William Piotrowski 2023 Mindset Working the Business
The presenter for the Zoom call this week was William Piotrowski, an 18-year seasoned loan officer. He offered his take on the market for 2023.
He started out his presentation offering information that he had gotten from a call earlier in the morning. The market was going to be undergoing volatility for the next few months, with a target date of May 10 for a major shift in the Consumer Price Index (CPI).
The optimism is that on that day an event will occur that will drop rates into the mid 5's.
At the top of the curve, the CPI which is currently at 5.87 will see a shift again and the cycle will go back with buyers clamoring for homes and the return of multiple offers
There will be more activity with buy down of points as the market is not offering sufficient profitability to lenders . With the increase in equity, people will be paying loans off quicker and there are less profits for lenders.
He spoke of the positives in the current market
seller paid closing costs which were not there a year ago
sellers making and paying for repairs; increased loan limits
no inspection waivers which are not on current contracts
contingencies on contracts for sales of residences.
He advocated a shift in mentality of agents to be seeking out people in our sphere and asking to be of help.
Start making calls to service providers that may see people with issues where a home to sell or buy is a solution such as divorce attorneys. estate planners, tax advisors, etc.
He suggested all maintain an OWL mindset: Observe, Write, Learn and not be the OWL agent: Calling a past client and greeting, Hi --- this is Joe and getting Joe who?
He offered a statistic that within the next 2-3 years, 2/3 of millennials will look to buy a home. Kids that have been living at home will now get out to own their own homes. Possibly looking for a muti-family property to get assistance with the monthly payments.
For bi-lingual agents, the Spanish market will explode with buyers and as they are a cautious group, an agent that has earned trust will see many repeats and referral clients.
Educating renters can also be beneficial especially as rental rates will escalate and a move to a homeownership will be more valuable.
He offered a graphic where almost 250,000 homes that had gone under contract from July to October did not close. He expected the last 2 months of the year to be similar.
He noted that 70% of current agents have never worked in this type of aggressive market. It created a false sense of security as commissions were so easy to obtain. List and sell within days of being on market.
In addition, 80% of current lenders have never worked in a non-refinance market. with a shift coming many of those lenders will be working elsewhere.
There is a belief that almost 30% of people currently in the real estate business will be gone over the next year.
He was energetic and offered his services for the 22 states that he covers. He is high energy and carried the call to beyond the hour.
William Piotrowski 2023 Mindset Working the Business
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