in this episode of the Texas Real Estate and Finance Podcast, mortgage banker Mike Mills offers a market update and discusses the current financial landscape. He provides insights into the real estate industry, including the impact of recent lawsuits against the National Association of Realtors. Mills also discusses various loan programs available for homebuyers and debunks common myths. He provides tips on how to make a strong impression at open houses and previews upcoming interviews on housing affordability and credit optimization. The episode concludes with Mills encouraging listeners to stay tuned for more valuable content.
Market update for the week of October 16th
Pending class action lawsuit against the National Association of Realtors and its potential impact on real estate commissions
Special programs available to help buyers with lower cash outlays and interest rates
Seven steps to become an open house expert
Ways to save children $1,800 per year for the rest of their lives
Earning interest on money through small banks
Class action lawsuits against the National Association of Realtors and its effects on the industry
Different types of loans and programs available for homebuyers
Importance of making a strong impression at open houses and steps to become an open house Jedi master
Upcoming interviews on the housing affordability crisis and credit optimization
Mentions with timestamps:
Podcast Episode: Texas Real Estate and Finance Podcast - 00:00:08
Topic: Mortgage and Real Estate Market
Mortgage Banker: Mike Mills - 00:00:08
Real Estate Market Update for the Week of October 16th - 00:00:08
Topic: Real Estate Commissions Lawsuit
Real Estate Commissions Lawsuit against National Association of Realtors, Remax Keller Williams, and Anywhere Real Estate (formerly Realogy) - 00:01:44
Topic: Special Programs for Buyers
Special Programs for Buyers - 00:02:34
Topic: Saving Money
Saving $1800 a year for kids - 00:02:34
Topic: Economic Indicators
Consumer Price Index (CPI) - 00:03:23
Federal Reserve (Fed) and Interest Rates - 00:03:23
Topic: Mortgage
Conforming Loan Limits - 00:04:16
Topic: Small Banks and Interest Rates
Small banks offering 4 to 5% interest on checking and savings accounts - 00:07:56
Topic: Loans and Credit
Car loan rates - 00:07:56
Credit card APR - 00:07:56
Topic: Mortgage Interest Rates and Real Estate Market
Mortgage interest rates - 00:08:49
Real estate market appreciation - 00:09:43
Topic: Lawsuit Update
Lawsuit update regarding the National Association of Realtors (NAR) - 00:09:43
NAR rules violating antitrust laws - 00:09:43
Lawsuit settlement by Remax - $55 million - 00:10:37
Lawsuit settlement by Realogy (Coldwell Banker and Sotheby's) - $835 million - 00:10:37
Changes in practice due to the settlement agreements - 00:10:37
Changes in compensation policy by NAR - 00:11:45
Potential future class action lawsuits against NAR and other brokerages - 00:11:45
Topic: Non-QM Bank Statement Loans and Special Programs
Non-QM Bank Statement Loans, DSR Loans, Asset Depletion Loans - 00:15:52
Power Five (FHA, VA, USDA, Conventional, Jumbo) - 00:15:52
Homes for Heroes program - 00:16:45
Southeast Texas Housing Corporation (SETH) - 00:19:16
Texas Department of Housing and Community Affairs (TDHCA) - 00:19:16
Texas State Affordable Housing Corporation (TSHAC) - 00:19:16
Individual banks with special programs - 00:20:25
Community Re-Invest Loans - 00:20:25
Topic: Open House Jedi
Seven Steps to Become an Open House Jedi - 00:02:34
Open House Jedi - 00:22:06
Topic: Marketing and Technology
MLS (Multiple Listing Service) - 00:23:53
Facebook - 00:23:53
Instagram - 00:23:53
TikTok - 00:23:53
Facebook Groups - 00:23:53
Nextdoor - 00:24:41
QR Code - 00:26:36
Busy Kid app - 00:29:18
Topic: Upcoming Interviews
Michelle Jung, an affordable housing advocate
Sue Buswell, a credit expert
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