ONE THIRD OF THE WAY TO GO

Here we are…8 months into the year.  A break from the summer heat waves, vacations wrapping up, schools will start in just a couple weeks, football is almost back, and here are the 3 things you need to know this week. 

Shallow End:  Only 36.6% of Americans under the age of 35 own a home. 

The U.S. homeownership rate just hit a 5-year low. Is a generation getting squeezed out?  According to the National Association of Realtors there were a little more than 1.1 million of first-time buyers in 2024.  This represented the lowest number of first-time buyers since 1989.  The average age of the home buyer in 2024 was 38 years old; in the 1980s, the average was in the late 20s.

Nepo-Homebuyer: Almost 1 in 4 young homebuyers got help from their family this year.

Whether that’s a down payment gift, a loan, or an early inheritance, it's more common than people think.
According to a Redfin survey almost a quarter of Gen Z and Millennial buyers recently used family money to make it happen, either as a cash gift or inheritance. See the article for 3 do’s and don’ts when setting your kids up with real estate.  3 Do's and 3 Don'ts when setting up your kids for purchasing real estate

You’ve Got Options: Charlotte Area housing inventory increased 35.9% annually. Nears highest level since 2018.
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Per Canopy MLS data, close to 11,500 homes were for sale across the entire area — up 35.9% from about 8,450 a year ago and up 4.2% from roughly 11,000 a month ago.  This is pushing Charlotte, NC closer to a  balanced market at 3.2 months of inventory.  On a positive note for home sellers; despite the inventory increase  median home sales price climbed 2.7% to $417,250 in June.

I hope you all enjoy your first weekend of August and the cooler temps! Have a great weekend and remember; We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble.