability in the process.?

FEATURED LUXURY LISTING:

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WHAT’S NEW FROM ESTATE MEDIA:

High-value, higher stakes

In the luxury real estate world, there are incredible agents with undeniable talent and unmatched market savvy. And then there’s record-breaking, industry-shifting Gary Gold. After selling the Playboy Mansion for an astounding $100,000,000, he shattered his own record just a few years later with the $150,000,000 sale of Beverly Hills' Chartwell Estate.?

In Glennda Baker’s exclusive interview with Gary, he shares his inspiring journey from struggling agent to sought-after luxury expert, plus what he wishes he knew earlier in his career. If you’re ready to raise your price points and land luxury clients, tap the link below to listen now.

MORE FROM ESTATE MEDIA

Our full lineup of real estate reads:

The Glennda Gazette. Real estate, real life, in real time.?

Zillowtastrophes. Unique, weird, and wild real estate.

WAS the Newsletter. Your weekly dose of design advice and inspiration.?

Estate Elegance. Your daily dive into luxury real estate.

REC ROUNDUP?

The Friday Five

?? Salary spike. This map shows the salary you need to afford a home in 50 major cities.?

?? Hyatt Regency Home. Undeniable 80s vibes and an indoor pool ??

?? Finding his fairytale. Tour Travis Kelce’s new castle, fit for a Love Story.

?? Real estate syndications. Is this the smartest way to invest $100K?

?? Expired listings. How to pan your MLS for gold.

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