Let me explain why a 7.38% interest rate is a massive issue even if it’s “historically low” like I’ve been reading.
The median sale price is Q1 of 2023 was $436,800.
The median household income today is $70,784.
1/7
Wow, Dell announced last week that they won't promote any of their employees who work from home on a permanent basis
Only employees who work 3x a week are up for promotion
First time I've seen a policy like that implemented and certainly one creative way to get people back in
The 6% commission when buying or selling a home is now GONE.
This will create a huge shift in the dynamics of home buying.
Usually the 6% fee would be split equally at 3%.
It’s unclear what will happen now as far as splits but the number of real estate agents is going to
Harvard Business School Class of 1986 survey reveals some incredible stuff:
- Median net income: $350k
- Median net worth: $6 million
- 19% report a net worth between $20-$100 million
- 3% met their spouse at a bar
- 1 in 4 people own more than 25 shoes (58% women, 15% men)
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Put yourself on a roadmap of things you want to achieve.
- Get in shape
- Start that business
- Build relationships
You have a purpose, you’re not going to fulfill it by being lazy!
7.38% is the average mortgage rate currently.
How is anything going to transact unless it’s a cash offer?
Never seen anything like it especially where home values are right now.
Friend told me today that he spoke with a large franchisor of Wingstop’s (30+ stores).
Franchisor said their margins were getting crushed when chicken prices went thru the roof during Covid and they had to raise prices a few times as a result.
Now that chicken prices are back
Columbia University owns 320 properties worth more than $4 billion.
They are the largest private landowner in New York City.
Since they are a non-profit they are exempt from paying taxes almost all taxes.
They save $182 million annually because they have this status.