2023’s home buyers and sellers have been interviewed by NAR and we have their confessions. As self proclaimed data nerds, we are ready to review the buyer/seller confessions from last year and give you the insight you need to shape your business going forward. In this episode we are diving into the NAR profile of home buyers and sellers with some bonus insight from the 2023 member profile. How many first time buyers were really in the market? What was the most common down payment amount? How many buyers paid cash? How many Realtors are sure they are staying in the business for 2 more years? What is the median income for agents and how many transactions did they do? We have the confessions from buyers, sellers and agents and are sharing them with you! Want to grab a copy of the full report for yourself? Do so here!

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The following is a rough transcript provided by Otter.ai.

Katy 0:01
Hi, my name is Katie, and I’m a data nerd.

Unknown Speaker 0:04
a data nerd.

Alissa 0:07
I love it. It has been a game changer when working with buyers.

Katy 0:12
To be fair, y’all, it’s probably in the 142 pages.

Alissa 0:17
Yeah, I think this is a huge step in the wrong direction.

Unknown Speaker 0:20
I would say.

Katy 0:22
How much money do I need to save to be a Disney princess?

Alissa 0:27
I feel like this year, I sold houses to some babies.

Unknown Speaker 0:33
We’re trying to on weird it

Unknown Speaker 0:54
Hi, Alyssa, Katie. It’s

Katy 0:56
been a minute. It

Alissa 0:56
has been a minute.

Katy 0:58
We were here last week. But the people. I mean, the people were here, but we weren’t here. Now. We

Alissa 1:03
recorded over Christmas in batches. So we wouldn’t have to jump in so quickly. So this is our first time recording of 2024.

Katy 1:12
I know when it airs in February. We’re such good batch recorders. This is episode 235. And today is actually February 5. People people have already let go of their resolution. Yeah, it’s gone. We’ve moved on. 2024 is old news. Old news. Okay, really quick. I’m going to tell a story and then this episode is one of our I don’t know if it’s requested, but it’s always most listened to. Yeah, and I think that’s funny. I think it’s so funny. So that’s let me tell my story first. Okay. So when we were at NAR next you were there, the conference? This guy walked up to the booth be like, Hey, what are you all about? And you know, just like a regular old attendee. And he had a sticker on and I’m like, I’m sorry, sir. Where did you get that sticker? And he tells me he’s like, Oh, I was at the census booth. I’m like, the census has a booth. Oh, I’m gonna take a look right at the camera. Okay. Hi, my name is Katie. And I’m a data nerd. a data nerd. You’re on YouTube, you get to see my sticker. I brought you one too, because your name is your name is Alyssa. And you’re also a data nerd. Oh,

Alissa 2:20
are there different names? No,

Katy 2:22
they all said data nerd.

Alissa 2:23
Well, today’s episode is very data nerdy. Yeah.

Katy 2:27
So you could put it don’t put on your nametag because it’s like a nice sticker. Also put it on my computer. Do you want to? You’re welcome to I just keep them like, I can’t commit to putting a sticker on anything. I saw a meme about that. Like, are you the type of person over that gets a sticker? And I was like, I can’t commit? Like, I’ll just keep it you know, because your whole computer is covered them. And I’m like thinking in my head. Alyssa. That’s just the cover of your computer. What if you get another computer and it’s a different size. I’ve actually thought about all of your stickers will be gone. I know. That’s me. You’re just like throw them on the computer. It’s fine. Either way. Hi, we’re data nerds and today’s gonna be all about data. Okay, this is the NAR profile of home buyers and sellers. Yes. Do you enjoy reading this data? No, actually, yes,

Alissa 3:13
I do. But when it comes time to prepare, here’s where here’s the thing. If you’ve listened for a while and we get this question a lot people are like, how much do y’all practice before each episode? How much research God thing we don’t. In fact, if our conversation off air gets too good, yeah, well, we stopped, right. We’re like, wait, no need to save this for recordings. So we try not to know. We know the topic. Yeah. And we just try not to know what the other one’s going to say. That’s I like to tell you stories. Live.

Katy 3:46
I want to hear them live. Yeah, I don’t want I don’t want a fake interest. Right.

Alissa 3:49
Like, wow, I had no idea. You told me that. Yeah, Ronnie. Yeah. So if we don’t do that, this episode, when Katie emails me this 147 page report is it’s true. Something inside of me dies a little. And I’m like, Oh, I don’t want to do it. I don’t want to prepare for this episode. But the good news is, Katie and I are good teammates. She reads the majority and I read the summary. And once I get to reading it, though, I’m like so interesting. Oh, this is very interesting.

Katy 4:30
I would like to say that the profile of home buyers and sellers is created by the National Association of Realtors, it they have sourced several, you know, economist and they obviously sent out the surveys. I’m gonna tell you all more about that. But it the the actual summary is at the beginning of the report and it’s so thorough, that’s all you really that’s all we’re even going to be able to cover for you today. And we’re summarizing the summary. Yeah, I was gonna tell Last minute, it’s gonna take the whole time. But what I wanted to say is it cost like 20 bucks. If you’re a member, if you’re a non member, I think it’s like 150 or $200. Because economist researchers, like there are a lot of other people who are using this data. Okay, not just realtors, you get it for a discounted amount, because you are, if you are a member of NAR, okay, they have been doing this report since 1981. So for decades, and this is our third, this is, I think, our third time third year. And for whatever, y’all just want to hear us summarize data. I think you are all data nerds too. But you’re like, I’m not buying that report. And I’m not reading that report.

Alissa 5:44
Yeah, because this episode every year comes out in the top, always. And I just laugh.

Katy 5:51
Yeah, it is interesting. Okay. But here’s the net. Other important. It’s called the 2023 profile. But it is a survey of recent homebuyers and sellers who completed a transaction between July of 2022 and June of 2023. So y’all can all stop and think the end of 2023 was drastically different than the beginning. And certainly very different than the end of 2022. For sure. So just keep that in mind as we go over these numbers, because I think the report next year is going to have some drastic differences. Don’t I mean, don’t

Alissa 6:25
you think I think next year is going to be the most different. In fact, when I was reading some of these stats, I’m thinking, I just didn’t see that this year. But it’s because I think it is half of 2022.

