Byron Lazine and Tom Toole discuss rising mortgage rates, the recent rallying of homebuilder sentiment, falling inventory, inflation causing an uptick in mortgage delinquency, and the meaning of value-based follow-up (including examples).
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Timestamps:
00:00–00:40 Intro
00:40 Just two weeks ago, we were at 5.99%
02:18 Byron’s prediction for 2023 with mortgage rates and pent-up demand
04:15 Mortgage demand plummeted 7.7%
04:30 Glen Kelman interview on CNBC: “Half the inventory we had in 2016-2019”
06:51 KCM chart on buyer demand at different mortgage rate levels
11:26 70% of agents have no experience with a down market
15:15 Homebuilder sentiment is up
23:07 Watch the Hot Sheet to be as informed as you need to be as an agent
29:59 Takeaways from Glenn Kelman’s comments on the CNBC video
34:20 Mortgage rates will probably hit 7% within a week
35:14 What agents should be focusing on right now
37:11 Value-based follow-up
Show Resources:
https://www.housingwire.com/articles/housing-market-tracker-inventory-drops-as-mortgage-rates-move-higher/?cx_testId=8&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXAPB9I50LOS#cxrecs_s
https://www.cnbc.com/video/2023/02/15/mortgage-rates-move-higher-along-with-homebuilder-sentiment.html
https://www.housingwire.com/articles/mortgage-rates-inch-closer-to-7-in-the-midst-of-a-strong-economy/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXZNOASUT0V6#cxrecs_s
https://www.housingwire.com/articles/weaker-economy-inflation-caused-mortgage-delinquency-uptick-in-q4/
https://www.cnbc.com/video/2023/02/16/were-still-at-half-the-housing-inventory-of-2016-through-2019-says-redfins-glenn-kelman.html
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Connect with Byron Lazine: https://www.instagram.com/byronlazine
Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/
Knowledge Brokers Podcast