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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 76 October 2024 J O U R N A L be willing to compromise on certain as- pects of their dream home for a commu- nity that is ideal for their household, it is clear that the concept of community has pushed many buyers to expand their idea of the "dream house" to include living in a "dream community." In addition, about one-third of them intend to get involved in their new areas through entrepreneur- ship or civic participation. Stephen Votino, CEO and Broker of CENTURY 21 Triangle Group, said he observes a lot of this mentality among his own clientele. "Home is the community," Votino said. "Although the roof over their heads and the walls surrounding them provide security, their way of life is entwined with the community. We feel connected and like we belong when we are among the people, things, and places where we work, play, and reside." While many Americans emphasize having a connection to their local com- munity, roughly 89% of Hispanic Amer- icans believe that having a connection to their community is crucial. Hispanic Americans report slightly higher levels of pride during the homebuying process at 39%, compared to all other recent homebuyers, in a subset study focused on Hispanic respondents titled, "Pride, Prosperity & Participation: The Communi- ty-Focused American Dream for Hispanic Recent/Intending Homebuyers," accord- ing to Century 21 Real Estate. This is because a new home signifies the ability to nurture one's own or one's family's future within a community. It was also mentioned that, to this group, communi- ty is an arrangement in which everyone may contribute positively and receive assistance in return. According to 92% of recent and prospective homeowners, it's critical that their realtor possesses knowledge of the community's future growth. "In today's housing market, the role of the real estate agent is more critical than ever," said Michael Miedler, Presi- dent and CEO of Century 21 Real Estate LLC. "It goes far beyond helping clients through the buying process but also having first-hand knowledge of the com- munities that homeowners are moving into to help them establish a connection and envision the life they are looking to build for generations to come. Having these key insights into the minds of today's consumers allows the CENTURY 21 network to truly drive value for their clients and create an experience that will remain with them long after they hand over the keys to the house." The most content and optimistic millennial homebuyers were those who recently bought. All recent homebuyers, however, are affected by high levels of anxiety (24%) and uncertainty (20%), with slightly lower percentages for younger generations. As a result, agents may help ensure that homebuyers have a great experience by offering advice on how to resolve issues and concerns. Compared to all recent homebuyers, recent Gen Z homebuyers in particular expressed slightly greater rates of joy and thankfulness and a lower rate of hope. New or aspiring homeowners place a higher value on living space, proximity to their current neighborhood, and lifestyle than they do on finances. Moving is often motivated by factors such as lifestyle and space, but proxim- ity to friends and family is also a major factor. Furthermore, the percentage of homebuyers who move for economic reasons is lower than the number who consider lifestyle and community factors. It's interesting to note that males seem to value friendship and family relationships more than women do. Today's homebuyers—especially millennials—are picking neighborhoods where their families may prosper and where they can have an impact, in addition to neighborhoods they will love to live in. New or beginning homeowners are inclusive and have an open attitude. 92% of people want to live in a community that values diversity, and 90% of people do not think that one's political allegiance should prevent them from forming relationships with those around them. Although the general trend among gen- erations is to get along with neighbors de- spite differences (90%) and express a desire to "build community with my neighbors regardless of their political beliefs," Gen Z (85%) agrees more with older generations than millennials (94% agreement). ASKING RENTS FOR NEW BUILDS SLIP TO LOWEST LEVEL SINCE 2022 T he second quarter saw a 6.2% decrease in asking rents for newly built units to $1,746—the lowest amount in over two years. This is support- ed by a recent analysis from Redfin.