Katy 6:38
Right, which was different and you’re already used to the last six months of 2023. Yes. Okay. The other thing is in the increase in mortgage rates moved between six and over seven during this period. So I wanted to frame it. It didn’t even hit eight in this in this section. Right. Okay. limited housing inventory, and affordability constraints are still the major challenges to the market, even in this time period. Okay. Do you want we’ll go into the stats about everyone. I wanted to see if I had anything else about the actual report. But it that’s kind of the whole deal. It’s been around for four decades. We want it to keep happening. Oh, and you said you want me to update everyone? Oh, just

Alissa 7:23
a quick little doo doo doo doo doo news report. Right

Katy 7:25
news report short show news reporter whatever reason this year, real estate has decided it’s going to be real newsy. Yeah. To newsy. Okay, so and leaving

Alissa 7:36
all the NAR drama in 2023 is proving we’re not working out

Katy 7:41
worked out already in 2023. Tracy cast 2024. I’m sorry. 2024. You’re right. We tried to leave

Alissa 7:49
it but it’s the first week of 2024. Because as we are recording this it is January. And we just finished reading the article. Yeah, Tracy

Katy 7:57
Casper, who was the NAR president who took over after Kenny Purcell had to step down from that scandal. She has now stepped down due to very cryptic information about a blackmail extortion scheme. And she felt her pitch position was being compromised. And she stepped down to allow, according to the press release NAR to do the work they need to do? Yeah, I

Alissa 8:24
think this is a huge step in the wrong direction.

Katy 8:27
I would say things are not looking great. Over. No, no. And I would also say the media and the members have now put it under a microscope. While they can just that for many years. I think they’ve just been kind of like this thing you had to join. If you needed MLS access in most areas. You just kind of did it. You like it. Your hands were tied. And now people are like what’s going on over there? Wait a minute, this is still going this is not good. Now the new female president has resigned because I think when she got put into place so many people were like, Oh, thank God, this

Alissa 8:59
could be a good turn. Right. And now she’s gone. Yeah, we’re back to back to

Katy 9:05
back to where we are. And I know nothing about the new guy.

Alissa 9:07
I don’t even know no hope. It’s just the fact that she didn’t last very long. So there’s problems over there. She was

Katy 9:13
installed at Nora next. So that was November and

Alissa 9:17
then by January, she’s gone. She’s out. So will this report be around next year?

Katy 9:23
Here’s my thing. That’s what makes me sad. Because there are functions of NAR that I think Realtors as a whole don’t realize or really think about this report isn’t just serving us. It serves the whole economy. Yeah. Like people are using this report in all different fields for all different things. And if NAR goes away, like who’s going to pick up this research, but I will go back to my original story about being a data nerd. Here’s the good news. The census census.gov has like a slew of all these free reports and data data that you can get data nerd as a realtor or whoever. Yeah, so maybe if we can I’m sad. I will be sad if this report were to go away. Sure. I would want someone to pick up this particular piece of the puzzle because I feel like it’s really important. Yeah. Okay, let’s dive in. Do you want to get started on homebuyers?

Alissa 10:14
Sure.

Katy 10:16
Give us some data.

Alissa 10:17
Okay. What I found was interesting is, according to this report, it says that the typical first time homebuyer was 35 years old this year. And that actually went down it from 36. Yeah, had jumped up. And now it went down. Just a scope just Yeah, but I feel like this year, I sold houses to some babies, like 20 year olds. Oh, really? Yeah, I did. Like, having done that. And I mean, when I was 20, I was selling to people in their 20s a lot. Yeah, we were graduating school together. Mm hmm. But now that I’m getting older, I don’t have that as much. But this year, they kind of came back and I thought, wow, they are so young. To be buying house. Like you’re like, I’m so proud of you. Yeah, I wish I would have thought about doing that sooner

Katy 11:06
when you were younger.

Alissa 11:08
I thought that statistic was interesting. That’s

Katy 11:11
very interesting. 59% of the recent buyers were married couples, okay. 19% single females. 10% single males 9% on married couples. Okay. This is the lowest share of married couples since 2010. have said

Alissa 11:31
the last time it dipped this low was 2010. Mm hmm. With only 59% being married. That’s right. Also in 29%, or single people. Night. Wow. And females 10 males

Katy 11:45
and nine couples that were unmarried. Oh, yeah. But so singles is just 29 29% of single people. Yeah, that’s amazing. I love when I have a single especially single lady buyer. I’m like, good for you. This

Unknown Speaker 11:58
got this? Yeah.

Katy 12:00
Okay, here’s one that I really want to dive into 70% of recent buyers did not have a child under the age of 18. In their home. Seven, zero 70. Yeah. Okay. Why do I want to dive into this? If you are doing as we tell you in many episodes, focusing on a niche, niche, whatever you want to say. If you’re focusing on families with children 70% of buyers, we’re not that

Alissa 12:30
don’t have kids.

Katy 12:32
Yeah, so your your content may not be landing sure, in the current people who are buying if you’re looking for buyers, and then

Alissa 12:40
it’s so funny, because as I read that, because I’m at a phase of life where I’m very involved in my kids school, you’re like, This doesn’t fit. So I’m helping a lot of parents that I meet through school, right. But it’s interesting that outside of that if I just look at my regular repeat and referral clients are the stat sticks. It works. It does.

Katy 13:03
Okay, so I think obviously, if we go back to our normal advice did you break out I mean, it was like,

Alissa 13:09
Oh, it’s fine. It’s still working. It’s just not as aggressive. No, it’s not as pointy sharp as you have a sharpen.

Katy 13:17
Okay, but I do you still think obviously you’re at school with your kids. We want you to there. Those are the people you’re near. Yeah, people you’re going to have in your clubs right now. I think what I want everyone to maybe notice perhaps as the market is constricted and there aren’t as many buyers or sellers. Maybe even though you haven’t niche and a message, which I agree is a good idea. Maybe you need to focus your niche more on geographics. So regardless of who’s buying or selling Do you know everything about a certain zip code? That would probably be the way to go so that you’re catching whoever is in the market and you’re not being like well, I only work with move up buyers but nobody’s moving up right now.

