Posted On Wednesday, 31 May 2023 00:00 Written by
Businesses, both large and small, have mastered the art of reacting and responding, managing crises, executing strategies at a high level, and maintaining lean and agile operations. However, these skills have proven insufficient in preventing massive monetary and brand losses, even for Fortune 500 companies. Case in point, Alphabet recently experienced a $100 billion loss when its profitable search business was outpaced by OpenAI’s ChatGPT. It’s clear that agility isn’t enough in our era of exponential change! The key to thriving amid hyper-change and growing uncertainty is developing a new competency: the ability to accurately anticipate the future. This may sound impossible, but the future is visible if you know how to look for it.
I call organizations that have mastered this skill “Anticipatory Organizations.” Three decades of my research into Hard Trends and Soft Trends has contributed to developing this concept. Hard Trends and Soft Trends: Understanding the Distinction…
Posted On Tuesday, 30 May 2023 00:00 Written by
Rates continue to feel pressure as bank failures, inflation, and continued market discomfort about the economic path we are on with the debt ceiling issues before us. Despite that, we still see new buyers entering the market and more demand for homes than there is supply in most markets. Now many will point to the lower number of loans being done, and that is certainly true, but what you are missing is that there are fewer people and companies in the mortgage arena to handle that business! For those that are working, business is BOOMING! The key is, you must be using specific strategies and have a plan to get in front of these opportunities. The numbers of mortgage companies and originators continue to fall; but what is missing, are the numbers of banks and credit unions who have left the mortgage business completely as the overhead and the risk…
Posted On Monday, 29 May 2023 00:00 Written by
Redfin reports that while many sellers in some parts of the country are handing out freebies to attract buyers as high rates dampen demand, other markets have so few homes for sale that concessions aren’t necessary Home sellers gave concessions to buyers in 42.9% of U.S. home sales during the three months ending April 30, up from 25.5% a year earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s just shy of the 45.6% record-high hit in February. The share of home sellers providing concessions—which include things like money toward repairs, closing costs and mortgage-rate buydowns—has inched down from February’s peak due to typical seasonality. Concessions become less common in the early spring because that’s when more buyers typically enter the market, increasing competition and giving sellers more power. But this spring, concessions posted a smaller decline than the last two years because high…
Posted On Friday, 26 May 2023 12:52 Written by
Mortgage rates rose dramatically in 2022, with the average rate on a 30-year, fixed mortgage doubling between January and December. Rates haven’t grown nearly as much this year, hovering between 6% and 7% — that said, they’re still considerably higher than at this time last year. While it’s common knowledge that higher mortgage rates make monthly payments more expensive, it can be difficult to picture how much a higher rate can impact payments on a loan. With that in mind, LendingTree used data collected from users of our online mortgage marketplace to put a dollar amount on how rising rates could affect the cost of a mortgage. Here's what we found. 
30-year, fixed-rate mortgage APRs increased by an average of 1.85 percentage points across all 50 states between April 2022 and April 2023.  Nationwide, rising APRs caused calculated mortgage payments to increase by an average of $121.09 a month. To put…
Posted On Thursday, 25 May 2023 06:46 Written by
Trust is defined as “the assured reliance on the character, ability, strength, or truth of someone or something.” We strive to trust others in our personal lives every day, trusting a partner, friend, or family member. We trust them to tell us the truth even when it hurts. We trust them to communicate and be compassionate, but also truthful and to stick to what they believe in. The same goes for employee business relationships and customer business relationships, but trust is even more essential in everyday business operations and simultaneously difficult to build and even harder to repair if broken.
Why is this so? This is a complex question to answer, and it is difficult to build or rebuild this trust with an Anticipatory mindset. As evidenced by David Horsager in a recent episode of my Opportunity Hour: Conversations with the Masters, institutional trust is down, whether that institution be a…
Posted On Tuesday, 23 May 2023 00:00 Written by
One of the most popular parts of this weekly blog post is when I write about the information and feedback that I get directly from the street about what is working and what is generating results. I always appreciate the feedback and the comments because they help me share with you the actual results from the strategies and concepts I talk about daily with my clients. First on the list must go to the power of the fully documented preapproval. By doing the work up front to collect and verify all the documentation necessary to approve the borrower for a specific monthly payment, buyers can make their best possible offer and sellers can be comfortable knowing that this deal will close quickly and smoothly! This past week, I had one client have SEVEN clients make offers on properties in a highly competitive market, and six out of the seven offers…
Posted On Monday, 22 May 2023 00:00 Written by
U.S. home prices are down 2.7%, the smallest decline in over a month, and prices are dropping in fewer metros The median U.S. home-sale price fell 2.7% during the four weeks ending May 14, the smallest decline in over a month. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Monthly mortgage payments hit a record high due to still-high prices and elevated mortgage rates. On a local level, home prices are declining in 28 of the 50 most populous U.S. metros, down from a high of 32 metros at the end of April. That’s a reflection of a mismatch between demand and supply propping up prices. Pending home sales are down 15% from a year earlier, but that’s much smaller than the 24% decline in new listings.
Today’s elevated mortgage rates continue to discourage homeowners from selling; nearly all of them have…
Posted On Sunday, 21 May 2023 06:53 Written by
Jim Fite is an accomplished entrepreneur, sales professional and business owner with decades of experience. His journey began when he started his first business at the young age of 18. Since then, Jim has created, led and participated in multiple organizations. These organizations include companies, boards and non-profits. Through his involvement in these ventures, Jim has gained a wealth of knowledge and expertise in business management, sales and entrepreneurship. Today, Jim is a sought-after speaker who has delivered inspiring talks to thousands of businesses and sales professionals across the United States. He is also a coach, mentor and consultant to many successful business owners, helping them achieve their goals and reach new heights of success. Jim's most significant achievement is his role in Judge Fite Company, which he purchased with his sister, Jan Fite Miller. What began as a small real estate company with eight people has since grown into…
Posted On Thursday, 18 May 2023 00:00 Written by
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