April 29, 2025 • 20 mins
The real estate market shows signs of transitioning from a seller to a buyer's market with Florida leading the way at 13% of homes currently for sale while other states remain around 6-7%. How long will it take for this to move across the country...
Interest rates continue to be volatile but are settling in the mid-to-high 6% range with potential downward pressure from economic factors.
• Florida real estate market turning with 132,000 homes for sale out of 10 million residences (13%)
• Minnesota and Arizona markets have fewer homes for sale at about 6.6-6.8% of total residences
• Economic reports show 72% of people using "buy now, pay later" loans, indicating reduced discretionary income
• Psychology of interest rates shows 5.5% is the magic number where homeowners will consider moving
• Clients who used 2-1 buydowns two years ago now face rate increases to 7.625-7.875% or more, creating refinance opportunities
• CRM systems are critical for tracking clients and opportunities - "it's not your database, it's your data bank"
• True entrepreneurs push through challenges and show up consistently regardless of circumstances
Reach out to your past clients, especially those who used 2-1 buydowns. Even if it's been years since your last contact, reconnect with a personal touch - they'll appreciate hearing from you!
Now's The Time - no matter where you are, where you have been, or your current results - By becoming more aware and following a process, you can have whatever it is you truly desire!
Schedule a free discovery call with me.
I would love to learn more about your goals, dreams, and desires!!
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Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Without further ado, Nikki, I will let you take it
(00:02):
away for the Monday marketupdate.
Speaker 2 (00:05):
Awesome.
Well, good morning everyone.
Thanks so much for joining us.
Just wanted to talk throughkind of what's been happening
this last week from an interestrate standpoint and then talk
about just some statistics inthe real estate market on where
we're seeing certain marketsturning in different areas of
the country.
So, first and foremost, rateslast week were extremely
(00:25):
volatile up, down, up, down, updown just like they have been
the last couple weeks.
The good news is is thattowards the end of last week and
now into today, we're startingto see those rates kind of
settle back down into that midto high six range again that
we've been kind of contemplatingover the last couple months,
you know, really kind ofsettling in there.
We are going to see that theyare going to continue to do that
(00:46):
.
This week We've got a lot ofnew information that's coming
out, or a lot of monthly reportsthat come out this week,
including the amount of mortgageapps, unemployment rates, job
creations, all these differentreports that are going to start
to affect the market as theyalways do in each month, and so
we're expecting to see a littlebit of inflation going down just
(01:07):
a little bit again this monthand being closer to where the
Fed wants it to be in order tostart lowering those rates.
From a Fed standpoint, thatwould be really nice.
There is a lot of pressure onthe Fed right now to start to
lower interest rates, to getahead of where they want that
inflation number to be, tocontinue to do that in order to
(01:27):
kind of avoid that recessionthat people seem to think is
impending as it's coming down.
So it'll be interesting to seekind of what they decide to do.
In relation to tariffs.
What the experts are telling usis that, from a just economic
standpoint, we're going to startto see the effects of tariffs
for products that are normallyimported from China.
(01:48):
We're going to start to see theeffects of that around Mother's
Day, you know, on our shelveswith jobs, with things of that
nature, and so that's going tostart to affect the market as
well, from a bond marketstandpoint and from people
pulling out of that stock marketbecause of the volatility and
starting to invest in the bondmarket because those are
considered safer.
And when that happens, whatthat does is it pushes those
(02:11):
interest rates for the bondslower, and which should, in that
case, lower mortgage interestrates, at least in theory.
This is the prediction that'sgoing to happen.
So a lot of interesting thingscoming down the line and we'll
see, kind of, how it works out.
There's a little bit of this atthe same time.
Last year, not from a tariffperspective, but just from
(02:31):
people thinking that theconsumers were going to pull out
of stocks and invest more inbonds, and from a global
economic standpoint as well thatdidn't really happen, but we
have seen, like I said, downwardpressure on those rates and
it'll be interesting to see whatthe Fed does over the next
couple of weeks With that beingsaid.
So the hot ticket item right nowis the Florida real estate
market.
So I've said this in the pastand it rings true kind of
(02:56):
throughout the history of realestate and what we can expect on
predicting what happens fromeither Florida or Arizona to
help that predict what's goingto happen across the rest of the
nation, because those twomarkets, because they are
extremely transient, theydefinitely set the tone for
markets moving forward acrossthe nation.