Alissa 13:54
Yeah, don’t don’t it’s really interesting that you say that because I don’t work relocation. But so relocation, my company Lateran Bloom is relocation certified. Yeah, you can be assigned to take leads from people who are coming in or moving out that don’t have a realtor. I don’t know if relocation is like, I got away from relocation a few years ago when my repeat and referral business took off. Yeah, but every now and then I have a repeat client that asks for me, and I have to do the relocation process. I have to do the removal. It’s a painful process those VMAs my brain is not made for it. But when I was filling out the BMA yesterday because I just went on the listing appointment. There was a question in there that said, Tell us because you’re competing with relocation even though they requested me relocation is forcing them to to interview they have to interview two or three Yeah, realtors. Yeah. Okay. So that being said, it said at the bottom list five reasons why you would be the best fit to market this property. Like okay, not like what are you going to do? That was a different question. This was like you why you Oh, and I thought, you know, I sell a lot over here. So I just went into MLS to see like, what my stats were on that particular zip location, okay. And I was like, this is very interesting. Like I had several sales, like I could say, oh, well, in the last two years, I’ve sold 28 homes in this zip code. And I was the original realtor that had this house house when they bought it. So I’m very familiar with the house and but using those stats on being familiar with a certain area.

Unknown Speaker 15:42
Mm hmm.

Alissa 15:43
Just that was a good point that you brought up? Well, thank

Katy 15:45
you. And I do think that when you pick a geographic location, you become a market expert. It doesn’t matter who’s coming into or out of the market. I mean, you can talk about amenities and restaurants and activities in schools, whatever you want to talk about. People will find that content to Yeah, especially if you’re putting on like a YouTube short or a reel or something that’s hashtagging local things. So just put that in the in your back pocket, y’all for 2024. I would definitely leaning on an area may be less of a particular type of person.

Alissa 16:16
Yeah. And it was interesting that just how 70% of recent buyers did not have children in the home. In 1985. It was only 42%. Didn’t right children right home.

Katy 16:29
So your times are changing times are changing. Okay, the next one I thought was interesting was 16% of recent homebuyers. were veterans and 2%. were active duty service members. So yeah, didn’t listen to our VA loan episode. It’s so so good. And you should go back to it. It’s not that many bat. But that’s a lot. I didn’t know there were so many veterans are active duty service members by Well, I

Alissa 16:55
think it makes sense that only 2% were active because it’s kind of hard to buy something when you’re actively being moved around. Yeah,

Katy 17:02
I mean, I guess it depends. Are you active in in the US? I mean, then they are moving around. All right. Okay, anything else you have in that? I think we’re caught up on this top section.

Alissa 17:13
I did think that the part about 14% of homebuyers purchasing a multi generational home, the last two years, I have seen such an increase in need for people that needed an a separate guest house and apartment of sorts, like somewhere that has its own little suite. And I think we’re only going to see that more. Yeah, more and more. I’m seeing people buy bigger pieces of land and the whole family like building on it in different places. So I’m seeing that more and more. Okay, this year.

Katy 17:47
Yeah, I think you’re right, though, it will keep happening. I did want to talk, I think we’ll get into financing and the next part. So here’s the problem. In the introduction, they cover some of the stats that are then in the summary. So having to flip back and forth. I’m like, Wait, did I highlight it there? Or did I highlight it here? Yes. But also, in 1981. When they started this report, the respondents had to answer 59 questions now they have to answer 129 questions. Whoa, this is a real commitment. And I think they said there was near like 20,000 respondents and they tried to get like a good mix of like locations and been the sample is all recent homebuyers who purchased a primary residence. Okay, this information is not talking about any type of investor purchases. So that’s important to note as well. If you’re not working with, like, owner occupants, then this information doesn’t apply to you. But you probably are. Okay. Are you ready to go into the characteristics of the actual home? Yeah. 87% of buyers purchased a previously owned home. Yeah, you feel like that tracks with yours? Yeah, I feel like

Alissa 18:54
there’s so much new construction happening. In our market right now. There’s several new neighborhoods, but there’s not a lot that’s complete or ready. Yeah, they’re wanting people, I think because when the interest rates went up, they didn’t want to have all this inventory finish. They want people to commit before they start building well, and then they slow down building and then it’s down. Yes. So it’s just Yes, as a cluster. We have new construction everywhere. But they’re you can’t buy it if you are renting a day. They’re like, Oh, if you need a house and eight months, where are your people?

Katy 19:27
You’re not my people. I want to help. Yeah, now. I want it now. The buyers who purchased previously own homes were most often considering better price at 38%. So they were like I’m worried about the price. Yeah, I’ll just buy something a little bit older. Yeah, the ones who bought the new home at 45% didn’t want to deal with like renovations or problems with old plumbing or electricity. They’re like, just give it to me done. Although I honestly think do you get to have this much of choice when there’s no inventory? Right? You’re just kind of like what do you got? Yeah,

Alissa 19:56
what are my options in the area? I

Katy 19:57
want to like house and we have these three. It’s like One here’s the one. Yeah, here you go. Good luck if you get it before someone else does. Okay, detached single family homes were 79% of those buyers and 8% were townhouses. Yeah. I mean for our market for sure. Yeah. We don’t have a

Alissa 20:14
ton of condo or maybe a mobile home, or LSU. We have more but

Katy 20:22
okay, senior related housing increase this year to 19% from 7%. Last year.

Alissa 20:28
That’s a huge jump.

Katy 20:30
That’s buyers over the age of 60. That’s a huge jump. So if you’re talking to the downsize or crowd, you should definitely do that. Yes. 17% of those buyers were typically purchasing a condo or townhouse. We

Alissa 20:44
don’t have a plethora of senior subdivisions here. Maybe one or two. It’s

Katy 20:50
not a lot. I know. It’d be nice if there were more. I guess we’re not a place where you retire. They’re like it’s too hot here. Yeah, I wouldn’t be here. But but we’ll go to Florida and like it’s also hot. That Disney World

Alissa 21:03
is starting their own branch of retirement community.

Katy 21:07
You told me this.

Alissa 21:08
I think one of my goals might be to retire at Disney make it enough to where I can afford it. I mean, I think you have to be like Mega wealthy, really to retire. They have like these cute little subdivisions. It’s like living in a book. So cute. I’ve been brushes. I’m on the newsletter, so I can

Katy 21:26
I love that you’re far younger than I am always focused on retirement. What’s gonna happen when I retire? Get this. How much money do I need to say to live in to be a Disney princess? Oh, I Okay, great. What else? What’s next on your list of interesting tidbits. Oh, let’s

Alissa 21:47
see. Okay, so as far as what was the most important 60% felt like the neighborhood was most important. Okay, followed by 45% how close it was to friends and fam. Right? And then I thought it was funny that in last place 39% were most concerned with affordability. But that’s still pretty high. I mean, but they care more about being next to their friends. And well, that was what compelled them to leave. Yeah, they’re like, I’ll pay more if I can be close to my mom and dad or whatever.

