Today's Headlines - Realty Times
Posted On Monday, 10 June 2024 11:58
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Posted On Friday, 07 June 2024 16:11
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Posted On Friday, 07 June 2024 12:15

Millennials, Gen Xers and baby boomers all ranked the overall economy as the top issue in their presidential pick. Preserving democracy was more likely than housing affordability to weigh on Gen Xers’ and boomers’ minds

More than nine in 10 (91%) adult Gen Zers say housing affordability is important when considering who they will vote for in the upcoming presidential election, making it the top issue for that generation, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Gen Zers were more likely to rate housing affordability as an important factor in their vote than any other issue they were asked about, including the economy, abortion and gun rights, preserving democracy and foreign wars. This is according to a Redfin-commissioned survey of roughly 3,000 U.S. homeowners and renters conducted by Qualtrics in February 2024.

Millennials, Gen Xers and baby boomers were all more likely to say the strength of the overall economy was an important factor in their presidential pick than any other issue. Gen Xers and baby boomers also ranked preserving democracy above housing affordability. Still, at least 80% of every generation said housing affordability is an important factor.

All generations were more likely to rate housing affordability as an important factor in their presidential vote than abortion rights or student debt.

Redfin survey question: Please indicate how important each of the following issues are when considering how you’ll vote in the next presidential election

Gen Z

Millennials

Gen Xers

Baby Boomers

Housing affordability (91%)

Strength of the overall economy (89%)

Strength of the overall economy (94%)

Strength of the overall economy (95%)

Strength of the overall economy (82%)

Education (88%)

Preserving democracy (85%)

Preserving democracy (92%)

Education (82%)

Housing affordability (87%)

Education (84%)

Immigration (90%)

Gun rights (75%)

Immigration (79%)

Housing affordability (83%)

Foreign wars and/or geopolitical conflicts (88%)

Abortion rights (75%)

Preserving democracy (78%)

Immigration (82%)

Gun rights (81%)

Preserving democracy (73%)

Gun rights (77%)

Foreign wars and/or geopolitical conflicts (81%)

Housing affordability (80%)

Immigration (73%)

Foreign wars and/or geopolitical conflicts (77%)

Gun rights (79%)

Education (79%)

Student debt (73%)

Abortion rights (73%)

Abortion rights (72%)

Abortion rights (70%)

Foreign wars and/or geopolitical conflicts (72%)

Student debt (65%)

Student debt (49%)

Student debt (42%)

Housing affordability is important to American voters because homebuying—and renting, for that matter—have become increasingly costly over the last several years. Home prices have soared more than 40% since before the pandemic homebuying frenzy, and elevated mortgage rates are exacerbating high prices: 2023 was the least affordable year on record.

The issue is particularly important to young Americans because they are aging into homeownership; only 26% of adult Gen Zers already own a home. It’s more difficult for first-time buyers to break into today’s expensive market because they don’t have equity from a previous home sale to put toward their down payment and mortgage payments. Renting a home has also become much more expensive over the last several years, largely because demand for rentals surged during the pandemic: The median U.S. asking rent has increased more than 20% since 2019.

“Housing affordability is a cornerstone of this year’s presidential election because even though the economy is fairly strong, unemployment is low and wages are rising, buying a home feels impossible for many Americans,” said Redfin Senior Economist Elijah de la Campa. “This is particularly the case for young people, who have seen the cost of starter homes increase twice as fast as incomes. Young people care about other political issues, like immigration and abortion rights, but they’re more likely to cite housing affordability as a factor in their vote because it directly impacts the roof over their head, their lifestyle and their ability to build wealth.”

President Biden has released a plan to lower housing costs. Donald Trump has said he has a strategy to combat the expensive housing market.

To view the full report, including methodology, please visit: https://www.redfin.com/news/gen-z-housing-affordability-important-vote/

Posted On Friday, 07 June 2024 11:22 Written by

One of the major pitfalls of business and organizations today is believing that what they have done in the past will continue to work into the future.

I understand even hearing that may bother you, but it is a fact.

It is human nature to find comfort in what we know, in resisting change because that which is known is safe. While some may call this complacency, I refer to it as legacy thinking. No matter what it pertains to, legacy thinking keeps us firmly planted in the past and incapable of moving forward.

You may want everything to stay the same, but it doesn’t. As you try to cling to what has worked, you tend to forget that the world will continue to change around you. All that really results from legacy thinking is a stress-ridden protect-and-defend mindset. All of your energy and, in many cases, money goes toward desperately protecting the status quo.

If you are a business leader, putting out fires becomes your job as disruptions from the outside hit you hard.

Why Worry About Legacy Thinking?

As I have stated in the past, legacy thinking represents the strategies, thought processes, and actions that are becoming outdated. This can be defined as a mindset not suitable for providing you with the same growth you are used to in the modern market.