Now, we all know that everymarket is different, but just to
(03:18):
give you some sort ofperspective on what Florida is
doing right now right nowthere's 131, 132,000 homes that
are listed for sale in Floridaout of a total possible 10
million residences.
So if you think about that,that's 13% of the homes in
Florida are for sale right now.
So it's starting to turn overinto a buyer's market.
We're seeing decreases inlisting prices and things of
(03:41):
that nature and those prices arestarting to come down because
there's an oversupply and not asmuch demand.
And I'll talk about that demandin a minute and why that's
there.
But if you compare that toMinnesota because I know we have
a lot of people in Minnesotathat listen to this call in
Minnesota right now there's14,000 listings, just above
14,000 listings out of 2 millionresidences.
(04:03):
So we're talking 6.6% of homesin Minnesota are for sale.
I think I might've saidMinneapolis, I meant Minnesota
the whole time and if youcompare that to Arizona, right
now Arizona has 17,000 homes forsale out of 2.5 million
possible residences.
So that's about 6.8%.
So we haven't seen thatincrease in listings hitting
(04:25):
Arizona right now.
That may be due to weather,because a lot of times Arizona
has a very opposite market.
Whereas not a lot of homes sellduring the summer months
because it's so hot, it'slikened to the Minnesota winter
months where not a lot sellsbecause, again, it's too cold.
But we should start seeinglistings in Arizona start to
(04:46):
pick up and start to follow thatFlorida market.
Getting back to the demand inFlorida, so a lot of it has to
do with people wanting to selltheir homes and most of it is.
If you think about the marketin Florida, a lot of it is
second homes for people and alot of that discretionary income
has gone away.
There's actually a report thatjust came out that I was reading
(05:12):
about where it talks abouttracking spending from people
who do the buy now, pay laterloans.
So in other words, like let'ssay, you needed to go buy
furniture for your house and youcan go on to Wayfair and you
can say, okay, I want thisfurniture and then I'm going to
put it on this installmentpayment plan where I'm going to
get the furniture but I'm goingto do it and install, pay it
back on weekly installments of$50 or whatever that is.
Those are called buy now, paylater.
(05:33):
They don't report to credit.
What this report is telling usis that 72% of people have been
using the buy now, pay laterloans to acquire goods in the
United States alone and of those72% of people, 48% of those are
saying, yeah, I'm going to needto use them again in the next
six months, and so really andthere's a lot more information
(05:57):
in this report, but what itspeaks to overall is the lack of
discretionary income thatpeople are feeling right now and
that's been going on for quitesome time.
We've talked about discretionaryincome and discretionary
spending for months, now thatI've mentioned it nine months
ago, 12 months ago and now we'rereally starting to see the
effect of that when it comes tohousing and people saying, okay,
(06:18):
if I have to carry all thisspending and I'm a little bit
leery of what the market's doing, and I'm a little bit leery of
what the market's doing and I'ma little bit leery of where my
stock portfolio is, and thingsof that nature what it's going
to trigger them to do is selloff an asset, ie their second
home is going to be the firstone to go, because they're not
going to want to carry thatpayment for much longer, and so
that is definitely contributingto what's happening in Florida,
(06:40):
but it's also, you know,obviously, all these other
things.
You know there's a lot ofCanadian people that purchase in
Florida.
There's a lot of insuranceissues, a lot of HOA issues, all
those things that I've talkedabout before.
This is just another aspectthat's now catching up to the
Florida market as well.
So you're going to start to seethat trickle down into other
markets across the United Statesas well, where people are not
(07:01):
feeling comfortable with theirdiscretionary spending and
they're going to get a littlefearful and try to sell off an
asset.
So I feel like what we're doingis we're coming into this
market where we're flipping froma seller's market you know,
back during those COVID timeswhere it was like everybody was
competing to more of a buyer'smarket where everyone's saying,
okay, I'm willing to sell.
So it's just it'll be reallyinteresting to track it over the
next you know, three to sixmonths, especially seeing what
(07:23):
happens with this economy thatwe really just don't have any
history or prediction to dealwith, and it'll be interesting
to see kind of how that affectsthe real estate market.
So just some good informationfor you guys saying, okay, we're
picking up in home listings,but homes are going to be
starting to sit a little bitlonger as we get into more of a
buyer's market.
Speaker 1 (07:44):
Yeah, and I know you said that again it kind of
trends based on the Florida andArizona market upwards across
the country.
I know you don't have a crystalball, but in the past, how long
do you think is that months?
Is that years?
What is your instinct on howlong it takes for that to kind
of spread throughout the country?
