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.
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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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