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. 30-Year Mortgage Rates:
- Low Sixes: Rates are in the low 6% range as the market anticipates multiple Fed rate cuts amid recession concerns. Now is the perfect time to work your contact list!
2. August Jobs Report (BLS):
- Weaker Job Growth: The U.S. added 142K jobs in August, below expectations. July’s figure was revised down to 89K, and unemployment rose from 4.1% to 4.3%, signaling a potential economic slowdown.
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3. National Housing Activity (MBS Highway):
- No Demand Recovery Yet: The National Housing Index dropped 2 points in September, marking the fifth consecutive monthly decline. The Northeast and Mid-Atlantic showed more robust activity, while the Southeast and Southwest lagged.
4. Home Price Growth Decelerating (CoreLogic):
- Flat Prices: National home prices were flat month-over-month in July but up 4.3% year-over-year. Affordability issues and the usual seasonal slowdown continue to suppress demand.
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5. Inventory and Buyer Power (HousingWire, Zillow):
- More Options for Buyers: With lower rates, buyers qualify for more homes. Inventory is up 22% year-over-year, giving buyers more negotiating power, though it remains 31% below pre-pandemic levels. Homes are selling quickly, with the typical home going under contract in just 20 days (compared to 26 days in August 2019), and one-third of homes are still selling over the asking price. However, more price cuts are expected as competition intensifies.
6. Buyer Sentiment (Fannie Mae):
- Bearish but Hopeful: Fannie Mae’s Home Purchase Sentiment Index rose slightly to 72.1, with 83% of respondents still saying it’s a “Bad Time to Buy.” However, buyers are hopeful about lower mortgage rates and potential price drops ahead.
7. Best Week to Buy (Realtor.com):
- September 29 – October 5: Historically, this is the best week for buyers due to rising inventory and declining competition, giving buyers more bargaining power.
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Recommended Short Scripts / Talking Points for This Weekend:
“Did you know home inventory is up 22% from last year? You have more options now, and with mortgage rates dipping into the low 6% range, it’s a great time to explore the market. Let’s discuss what you’re looking for, and I’ll find the best deals for you.”
“Homes are still moving quickly—on average, they’re going under contract in just 20 days, compared to 26 days pre-pandemic. If you’ve been considering selling, now’s the time to list before the market shifts further. Let’s discuss how we can position your property to sell fast and at a great price.”
“More homes on the market means buyers have more negotiating power right now. Even though one-third of homes are still selling over the asking price, price cuts are increasing, and I can help you take advantage of these opportunities. Want to see what’s available this weekend?”
“We’re seeing some neighborhoods shift in favor of buyers, but attractive homes in hot markets are still selling fast. With competition increasing, it’s important to price your home strategically. Let’s discuss getting your property on the market for the best results.”
“It’s not just about finding a home; it’s about getting the right deal. Homes are selling fast, but we’ve recently seen a 25% increase in price cuts. I’m tracking these trends closely to ensure you get the best price. Let’s set up a time to explore your options.”
These conversation openers are concise and designed to spark engagement. They use current market conditions to motivate buyers and sellers. Don’t be a ‘secret agent’ this weekend! Be the one everyone goes to for their real estate facts, and don’t forget to ask the most critical question:
“Whom do you know who could use my help right now buying or selling real estate?”
