During a very painful time in my life, I was in a very bad place. A close friend of mine convinced me to go to a convention in San Fransico. I really didn’t want to go. I struggled with everything that was going on, but I made the trip. I firmly believe that that trip may have saved my life. At the very least, it changed it forever. One of the speakers there was a man named Les Brown. I knew of Les but had never heard him speak in person. Believe me, being in the right place at the right time, listening to the right person deliver the right message, well, it can be transformative. I waited until after his talk was done. I gathered up the books he had for sale and waited until the very last person was gone when I asked him to sign the books…
Posted On Monday, 27 May 2024 00:00 Written by
We have all heard that world does not stand still! Neither do our industry or our individual endeavors. Experts say the “Knowledge Mass” is now doubling approximately every 3 years. In the past year our world has changed dramatically. Have you and your company changed with it? Your BRAND is your identity which is created through your name, symbol, design and reputation. A known brand is customarily a symbol of trust; an unknown brand is no brand at all. And we must all realize that the world and, more specifically, your market, have no need for another “Me too” brand. The degree to which your brand tells a differentiated story, will often be the degree which enables your success to come about. Let’s talk about how you might re-energize your brand and image. I suggest you get 6-8 of your best and brightest team members together for a “Brand Brainstorm…
Posted On Sunday, 26 May 2024 00:00 Written by
John Capozzi- “Dig where the gold is unless you just want some exercise.” “Location, location, location,” experts say is the most important real estate facet.  If you are a homeowner, a home seller, or a homebuyer, the timing element determines the amount of gold you mine from your home or your financing. “Is there still gold in them there hills?”  Watch out for the effects of inflation.   Inflation is pushing onto the scene, and inflation is the archenemy of low interest rates.  This week the Federal Reserve chairman, Jerome Powell, announced that the Fed would continue keeping their rate low, even in the face of rising inflation. The Fed vowed they would continue to buy mortgage-backed securities to keep mortgage rates affordable.  However, the bond markets have been running against the Fed's efforts like a game of chicken.  “Is there gold in them there hills?”  When it comes to your…
Posted On Sunday, 26 May 2024 00:00 Written by
Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to $2,854, roughly $20 shy of April’s all-time high. High housing costs pushed pending home sales down 4.2% year over year, the biggest decline in three months (except the prior 4-week period, when sales declined 4.4%). Prices keep rising despite declining sales because there aren’t enough homes on the market: New listings are up about 8% year over year, but inventory remains lower than…
Posted On Saturday, 25 May 2024 06:48 Written by
Another 27% of mortgages went to buyers aged 35-44. Young people take out the majority of mortgages because they’re of prime homebuying age, gaining financial stability and growing families. Plus, they’re less likely than older people to pay cash. Two in five (39.7%) new mortgages issued in 2023 went to homebuyers under 35, and 26.5% went to buyers aged 35-44. Next came 45-54 year olds, who took out 16.1% of new mortgages, 55-64 year olds (10.8%), and 65-74 year olds (5.4%). That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This is according to Redfin’s analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of primary homes. It does not cover purchases of investment properties or second homes. The breakdown of homebuyers by age has remained stable over the last five years, with younger Americans as the most common mortgage borrowers. The likelihood of…
Posted On Friday, 24 May 2024 07:02 Written by
“A bend in the road is not the end of the road, unless you fail to make the turn.” Successories You just parked your car in the driveway, unpacked your suitcase and holiday presents and swept the last of New Year’s confetti out of the floorboard. Once inside the house, you flip on the news to get the latest financial headlines.  Inflation, higher interest rates and increasing real estate values are the headlines.  It’s time for another road trip—a financial road trip, using your real estate to protect your finances.  No one has a crystal ball, but history tells us that inflation erodes the value of our money and higher interest rates reduce our buying and borrowing power.  Which road do we take to protect ourselves against inflation and rising rate market forces?  Here are the routes some homeowners decided to take to protect their wealth based on market predictions:…
Posted On Friday, 24 May 2024 01:00 Written by
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.94 percent. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” said Sam Khater, Freddie Mac’s Chief Economist. “Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.” News Facts The 30-year FRM averaged 6.94 percent as of May 23, 2024, down from last week when it averaged 7.02 percent. A year ago at this time, the 30-year FRM averaged 6.57 percent. The 15-year FRM averaged 6.24 percent, down from last week when it averaged 6.28 percent. A year ago at this…
Posted On Thursday, 23 May 2024 09:21 Written by
Pushing a car and driving new business have some interesting parallels. Effort, strategy and momentum are all required. Here are some interesting analogies to consider in real estate sales: Initial effort: Pushing a car: The hardest part is getting the car to start moving from a standstill. This requires a ton of effort and perseverance. Sales and business: The initial stages of building a real estate or any other business requires a ton of effort. Building momentum: Pushing a car: Once the car starts moving, it becomes easier to push. Less effort is needed once the momentum is built. Sales and business: Once you start building up clients and closing deals, the effort needed to sustain growth typically decreases. Word-of-mouth, repeat clients and a strong reputation all stem from momentum in real estate. Overcoming obstacles: Pushing a car: Encountering obstacles like a hill, requires extra effort. Sales and business: Challenges…
Posted On Thursday, 23 May 2024 00:00 Written by
Existing-home sales receded in April, according to the National Association of Realtors®. All four major U.S. regions posted month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023). “Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun. Total housing inventory[ii] registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in…
Posted On Wednesday, 22 May 2024 07:21 Written by
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