Tied closely to legacy thinking in today’s world is legacy technology. This type of technology you employ that no longer operates efficiently, effectively, or safely too often acts as a great reinforcer of a legacy mindset. It works, so why replace it?

The price you pay with legacy thinking and legacy technology can be astronomical — that’s why!

How Legacy Thinking Is Costing the Banking Industry

A legacy mindset connected to legacy technology creates a threat to your internal operations, leading to a large financial loss. How so? Let’s take a look at this recent example regarding financial institutions.

In 2023, the company Zelle faced multiple technological glitches that locked out thousands of clients and stopped the flow of funds. In total, this cost JPMorgan Chase millions of dollars.

Today, banks rely heavily on banking systems that were instituted decades ago. These applications have older programming languages that are rigid and difficult to accommodate for flexibility and scalability. Outages, glitches, and even security risks due to improper IT systems are running rampant with these different types of software.

According to IDC Financial Insights, legacy technology cost global financial institutions $37 billion in 2020, and that number is expected to rise to $57 billion by 2028! That is an incredible amount of loss that is already being predicted. But this is a Soft Trend that can be changed!

Legacy Technology and the Auto Industry

Legacy technology hurts more than just financial institutions. In the wake of the COVID-19 pandemic and natural disasters like the Texas ice storm, the United States faced a shortage of semiconductor chips for automotive vehicles, and we are still not at capacity in 2024.

One automobile can use upward of 3,000 chips. The auto industry is currently researching how to increase chip electrical capability to reduce this number, but we are still years away from a breakthrough. In real time, we are seeing the detrimental effect of the auto industry’s reliance on legacy technology with regard to these semiconductor chips. Trying to find a more efficient technology while behind the curve leaves many companies ripe for disruption that they could have prevented!

It is never enough to protect and defend the status quo. We should be learning from the past in this modern age of digital transformation and technological disruption. Organizations need to move past their old way of thinking and strategically look toward the future.

Change Your Mindset

Always remember: I do not disparage developments from the past. There is so much to be said about the usefulness of what we have implemented in industries thus far. This is why I swear by my Both/And Principle.

Do not completely scrap your old ways of doing things. What you need to consider as a business leader is being Anticipatory in how you address the changing market. Choose to embrace innovative technology to pre-solve disruptions before they disrupt and inhibit your growth.

It is important to take time to conduct an in-depth review of the systems and thought processes you have in place at your business or organization. Do not be afraid as a leader to ask the questions that need to be asked.

•  How long have you had this same system in place?
•  Are there glitches or malfunctions, no matter how minor?
•  Have your costs of maintenance increased throughout the years?
•  Are you keeping up with your need for increased data storage, your customer base, and the higher demand by customers?

Next, I encourage you to take an exponential look at recent innovations in the market. For instance, would cloud computing improve your operations or increase security for your customers? Are there systems in place that would better accommodate 5G speeds? Could the use of AI streamline some of your processes?

Legacy thinking and legacy technology may be comforting, but that comfort will not last. Having a reactionary approach will only inhibit your growth. It is time for business leaders to shift away from a legacy mindset to an Anticipatory one instead, transforming the future into an advantage instead of trying to hide from it.

Posted On Tuesday, 11 June 2024 00:00 Written by

Nothing helps perpetuate success as much as sharing the stories behind the success! People LOVE a great success story. People want to be inspired to try, and nothing is more inspirational than someone seeing a success story about people like themselves accomplishing something they would also like to accomplish!

Sharing success stories about HOW your clients succeeded in getting into the house of their dreams, how they overcame the challenges by following a specific plan and not giving up enabled them to cross the finish line a WINNER!

It doesn’t matter how ordinary or complicated. It doesn’t matter if they had closed in fifteen days or in fifteen months, the story behind each closed loan is an opportunity to share in the success of those around you. And it’s not just about the client; it’s about the referral partners, the agents, your team, and all the support services that may have played a role in helping that client WIN! 

My clients have been using YouTube®, LinkedIn®, Facebook Live®, and other social media platforms to share the real journey of each closing. Sometimes they use a video of the actual client and have them share their story, or they talk to the agent involved to help create the picture. In cases where people don’t wish to be recorded, the loan officer can simply share the generic story of the situation and how things came together to close the deal. It all depends on the comfort level of those involved. The important part is, to be sure you relate the story and how anyone can become a homeowner if they are prepared to do the work, execute the plan, and not give up on their dream, because as I have shared before, the journey only ends if you quit, or you WIN!

Economic news this week will be important to follow. ADP numbers were a bit weaker than expected. Today we get weekly jobless and continuing claims; and Friday we will see the May jobs report. We have been on a pretty good run the last week and if this data is weaker than expected or as expected, we could see continuing improvement in the rate markets. As always, know what is happening and when information has a chance to impact the rate market. Also, don’t gamble with rates, make sure your client has all the information and that THEY are making an informed choice. Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 10 June 2024 00:00 Written by
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