No-transcript year will bepretty low and that's going to
(08:43):
take a lot of the people thathave been waiting.
You know, because right nowthere are so many people that
have been sitting on their youknow, 2.85 or 3.5% interest rate
loans, but over the past threeto four or five years they've
had babies.
Things have changed, you knowthey want to move and yet they
(09:05):
just can't or won't let go ofthat rate.
Whereas, what would you say,just based on your 25 plus years
in the industry, like is it?
If we get down to like five anda half, will they more likely
let go of that one to twopercent, whereas right now, if
it's like four percent, that'sjust too much to fathom.
(09:26):
Is there any again, just goingoff of what you know or have
experienced, what would yourtake be on?
Speaker 2 (09:33):
that, historically speaking there's a ton of
evidence out there for this thathas talked about it over years
and years and years andpsychologically, what buyers
feel comfortable at and whatsellers feel comfortable selling
and then buying it, and nomatter what the interest rate is
what they will give up in orderto move.
And that interest rate isexactly what you said.
(09:54):
The magic number seems to befive and a half.
That people say, okay, that'sreasonable for an interest rate
on a mortgage and it doesn'tfeel high.
And the difference between athree and a half to five and a
half percent on $400,000 istolerable, you know, or
something you know.
That seems to be really thepsychological point where people
(10:14):
say five and a half is reallywhere I need to be at Now, mind
you, we've got a whole group ofpeople, you know we've been on
this call for almost two yearsnow.
Very beginning of this call, wewere talking about the
advantages of a two-one buy-down.
Of this call, we were talkingabout the advantages of a 2-1
buy-down.
So if you think about that, andhow many people went into 2-1
buy-downs from a mortgageperspective almost two years ago
, those people are now going tosee their interest rate go up to
(10:36):
7.625, 7.875.
And so really talking to thosepeople and saying, okay, this is
definitely the position thatyou're in.
We need to get you reset here.
So if you do have clients thatwere in a 2-1 buy down or have
ever been in a 2-1 buy down thatyou're aware of, it's a good
conversation to have with themright now.
Because, as those things arestarting to reset, we're seeing
mortgage interest rates comedown.
(10:57):
You know we can catch it at theright time to put them into
that.
You know that more.
That lower fixed rate which was, you know, always the goal at
the beginning was to say, okay,we're going to take a lower rate
for now and then, hopefully,within the two years, the
interest rates will come down tothe point where we can just
refinance and keep that lowerrate.
Speaker 1 (11:21):
So those are people too that are going to be in the
market.
Great point.
I almost forgot.
It's just so fast andeverything's moving at lightning
speed that that is a greattakeaway.
I mean, I want that to be thetakeaway for agents.
Um, that was a big thing andthat was the thing that we were.
We were going to and looking atand having these numbers
available, uh, to get peopleinto homes.
And what was the saying?
(11:42):
Some people hated it was um,date the rate, marry the home,
yeah.
So if you had buyers, you saidthat to her, did that?
Speaker 2 (11:52):
Yeah, we've been dating rates for two years now,
so it's time to put money on it,let's go.
Speaker 1 (11:57):
Yeah, no, I love that and I think that's kind of
going to be my takeaway on themindset side of it is really
take that time and, first andforemost, I've only ever met one
agent in my tenure career andmany of that coaching agents,
both new and 20 plus years inthe business that have their CRM
(12:21):
in place and really working ata high level.
I call it a data bank.
It's not your database, it'syour data bank.
If you don't have that working,you are stepping over $100
bills to pick up pennies.
So, in saying that, first andforemost, I'm going to put a pin
in that over there, get yourCRM, get it running, get it
working, get it automated yes,and then be feeding it every
(12:45):
week.
You should be feeding it and so, anyways, with that said, sit
down and go through the pastclients or people that you've
talked to, or theseconversations you've had
regarding the two one buy down,or people that have been on the
fence and just show up andeducate, show up and call A lot
of agents, also with regards tonot having their CRM in place.
(13:08):
They also I don't want to besalesy or I don't want to, you
know come off this way or thatway.
Well, bottom line is you are insales and you need to fall in
love with sales, and you need todo it in a way that is in
alignment with you, and that'show I always coach agents.
So find out how you want tocontact people.
What do you want to say agents?
(13:29):
So find out how you want tocontact people.
What do you want to say?
It's just about havingconversations, connecting with
them, educating them.
And this came up recently.