Katy 22:23
I need help. I need support. Okay, buyers typically purchase their homes for wait for it. 100% of the asking price during this time period. With 25% purchasing for more than asking price. That’s

Alissa 22:38
when I went well, they obviously didn’t include the last six months. So

Katy 22:41
20 Did and I’m telling you these numbers are going to bomb next year. Yeah, because next

Alissa 22:47
year, they’re going to include that last half and right now and

Katy 22:52
this part that’s happening right now.

Alissa 22:53
It’s like crickets yet it’s gonna be so different. So different have to compare. Okay, typical

Katy 22:59
home 1860 square feet, three bedroom, two bath and was built in 1985. Do you feel like you sell this home a lot? Yeah, I mean, that’s just the average of everything right? All right. And buyers expected to live in their homes for a median of 15 years. That’s a long time. That is a long time. And 22% They’re never gonna move. Never younger. Listen to the Forever house forever episode because I don’t believe in them. No, I don’t believe you. You’re never gonna move. But okay. Say what you’re gonna say. Are you ready to move on to the home search process? Or do you 1% of recent buyers said the first step they took in buying was to look online. 20% said they first contacted an agent.

Alissa 23:47
I highlighted this in a different color as you see. Do you see that? Because I have found that my buyers come to me and are like, these are the homes. They already they already have things saved. Whenever one comes up to me that’s like I haven’t been looking at all I just need you to send me stuff. Who are you? Yeah, I’m like, wow. Oh, you

Katy 24:13
know about Zillow.

Alissa 24:15
You don’t use online search engines. But it’s kind of fun. Like one of my friends. I sold their house here and they moved to Lafayette. And so my realtor friend and Lafayette helped them buy but they didn’t know anything about Lafayette but they had to buy quickly for his job. Okay, they told her, you pick the houses we go see. And she picked them and they bought one. This

Katy 24:39
is actually what always works out best for me. Yeah, you pick first and then they’re like, no, no, no, they talk and then listen, and then I’m like, I just start adding houses to this. I’m like, Yeah, guess what, we’re gonna see this. Those are usually the ones they buy. Yes. So I’m like, you don’t know what you want? Yeah, when you’re online, you’re being swayed. I have sold many a house to someone who’s like I don’t want to look at this house. It has ugly painted trim, I had these sweet first time buyers who wanted to be in a specific area. And they had a pretty decent budget at the time. This was many years ago. But they were buying like a $250,000 first time buyer, y’all are probably laughing like that is a first time buyer like not 10 years ago at all. And I’m like, well, y’all, please, you’re young, you’re not even married yet. You’re, you’re you have the ability to paint this house literally with your own hands. And all the trim was either blue or green, or red. It was very, like French country. It was weird. And I’m like, people are not looking at this house because of this. And I’m telling you, it’s going to be like a showstopper if you just paint it. Yeah, they bought that house. And when they resold it, it was for over $100,000 More than they bought it. Oh, like five years later, because they painted it. They did some like kitchen renovations in the house just like yesterday. But I made them look at that house was not on their list. They did not want to get like they were like really? I don’t know. And I’m like just please come look at it. And then he proposed to her and one of the bedrooms with ugly blue carpet that they were going to rip out and sweep painted on the wall. Will you marry me? Oh, cuz they’re gonna pay in any way. That’s

Alissa 26:14
precious and IQ. Yeah, I

Katy 26:16
love that story. But anyway. Okay, so 99, zero 90% of recent buyers fail in their real estate agent to be very, or somewhat useful as an information source.

Alissa 26:29
Fine. Great. Good.

Katy 26:31
So happy to hear that. How long did they look? Did you catch the 10? Week? 10. Week?

Alissa 26:36
I think that’s about right. I have some long lingers, yeah, well, and I think are they picky? Um, yes. And I think they don’t have to move several of them like they would like to move, right. But then when rates went up in 2023, they just dragged it out longer. So in January, I sort of went through my Trello and just sent the same email. Hey, I’m updating my files. Wanted to see how you’re feeling about the home buying product I have. Is it gonna? Yeah, what are you still looking? How was the response? It was really good. Like, half of them were like, I’m tired of looking. It has to be this year. Like, let’s just do this. Okay. Like it’s, it is what it is. We’ve learned about the market. We’ve we’ve seen houses like we’re either going to buy or we’re not. And they’re like we’re gonna buy Yeah, and some of them were like, Let’s just wait. So it was nice to be able to update that pipeline know who to focus on. I

Katy 27:31
love that. Yes. All right. They looked for 10 weeks and they looked at seven homes for homes only online. So I’m like, is that part of the seven like you only looked at three in person or did

Alissa 27:42
you leave this I feel like I have not shown as high of volume as homes as I usually show. So yeah, because there’s there’s not much to see. And I kept the best practice that was developed during COVID of asking people to drive by Yep. Especially if I know the area and I know they need to drive by first Yeah, based on what they’ve told me they want yeah. And that has eliminated so much because nothing is worse than driving 45 minutes pulling in the driveway and the buyer saying I don’t want to go that was always my process. Yeah, even before COVID are late you must Oh yeah. drive by. It’s a great but I mean, you must it has been a game changer when working with buyers. Yeah,

Katy 28:26
but they should be driving by. That’s why they should and do start their search six months a year out start driving the neighborhoods. Eventually you’re just going to know which ones you like and which ones you don’t. This is my starred, underlined and highlighted O. O A L L all homebuyers Yeah, use the internet this year to search for a home now for the last 15 years. It’ll be like 8090 95 I think we were up to 97 What else are they using all homebuyers? Use the internet to search for a home you go that is what you say in your listing presentation. Hi all Mr. And Mrs. Seller. All homebuyers start online if your photos and staging isn’t on point, they’re not coming to your house, right? All of them the most valuable content it says was on websites where photos, here’s their checklist, yo photos, detailed information about properties, floor plans, and the agent contact information.

