Jay Mattlin, Real Estate Broker with Key Realty

Real estate often seems like a fun, easy, high-paying career to outsiders. But it seems even more appealing to people when the market is hot, like it had been over the past few years. Couple that with a pandemic that caused people to either lose their jobs or simply look for something they'd rather do for a living, and the past few years saw the number of real estate agents swell to record numbers.

But now that interest rates have risen — causing many buyers to either hit the sidelines or get priced out of the market — a lot of real estate agents are calling it quits. In fact, 60,000 agents have left the business in just the last 6 months alone, according to 

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Real estate agents spend a lot of time in their cars! It's not only a means of getting from one appointment to another, it's also a mobile office, and pretty much a second home to many agents.

Unfortunately, a lot of that time is wasted sitting in traffic jams, driving long distances, or just going to back-to-back appointments all day. If only there were a way to make that time more productive…

A chauffeur to drive their car would be nice, but that's not in the budget for most agents. But a self-driving car might be!

Okay, there are probably laws that would forbid an agent from doing any of these things, but let's take a look at 8 things agents could do if they had a self-driving car and could truly put it on 100% auto-pilot:

1) Chill and Netflix…

No, that's not a typo — those words are in the correct order! (Although, depending on the agent and their love life, a little Netflix and chill in the car might be appealing…) Agents get a lot of great recommendations from clients about shows they should binge, but they don't have the time to watch an episode, let alone an entire series. If they had a self-driving car, they could finally see what all the rage is about with that Tiger King show!

2) Actually take a lunch (or dinner!) break…

Eating in their cars isn't something new for agents; they probably eat more meals in their car than they do at home. But it's usually something quick they can scoff down, or easy to eat while driving, like a granola bar. To have an actual leisurely meal (even if it's fast food) while the car drives itself would be heavenly.

3) Snooze control…

Agents are often up early and working late into the night, so they don't get a lot of sleep. Not to mention all the things on their mind that keep them up at night once they do get to bed! The only thing better than a full belly, would be to loosen the belt after a nice meal, recline the seat, and take a power nap, while letting the car cruise to the next appointment.

4) Clean out the backseat…

Take a peek into the backseat of an agent's car. There's a good chance you'll see brochures, files, half-full water bottles, empty energy drink cans, fast food wrappers, for sale signs, and probably some random paint cans from 1989 that a seller tried to leave behind so the buyers could do touch-ups, but the buyers refused to close until they were taken away, so they somehow ended up in the back seat of the agent's car. Don't judge! When you're constantly on the go, things can really start piling up! A self-driving car could give an agent time to do some tidying between appointments, and make room for the trash another seller leaves behind on closing day.

5) Beat other buyers' agents to the punch…

It doesn't matter if the market is hot or slow… when you find a house you want, your agent needs to get an offer written up and sent over to the listing agent ASAP to avoid losing it to another buyer! With a self-driving vehicle, your agent could whip out their laptop and crank out your offer the minute you leave the listing while gliding along to their next showing.

6) Quickly respond to Internet leads…

Agents need to respond promptly to anyone who calls them if they want to survive in this business, but they have to respond at the speed of light if it's a lead that's coming in off the Internet! People surfing the web looking to buy or sell a home want an immediate response. They'll literally choose another agent just because they replied within a few minutes, rather than carefully choose the best agent to help them with their needs. Unfortunately, it's kinda tough for an agent to respond when they're driving, so a self-driving car could allow them to speedily respond as the car speeds along.

7) Keep track of miles more easily

Agents can use the mileage they put on their cars as a write-off on their taxes… as long as it's well-documented. Keeping track of the mileage doesn't sound difficult, but it's the kind of thing agents forget to do in the midst of a hectic work schedule. Sitting back and just watching the miles tick up on the odometer as the car drives itself would be a great reminder (and the perfect time) for them to jot down the information in their records so they aren't scrambling to do it on April 15th each year.

8) Take a trip down Memory Lane…

Here's a fun fact: real estate agents turn their heads and look at every single house they've ever sold in the past as they drive by them. (If you've ever been in the car with an agent, you know this, because they'll also point them out and tell you they sold it…) But it's just a quick peek, because they need to keep their eyes on the road. Having a self-driving car would allow an agent to take a long gaze at the houses they've sold over the years, and fondly remember all the times they spent with the particular client they helped buy or sell them.

Whether you've been planning on buying a house in the near future or not, you've probably heard that people with higher credit scores are now paying higher fees, and people with lower credit scores are paying lower fees when getting a mortgage.

Hearing that might make you feel one of two ways if you're planning on buying a house:

• Yippee! I'm finally getting a fair chance. It's not fair that people who don't need lower rates and fees always get the better end of the stick, and now I have a chance at buying a home.
• Not fair! I've worked hard to improve and maintain a great credit score, and now I'm being penalized for it?! What was the point of caring? Does it even pay off to be careful with m...