I don't remember where it was,what call it was on, but
someone's just like yeah, but ifit's been a year or if it's
been, you know, three years orfive years, they're not sitting
around, they're not waiting nextto the phone.
(13:50):
When is Angie going to call me?
It's been two years, fivemonths, three days and two hours
.
They don't even.
They're not even tracking it.
So what I said to this person oh, it was in a mastermind that I
went to I said it's just aboutreconnecting and just find
something.
Stalk them on Facebook, findsomething that's happening in
(14:11):
their life that you can reachout and congratulate them on or
ask about, or what I've done.
That's really funny is,especially if it was a buyer or
something happened with thispast client.
Oh my gosh, I just drove bythat pink house.
Do you remember that?
I thought of you and I just hadto call and say hi.
So just come about it as aperson, as another human being
(14:34):
that's just reaching out and youwere thinking about them and,
like I said, I don't care ifit's been one week or 10 plus
years.
I've been reaching out topeople from high school that I
haven't talked to since highschool and I'm about to have my
30 year high school reunion.
Do you think they're just likewhy are you calling me?
No, they're like oh my gosh,it's so great to hear from you
and that's how your past clientswill be.
(14:55):
Even if it's been 10 plus years, it can't hurt.
And if they tell you to buzzoff, then you know that and
they're probably not your or youanymore.
Speaker 2 (15:05):
Exactly, you know we should talk about doing a CRM
call as well, or CRM like infocall, just because, like, like
you said, it is a data bank andyou got to start somewhere and
it's, you know, without yourdatabase dialed in and things
like that, like you said, you'regiving up.
You know business and you knowit's, it's.
(15:25):
It's definitely a disciplineand something that you have to
learn and you just got to startit somewhere, you know it's just
starting.
Speaker 1 (15:32):
When's the best time to start today?
just like when's the best timeto buy a house today, just get
started even if it's 15 minutesa day or if you're just getting
two to three people in a day.
That's two to three people Ifyou.
If you multiply that, anyonecan find a half hour in a day.
If someone's too busy to gettheir business in order, then
(15:52):
they're focusing on the wrongthing or they need to figure out
leverage and all of that stuff.
And that's why it's good tohave a coach or a mentor that
can peel those blinders back,get you the leverage, get you
the time and figure this out.
Because, as I said, I justactually on my podcast that this
is on as well.
(16:13):
I read my chapter one of my fromhustle to harmony, and it's are
you an entrepreneur or anamateur?
Because the difference is.
An amateur shows up and letsevery excuse stop them from
doing what it is they know theyshould be doing to move their
business forward and like oh, Ididn't get a good night's sleep,
(16:36):
or my kids sick, or you know,I'm fighting with my spouse or
whatever it is.
You're just not in the rightenergy.
And an entrepreneur, a trueentrepreneur, shows up in
regardless of what's going onand how they feel.
They detach from that and theydo it anyways.
They do it sad, they do itpissed off, they do it hungry,
they do it sleep deprived, butthey do it because they know
(17:00):
that they're a business owner.
You own a business and to havethat move forward it's part of
the process Knowing, yes, therewill be days that it doesn't go
exactly how you'd like it to doit, you don't show up as you
should, and what I say is youcut those, you let it go.
You can't change it.
You can't even change what timeyou got up this morning.
(17:21):
So focus on here and now andwhat you can do.
And to your point, nikki, it'sjust starting.
Speaker 2 (17:27):
It is, and you know you'd be surprised at.
You know, my biggest thing isI'm constantly asking myself in
from a CRM standpoint, what canbe automated and what.
What needs to be more manual,what needs to be more personal,
what needs to be more?
And the answer that I alwayscome to is anything really
related to somebody's house orloan or what their email,
(17:48):
marketing, things like that.
Those can all be automated.
It's the personal touches thatyou have to be done manually.
It's the personal happybirthday.
It's the cause.
If you send them a happybirthday email, it's certainly
not as effective as reaching outvia texts or reaching out even
phone call and saying, hey,happy birthday, what are you
doing today?
You know so there's definitelysome just some things that you
(18:10):
can do that are super small anda lot of it can be automated,
surprisingly and still beeffective.
Speaker 1 (18:17):
Absolutely.
Or even if you, you can dovoice text, yeah, and you can
actually sing it to them throughtheir text.
So it's different.
It's just there's little thingsthat you can do that won't take
much more time, right, some ofthem can very well be automated.
That also sets you apart andjust it's like oh wow, that was
special, because everyone wantsto feel special, be heard and
(18:40):
seen yeah, absolutely love it.
