Hi y’all, welcome!

Inside: The average age of homebuyers will surprise you 🤯 + $1,000,000 price cut 🤤  

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WHAT'S INSIDE

• 🔢 THE DATA

• 🤠 WHAT’S HAPPENING AROUND TOWN

• ⁉️ WHAT THIS MEANS FOR YOU

• 🤤 HOUSE WORTH DROOLING OVER

🔢 THE DATA

I’m an ex-dentist turned Realtor - let’s work together! Email me, tweet me or send me a carrier pigeon. 🐦️ 

Buying a home is getting harder.

The average age of homebuyers in 2024: 56
The average age of homebuyers in 2023: 49

First time homebuyers account for only 24% of the market, a record low. Filling their place are investors and second/third time homeowners, pushing the average homebuyer age up. Many GenZ and Millennials feel like the dream of homeownership is out of reach.

How did this happen?

The pandemic is a pretty big reason. It’s true - home prices have surged close to 40% since 2020 and rising interest rates don’t help. 83% of homeowners are locked into rates below 6% and are reluctant to sell.

When will it get easier?

We don’t have a crystal ball (unfortunately) but significant declines in price or mortgage rates seem unlikely.

New development has increased - which should alleviate the lack of starter homes - but we are still in a supply constrained market.

Who is winning?

They weren’t kidding when they said the best time to buy a home was when you were in 3rd grade. The market is currently dominated by wealthier and repeat homebuyers. 26% of homebuyers paid all cash for their homes - an all time high.

Read more here

🤠 WHAT’S HAPPENING AROUND TOWN

Austin’s own 3D printed home darling is going through layoffs. Icon Technologies cut their workforce by one quarter.

A spokesperson said the goal is to “realign” and “streamline” the Icon team.

Icon had a $2 billion valuation in 2022 and has raised $443 million. Their investors include NASA - who awarded Icon a $57 million contract for construction technology that will work on the moon (maybe we can move there?).

The first large scale 3D printed residential community in the country was a collaboration between Icon and Lennar Homes in Georgetown, TX. These homes start in the high $300’s. Fun fact: these homes are built without right angles (the machine only builds gentle curves).

Check them out:

No word on if the layoffs will impact upcoming projects.

⁉️ WHAT THIS MEANS FOR YOU

If you’re a buyer/seller/investor/renter or just interested in real estate - this weekly newsletter will help guide your decision making and help you better understand the market.

🤤 HOUSE WORTH DROOLING OVER

If you think this house looks familiar, it is.

Back on the market after 100+ days in 2024. The price got a refresh - down over $1M.

You might wonder what lush jungle this home is in but it’s just the Westlake hills.

Yours for: $6,925,000

Thank you for being here! Reply to this email if you have any questions or just to say hello! 👋 

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