In this episode of the Texas Real Estate and Finance Podcast, host Mike Mills provides a weekly real estate market update. He discusses positive trends in the housing market, including increased housing starts and successful new builds. However, he also highlights challenges such as inflation, job layoffs, and the high cost of living. Mills also addresses speculation around Homes.com's potential involvement in commission lawsuits. He emphasizes the importance of being proactive in the changing real estate landscape, prioritizing self-care, and treating real estate as a business, not a hobby.
Positive signs in the housing market
Housing starts up from the previous year
New builds doing well
Mortgage rates have gone down
Inflation and its impact on the housing market
Job layoffs and its potential impact on the banking industry
Speculation surrounding Homes.com's involvement in commission lawsuits
Importance of being proactive and prepared for changes in the real estate market
Building and maintaining relationships with your sphere of influence
Prioritizing self-care and treating the real estate business like a business
Housing Starts and New Builds (00:02:57) Positive signs in the housing market, with housing starts up 14% from last year and new builds doing well.
Mortgage Rates and Purchase Applications (00:04:08) Rates have gone down, resulting in a 5% increase in purchase applications in one week.
Inflation and Rate Hike Forecast (00:05:46) Inflation is coming down, with PPI falling below expectations. The market expects no rate hike in December and potential rate cuts in May 2024 or later.
Inflation and the Economy (00:06:39) Discussion on inflation rates, rising costs of necessities, and the impact on the economy.
Job Layoffs and Banking (00:07:36) Mention of increased job layoffs, layoffs in the banking industry, and credit rating downgrades for major banks.
Walmart's Concerns (00:09:16) Walmart's stock decline, their concerns about the strength of the US consumer, and the impact of high-interest rates on auto loans and credit cards.
The impact of commission lawsuits (00:13:38) Discussion on the speculation about the involvement of homes in funding commission lawsuits and the CEO's statement denying their involvement.
The potential ban on shared commissions (00:14:34) Overview of a report by a market evaluation company, KBW, predicting a 50-75% chance of a ban on shared commissions and the potential decrease in agent count.
Homes positioning themselves in the changing market (00:16:33) Exploration of how Homes are positioning itself as a national MLS and potential benefactor in the market, including their new model of lead generation for listing agents.
Preparing for Changes in the Real Estate Market (00:20:48) The speaker emphasizes the importance of being prepared for changes in the real estate market and encourages listeners to develop a plan for the future.
Addressing Questions from Buyers and Sellers (00:21:29) The speaker discusses the potential for questions from buyers and sellers regarding potential rulings and offers advice on how to answer those questions.
Planning for the Future and Setting Income Goals (00:24:02) The speaker advises listeners to assess their past performance, set income goals for the upcoming year, and develop a plan to reach those goals.
The importance of self-care and planning (00:26:44) Speaker 1 discusses the importance of being deliberate and methodical in daily activities, taking care of oneself physically and mentally, and having a plan in place to navigate the changing real estate landscape.
Being knowledgeable and positioning oneself as an expert (00:27:27) Speaker 1 emphasizes the need for continuous education, staying informed about industry trends, and being knowledgeable about what affects buyers and sellers in order to position oneself as an expert in real estate.
The courage to continue and potential for greatness (00:29:01) Speaker 1 quotes Winston Churchill, emphasizing the importance of courage and perseverance in the face of challenges, and reminds listeners that their potential for greatness in the real estate industry is in their hands.