Well good, well perfect.
I appreciate you, as always,nikki, and until next week.
If you all need anything, findNikki online.
She's on every social mediaplatform.
She's posting every day.
She's offered us to stitch,duet, rip off and repeat any of
(19:02):
her content.
So if you don't know what to door what to post or where to
come from or how to get thisinformation, follow Nikki.
And, of course, if you'relooking for a great coach or
mentor and someone to help youmove your business forward, I'm
here to help as well.
I have open office hours thatanyone can drop in, so feel free
to reach out to me.
Speaker 2 (19:23):
All right, make it a good one.
Speaker 1 (19:25):
You guys too, bye, bye.
Without further ado, Nikki, I will let you take it
(00:02):
away for the Monday marketupdate.
Speaker 2 (00:05):
Awesome.
Well, good morning everyone.
Thanks so much for joining us.
Just wanted to talk throughkind of what's been happening
this last week from an interestrate standpoint and then talk
about just some statistics inthe real estate market on where
we're seeing certain marketsturning in different areas of
the country.
So, first and foremost, rateslast week were extremely
(00:25):
volatile up, down, up, down, updown just like they have been
the last couple weeks.
The good news is is thattowards the end of last week and
now into today, we're startingto see those rates kind of
settle back down into that midto high six range again that
we've been kind of contemplatingover the last couple months,
you know, really kind ofsettling in there.
We are going to see that theyare going to continue to do that
(00:46):
.
This week We've got a lot ofnew information that's coming
out, or a lot of monthly reportsthat come out this week,
including the amount of mortgageapps, unemployment rates, job
creations, all these differentreports that are going to start
to affect the market as theyalways do in each month, and so
we're expecting to see a littlebit of inflation going down just
(01:07):
a little bit again this monthand being closer to where the
Fed wants it to be in order tostart lowering those rates.
From a Fed standpoint, thatwould be really nice.
There is a lot of pressure onthe Fed right now to start to
lower interest rates, to getahead of where they want that
inflation number to be, tocontinue to do that in order to
(01:27):
kind of avoid that recessionthat people seem to think is
impending as it's coming down.
So it'll be interesting to seekind of what they decide to do.
In relation to tariffs.
What the experts are telling usis that, from a just economic
standpoint, we're going to startto see the effects of tariffs
for products that are normallyimported from China.
(01:48):
We're going to start to see theeffects of that around Mother's
Day, you know, on our shelveswith jobs, with things of that
nature, and so that's going tostart to affect the market as
well, from a bond marketstandpoint and from people
pulling out of that stock marketbecause of the volatility and
starting to invest in the bondmarket because those are
considered safer.
And when that happens, whatthat does is it pushes those
(02:11):
interest rates for the bondslower, and which should, in that
case, lower mortgage interestrates, at least in theory.
This is the prediction that'sgoing to happen.
So a lot of interesting thingscoming down the line and we'll
see, kind of, how it works out.
There's a little bit of this atthe same time.
Last year, not from a tariffperspective, but just from
(02:31):
people thinking that theconsumers were going to pull out
of stocks and invest more inbonds, and from a global
economic standpoint as well thatdidn't really happen, but we
have seen, like I said, downwardpressure on those rates and
it'll be interesting to see whatthe Fed does over the next
couple of weeks With that beingsaid.
So the hot ticket item right nowis the Florida real estate
market.
So I've said this in the pastand it rings true kind of
(02:56):
throughout the history of realestate and what we can expect on
predicting what happens fromeither Florida or Arizona to
help that predict what's goingto happen across the rest of the
nation, because those twomarkets, because they are
extremely transient, theydefinitely set the tone for
markets moving forward acrossthe nation.
Now, we all know that everymarket is different, but just to
(03:18):
give you some sort ofperspective on what Florida is
doing right now right nowthere's 131, 132,000 homes that
are listed for sale in Floridaout of a total possible 10
million residences.
So if you think about that,that's 13% of the homes in
Florida are for sale right now.
So it's starting to turn overinto a buyer's market.
We're seeing decreases inlisting prices and things of
(03:41):
that nature and those prices arestarting to come down because
there's an oversupply and not asmuch demand.
And I'll talk about that demandin a minute and why that's
there.
But if you compare that toMinnesota because I know we have
a lot of people in Minnesotathat listen to this call in
Minnesota right now there's14,000 listings, just above
14,000 listings out of 2 millionresidences.
(04:03):
So we're talking 6.6% of homesin Minnesota are for sale.
