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Real Estate Market Update Dec 12, 2023: Rate Cuts, Ban on Corp Buyers, Black Friday & Good News for NAR
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In this episode of the Texas Real Estate and Finance Podcast, host Mike Mills discusses the current state of the real estate market, including the expectation of rate cuts in 2024 and a proposed bill in Congress to ban hedge funds from buying large numbers of single-family homes. He also covers the Black Friday sales numbers and the impact of commission lawsuits on the real estate industry. Mills provides insight into the appeals process for the National Association of Realtors and the defendants in the Burnett case, expressing hope for a positive outcome.
The Fed's Rate Cut Expectations (00:00:08)
Discussion on the likelihood of big rate cuts in 2024 and concerns about deflation and inflation trajectory.
Proposed Bill to Ban Hedge Funds from Buying Real Estate (00:03:28)
Details on a bill proposed in Congress to ban hedge funds from buying large amounts of single-family homes and its potential impact on housing affordability.
Black Friday Sales Numbers (00:05:10)
Analysis of misleading headlines about Black Friday sales, including the actual increase in sales volume when adjusted for inflation.
The Burnett Case (00:07:43)
The speaker discusses the appeals process for the defendants in the Burnett case and how it may work out better than expected due to the lack of emotion and more focus on evidence and facts.
Lawsuits and Precedent (00:08:41)
The market is uncertain due to ongoing lawsuits, and the hope is that the Department of Justice will issue a ruling to prevent ambulance chasers from targeting brokers and agents. The speaker emphasizes that realtors are not trying to rob homeowners and that they are just caught in controversy between lawyers and the industry.
Adapting to Change (00:09:32)
The speaker advises agents to understand the changes happening in the industry, be prepared to answer clients' questions and stay calm and focused until the situation is resolved. The potential negative impact of significant changes on consumers is mentioned, and agents are encouraged to educate themselves and know their value proposition.
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