How Rates Get Down to 5%

Quick update on the last couple days of the market. CPI came in slightly higher than expected, upward trend continued yesterday with some stabilization today. It is still a buyer's market but we've been hearing that buyer's are expecting too much. Each deal is different and wanting to get a good deal doesn't always mean a reduction in the list price.

Quick market update as oil futures have dropped since the election and we got a hot CPI report today which put a damper our rate rally.We also dissect what we would ask loan officers if we were shopping lenders.

Texas is still a buyer’s market, and weekly mortgage applications are sitting under 190,000. In this episode of Beyond the Rate, Charlie and Will break down which buyers can take the most advantage of the opportunity right now.We cover:First-time buyers and why you should focus on the house, not the rateMove-up buyers, including how renting out your current home can helpMarket-savvy buyers who negotiate 5% to 10% off and plan a refinanceSecond-home and vacation-home buyers on the Texas coast and in the Hill CountryWhat to do if you have to sell your home before you buyWhy waiting for rates to hit 6% could mean double the competition and fewer seller concessionsWhether you’re ready to buy or just exploring your options, this conversation will help you look at the market through a smarter lens.Read the full breakdown on our Resource Center: [add link]Beyond the Rate, a Shop That Rate podcast, is hosted by the team at J. Charles Lending. www.jcharleslending.com

Four of the biggest real estate brokerages in the country just teamed up on Open Real Estate, a shared listing platform built to answer Compass and its private exclusive listings. What does it mean if you're buying or selling a home?Recorded the day after the announcement, Charlie and Will break down how we got here, from the NAR commission settlement to Compass vs. Zillow, and who actually comes out ahead: boutique brokerages, sellers who need privacy, sellers testing a price, and luxury homes. We also take a hard look at Compass's claim that private listings sell for 4.6% more, and ask the bigger question: if the largest brokerages run their own listing networks, does the MLS still have the same job?

Most people are waiting for rates to come down, and we feel that expectations for how low rates will get are unrealistic. We dissect what it will take for conventional rates to get down to 5%.

Last week we discussed our Pre-Election Game plan and a Housingwire article last weekend made the same argument. We discuss the four factors that could lead to lower rates.

Inflation came in higher than expected, but the reaction was the exact opposite with rates finishing this week a quarter point lower than last week. We also talk about a home buying game plan as the mid term elections near.

The market is favoring buyers but not every deal is the same. Buyers can find value in many different ways and we get into a few of those here.

Buyers are able to get aggressive right now and sellers understand the current state of the market. We go Beyond the Rate to talk strategy going into an offer.

Everyone wants the 2021 rate but they don't remember what the 2021 market was actually like. The value back then was low rate but massive competition among home buyers. Today it's flipped, the value is a discount on the price and seller paid closing costs.