June Housing Market Update With Mortgage Rates And Home Appreciation

On this week's Market Update - 

We share a fast June 7 market update on mortgage rates, volatility, and what the 10-year Treasury signals for client conversations. 

We also dig into fresh home appreciation numbers by market and a simple “Be, Do, Have” mindset that helps agents take uncomfortable action and grow. 

You can find me on Instagram, Facebook, and TikTok @mortgagesfromMNtoAZ. 
You can text me, call me at 952 484 1584, or you can email me at Nikki@KevnikGroup.com. 
 

Transcript

Weekly Market Check In

SPEAKER_00 0:02

It's the week of June 7th, and Nikki is here for our weekly update. Nikki wants to be able to do that.

SPEAKER_01 0:08

Hello, everyone. Yes. Hi, everyone. So interest rates are in the mid-six range still. We saw some activity happen in Iran over the weekend that kind of settled things down from a 10-year treasury standpoint. So we've been seeing kind of an improvement from Friday, but still things into that mid-six range. Moving forward as things kind of settle down and as we kind of see things happen with Iran, we're going to definitely see some movement in the market and some volatility up and down. So just keep that in mind as you're talking to clients and as I'm talking to clients as well. We'll keep in mind with those interest rates and kind of see what they're going to be doing. Hopefully lower a little

Interest Rates And Market Volatility

SPEAKER_01 0:44

bit more than what we were expecting. The other thing that I want to talk about today is home appreciation numbers that have came to come out. So overall, we've got the numbers for May that showed home appreciation 1.7% year over year. So from May of last year to May of this year, we are up 1.7%. If we take the first five months of the year and we annualize that over what the appreciation has been in the first five months and annualize that over the year, we're looking to be about 3.5% up overall nationally. So when we talk about that nationally, what does that break down to? So if we think

Home Appreciation Numbers By Region

SPEAKER_01 1:19

about like the Phoenix area or the Arizona market, for example, we are up 2.4% for the year in Arizona. From a Minneapolis-St. Paul metro area, well, they're actually up 3.5% for the year. So we've definitely seen some difference in appreciation there. And then if we look at, for example, the Florida market, um, they are up 1.9% in the state. However, it's important to note that like the coastal areas are actually down from an appreciation standpoint just because of increase in insurance costs and some weather-related items that have caused those homes to sit on the market for longer. So overall appreciation is looking good for the year. Um we're expecting about 3.5% overall. And if you have information or want to have information about your market specifically, you can let me know. I can get those numbers to you.

SPEAKER_00 2:07

Thank you. Wow. Yeah, that's good to know. I mean, that's a huge talking point, especially if you have sellers that have been on the fence and just not sure or yeah, yeah.

SPEAKER_01 2:17

And they are talking about how it's you know really more of a buyer's market. When we see appreciation, that's less than usually less than 5% for the year, or that's going to be annualized less than 5%. That's what they tend to call a more buyer's market. Um, so if you have buyers out there that have been kind of on the fence or looking to make a move perhaps in a little while, it would be now would be a great time for them to execute on it.

SPEAKER_00 2:37

Yeah, that's a great point. So, regardless, your pipeline, look at it. And yes, there's a talking point for both sides of the of the transaction for sure. No, I love that. Absolutely. Absolutely, lovely. Well, and then I um just on a like coaching standpoint, what I've been talking with a lot of agents about, and it just keeps coming up over and over and over, it's kind of like your be do have. So you first have to be and show up as the person or the agent that you intend to emulate or you want to go port. So we're talking about goals, we're talking about, you know, instead of waking up today as who you are today, where can you come from that

Be Do Have Coaching For Agents

SPEAKER_00 3:25

person that does, you know, 30, 40, 100 transactions a year? So I want you to think about being that person today and waking up as them, doing what they would do. Do they exercise? What are they eating? You know, who are they calling and not even thinking twice about it? Where a lot of people will shrink or they'll hesitate on making some of those connections or calls. So I've been really diving into that quite a bit with agents. So I just wanted to bring it up here because I know a lot of real estate coaches, and even my coach talks about be, do, and have. So you have to be the agent or be the business owner that you your goals are. You have to be that every day and make decisions from there, whether it's in your personal life, your business, your health, all of it, and then do the things that agent does. Do the uncomfortable things because it's, you know, it's it's about getting comfortable being uncomfortable. So you have to get comfortable in that uncomfortable place because that's where the growth happens. So if you can be that agent every day, do the things that agents do, regardless of if you're ready and the results are not going to be there yet. You just continue to do that, you can have those results and have whatever it is you desire. So I just wanted to bring that up here today because I know a lot of agents get paralyzed, or they listen to those stories that are in their heads spinning around and round of why they shouldn't or why they can't, or they're not ready, or who am I? And that's just BS. That's just the old version of you. Your results today are simply your past thinking and the actions that you took. So if you want a different future and a different tomorrow, or even three months, six months, a year from now, it's what you do today and how you show up as if you're already doing that. You know, you already are that person and do the things that agent does, you will have the results.

SPEAKER_01 5:23

Absolutely. But to put it shortly, I mean dress for the job you want, not the job you got. Oh, I love that. Absolutely. You know, so yeah, it goes along with that as well. Absolutely. Love it. Good, good.

SPEAKER_00 5:37

Well, I know you have uh somewhere off to run to. So I will always always, always yes. Well, Nikki, thank you so much again for showing up. And any agents that's listening to the replay on YouTube, other podcasts, social media, how do they get a hold of you?

SPEAKER_01 5:51

Uh you can find me on Instagram, Facebook, and TikTok at mortgages from M N to A Z. You can text me, call me at 952 484 1584, or you can email me at Nikki at Kevnik Group.com. Perfect. All right.

SPEAKER_00 6:06

Till next time, agents go sell something. Let us know if you need anything at all. Bye, everyone.

Where To Find Nikki And Closing

SPEAKER_00 6:11

Bye.