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

—-------

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