Wondering where the housing market is headed this summer, and other Real Estate Trends in 2024? Mike Mills offers an in-depth look at housing inventory trends and mortgage rates that could shape your next move. Don't miss out on these key insights for realtors!
Mike Mills is back with a detailed analysis of "Housing Inventory Trends" and the latest mortgage rate updates in this episode. Realtors will learn about the current state of the housing market, with insights into national and local inventory trends. Mike also dives into the implications of the recent NAR commission lawsuits, offering guidance on how these changes might affect real estate transactions. Key questions answered include: Where are mortgage rates now, and where are they headed? What do the housing inventory numbers mean for the market? And how will the NAR settlements influence real estate practices? This episode is a must-listen for realtors seeking to stay ahead in the market.
Key Takeaways
Mortgage Rates Update
Mike Mills provides an update on current mortgage rates, noting that the average 30-year fixed conventional mortgage is around 7.125%, while FHA loans are about 6.625%. He explains how these rates have shifted due to recent bond market rallies and speculates on potential future trends based on upcoming economic data and Fed meetings.
National and Local Real Estate Trends 2024
The episode highlights how housing inventory has increased across the U.S. and in Texas, with more homes on the market now than at any time since August 2020. Mike discusses how this trend could affect affordability and sales, especially if mortgage rates begin to decline.
Impact of NAR Commission Lawsuits
Mike delves into the recent NAR commission lawsuits and their outcomes, discussing how changes to MLS rules and commission structures might influence real estate practices. He explains the differing responses from MLS organizations across the country and what these changes mean for realtors and their clients.
Economic Indicators and Real Estate Market
Economic indicators such as GDP growth, unemployment rates, and job data are examined for their impact on the real estate market. Mike points out that a slowing economy might lead to lower mortgage rates, which could boost housing demand despite current high inventory levels.
Future Real Estate Market Predictions
Mike offers predictions for the future of the real estate market, suggesting that if mortgage rates drop to around 6.5%, we might see a significant increase in home sales. He emphasizes the importance of staying informed about these trends to make strategic decisions in the real estate business.
Time Stamped Summary
0:08 - 0:36 - Introduction
Host Mike Mills welcomes listeners to the Texas Real Estate and Finance Podcast market update for June 4th.
Thanks listeners for tuning in and supporting the show.
0:37 - 1:12 - Personal Message and Call to Action
Mike thanks loyal listeners and introduces the term "treffers" for fans of the podcast.
Encourages listeners to share the episode and reach out with tough loan scenarios.
1:13 - 1:40 - Introduction to Today's Topics
Mike outlines the topics for today: quick news hits, mortgage interest rate updates, May housing inventory data, and updates on the NAR commission lawsuits.
1:41 - 2:58 - Quick News Hits
Updates on Dallas Mavericks advancing to the NBA finals and Dallas Stars' season end.
Discussion of GameStop stock surge and a glitch in the New York Stock Exchange affecting Berkshire Hathaway stock.
Bank of America's new target price for NVIDIA and the listing of the Home Alone house.
2:59 - 5:03 - Mortgage Rates Update
Overview of recent bond market rallies and their effect on mortgage rates.
Current rates: 30-year fixed conventional mortgage at 7.125%, FHA loan at 6.625%, 15-year conventional at 6.625%, and jumbo rate at 7.4%.
Upcoming economic data reports and their potential impact on mortgage rates.
5:04 - 7:14 - Housing Inventory Trends
Analysis of national and local housing inventory trends, with an increase in unsold inventory since August 2020. Real Estate Trends 2024
7:15 - 9:47 - Economic Indicators and Real Estate Market
Examination of economic indicators like GDP growth, unemployment rates, and job data.
9:48 - 14:18 - NAR Commission Lawsuits and Settlements
Updates on the NAR commission settlements and the response from various MLS organizations.
14:19 - 16:29 - NAR Membership Trends
Overview of NAR membership trends and the potential impact of new rule changes on membership numbers.
16:30 - 18:06 - New Websites Addressing Commission Advertising
Introduction to new websites like ListingSplit and NestHook that aim to address commission advertising issues.
18:07 - 19:00 - Conclusion and Call to Action
Mike wraps up the episode with a summary of key points.
For More Check out:
https://www.thetexasrealestateandfinancepodcast.com/
www.millsteammortgage.com
