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Welcome to the latest edition of the Agave Home Loans newsletter. Here's a recap of how our March finished up:

• We helped 97 clients close loans for a total of $32,238,244 in loan volume.

• The average size of a closed loan was $332,353.

• We had three promotions.

• We're approaching 600 5-star reviews on Google alone.

 It's a new market. Rates on a 30-YR fixed mortgage have climbed from the mid-4's to the high-5's. Home equity is the highest ever and inventory can't catch up quick enough. Our team members have stayed solution-focused helping clients renovate, pay off debt, and invest, while also persuading sellers to choose our buyers. Where there is challenge, there is opportunity. 

A Cowboy's Life

   I'm not a cowboy. Far from it. I grew up in the 'burbs and the closest thing I'd come to a horse was the TV screen during the Kentucky Derby.In 2020, I married into a cowboy family. One brother-in-law is a team roper and the other is an ex-saddle bronc rider. If you’re not sure what a saddle bronc rider is, check this out. To say the least, it doesn’t look that fun.This past weekend, one of them got married at what I would call a cowboy wedding. I was a groomsman and spent the week with his friends and both families.It was a beautiful weekend about 8 miles outside of Payson, Arizona, just a stone’s throw from the bride’s family home.The groom had wrangled me some boots and my very own hat, pictures to follow… I wore them proudly while carrying out my groomsman duties in polishing off the Crown Royal.What I came away with was this: it doesn't matter how similar or vastly different our backgrounds, professions or apparel choices are.In fact, on the surface, I probably couldn't have been more different from the majority of those who were there that weekend.Deep down, though, I think we all felt a shared sense of love and celebration.And it dawned on me that weddings are a great reminder of the importance of community.All of us cowboys and city boys (and girls) all came together not just to celebrate the union of two people embarking on their new life together, but to collectively support them on their journey.We all enjoyed each other's company, shared some laughs, and yes, imbibed more than a few toasts of Prickly Pear Margarita.

- Marshall Gottlieb, CEO

Housing News Roundup 

• Monday’s release of NAHB builder sentiment data revealed the index declined for the fourth consecutive month in April. The decrease was primarily due to slower buyer traffic amid rising mortgage rates. This month’s index came in at 77 compared to 83 last April, with 50 being the cutoff between builders having confidence and not having confidence in the housing market.

• Housing starts rose at a rate of 0.3% in March, but it’s important to break this large-scale metric down: 

  • The gain came from multifamily (e.g., apartments) construction projects. Multifamily construction rose at its highest pace since January 2020. 

  • Single-family housing starts actually dropped 1.7% in March, and permits for future single-family homebuilding dropped 4.8%. 

All told, there still remains a massive backlog in new home construction due to supply chain issues, high materials costs and labor shortages in key fields. The U.S. residential solar industry broke records in 2021 –residential solar installations grew 30% year-over-year at the highest annual growth rate since 2015 and are forecasted to remain at elevated growth levels through 2032.  

Source: Rocket Mortgage

AGAVE HOME LOANS

MORTGAGE BROKERAGE

PHONE 888.300.3440
EMAIL [email protected]
WEB www.agavehomeloans.com
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