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