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For whatever reason, most of us are aware of "Pi".

Mostly we just think of it as that number that goes on and on forever, with no end or solution. And we just know it as 3.14.

When and why do we learn about it in life? What good does it ever do us?

There's certainly a lot more to it…

For instance, it's a "constant" ratio in circles. And, it's an "irrational" number. They teach us that, too. Maybe that stuff sticks with us. Maybe not.

For most of us, just knowing the 3.14 part is good enough. There's no need to think about it much beyond that. Pi probably isn't going to affect you or me one way or another in life…

But…there is a rath...

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No matter how much buying a house makes sense for your long-term financial well-being, buying your first house can often just seem expensive and totally out of reach. That leads to many younger people putting off buying a home until later in life than they might have, if the costs were lower.

But there are plenty of younger people buying homes. Nearly 40% of people under 35 own a home, so it's by no means impossible or entirely unaffordable.

As you can see in the graph above, the homeownership rate goes up to just over 60% for those between the ages of 35-44, which is about where the homeownership rate is for the entire US, regardless of age.

Interestingly, if you look at the chart below, the homeownership rate has actually hovered between 62 and 68 percent since 1965. So, basically, the wheelhouse for homeownership begins around 35 years old.

This means that buying a home when you're under 35 gives you some precious years of building equity, wealth, and long-term financial well-being, while your peers are still renting, or living at home.

Here's How the Government Is Making It More Affordable to Do So…

Buying your first home is about to become a little more affordable due to a recent move by the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), to reduce how much mortgage insurance premiums are for FHA borrowers.

FHA loans are a common type of mortgage for many first-time buyers. They are insured by the federal government, and have less strict guidelines, which are helpful for a buyer with lower credit score, or a lower down payment to buy a home. However, when you put a lower down payment on a home, you have to pay mortgage insurance. The premiums for that mortgage insurance is what the FHA is lowering, and they will now be $800 less per year on average.

Not a bad chunk of change to save on a yearly basis. That said, it might seem like a drop in the bucket of what you'd need in order to make buying a home affordable.

If you want to join the ranks of the approximately 40% of younger homeowners, here are a few other ways to shave down the cost of buying your first home and making it even more affordable:

• You don't need to buy a big house. The chances are, you'll end up selling your first home and buying another (or two) in your lifetime. So don't think you need to be able to buy a house that will suit your future needs. Focus on buying a home that meets your needs for now, and in the near future. And don't get caught up in trying to impress your friends and family with how big of a house you have, because owning one at a younger age is impressive enough.
• Furnish it within a budget. Another great reason for buying a smaller house is that you don't have to spend as much to furnish it! The bigger the house, the more rooms it has… and the more furniture you have to buy. But even when you buy a smaller house and need less furniture, you should still try to furnish it on a budget. Look for good deals and discounts, rather than racking up a credit card bill that you'll be paying off longer than the more expensive furniture will last.
• It doesn't have to be your ideal location. If you have a specific town, city, or neighborhood you aspire to buy a home in, but it's more expensive than you can afford, you're probably better off buying somewhere you can afford right now vs. waiting to afford where you eventually want to live. Time, inflation, and rising home prices have a way of outpacing the ability to save for enough of a downpayment to buy a more expensive house. You're better off buying in another area now, and letting those economic factors help you grow your wealth and equity so you can trade up to a more expensive home in the area you truly want to live in a few years.
• Try and beat what you would pay in rent. This is a double-dip scenario: you pay less per month than you would in rent, and accrue equity and wealth while doing so! It's not always possible, but sometimes you can actually buy a home for less than you currently pay in rent. But the key word here is "try." You may need to look harder, or perhaps be less picky in order to make it happen, but it can be worth the sacrifice and effort! Doing this can put you way ahead of where you would've been financially in a lot less time.
• Learn to be handy. Owning a home comes with the need to fix, replace, or update things on occasion. Some things you'll need a pro to fix, and you should budget for that. But spending a little time learning how to fix, replace, or update something on your own can save you a lot of money. YouTube (and other online platforms) have made it possible to watch a how-to video on almost anything! (Heck, a woman and her children built an entire house just by watching them!)

Combining a few of those tips—along with the lower mortgage insurance premiums—will go a long way in making it more affordable to buy your first home now, rather than years from now.

The Takeaway:

Buying your first home is about to become a little more affordable due to a recent move by the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), to reduce how much mortgage insurance premiums are for FHA borrowers by $800 per year on average.

While that may not seem like enough money to make buying your first home more affordable, you can shave down and control the cost on your own by:

• Not buying too big of a house
• Being flexible on where you buy
• Staying within a budget when furnishing it
• Learning how to do some repairs to it on your own.