Byron Lazine, Tom Toole, and Lisa Chinatti discuss spring home shopping seasons past and present, the increase in pending home sales, Boomers vs Millennials, a tale of two housing markets, the best advice for agents in Q2, and the class action commissions lawsuit.

Byron Lazine, Lisa Chinatti, and Tom Toole discuss comments on the economy, housing, and the job market from Jerome Powell, the impact of the Fed rate hike, new construction, lead generation, and the year-over-year increase in existing home sales.

https://www.cnbc.com/2023/03/23/the-inflation-force-that-has-fed-risking-rate-hikes-with-banks-on-edge.html

Byron Lazine and Tom Toole discuss declining mortgage rates after the SVB collapse, the increase in housing starts, the best way to fight inflation, and accidental landlords.

Use the discount code BAM23 for Virtudesk to hire your first virtual assistant today and save $250 on the start-up fee: https://bit.ly/Virtudesk-BAM

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

Join the 5AM Call: https://5amcall.com/

Timestamps:

00:00–01:30 Intro

01:30 Falling mortgage rates amid banking turmoil

04:57 Who’s to blame?

08:46 How the housing market reacted

10:08 Why the Fed should leave the interest rate as it is (no hikes or cuts)

12:40 Smart investments for 2023

13:41 Accidental landlords (Fortune article)

16:51 “When you hit 6.5%, the demand picks up.” (KCM chart)

18:45 Data vs drama: What top agents do when the going gets tough

24:34 “At 5%, we’d free up inventory, which is what we need…”

26:27 Some basic skills on how to work with investors.

30:26 Use spreadsheets to calculate investments (ROI for multiple scenarios)

35:20 The biggest opportunity for agents to work with investors

36:51 Housing starts are up

Show Resources:

https://www.housingwire.com/articles/mortgage-rates-declined-amid-banks-failures-whats-next/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=2&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://www.housingwire.com/articles/housing-starts-rise-as-buyer-demand-rises/?cx_testId=19&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXQEK4SQSVBN#cxrecs_s

https://www.housingwire.com/articles/latest-housing-starts-data-is-good-for-mortgage-rates/

https://fortune.com/2023/03/13/housing-market-homeowners-who-held-onto-low-mortgage-rates-are-becoming-accidental-landlords-renters-real-estate/

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

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—----

Connect with Byron Lazine: https://www.instagram.com/byronlazine

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/

Connect with Lisa Chinatti: https://www.instagram.com/lisachinatti/

# # #

Lisa Chinatti and Tom Toole discuss Fed Chairman Powell’s remarks at the Senate hearing, climbing mortgage rates, the 6.5 million housing unit shortage, predictions for the March FOMC meeting, conflicting data for unemployment, and how to articulate the challenges buyers and sellers are facing in the current market.

Use the discount code BAM23 for Virtudesk to hire your first virtual assistant today and save $250 on the start-up fee: https://bit.ly/Virtudesk-BAM

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

Join the 5AM Call: https://5amcall.com/

Timestamps:

00:00–00:41 Intro

00:41 Fed Chairman Jerome Powell, Senate Q&A, and Wall Street sentiments

05:29 Low inventory—on top of high mortgage rates, inflation, and pent-up demand

07:12 Housing shortage of 6.5 million units

08:50 How do agents articulate the challenges buyers face in today’s market?

10:28 Affordability will remain an issue—especially at median price points

13:58 The rate of housing starts would need to triple to keep up with demand.

17:03 The impact of the decline in builder confidence in Q4 2022

17:24 Gently used homes vs new construction

20:03 Here’s how volatile the market is

21:51 Lisa’s and Tom’s predictions for the March FOMC meeting

24:09 Conflicting data with the jobs report, unemployment, and wage growth

33:18 What are you coaching your team on right now—starting with the seller side?

38:58 What about the buyer side?

