Guess what?

Millennials, who were the dominant force in the housing market a year ago, have taken a step back. It's been a significant drop.

Now, why are millennials pulling away from the real estate scene?

The primary reason is interest rates.

The real question is, who has taken their place as the leading group of homebuyers? Who's currently driving the market?

Well, it might surprise you, but it's the baby boomer generation, and they're making a strong comeback in the housing market. In fact, cash buyers account for 27% of the recent transactions, and many of them are likely baby boomers with disposable income, not overly concerned about interest rates.

They see opportunities in the market now that they didn't have a year ago when they were competing with numerous other buyers.

So, as you adapt your marketing strategies to changing market dynamics, consider focusing on baby boomers within your sphere...

We're still in a highly competitive market. There's still lots of multiple offers happening. The market is changing, but there's still high demand out there.

So I want you to think about what can you do to incentivize people to take my offer over maybe a cash offer if my buyer is being financed.

What would be a unique strategy for that?

One unique strategy I found from one of my top producing teams is this:

They use a closing guarantee. Maybe you're already using one, but if you're not check this out, here's what they do:

When they write an offer, they include a closet that says, "Hey, listen, just for accepting our offer and considering us, we're gonna guarantee that we're gonna close it by this specific date. And if we do not close it by that specific date, we're gonna give you a non-refundable earnest money of $10,000, $5,000, $20,000."

By using that closing guarantee, what you're doing is providing clarity to the seller, so they...

A new study from NAR shows what's going on with home buyers and it's really, really powerful data.

When we look at home buyers, these 2000 groups, we found that 52% of them had been pre-approved. So they've gone through the process and they're pre-approved.

When you look at the reverse of that number, that means 48% have not. About half the buyers you're competing with when you're in a multiple offer situation are just pre-qualified. They're not pre-approved.

Now you need to make sure that number one, you're having a conversation with your buyer about the importance of being pre-approved. And secondly, educating your sellers about the difference between the two.

One thing that I would encourage you to do is have a conversation with your buyers as a starting point. So here's what I would say with my buyers:

I'd say, "You know, we're still in an extremely low inventory market. Things are changing a little bit and a few more...