I think I might've saidMinneapolis, I meant Minnesota
the whole time and if youcompare that to Arizona, right
now Arizona has 17,000 homes forsale out of 2.5 million
possible residences.
So that's about 6.8%.
So we haven't seen thatincrease in listings hitting
(04:25):
Arizona right now.
That may be due to weather,because a lot of times Arizona
has a very opposite market.
Whereas not a lot of homes sellduring the summer months
because it's so hot, it'slikened to the Minnesota winter
months where not a lot sellsbecause, again, it's too cold.
But we should start seeinglistings in Arizona start to
(04:46):
pick up and start to follow thatFlorida market.
Getting back to the demand inFlorida, so a lot of it has to
do with people wanting to selltheir homes and most of it is.
If you think about the marketin Florida, a lot of it is
second homes for people and alot of that discretionary income
has gone away.
There's actually a report thatjust came out that I was reading
(05:12):
about where it talks abouttracking spending from people
who do the buy now, pay laterloans.
So in other words, like let'ssay, you needed to go buy
furniture for your house and youcan go on to Wayfair and you
can say, okay, I want thisfurniture and then I'm going to
put it on this installmentpayment plan where I'm going to
get the furniture but I'm goingto do it and install, pay it
back on weekly installments of$50 or whatever that is.
Those are called buy now, paylater.
(05:33):
They don't report to credit.
What this report is telling usis that 72% of people have been
using the buy now, pay laterloans to acquire goods in the
United States alone and of those72% of people, 48% of those are
saying, yeah, I'm going to needto use them again in the next
six months, and so really andthere's a lot more information
(05:57):
in this report, but what itspeaks to overall is the lack of
discretionary income thatpeople are feeling right now and
that's been going on for quitesome time.
We've talked about discretionaryincome and discretionary
spending for months, now thatI've mentioned it nine months
ago, 12 months ago and now we'rereally starting to see the
effect of that when it comes tohousing and people saying, okay,
(06:18):
if I have to carry all thisspending and I'm a little bit
leery of what the market's doing, and I'm a little bit leery of
what the market's doing and I'ma little bit leery of where my
stock portfolio is, and thingsof that nature what it's going
to trigger them to do is selloff an asset, ie their second
home is going to be the firstone to go, because they're not
going to want to carry thatpayment for much longer, and so
that is definitely contributingto what's happening in Florida,
(06:40):
but it's also, you know,obviously, all these other
things.
You know there's a lot ofCanadian people that purchase in
Florida.
There's a lot of insuranceissues, a lot of HOA issues, all
those things that I've talkedabout before.
This is just another aspectthat's now catching up to the
Florida market as well.
So you're going to start to seethat trickle down into other
markets across the United Statesas well, where people are not
(07:01):
feeling comfortable with theirdiscretionary spending and
they're going to get a littlefearful and try to sell off an
asset.
So I feel like what we're doingis we're coming into this
market where we're flipping froma seller's market you know,
back during those COVID timeswhere it was like everybody was
competing to more of a buyer'smarket where everyone's saying,
okay, I'm willing to sell.
So it's just it'll be reallyinteresting to track it over the
next you know, three to sixmonths, especially seeing what
(07:23):
happens with this economy thatwe really just don't have any
history or prediction to dealwith, and it'll be interesting
to see kind of how that affectsthe real estate market.
So just some good informationfor you guys saying, okay, we're
picking up in home listings,but homes are going to be
starting to sit a little bitlonger as we get into more of a
buyer's market.
Speaker 1 (07:44):
Yeah, and I know you said that again it kind of
trends based on the Florida andArizona market upwards across
the country.
I know you don't have a crystalball, but in the past, how long
do you think is that months?
Is that years?
What is your instinct on howlong it takes for that to kind
of spread throughout the country?
No-transcript year will bepretty low and that's going to
(08:43):
take a lot of the people thathave been waiting.
You know, because right nowthere are so many people that
have been sitting on their youknow, 2.85 or 3.5% interest rate
loans, but over the past threeto four or five years they've
had babies.
Things have changed, you knowthey want to move and yet they
(09:05):
just can't or won't let go ofthat rate.
Whereas, what would you say,just based on your 25 plus years
in the industry, like is it?
If we get down to like five anda half, will they more likely
let go of that one to twopercent, whereas right now, if
it's like four percent, that'sjust too much to fathom.
(09:26):
Is there any again, just goingoff of what you know or have
experienced, what would yourtake be on?
