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/    

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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/ 

#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

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

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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/

Byron Lazine and Tom Toole discuss the increase in mortgage applications, homebuilder sentiment rising for the first time in a year, and the need for more single-family housing completions.

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

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

Timestamps:

00:00–00:25 Intro

00:25 Optimism about this week’s housing market news

00:53 Mortgage applications are up 28% from one week earlier

04:13 Millennial homebuyers

05:47 Having a multiple-offer mindset

10:23 Byron’s biggest worry right now

15:36 Prices are going to drop, but only because…

15:57 Tom’s expectations regarding the Fed

21:32 Creating an ad to show sellers why now is a good time to sell

24:27 Increase in inventory: “We need to double up again.”

28:58 The biggest issue right now is the supply of single-family homes

34:25 What agents should be telling sellers (Hint: NOT “Wait ‘till the spring”)

35:50 The changing playbook and the need to track changes on a daily/weekly basis

Show Resources:

https://www.mba.org/news-and-research/newsroom/all-news/2023/01/18/mortgage-applications-increase-in-latest-mba-weekly-survey

https://www.cnbc.com/2023/01/18/homebuilder-sentiment-in-january-rises-for-the-first-time-in-a-year.html

https://tradingeconomics.com/united-states/total-housing-inventory

https://www.housingwire.com/articles/for-mortgage-rates-to-get-better-we-need-more-housing-completions/

https://www.housingwire.com/articles/housing-market-tracker-good-news-on-inventory/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://www.housingwire.com/articles/homebuilders-are-pushing-through-inventory-backlog/?cx_testId=6&cx_testVariant=cx_1&cx_artPos=2&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

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

—----

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

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

A review of 2022 and forecasts for 2023, key differences between 2023 and 2008, and what it means to be a knowledge broker are today’s topics as Byron Lazine and Tom Toole break down a few of the latest industry headlines.

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

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

Stand out as the go-to real estate agent with our easy-to-share blog posts, social media graphics, videos, guides, and more with KCM ➡️  https://www.trykcm.com/BAM

Timestamps:

00:00–05:51 Intro

05:51 “A Tale of Two Halves” (Housing Wire)

17:09 What could happen if we don’t fix the inventory issue

23:09 Key differences between the 2022-2023 housing market and 2008

26:46 What 2023 will look like

27:12 Logan Mohtashami’s 2023 forecast (Housing Wire)

28:43 Prices aren’t likely to go down on a large scale until…

34:21 What could happen if the job market weakens

37:24 Knowledge broker entry-level requirements

Show Resources:

https://www.housingwire.com/articles/the-2022-housing-market-a-tale-of-two-halves/

https://www.housingwire.com/articles/housing-market-tracker-inventory-falls-again/

https://www.housingwire.com/articles/logan-mohtashamis-2023-housing-market-forecast/

https://www.wsj.com/articles/december-jobs-report-unemployment-rate-economy-growth-2022-11672961227

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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://brokeagentmedia.com/

—----

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

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