August 25, 2023

The Three Things That Can Bring Back Housing Affordability | Knowledge Brokers Podcast 034

40 minutes

Byron Lazine and Tom Toole discuss why housing market affordability is worse now than in the 2006 bubble, the surge of first-time home buyers, where mortgage rates are headed this year, the opportunity that presents for buyers and agents, and a new program by Zillow Home Loans.

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Timestamps:

00:00–01:30 Intro

01:30 Housing affordability is worse now than it was in the 2006 bubble (Fortune)

03:00 Opportunity for buyers: reduced competition due to higher mortgage rates

08:09 Are we going to hit 8%? / Don’t expect home prices to go down.

10:56 Supply is at its highest point for the year

12:50 Powell’s statement at Jackson Hole meeting and the next FOMC meeting

17:05 WSJ article: Slower hiring could take heat off the Fed

18:00 PA bill to implement a 4-hour work week—and a better way to solve the root issue

25:30 It’s less about hours worked than it is about productivity and objectives hit

26:58 Why you need an accountability partner

29:02 Unique opportunity for buyers—and for agents

29:40 A text message to send out—and the results Tom is getting from it

31:34 Inviting buyers to a 10-person Zoom

32:56 Half of those purchasing homes in 2023 are first-time home buyers (BAM)

34:41 Zillow Home Loans is offering a 1% down payment program

Show Resources:

https://fortune.com/2023/08/22/housing-market-affordability-is-worse-now-than-during-the-housing-bubble-homes-prices/

https://nowbam.com/half-of-those-purchasing-homes-in-2023-are-first-time-home-buyers/

https://www.housingwire.com/articles/where-are-mortgage-rates-headed-2/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=4&cx_experienceId=EXZNOASUT0V6#cxrecs_s

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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/

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