Alissa 29:30
I highlighted floor plans because I have had more and more people ask me for these like hey, like one of my clients is moving here from another state. So she’s asking for floor plans. And like they’re most of the listings in our market do not include them. I don’t include

Speaker 1 29:47
them. I didn’t but you could. The photographer I use would would do a floor plan. Yeah, it’s super expensive. I was probably another 50 or 100 bucks so I just never it’s not terrible did it but As the market has shifted here, and maybe your everything doesn’t get multiple offers, it’s not a bad idea. Yeah, because you’re answering questions for buyers, like

Alissa 30:08
one was ruled out based on the floor plan, like they knew, I do kind of wonder if more don’t get ruled out that way. And then if you’re in they don’t go see it. Thank

Katy 30:18
you. If you’re the listing agent, that might be a disservice because then you can’t get the feedback to tell your seller because people don’t go go you just then you think it’s the first one to know the layout. Come walk through it. See how it feels. Yeah, I know. A lot of people use the Matterport. You know, like the 3d walkthrough thing. Yeah, I think it comes with the floorplan. Yeah. But good to think about. Yeah. 92% of recent buyers, or at least somewhat satisfied with their recent home buying process. I found this to be shocking. Well,

Alissa 30:50
I wouldn’t find it to be shocking if it also included the last six months, right? Because buyers are getting so many concessions, like finally sellers. We’re starting to negotiate that makes sense. 23. Like I feel that in 2021 2022, you’re going over asking you’re letting them have post occupancy is to seller makes it right now, we had an agent in my office that just wrote an offer for her buyer, just for the heck of it. Because if they got all of their closing costs and prepaids cover and a partial rate buydown they needed 11,500 And closing costs. She’s like, let’s just ask it’s been on the market a while they agreed. They didn’t even counter great. Like, I think we’re gonna start seeing sellers are like, Oh, I guess I have to negotiate a little bit, which would make the buyers appreciate the process more

Katy 31:44
agree. I thought how are these people that happy was so hard to find a house. That part is hard. The other part that I didn’t tell you, the the people they interviewed did not necessarily make a purchase. They just also were searching. So some of the people that they interviewed failed at finding a house are still out there. And yet 92% were like we’re at least somewhat satisfied with our process. Okay, moving on to the home buying and real estate professionals. Are you ready? 89% of buyers recently purchased their home through an agent, that’s 89% pretty high. 6% purchase directly through the previous owner. Okay. 43% of buyers used an agent that was referred to them by friend, neighbor or relative. Okay, so 43% were referrals. 13% use an agent they worked with in the past, okay. 7% fail on their agent when inquiring about a specific property online. So there’s your online lead friends 7% failed their agent through a website without a reference, like maybe it was Google reviews or that they’re like, I don’t know, online? Yeah. The Internet. Okay. But here’s my question. Is the other 30% Because I did the math. Yeah. 33 referral. 13 Repeat seven online leads seven online. Other there’s 30% unaccounted for. I don’t know where their agent came from? Do they just not remember who their agent was?

Alissa 33:15
Maybe Open House sign call,

Katy 33:18
I guess. But I just thought that was really

Alissa 33:21
Yeah, you should include it to make the 800

Katy 33:24
burial. It’s probably in the 142 pages. True. Not the summary. But I was like, that’s interesting. Okay, are we ready to go on? Oh, no, we’re still we’re on financing. Now. Y’all. This is tedious. And this is why I want us to do Oh,

Alissa 33:38
are you have one more fact about professionals? Please go 71% Only interviewed one realtor as buyers as buyers. Yeah, I know. Okay, that’s important. 90% would use their agent again, but I wish they would have shared how many sellers in or like how many? Regardless, I think this number will change.

Katy 33:58
They did tell we’re gonna get to sellers. Okay. Don’t worry, my bad. We’re not there yet. Okay.

Alissa 34:02
But I do think the buyers interviewing is going to start changing as buyers start paying for their own realtors.

Katy 34:10
Exactly. Exactly. So right now they’re just like, whatever. Yeah, who cares? The first person that showed up buying yeah, thanks for opening the door, whatever. I don’t care. All right. 71% of buyers interview you just did 90% of buyers so that user agent again. Okay, so 80% of buyers finance their home purchase. We’re on financing. Yes.

Alissa 34:30
We I think makes sense that 80% This year did financing which is down from 2021 Where 87% financed because in 2021 rates were like 2% Yeah,

Katy 34:47
why you would you should find a as well finance even if you have the cash. Yeah, your money could make more money elsewhere. Correct, right? Yes. Yes. The in 2022 they’re 20 to 22% didn’t pay cash for their home 2021. It plummeted and now it’s back to kind of normal, I guess.

Alissa 35:04
Yeah, I’m definitely starting to see a few more cash offers pop up than I’m used to seeing. You’re

Katy 35:09
like, Oh, all right. The typical homebuyer had a household income of $107,000, up from 88,000, the year before, huge job, big job. That’s a big job. Okay, let’s go back to downpayment. I find it and I’m having to flip back and forth now. Source okay. 54% of buyers, the source of their downpayment was from savings 53% of repeat buyers cited proceeds from the sale of their house. Okay, so we’re selling a house. We’re using that money because everyone’s got equity now. Yeah. Okay. Mostly 23% of first time buyers used a gift or loan from friends and family. That’s pretty high percent. Yeah,

Alissa 35:49
I was gonna say that this year has been my year of contingencies. It’s back. It’s like they were not acceptable in 2021 2022. Yeah. And now they are acceptable again, and I’m seeing people just try to figure out all sorts of things. Yeah. You know, do I do a one time recast? Do I do a HELOC? Louisiana right now has some really awesome grants for teachers and first responders. And I’ve had people use those and get like, eight to $15,000 given to them grant. Yes, it’s a grant. It’s like it is there’s no penalty. I think when it comes to that and getting creative, having a lender that knows the option, that’s why you need a local lender. Okay, let’s have a story. flesh it out. Okay, once upon a time. Tell me about it. I had a buyer moving here from another state. They were once upon a time very once upon a time right now. They were very well off financially. Didn’t had told me they already spoke to their lender and everything. We found a house I go to write the offer. I asked the lender for a pre approval letter. Lender from out of state sends me a pre approval letter based contingent on the sale of their current home. Okay. I said based on my conversation with the buyers, they do not have to sell their current home. He says, Well, they do. So I called them and they were shocked. They’re like, Oh my gosh, like we feel so comfortable paying us. It doesn’t really matter how comfortable you feel paying it has to do with the DTI. Yeah. So we even got new insurance quotes, like anything to see if we could get it and no, no, no, no. And I kept saying, Well, you please come talk to this local lender here. Get with the local lender. She’s like, I mean, when I ran it through, it worked. She’s like, I don’t want under so she’s but she said I feel nervous because I know they’ve been denied by another lender. So she wanted to review everything on paper, like send me all your assets, all your debts, submitted it through underwriting came out approved with 2% despair. Right? Why? Like, because not every lender has the same. I think he was, yeah, he just wasn’t a problem solver. And every lender doesn’t have like, they could have different standards, you know, but I think that as we are getting into contingencies, and people are figuring out how to make that transition, you have to know what all of your options are our email template on buying and selling at the same time. So important. I have used it so much this year. It’s really robust. Yeah. And then here’s my list scenario, right, like things that you need to think about. People are so excited to look at homes, but you need to know what your plans are. You can’t be homeless, can’t be

Katy 38:34
homeless, you have to have a plan A, B, and C. All right, you want to talk about down payments? Sure. Typical down payment for the first time buyer was 8%, which was pretty high, honestly. Yeah. Which was the highest since 1997, which was it was nine then the typical down payment for repeat buyers was 19, which is the highest since 2005. When it was 21. Interesting. Yeah. Okay, for first time homebuyers. 38% said saving for a down payment was the most difficult step in the process. Yeah, especially if you need more, right. I mean, rents are high student loan debt is really high, I can see that it would be hard to save for your down payment. So you need to find that lender with the grants and the low down payments.