42:03 The innovation that matters most—and what advanced agents are doing

Show Resources:

https://www.npr.org/2023/03/07/1161623217/federal-reserve-jerome-powell-senate-inflation-interest-rates-economy-recession

https://apnews.com/article/inflation-federal-reserve-interest-rates-powell-unemployment-79b7ead4530ab381a17638a6c9df2d90

https://www.housingwire.com/articles/mortgage-rates-climb-as-fed-signals-more-aggressive-rate-hikes/

https://www.cnbc.com/2023/03/09/february-is-expected-to-have-been-a-strong-month-for-hiring-and-wages.html

https://www.housingwire.com/articles/the-housing-market-is-6-5-million-units-short-realtor-com/?cx_testId=6&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXAPB9I50LOS#cxrecs_s

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn

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—----

Connect with Byron Lazine: https://www.instagram.com/byronlazine

Byron Lazine, Tom Toole, and special guest Lisa Chinatti discuss the return of 7% mortgage rates, persistently low inventory, and the mortgage rates forecast. They also weigh in on whether the Fed screwed up and made things worse.  

Use the discount code BAM23 for Virtudesk to hire your first virtual assistant today and save $250 on the start-up fee: https://bit.ly/Virtudesk-BAM   

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1 

Join the 5AM Call: https://5amcall.com/   

Timestamps:  

00:00–00:36 Intro 

00:36 Mortgage rates at 7% 

01:54 “You are in the business of information”  

04:16 Refi rule of thumb 

13:17 What to tell buyers thinking about taking a break from home shopping 

16:12 Multiple offers are back 

17:34 Activity always breeds activity 

21:54 Baby Boomers and condo owners 

31:49 Pain points are what cause people to move 

33:08 Has the Fed screwed up? 

37:32 More people expecting a rate hike of 50 bps 

39:19 Scripts for lockbox communities 

47:10 How are you changing your approach in 2023 to win more listings?

Show Resources:  

https://www.housingwire.com/articles/the-7-mortgage-is-back-with-a-vengeance/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXZNOASUT0V6#cxrecs_s 

https://www.housingwire.com/articles/real-estate-agents-wonder-if-inventory-levels-will-ever-return-to-normal/ 

https://www.bankrate.com/mortgages/will-mortgage-rates-go-up-in-march-2023/#spread 

https://finance.yahoo.com/news/fed-screwed-real-estate-billionaire-153000335.html   

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.   

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.  

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn   

Check out BAM: https://nowbam.com/    

—---- 

Connect with Byron Lazine: https://www.instagram.com/byronlazine   

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/ 

Connect with Lisa Chinatti: https://www.instagram.com/lisachinatti/ 

#interestrates #housingmarket2023 #interestratehike

Byron Lazine and Tom Toole discuss the latest FOMC meeting minutes, rising mortgage rates and falling inventory (again), the housing market’s loss of $2.3 trillion in home values, Fannie Mae’s revised forecast for 2023, and the best business plan for real estate agents in 2023.

Use the discount code BAM23 for Virtudesk to hire your first virtual assistant today and save $250 on the start-up fee: https://bit.ly/Virtudesk-BAM

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

Join the 5AM Call: https://5amcall.com/

Timestamps:

00:00–00:52 Intro

00:52 FOMC meeting minutes

02:55 A bumpy road for the housing market–with downward pressure on home prices

08:34 The data suggests the best time to be a home seller is Q1

09:02 The data also suggests Q4 as the best time to be a home buyer

18:41 A script every agent should use and why

21:51 No one ever moves to time the market.

23:38 Redfin’s report on home value loss of $2.3 trillion

27:04 Fannie Mae revised forecast for 2023

29:09 Business plan for 2023: Spend 80% of your time having conversations

32:15 How do you do this: Hire a virtual assistant!

