You all know that I am very committed to business planning and scheduling. Knowing what you are trying to accomplish and then plotting the course and scheduling the work is a foundational part of what I share with my clients. It is so important that not only you have a plan and a schedule to execute, but being very specific in what you are trying to do and the results you are expecting are critical. Too many people in our business don’t plan at all, they just prognosticate and then hope it all works out. As I have said before, “Hope is NOT a strategy for success!” Mortgage professionals have a very bad habit of just throwing numbers out there into the universe like, “I’m going to do ten deals a month”, or “I want to close $50M in loans.” But very rarely do they break it down as to…
Posted On Wednesday, 03 January 2024 00:00 Written by
The share of U.S. homebuyers looking to move to a different metro area declined for the third straight month in November, dropping to 23.9%. That’s the lowest share in a year and a half, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. It’s down from 24.1% a year earlier–a tiny drop, but the first annual decline in Redfin’s records–and down from a record high of 26% over the summer. Overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage. There were 4% fewer Redfin.com users looking to move to a new metro in November than a year ago, compared with a 3% year-over-year drop for Redfin.com users searching within their home metro. The slightly bigger drop for house hunters looking to relocate explains why migrants are making up a smaller share of overall home…
Posted On Monday, 01 January 2024 00:28 Written by
There are dozens of old sayings that apply in today’s market, you can pick from any of all that you like: Everything works, nothing doesn’t. The harder you work, the luckier you get. If you do what you always have done, you will get what you have always gotten; but if you don’t like what you are starting to get, stop doing what you are doing! Those that succeed are willing to do the things that those that fail will not! You must do what the others won’t, so you can have the things that the others can’t!   The common ground is that they all hold true to a very simple reality; if you don’t do the work, you can’t receive the reward! Think about it. For the last few years loans fell from the sky. Purchases, refinances, it was all so easy. There were just so many opportunities…
Posted On Monday, 01 January 2024 00:00 Written by
Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.61 percent. “The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.” News Facts The 30-year FRM averaged 6.61 percent as of December 28, 2023, down from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent. The 15-year FRM averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 5.68 percent. The PMMS® is focused on conventional, conforming, fully amortizing home…
Posted On Saturday, 30 December 2023 07:11 Written by
How has the business year started for your company? Spring is already starting to wind down, and that means it is a good time to take assessment. Whether you are meeting expectations, a little behind, or exceeding your dreams, everybody wants that extra customer. But, especially in a field as competitive as real estate, how do you get it? Terri Murphy knows that you need to prove your worth to customers, if you really want to achieve success.
As the year goes on, are you measuring progress? Terri Murphy knows it is important to measure progress, but not to get caught up in perfection. And, she has three very important tips, as you attempt to make this an exceptional year. Clearly define three top goals, which, if accomplished by this time next year, will make you feel super successful. Decide what it will take to have a high-performance year by focusing on…
Posted On Thursday, 28 December 2023 00:00 Written by
Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of Realtors®. Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022). “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.” According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.95% as…
Posted On Tuesday, 26 December 2023 06:34 Written by
Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom. The number of affordable homes for sale also dropped to the lowest level on record. There were 352,500 affordable listings in 2023, down 40.9% from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general—listings overall fell 21.2% year over year—it’s also due to the fact that elevated mortgage rates and stubbornly high prices made the listings hitting the market more expensive. Mortgage rates have fallen…
Posted On Sunday, 24 December 2023 06:15 Written by
How can you be sure your messages are really getting heard? Noted business consultant, Michael Hammer, once said, “The number one problem in communications today is the illusion that it has taken place!” You may find that no matter what you do or how you do it, just sending messaging in any format does not guarantee you will actually get through to actually connect. In a “normal” world, people are constantly barraged with multiple interruptions on every level, whether it is their being notified on their phone, an instant message, and even their watch! It’s these constant notifications that fracture not only their time, but steal their attention away from your attempts to communicate.  The challenge is: What else can you do to be heard? In this unprecedented time of physical “distancing” there is remarkable creativity that is born from being restricted.  It is proving that what we really want,…
Posted On Thursday, 21 December 2023 00:00 Written by
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