Alissa 39:19
And explaining to the sellers especially depending on that first time homebuyer price point why offering some concessions could be in their favor.

Katy 39:28
Right. Did we talk about the three reasons why people were buying? Yeah. Okay. Number one, do you have a guest? Do

Alissa 39:36
you know to be closer to friends and family? Yeah, there

Katy 39:39
you go. Number right. That was one that was yeah, it was number one. Oh, it’s just three then tell me which one’s the most Okay. Number two, the desire to own their own home. Okay, so why they want to have a home and number three is they need a larger home. Bigger workspace need more space, right? And then we’ll get into this Fellas later, but I thought that was, I mean, it makes sense. They gotta they want their own home. They want to be near their friends and family and they need a larger home. Yeah. Okay, let’s get back to the monies. Did you find out anything else interesting about the financing that you thought were important because I’m ready to move on.

Alissa 40:16
I’m ready to move on as well. Okay, great.

Katy 40:20
82% of people did report purchasing they viewed purchasing a home as a good investment. Well, yeah, that’s great. Okay, home sellers and their selling experience.

Alissa 40:31
Are you ready? Yes, we’re

Katy 40:33
on the sellers. Typical home seller was 60 years old. Same as last year, 63% of sellers reported moving within the same state and moving a median of 35 miles. So not very far. It’s a notable change, though, from 2020 to when 24% moved within the state because remember, people were like, I can work from home. I’m gonna go anywhere, right move. Let’s just move. So that’s gone away. And then the reasons why people were moving, we’re selling. Right? Okay, desire to be closer to your friends and family. 23% Because the home was too small 13% or a change in their family situation. 10% and this is what Glinda Baker calls the five days of she’s so smart. Diapers so new new baby baby diapers, death. Okay, divorce. Diamonds, engagement. Oh, okay. Are like getting married. Yeah. And debt. Like if you’re in a financial pickle, more situation? Or maybe you have extra money? I don’t know. I

Alissa 41:43
also found this year that a lot of my sellers who are older were buying bigger homes. Oh, that’s next. Yeah. And I saw that. Is that not why? Oh, that is so interesting to me. They

Katy 41:56
bought bigger or the same size? Yeah. So if you’re focusing on a lot of downsizing content that’s fallen on deaf ears, right. These people are moving maybe, but they’re not moving to a smaller home? No, a lot of my older clientele bought bigger than what they had. Yeah, fascinating. Fascinating. Over the last 10 years that Okay, wait, sellers lived in their home for 10 years. And basically that’s been the same for the last 10 years.

Alissa 42:26
10 has been kind of the average 10 years

Katy 42:29
how long these sellers have been in their house. So they should have great equity unless they refi like I don’t know too many times too many times. Right. All right. 48% of sellers did minor renovations before selling Okay, so 48% are getting ready 41% sold their home as is they’re like I don’t care not doing anything well percent a major renovation before selling the house or flippers. I don’t know. Oh, that was very interesting. Well, kind

Alissa 42:57
of like your house that you listed where they inherited it.

Katy 43:00
I was like you can do this but that would not be what I classified as a major renovation now they did paint and maybe a few repairs and clean up. Not major no countertops? No. No. 89% of home sellers worked with a real estate agent to sell their home. Okay. 7% sold via for sale by owner is funny and less than 1%. Were I buyers like they sold the computer.

Alissa 43:28
Theater take my house here at one theater or you list my house. I don’t care.

Katy 43:33
The final sales price was a median of 100%.

Alissa 43:37
Again, did not include the last six months 2023 and maintaining

Katy 43:41
the last the year before his highest record is that was the highest recorded since 2002. For the last two years. The 100%. Okay,

Alissa 43:49
okay, check back next year.

Katy 43:51
Right when things are more normal. recently sold homes are on the market for a median of two weeks. Do you feel like no much longer? Yes. Because in your mind right now, you’re just like they’re just hanging around hanging out? Long term that has correct because two weeks must be like the short short because that’s unchanged from the year before. So for two years, it’s just like they they sell so fast. Yes. Okay. 92% of sellers were at least somewhat satisfied with their selling process. Good. Great. So happy about that. You’re ready to hear what they said about realtors? Yeah. Okay. 65% of sellers fail in their agent through repeat referral. So friend, family neighbor, they use them before 65%. So if you’re spending a lot of time looking for new lead sources, but you have past clients or a decent sphere.

Alissa 44:44
What are you doing with your life? Yeah, this is where it’s at.

Katy 44:47
65% of people are going to go ask someone for a referral or use an agent they already used 81% of recent sellers contacted only one agent. Wow. Before finding the right I agent they worked with to sell their home. So y’all not many listing interviews were happening. That’s the pricing at 1%. That’s very surprising. Yeah. Okay, so if you’re worried Oh, no, they’re going to interview a bunch of agents. I don’t even know that sellers have the time or desire. Yeah.

Alissa 45:19
And I feel like this year I saw so much repeat and referral, that when you’re getting the referral business, they trust the referral. referrer. Like,

Katy 45:27
they said, You were good. So I trust you, right? You just don’t screw it up. At the interview? Yes. Like don’t screw it up when you get 46% of sellers use the same agent to purchase and sell their home. Okay. 46% feel like that’s so low? I’ll tell you why. Because they don’t all stay in the same market that share rises to 84% of sellers who purchase within 10 miles. I see. But you know what I find fascinating. 16% were like, I don’t even want to use you to buy a house within 10 miles.

Alissa 45:59
Yeah. I had a buyer in 2021. That was like, we have our house listed with the agent, it is under contract, he will not be helping it. I’ve

Katy 46:10
had clients find that same thing.