Show Resources:

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20230201.pdf

https://www.housingwire.com/articles/housing-market-tracker-mortgage-rates-spike-as-inventory-falls/

https://fortune.com/2023/02/22/housing-market-correction-home-prices-decline-real-estate-2-3-trillion-dollars/

https://www.inman.com/2023/02/22/modest-recession-could-put-a-lid-on-2023-home-sales-fannie-mae/

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn

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—----

Connect with Byron Lazine: https://www.instagram.com/byronlazine

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/

#realestatepodcast #realestateagent #housingnews

Byron Lazine and Tom Toole discuss rising mortgage rates, the recent rallying of homebuilder sentiment, falling inventory, inflation causing an uptick in mortgage delinquency, and the meaning of value-based follow-up (including examples).

Check out the latest BAM live cold-calling event with circle prospecting: https://www.youtube.com/live/7Zbv4LScJic?feature=share

Use the discount code BAM23 for Virtudesk to hire your first virtual assistant today and save $250 on the start-up fee: https://bit.ly/Virtudesk-BAM

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

Join the 5AM Call: https://5amcall.com/

Timestamps:

00:00–00:40 Intro

00:40 Just two weeks ago, we were at 5.99%

02:18 Byron’s prediction for 2023 with mortgage rates and pent-up demand

04:15 Mortgage demand plummeted 7.7%

04:30 Glen Kelman interview on CNBC: “Half the inventory we had in 2016-2019”

06:51 KCM chart on buyer demand at different mortgage rate levels

11:26 70% of agents have no experience with a down market

15:15 Homebuilder sentiment is up

23:07 Watch the Hot Sheet to be as informed as you need to be as an agent

29:59 Takeaways from Glenn Kelman’s comments on the CNBC video

34:20 Mortgage rates will probably hit 7% within a week

35:14 What agents should be focusing on right now

37:11 Value-based follow-up

Show Resources:

https://www.housingwire.com/articles/housing-market-tracker-inventory-drops-as-mortgage-rates-move-higher/?cx_testId=8&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXAPB9I50LOS#cxrecs_s

https://www.cnbc.com/video/2023/02/15/mortgage-rates-move-higher-along-with-homebuilder-sentiment.html

https://www.housingwire.com/articles/mortgage-rates-inch-closer-to-7-in-the-midst-of-a-strong-economy/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://www.housingwire.com/articles/weaker-economy-inflation-caused-mortgage-delinquency-uptick-in-q4/

https://www.cnbc.com/video/2023/02/16/were-still-at-half-the-housing-inventory-of-2016-through-2019-says-redfins-glenn-kelman.html

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn

Check out BAM: https://nowbam.com/

—----

Connect with Byron Lazine: https://www.instagram.com/byronlazine

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/

Byron Lazine and Tom Toole discuss the record low for housing affordability for Q4 2022, Altos research 2023 predictions, mortgage rate volatility, and shifts in inventory levels over the past one to four years.

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

Join the 5AM Call: https://5amcall.com/

Timestamps:

00:00–00:43 Intro 

00:43 Inventory levels and shifts over the past 12 months/four years 

07:14 This is a five-year (at least) problem 08:02 Housing affordability at a record low at the end of 2022 

21:13 Real estate investors 

28:28 Biden’s SOTU speech and Byron’s breakdown 

27:52 Young adults on the move 

35:15 The number one reason people don’t want to list their homes 

39:36 Why agents should be having conversations with local decision makers

Show Resources:

https://www.housingwire.com/articles/housing-market-tracker-inventory-and-purchase-applications-data-fall-together/

https://www.housingwire.com/articles/housing-affordability-ends-2022-at-record-low/

https://www.housingwire.com/articles/altos-research-housing-market-predictions-for-2023/?cx_testId=9&cx_testVariant=cx_1&cx_artPos=5&cx_experienceId=EXAPB9I50LOS#cxrecs_s

https://www.housingwire.com/articles/mortgage-rates-rise-for-the-first-time-in-2023-is-volatility-back/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=6&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://fortune.com/2023/02/09/housing-markets-400-largest-inventory-2023-home-prices-real-estate-maps-charts/

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn

Check out BAM: https://nowbam.com/

—----

Connect with Byron Lazine: https://www.instagram.com/byronlazine

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/

#housingmarket2023 #realestatepodcast #housinginventory

Byron Lazine and Tom Toole discuss the recent Fed meeting and the 25 basis point rate hike, falling inventory, the drop in showing traffic, the latest jobs report, and the second-biggest home price correction since World War II.   

