Actual picture of a buyer who waited for the bubble to burst…

I somehow missed last week. There must have been some sort of malaise going around. We’ll call it a hangover from the Niners losing to the Rams…although it’s more likely that the MLB lockout is dragging me down. Luckily, ESPN is showing Robert Morris vs. North Carolina A&T softball, so I’ll be able to get a little bit of a fix.

Last week was also the anniversary of the day that the music died…Check out my homage to the Big Bopper, Buddy Holly, and Richie Valens with this Spotify playlist. Enjoy 💃 At any rate, onto this week’s random thoughts…

  • If you’re in the industry and you don’t read the 1000watt blog, you’re missing out. Last week, Brian Boero, is talking about – essentially – truth in advertising. Time for agents (in particular) and the industry (at large) to get real when it comes to buying a house. It is stressful and it is difficult. Emotions run high. Even the smoothest transaction is complicated. Let’s stop talking about how we make everything easy; it makes people think that we don’t work all that hard. I read a FB comment earlier this week where a Realtor® wrote that in 30 years in the business he never sold a house, but he had solved thousands of problems…
  • I took another crack 🏏 at the homeownership gap earlier this week. There’s a 30% gap between white homeownership and black homeownership that has persisted for over a half century…and that’s only because records weren’t kept before then. There are no easy solutions…the truth is, I don’t even think that there are simple ones.
  • Meanwhile, for a 2 bedroom apartment, rent has increased 14% in the last year. According to this Inman article, the availability rate (i.e. vacancy rate) in Boston is lower now than it was in March 2019 at around 3.18%. It’s looking like the story of continued urban flight to the suburbs may be an exaggeration.
Buyer’s Remorse?
  • According to a new survey by Zillow, 75% of homebuyers within the last two years regret at least one aspect of the home that they bought…aside from the price, that is. I’m trying to forget that Zillow has a population scientist 🤦‍♂️ and instead focusing on the larger issue: buyers feeling like they have to buy this home, right now, right here or they’ll never find a home. As agents we simply know that this isn’t true. We should be setting expectations for our clients that buying a home is like playing a long game. Patience is incredibly important. I know that I fall into the trap of doing whatever it takes to get my clients in a home. Gotta take a breath and remember that it will happen.

Finally, I’ve been reading a lot of studies lately that talk about the different demographics as it relates to median income and homeownership, etc. One (of many) of the things that stuck out to me was Asian Americans and median income, that 52% of Asian American households earn $100,000 or more a year, but I couldn’t figure out why. And then I remembered this piece from John Oliver (and no, it’s NSFW…it’s John Oliver). Perhaps it’s time to rethink how we look at, well…everybody.

I’ll be back next week with my own special take on real estate news. Until then, this weekend we’re all Bengal fans…

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