Alissa 46:14
I mean, if they’re really bad, it’s not crazy. This is I have a listing coming up. That called me in November to say how do I get out of this contract. I really disliked my realtor. It was not someone I had ever heard of it was not familiar, okay. I gave him some advice, but said I really can’t write be involved because I can’t go behind the sign. Like, I can’t help you or come to your home until your contract with your current realtor is terminated. So I gave him some advice, all of which the listing agent was like, I’m not letting you out of the contract. Like, no matter what I’ll, I’m holding you to that holding you to this. It was terrible. So he called me this week, and was like, Okay, it’s done my contracts. And he was like, I’m gonna be honest, my house is not ready, because I have been keeping it terrible, so that it would not sell under this guy because I didn’t want him to get $1 Oh my gosh. It cut my grass on purpose. He said and I’m OCD. So this has been driving me bananas. He was willing to just live he was willing to sabotage the listing so that this guy could not get a sale. I’m like, Okay, I cannot even believe that. That’s how mad I am about this. That’s how mad I am. I said, I hear you. So he must be thrilled that it’s over. It’s over. So he said give me like two weeks. got like, a house. I gotta get my flowerbeds back in order. I gotta Declutter. Like, I got to totally get my house back. Ordered by them asked me do he said and then when I’m ready, you can come by and tell me what’s left that I need to do.

Katy 47:53
Okay, that’s a weird one.

Alissa 47:56
How crazy he was like,

Katy 47:59
but you know, what’s wrong with realtors? I know Yeah, he doesn’t want to work with you let him go and he told the listing agent that I don’t want to work with you. Yeah, that should be all it takes. Right? Not it’s a contract and you have to stay in it.

Alissa 48:13
It reminded me in Finding Nemo when jock is trying not to clean the tank. Yeah, cuz they’re like trying to make it dirty. Think dirty think dirty. And he’s like

Unknown Speaker 48:23
to do it. Yeah, yeah, that’s been

Alissa 48:25
my guys since November.

Katy 48:27
I love that he sabotaged his agent he I wish I would love

Alissa 48:32
to know if there were any showings and if he like did anything to like, you’re like stayed on the couch scratch Haley. Hey, look around your nails in the living room.

Katy 48:42
Oh my word that’s amazing. Okay 75% of sellers reported they provided the agents compensation I’m not even gonna dig into that because I don’t get it right. But whatever. The typical seller has recommended this I have highlighted and underlined and starred the typical seller has recommended their agent once since selling their home 20% of sellers recommended their agent four or more times low since selling their home that’s you you need to stay in touch with your sellers that is you you need to tell them you love referrals you need to treat them very well. Yeah, that’s a lot

Alissa 49:26
that is a lot and I can think of four or five of my past sellers that have continuously sent me referrals over the year continuously.

Katy 49:37
I also want to take a pause and point out sellers means you had to ask them to pay you Yeah, you were like I’m gonna do a job and you’re gonna pay me and so to all my sweet buyer’s agents out there who were like I can’t do this. When you when you show what you’re gonna do you do what you say you’re gonna do you get paid you ask for the money. It was very transparent. You had to that’s how it works right. Then at the end the sellers Great, and I’ll tell other people to use you too, because the service is important. sellers need an agent. So as all of this turmoil happens with buyers agents pay attention to the fact that if you went to your buyer and said, This is what I’m going to do, and you’re going to pay me at the end, like people like transparency, the I don’t think you have a problem paying you for the service you’re doing. The system was set up weird. Yeah, we’re trying to on weird it. Okay, I love that stuff. I was like, Oh my gosh, so exciting. Okay. 87%. So they would definitely or probably use their agent recommend their agent for future services. So if someone asked they’d be like, 87% I’ll tell them to use you Sure. Let’s hit the For Sale By Owner one. Okay, it’s kind of cheesy. Do you think so important? 7% of recent home sales were FSBO. Seven, add is an all time low. Don’t let people tell you. In fact, when you meet people in the public, you’re like, I think your realtors are going away. You’ll be like well, the it was an all time low for sale by owner last year only 7%. So you tell me clearly 93% of people are sellers don’t think they want to they don’t want to go it alone. Yeah. The majority of for sale by owner sellers. 57% knew the buyer so they probably didn’t even list it. Yeah. Yeah, right. Oh, geez. Okay with in rural areas 14% sold for sale by owner compared to 3%. of sellers in urban areas. And I would probably say that’s more often family members, too. Yeah, like rural property kind of stays in the family. For sale by owners typically sell for less than the selling price of other homes. Y’all. This difference is huge. This year, wild, huge for sale by owner homes sold at a median of $310,000 last year, and the median of agent assisted homes. Say

Alissa 52:02
you want to do it $405,000 That is almost $100,000 swaying, there’s always been a gap. But this is the biggest the gap has ever been so

Katy 52:13
wild. Wild. Okay, good news. Somehow we made it through that. I’m gonna just sling back to the front and make sure there wasn’t anything that we missed tenure was important. And that 10 years, and I think we kind of caught it all the homes without people without children. Crazy, very interesting information. And I think that’s really pretty much all we need to know. Again, they had to answer 129 questions. So bless the

Alissa 52:42
I just can’t I’m actually excited for next year to see the difference. It is

Katy 52:46
going to be we already know. Yeah, we already that’s gonna be a big difference. Okay. Do you feel like we have time to talk about some member stats? Or is it just like too much? Do y’all feel like we need a two parter it like what are the highlights? Okay, I’ll try to hit them quickly.

Alissa 53:01
What are members sets? Member? Like?

Katy 53:04
How many people or how many agents are in NAR and what was going on? There? Not many. I’ll just give them to

Alissa 53:11
you. Right? Yeah, I’m ready.