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1 

Join the 5AM Call: https://5amcall.com/   

Timestamps: 

00:00–00:29 Intro 

00:29 Topic #1: The Fed’s recent rate hike 

02:45 It’s still the highest inflation in 40 years 

05:33 Lawrence Yun’s prediction (and how he and Logan M are on the same page) 

08:01 Topic #2 Falling inventory & bidding wars 

09:37 Unemployment hit 3.4% – the lowest level since May 

1969 10:25 I’d have 2-3 partners, and I’d have conversations with them daily.  

14:50 Topic #3 The jobs report: “Are we entering a job market bubble?” 

15:49 Topic #4 Showing traffic is down but still above seasonal pre-pandemic levels 

22:57 Topic #5: Second-biggest home price correction since WWII 

24:48 Headline + “Here’s why it doesn’t matter in X market…” What should come next? 

29:10 That $500/month savings is 11.08% of the median household take-home income  

Show Resources:  

https://www.housingwire.com/articles/housing-inventory-falls-once-more/ 

https://fortune.com/2023/01/31/housing-market-update-home-price-correction-mild-so-far-case-shiller/ 

https://www.housingwire.com/articles/hawkish-fed-couldnt-curb-market-optimism-and-mortgage-rates-tumbled/ 

https://www.inman.com/2023/02/01/home-showings-dip-in-december-but-slowdown-may-be-easing/ 

https://www.cnbc.com/2023/02/03/jobs-report-january-2023-.html   

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.   

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.  

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn   

Check out BAM: https://nowbam.com/    

—---- 

Connect with Byron Lazine: https://www.instagram.com/byronlazine  

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/ 

#inflation #housingmarket2023 #realestatepodcast

Byron Lazine and Tom Toole discuss housing inventory dipping below 1M again, purchase applications increasing by 25%, U.S GDP rising 2.9% in Q4, the rise in housing affordability and sentiment, and how inflation has derailed millennial home buying plans.

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

Join the 5AM Call: https://5amcall.com/

Timestamps:

00:00–00:39 Intro

00:39 Topic #1: Inventory below 1M again

02:48 How much is good inventory?

08:14 NAR graph: “Median Price of Existing Home Sales”

09:24 Byron’s strategy for listing agents in 2023

12:11 Topic #2: 9 out of 10 millennial homebuyers say inflation is impacting their decision

26:50 How much time per day should an agent be absorbing content on their market

30:12 Preparing for two different types of conversations

33:16 Topic #3: GDP up 2.9% in Q4 2022

37:11 98% expect a Fed rate hike of 25 basis points

41:20 Chart: “Target Rate Probabilities for Feb 1 2023 Fed Meeting”

42:51 Topic #4: Purchase applications are up 25%

44:50 The “Best Agent Hacks” event

Show Resources:

https://www.housingwire.com/articles/housing-inventory-under-1m-again-as-sales-collapse/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://www.housingwire.com/articles/housing-market-tracker-purchase-apps-jump-25/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://www.cnbc.com/2023/01/26/gdp-q4-2022-us-gdp-rose-2point9percent-in-the-fourth-quarter-more-than-expected-even-as-recession-fears-loom.html

https://www.housingwire.com/articles/affordability-improves-as-do-hopes-for-a-good-spring/

https://nowbam.com/92-of-millennials-say-inflation-has-altered-their-home-buying-plans/

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

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BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.

Subscribe to BAM Newsletter: http://eepurl.com/hZU-Vn

Check out BAM: https://nowbam.com/

—----

Connect with Byron Lazine: https://www.instagram.com/byronlazine

Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/