Changing rates, roles, and responsibilities: Adapting to today’s housing reality

The average 30-year fixed mortgage rate fell to 6.17%, its lowest level since October 2024. While that drop creates a potentially favorable moment for buyers, experts caution that home-purchase and refinance volumes won’t surge immediately because high home prices and other constraints remain.
 
Pending U.S. home sales rose 0.7% year over year during the 4 weeks ending November 2, the smallest increase in 4 months. Many potential buyers remained cautious despite lower mortgage rates, deterred by high prices and widespread economic uncertainty. This is a continuation of a yearlong trend: Just 28 of every 1,000 U.S. homes changed hands this year, the lowest turnover rate in decades.

The median age of a first-time buyer is 40, up from just 29 when the National Association of REALTORS^® began tracking the data in 1981.

For decades, that number hovered in the low 30s, but since 2021, affordability pressures, rising rates, and limited housing supply have pushed homeownership further out of reach for millennials.

First-time buyers made up only 21% of all home purchases last year, half the historical average. In contrast, repeat buyers (median age ~59) and cash buyers are dominating the market, often wielding home-equity or all-cash offers to outpace younger buyers.

In total, 26% of all home purchases last year were all-cash deals, another record high.

The ownership ladder is splitting. Younger buyers, even those with good credit, are being priced out by older homeowners leveraging equity instead of income. That means a shrinking pool of first-time borrowers and a growing importance of products catering to downsizers, move-up buyers, and equity-rich clients.

The home buying process has always been deeply personal. In today’s market, it’s also becoming increasingly digital, data-driven, and complex.

A recent report from Cotality  explores how home buyers are navigating this evolving landscape where every step – from browsing listings to securing insurance – involves a growing number of participants. The findings reveal a process that’s faster and more connected than ever before but also leaves many buyers feeling uncertain.

Nearly 60% of Gen Z buyers describe the search for a home as “overwhelming,” and 93% of all buyers report at least one moment of confusion or doubt along the way.

For agents and industry professionals, these figures underscore a truth already known to many: Today’s buyers are armed with information but often lack clarity. While technology can surface listings and automate more steps, it can’t yet fully replicate the trust, context, and human understanding that are core to strong client relationships.

Cotality’s research indicates that while 88% of buyers still want a person involved when finding a home, they also expect those professionals to use the same tools and insights they've grown accustomed to elsewhere. This includes real-time data, personalized guidance, and transparency.

Agents who can interpret market signals, explain risks, and tailor advice for their clients are quickly becoming distinguished in an industry where speed alone is no longer enough to guarantee success.

This shift doesn’t diminish the role of agents. Rather, it redefines it. The modern agent isn’t just a gatekeeper to listings, but a translator of complexity, someone who can bridge data with decision-making and help their clients move from uncertainty to confidence.

As Amy Gromowski, Head of Data Science at Cotality, puts it, “You’re looking for someone who helps you understand with confidence — and that’s not a machine, not yet.”

Looking ahead, the strongest results will come from strong partnerships between people and platforms, intuition and insight. The agents who thrive in this environment will be those who are able to harness technology to amplify their existing expertise and help clients see the why, not just the what.