Katy 53:13
All right. In 2022, at the beginning of 2022, inventory levels dropped to the lowest recorded since 1999. And as homebuyers entered the market at a frenzied pace to lock in historically low rates, that’s what affected that. Okay, by the autumn of 2022, mortgage rates had topped 7% putting a damper on real estate sales activity. So people flood in to be realtors. Yeah, when things are good, right. Wow, realtors are making a lot of money. Yeah, my license we’ve been in a transition. This year’s report reflects the experience of realtors. So they interviewed realtors, through a roller coaster of a year and into a more balanced market and toy three. Why didn’t you say at the end of 2021 there was 1.5 6 million Realtors 1.56 At the end of 2022 It was 1.58 Okay, so peak, that’s your peak, the median year of years of experience was 11. And that was actually an increase which I thought was interesting. Okay. Despite the churn and unique real estate market conditions looking forward so into the future 76% of realtors are very certain very certain they will remain in the market for two more years. Okay, they’re not going to quit okay 76% That means that I did the math for y’all 379,000 weren’t sure if they were gonna be mean add on maybe 32% of members practice that they they cite a lack of housing inventory was holding back clients from completing a transaction 18% cited housing affordability okay, we we know all of this. The typical member in 2022 had 12 transactions same as 2021 12. Okay. This is gonna blow your mind though the typical sales volume increased from 2021 2.6 million to 3.4 million and 2022. Well, they did the same number of transactions 12. But they increased almost a million in volume. Okay. Yeah. I also did a little math for you on that. That’s a 30% pay increase my friends. Yeah. Regardless of what your commission rate is, yeah, that’s just a 30% pay increase based on doing the same number of transactions. But the the, the values of the homes had gone up that much. Well, right. And I hope you saved it, because this next year, there will not be 12 transactions. Nope. Okay, median gross income of Realtors increased to 56,400. Rose. You got to pay your taxes. You got to pay your dues. You got to pay your broker, you got to pay for your car, whatever your business expenses are. The gross income of Realtors is $56,000. Wow. So still not? Not was that year for that was? That was for 2022. Okay, and it increased in 2021. It was 54,000. So not a big change. Okay. 52% of members who have two years or less of experience, this is where y’all might want to just plug your ears. What is read it again? 52% of members who have less than two years of experience made less than $10,000 in 2022. Yeah. So if you’re not one of those people, good job. Yeah. Camilla haired with 42% of members with more than 16 years of experience who made more than $100,000. So you’re, here’s the good news. If you can make it through, you will always increase.

Alissa 56:53
That’s why we say years one through three are the hardest, but the clock doesn’t start until you start doing what you’re supposed to be doing.

Katy 57:02
Yes. Okay. The inflation caused total expenses for realtors to go up to $8,210 from 60 220 21. So $2,000 more cost to be a realtor in 2022 Okay. Only 6% This is so fascinating. Real estate was your first career. Yeah.

Alissa 57:25
Nothing else bartending.

Katy 57:27
Not mine. That’s that was like your college job. Yeah, right. Only 6% indicated that real estate is their first career. Oh, all the realtors no matter how long they’ve been in it. Only 6% started here. Yeah, the majority of members were women, homeowners with a college education. And the median age of a realtor is you want to guess it

Alissa 57:49
4560 It hasn’t gone down at all. It’s gone up. Oh, it used to be in the 50s. I feel like I see so many young people get into it now. It feels

Katy 58:00
like there’s more. And maybe they’re more active. Because again, this doesn’t rank them by production, right? Just people with a license. And maybe when you’re 60 you’re like, Oh, hang on to it. I got sure I got some money. Yeah, don’t bother me. All right. I am just going to cover a couple of quick other things. The median hours worked per week. This cracks me up hardcore. Whether you were two years or less in three to five, six to 1516 or more. That’s how they broke them down. Every single category said they work 30 hours a week. Oh, interesting. That’s what they tell themselves. Yeah, you know, these people are not keeping their hours. And I can assure you that you either worked more. Not less. You probably worked more. Yeah, you definitely thought about it more than 30 hours. Do not lie to me. Yeah. It’s consuming. You can pretend maybe you only left the house for appointments. 30 hours, but there’s no way that is what you worked. Yeah, even when you’re slow. I just thought that was wild. And then the percent of repeat business from past consumers. The average for all realtors is 27% is their repeat business or what they recorded was, it’s 0% for two years or less. Obviously, you’ve never had any business but three to five years. 9% Listen to this jump at six to 15 years 21% of their business is repeat referral. That’s awesome. 16 years or more 43% Okay, and I can vouch for this. You can to them, you almost see it like turn on a like I just happen at year five, it just happens. And that is exactly what these numbers show fascinating, fascinating. Real estate as your only occupation so your full time agents are 78%. So maybe more than I would have guessed possibly. And then the demographics of Realtors 39 years old or younger. So all realtors only 7% What I’m only 7% or 39 are younger. Wow. Right? And 34% are in have been into for two years or less. Okay. Okay, but I started when I was 27 you started when you were 22. So we have always skewed youthful. Yeah, in the right. And just very interesting. Um, okay. And the homeownership rate, I think you should practice what you preach. Yeah. 89% of realtors. I don’t know if that’s important. Let me find 55% of realtors are affiliated with an independent company. 42% of Realtors were compensated under a fixed commission split. So under 100%, but they always got the same split from their broker. 42% 19% have a graduated commission split so it increases with productivity. Yes, it’s like it’s what you and 15% were a capped commission split. So it rises to 100 after a predetermined amount. Okay, okay, that tracks but I thought it was interesting. We’ve already talked about our gross income for professional use. Realtors were typically most active on Facebook, LinkedIn and Instagram. That’s right. Very interesting. And 70% report. Their primary specialty is residential. Okay, okay, great. Um, we’ve already gotten that. Okay. I think we’re pretty good on our realtor stats, but I have one last one that you just need to hear. Okay. Well, I mean, more than one. A typical member has 11 years of experience. It’s up from eight last year. The share of Realtors with less than one year of experience was 12%. This year, which is lower because it was 18. The last year so you see, less brand brand new. Yeah. And this year, it’ll be even less. Yeah, it’ll be dropping. We’re seeing it. Keep dropping. Okay, last year. This is a more recent stat y’all. So these reports I’m reading you obviously they don’t go right up to the elbows 22 stats for the members. But this is a recent stat from the Consumer Federation of America. 49% of agents in 2023 sold either one home or none homes. Wow. No thoughts at all? None. None. 49% of agents sold one or none. Fascinating. And I mean, they basically go into it. There’s 1.5 million agents nationwide selling between five and 6 million homes per year. Yeah. And you got to think there are a lot of agents that sell more than one home. Right, so 49% can’t even get a home. Yeah. I thought that was fascinating. Mm hmm. All right. That’s really all I have.

Speaker 2 1:02:53
And that’s a lot y’all could take a nap so much get a coffee. I

Katy 1:02:57
hope you got a coffee during it. And we’re gonna have a toast now for marinara friends. Yes, enjoy someone live getting given us their chives.

Unknown Speaker 1:03:05
Hi guys. Thank you. Bye