Housing Market: Affordability, , Rates, Millennial Impact | Knowledge Brokers Podcast 004

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/