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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…
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…
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…
![Rising Rates Could Cost Homebuyers $44k Over Lifetime of Loans [New LendingTree Study]](/media/k2/items/cache/4a6e2742c7a77b556b40fe2075a1d138_S.jpg)
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…
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…
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…
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…
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…
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Going into business of any kind always proves to be a complex endeavor, one that requires a balance of anticipation, communication, and perseverance to succeed. Unfortunately, many newer and more seasoned business owners have a fear of failure that inhibits them from finding or even continuing the success of their organization. As a business leader, the fear of failure is truly a debilitating experience, so much so that it can ultimately cause failure, believe it or not! Although the feeling of fear is a primordial human instinct for basic survival, allowing it to dictate your decision making in our contemporary business world leads to the fulfillment of that fear.
My goal throughout my career has been to help alleviate the fears that business leaders feel regularly. In doing so, I have formed an outline of the most common reasons that businesses fail. In doing so, business leaders can then develop an Anticipatory mindset that more easily overcomes what…
2020 and 2021 are over. Rates are no longer in the 2% range and property values are not climbing at 20%+ year over year. Loan opportunities are not falling from the sky, and sellers aren’t calling agents all day every day asking how much they could get for their house! Rents aren’t screaming higher faster than home prices, and all cash investors are picking up single family homes if the cash flow warrants the deal. Otherwise, if you want a deal, you must go out and get it because it won’t just come to you! The funny part is many lenders and agents think we are still in pandemic mode. Nobody wants to go to the office and work. Once popular meetings for agents by local real estate boards have been reduced or eliminated in many parts of the country, how many people get out and engage the public and…
Engaging social media posts with humor can boost audience interaction. Try adding a funny twist to your posts. A humorous approach can make your brand's social media stand out from competitors. Subscribers to Realty Times' daily cartoon service get a custom real estate comic strip delivered by email five days a week. This can provide quick, amusing content for social media. Licensing service starts June 5th, 2023, with flexible monthly or annual plans of $9.99 per month or a $99 yearly subscription. The cartoons could give your followers something to chuckle at! Cartoons may be included on your Website, Newsletter, Print advertising, and video media. To be added to our waitlist or for more information, please contact This email address is being protected from spambots. You need JavaScript enabled to view it. or Register HERE
National Association of Realtors® Chief Economist Lawrence Yun presented an overview of U.S. commercial real estate Tuesday as part of the 2023 REALTORS® Legislative Meetings. Yun emphasized challenges facing the commercial real estate market brought on by tightening lending policies among many small and regional banks, which have been a key source of commercial loans. Still, due to continuing U.S. job gains, net absorption has been mostly positive nationwide, Yun said, with the apartment, industrial and retail sectors helping to keep the industry relatively stable. “The performance of commercial real estate markets will vary across the country,” Yun projected during Tuesday’s Commercial Economic Issues and Trends Forum. “Markets with strong job gains will naturally hold on much better, while those with weaker job conditions will struggle to raise net occupancy.” Yun said America’s apartment sector recorded 116,000 net positive absorptions in the past year, while the industrial and retail sectors added 361 million…
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