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