Speaker 2 (09:33):
that, historically speaking there's a ton of
evidence out there for this thathas talked about it over years
and years and years andpsychologically, what buyers
feel comfortable at and whatsellers feel comfortable selling
and then buying it, and nomatter what the interest rate is
what they will give up in orderto move.
And that interest rate isexactly what you said.
(09:54):
The magic number seems to befive and a half.
That people say, okay, that'sreasonable for an interest rate
on a mortgage and it doesn'tfeel high.
And the difference between athree and a half to five and a
half percent on $400,000 istolerable, you know, or
something you know.
That seems to be really thepsychological point where people
(10:14):
say five and a half is reallywhere I need to be at Now, mind
you, we've got a whole group ofpeople, you know we've been on
this call for almost two yearsnow.
Very beginning of this call, wewere talking about the
advantages of a two-one buy-down.
Of this call, we were talkingabout the advantages of a 2-1
buy-down.
So if you think about that, andhow many people went into 2-1
buy-downs from a mortgageperspective almost two years ago
, those people are now going tosee their interest rate go up to
(10:36):
7.625, 7.875.
And so really talking to thosepeople and saying, okay, this is
definitely the position thatyou're in.
We need to get you reset here.
So if you do have clients thatwere in a 2-1 buy down or have
ever been in a 2-1 buy down thatyou're aware of, it's a good
conversation to have with themright now.
Because, as those things arestarting to reset, we're seeing
mortgage interest rates comedown.
(10:57):
You know we can catch it at theright time to put them into
that.
You know that more.
That lower fixed rate which was, you know, always the goal at
the beginning was to say, okay,we're going to take a lower rate
for now and then, hopefully,within the two years, the
interest rates will come down tothe point where we can just
refinance and keep that lowerrate.
Speaker 1 (11:21):
So those are people too that are going to be in the
market.
Great point.
I almost forgot.
It's just so fast andeverything's moving at lightning
speed that that is a greattakeaway.
I mean, I want that to be thetakeaway for agents.
Um, that was a big thing andthat was the thing that we were.
We were going to and looking atand having these numbers
available, uh, to get peopleinto homes.
And what was the saying?
(11:42):
Some people hated it was um,date the rate, marry the home,
yeah.
So if you had buyers, you saidthat to her, did that?
Speaker 2 (11:52):
Yeah, we've been dating rates for two years now,
so it's time to put money on it,let's go.
Speaker 1 (11:57):
Yeah, no, I love that and I think that's kind of
going to be my takeaway on themindset side of it is really
take that time and, first andforemost, I've only ever met one
agent in my tenure career andmany of that coaching agents,
both new and 20 plus years inthe business that have their CRM
(12:21):
in place and really working ata high level.
I call it a data bank.
It's not your database, it'syour data bank.
If you don't have that working,you are stepping over $100
bills to pick up pennies.
So, in saying that, first andforemost, I'm going to put a pin
in that over there, get yourCRM, get it running, get it
working, get it automated yes,and then be feeding it every
(12:45):
week.
You should be feeding it and so, anyways, with that said, sit
down and go through the pastclients or people that you've
talked to, or theseconversations you've had
regarding the two one buy down,or people that have been on the
fence and just show up andeducate, show up and call A lot
of agents, also with regards tonot having their CRM in place.
(13:08):
They also I don't want to besalesy or I don't want to, you
know come off this way or thatway.
Well, bottom line is you are insales and you need to fall in
love with sales, and you need todo it in a way that is in
alignment with you, and that'show I always coach agents.
So find out how you want tocontact people.
What do you want to say agents?
(13:29):
So find out how you want tocontact people.
What do you want to say?
It's just about havingconversations, connecting with
them, educating them.
And this came up recently.
I don't remember where it was,what call it was on, but
someone's just like yeah, but ifit's been a year or if it's
been, you know, three years orfive years, they're not sitting
around, they're not waiting nextto the phone.
(13:50):
When is Angie going to call me?
It's been two years, fivemonths, three days and two hours
.
They don't even.
They're not even tracking it.
So what I said to this person oh, it was in a mastermind that I
went to I said it's just aboutreconnecting and just find
something.
Stalk them on Facebook, findsomething that's happening in
(14:11):
their life that you can reachout and congratulate them on or
ask about, or what I've done.
That's really funny is,especially if it was a buyer or
something happened with thispast client.
Oh my gosh, I just drove bythat pink house.
Do you remember that?
I thought of you and I just hadto call and say hi.
