Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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1. Mortgage Market Trends:
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- Mortgage rates have risen from 6.6% to 7.4% over the past two months due to a challenging bond market affected by strong job growth and rising inflation.
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- The odds of Fed rate cuts at upcoming FOMC meetings have shifted. A rate cut in June is effectively priced out, and the probability of a rate cut in July is now 50/50.
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- Remember that over 30% of transactions are cash. If your buyers are financing, there are many ways to buy down rates, lock in an advantageous 30-year fixed rate, or refinance later.
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2. Builder Incentives:
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- Builders offer various incentives to attract buyers, including closing cost contributions, design center credits, and lowered interest rates through in-house mortgage companies or preferred lenders.
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- If you don’t know what your local builders offer, you’re not doing your job as a real estate professional. More than 30% of today’s available homes for sale are being built right now.
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- Take this week to deep-dive into your local, new construction market. Visit the model homes, learn about incentives, and use that knowledge to connect with your database via social media, video production, and good old-fashioned calls to your list of past clients and centers of influence.
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3. Inventory Trends:
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- National inventory has increased 4.5% month over month to 695,000 units, with new listings jumping 16.6% Month over Month. This is encouraging news for buyers.
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- Nationally, we are within 20% of pre-pandemic levels of inventory, and some states (like Florida) are already above pre-pandemic levels.
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- No more excuses for not finding something to sell to your qualified buyers! Some of those buyers are would-be sellers. When was the last time you spoke with folks who said, ‘I’d sell, but what would I buy?’
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4. Millennial Homebuyers:
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- Millennials comprised 38% of total homebuyers in 2023, reclaiming their position as the largest buying group from Baby Boomers.
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- 28% of buyers are first-time buyers, proving that even 7%+ rates aren’t stopping them.
5. Home Purchase Sentiment Index (HPSI):
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- Fannie Mae’s HPSI declined slightly in March, driven by higher mortgage rate expectations. However, the percentage of people who perceive it as a good time to buy rose to its highest level in 9 months, indicating potential adaptation to mortgage rates around 7%.
6. Overall Market Conditions:
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- Nationwide, the inventory of homes for sale has increased by 24% yearly, with the March 2024 figure marking the best March since 2020. The current inventory level is only 26% below its pre-pandemic level, signaling a favorable market for buyers.
What to do this week:
- Join Premier Coaching. Go to your DAILY, semi-private coaching sessions to polish your skills, boost your production, and be surrounded by like-minded superstars like you.
- Use the talking points from today’s show to make more connections. How many conversations are you having daily about real estate? Calls, videos, coffee with past clients, meet-ups, and clubs are all easy ways to show you’re a knowledgeable professional. Don’t be a ‘secret agent’.
- Tour your local, new construction and understand builder incentives.
