In this episode of the WiRE podcast, the hosts discuss various trending issues impacting the real estate industry including housing affordability, mortgage rates, and changing buyer demographics. The discussion throws light on how the median age of buyers is increasing, leading to a shift in buyer preferences and demands. The recurrent theme through the discussion is the need for industry agents to be proactive and informed to succeed in the constantly evolving marketplace.Housing Market TrendsHome price growth is slowing but remains widespread: While home prices are still rising in 87% of metro areas, the pace of growth is decelerating. (Source: "Home prices are rising in 87% of metro areas, but growth is slowing").Inventory remains tight: The inventory of homes for sale dropped noticeably during election week, falling from 735,718 to 721,576. Inventory growth struggles to keep pace with demand. (Source: "Housing inventory drops noticeably on election week").Aging in place further constricts supply: More Americans opting to stay in their homes longer exacerbates existing inventory challenges. (Source: "Housing supply will be impacted as more Americans age in place").Rentership growth outpaces homeownership: Rising home prices relative to renting costs are driving continued growth in the renter pool. Multifamily construction, while currently slowing, has helped address demand in certain regions. (Source: "Surging home prices lead more Americans to stay in the renter pool").Mortgage Market DynamicsMortgage rates remain volatile: Despite the Fed cutting rates again, mortgage rates continue to fluctuate, recently reaching a multi-month high. The average 30-year fixed-rate mortgage is now at 6.79%, impacting affordability. (Source: "Fed action not enough to keep mortgage rates from surging").Mortgage demand declines: Higher mortgage rates have resulted in a sixth consecutive week of declining mortgage applications. Purchase activity has fallen to its lowest level since mid-August, and refinance activity is at its lowest point since May. (Source: "Mortgage demand has fallen 41% since Fed's 50 bps cut").Delinquency rates decrease slightly but remain elevated year-over-year: The seasonally adjusted delinquency rate dropped slightly in the third quarter, but remains higher compared to the same period last year. (Source: "Mortgage delinquencies decrease from second-quarter 2024: MBA").Competition intensifies in the mortgage space: Lenders like Rocket Mortgage and UWM are rolling out pricing incentives and new products to attract brokers and borrowers in a challenging market. (Source: "In a sluggish market, Rocket Mortgage courts brokers with pricing incentive", "UWM delivers highest volume in three years amid mini refi boom").Industry Insights and ChallengesLeadership deficit in the mortgage industry: Concerns arise about promoting top producers into management roles without adequate leadership training, leading to potential leadership gaps. (Source: "Ginger Bell and Fobby Naghmi on leadership deficits in mortgage").NAR highlights record low first-time homebuyer share: The share of first-time homebuyers hit a historic low, underscoring the affordability challenges they face. (Source: "NAR Finds First-Time Homebuyers at Historic Low — RISMedia").Focus on leveraging micro-market shifts: Real estate professionals are advised to capitalize on localized market changes and educate clients on the potential impact of future interest rate drops to drive urgency and capitalize on opportunities. (Source: "How Realtors can leverage micro-market shifts to drive urgency and capitalize on opportunities in a challenging market").Importance of mentorship for new loan officers: High failure rates among new LOs emphasize the crucial role of mentorship and self-education for success in the industry. (Source: "New LO survival 101").Growing interest in reverse mortgages: Guild Mortgage reports increased interest in reverse mortgages, highlighting their potential to serve an aging population and tap into home equity. (Source: "Terry Schmidt says Guild is seeing more interest in reverse mortgages").Potential Policy ImpactsTrump's trade policies create uncertainty for homebuilders: The return of tariffs could result in price increases for building materials, adding pressure to the already strained housing market. (Source: "Trump tariffs would result in homebuilder price increases").Potential impact of GOP-controlled government on retirement and housing policies: The shift in political landscape raises questions about potential policy changes affecting retirement plans and housing affordability. (Source: "How will a GOP-controlled government impact retirement policy?", "Will Trump, Project 2025 gut HUD?").Predictions and OutlookNAR forecasts a rebound in existing-home sales in 2025: The National Association of Realtors predicts an improved outlook for home buyers in 2025, with sales projected to reach 4.71 million. (Source: "NAR ...