So just come about it as aperson, as another human being
(14:34):
that's just reaching out and youwere thinking about them and,
like I said, I don't care ifit's been one week or 10 plus
years.
I've been reaching out topeople from high school that I
haven't talked to since highschool and I'm about to have my
30 year high school reunion.
Do you think they're just likewhy are you calling me?
No, they're like oh my gosh,it's so great to hear from you
and that's how your past clientswill be.
(14:55):
Even if it's been 10 plus years, it can't hurt.
And if they tell you to buzzoff, then you know that and
they're probably not your or youanymore.
Speaker 2 (15:05):
Exactly, you know we should talk about doing a CRM
call as well, or CRM like infocall, just because, like, like
you said, it is a data bank andyou got to start somewhere and
it's, you know, without yourdatabase dialed in and things
like that, like you said, you'regiving up.
You know business and you knowit's, it's.
(15:25):
It's definitely a disciplineand something that you have to
learn and you just got to startit somewhere, you know it's just
starting.
Speaker 1 (15:32):
When's the best time to start today?
just like when's the best timeto buy a house today, just get
started even if it's 15 minutesa day or if you're just getting
two to three people in a day.
That's two to three people Ifyou.
If you multiply that, anyonecan find a half hour in a day.
If someone's too busy to gettheir business in order, then
(15:52):
they're focusing on the wrongthing or they need to figure out
leverage and all of that stuff.
And that's why it's good tohave a coach or a mentor that
can peel those blinders back,get you the leverage, get you
the time and figure this out.
Because, as I said, I justactually on my podcast that this
is on as well.
(16:13):
I read my chapter one of my fromhustle to harmony, and it's are
you an entrepreneur or anamateur?
Because the difference is.
An amateur shows up and letsevery excuse stop them from
doing what it is they know theyshould be doing to move their
business forward and like oh, Ididn't get a good night's sleep,
(16:36):
or my kids sick, or you know,I'm fighting with my spouse or
whatever it is.
You're just not in the rightenergy.
And an entrepreneur, a trueentrepreneur, shows up in
regardless of what's going onand how they feel.
They detach from that and theydo it anyways.
They do it sad, they do itpissed off, they do it hungry,
they do it sleep deprived, butthey do it because they know
(17:00):
that they're a business owner.
You own a business and to havethat move forward it's part of
the process Knowing, yes, therewill be days that it doesn't go
exactly how you'd like it to doit, you don't show up as you
should, and what I say is youcut those, you let it go.
You can't change it.
You can't even change what timeyou got up this morning.
(17:21):
So focus on here and now andwhat you can do.
And to your point, nikki, it'sjust starting.
Speaker 2 (17:27):
It is, and you know you'd be surprised at.
You know, my biggest thing isI'm constantly asking myself in
from a CRM standpoint, what canbe automated and what.
What needs to be more manual,what needs to be more personal,
what needs to be more?
And the answer that I alwayscome to is anything really
related to somebody's house orloan or what their email,
(17:48):
marketing, things like that.
Those can all be automated.
It's the personal touches thatyou have to be done manually.
It's the personal happybirthday.
It's the cause.
If you send them a happybirthday email, it's certainly
not as effective as reaching outvia texts or reaching out even
phone call and saying, hey,happy birthday, what are you
doing today?
You know so there's definitelysome just some things that you
(18:10):
can do that are super small anda lot of it can be automated,
surprisingly and still beeffective.
Speaker 1 (18:17):
Absolutely.
Or even if you, you can dovoice text, yeah, and you can
actually sing it to them throughtheir text.
So it's different.
It's just there's little thingsthat you can do that won't take
much more time, right, some ofthem can very well be automated.
That also sets you apart andjust it's like oh wow, that was
special, because everyone wantsto feel special, be heard and
(18:40):
seen yeah, absolutely love it.
Well good, well perfect.
I appreciate you, as always,nikki, and until next week.
If you all need anything, findNikki online.
She's on every social mediaplatform.
She's posting every day.
She's offered us to stitch,duet, rip off and repeat any of
(19:02):
her content.
So if you don't know what to door what to post or where to
come from or how to get thisinformation, follow Nikki.
And, of course, if you'relooking for a great coach or
mentor and someone to help youmove your business forward, I'm
here to help as well.
I have open office hours thatanyone can drop in, so feel free
to reach out to me.
Speaker 2 (19:23):
All right, make it a good one.
Speaker 1 (19:25):
You guys too, bye, bye.
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