Dumpster Fires, Obstacles and Optimism
This week was a hard week for the market and it’s a hard time for many the industry. Mortgage rates haven’t been this erratic since Black Monday when the stock market tanked in 1987.
I sent an email to the leadership team earlier this week announcing that Finance of America would be closing its doors after losing $168 million in Q2. This market is one of the most complex and challenging markets mortgage lending has ever seen. Unsustainable pricing strategies and poor business structures are beginning to catch up with many lenders. Companies will continue to exit, and people will begin to leave the industry. On a positive note that will leave lots of opportunity for us.
It is such a great time to see and focus on the opportunities that lie ahead. And it’s an even better time to share that vision, optimism, and enthusiasm with those around us. Encourage agents, fellow loan officers and current partners to see the bright side. What you focus on expands.
In August $4.8 million homes were sold (data released this last week). There are still plenty of loans for us to go get our, unfair share if we focus and hustle. 😊
Notes that Resonated:
If you’re taking random action you’re going to get random results
5 minutes of your life complaining is 5 min of life wasted
You can’t see the picture when you’re in the frame. - shift your perspective
The recipe for winning in this environment is simple… not easy but simple. Guard your mind, have a plan, execute on your plan and move it forward daily.
If you are in a rut: stay busy, work your plan
Does the size of the hustle match the dream
Your choice creates your challenge
No one wants a boss but everyone needs a coach
Avoid the shiny object syndrome- focus on the one to three things that you think will have the most impact
A system is a documented way of doing things for success.
If you don’t have a system you will have haphazard results
Proverbs 24:10. If you faint or falter in times of adversity how little is your strength (And faith he is with you)
America is full of “almosts” and almost wins, but the winners… they “Just do it”…. Winners double down, put in the extra work, go the extra mile and just do it. In any conditions and with every adversity they put in the time and energy needed to win
Real Estate Market Update:
Weekly National Housing Trend:
Median Listing Price +13% $427,000
New Listings -10%
Time on market 6 days longer
These numbers tell me we are not spiraling out of control towards a crash but getting back to normal seasonality. (see price reduction graph below)
August Housing Data: (released this week)
August 2022 existing-home sales were down 0.4% from July and 19.9% from one year ago. The reduction in home sales reflects the market correction and is partially driven by this year’s escalating rates
4.8 million existing home sales bring us back to the levels of June 2020 and Feb. of 2019
Median price declines to $427,000 from $449,000 in June
This is still a 7.7% year over Year increase
Podcasts to listen to:
Everyday stand guard at the door of your mind- Jim Rohn
Your battle is the Lord’s, He has us covered :)
When we do not understand how we will make it or get through our personal battles…. Trust in him. It may not go the way we think it should or how we think it should… but he always goes ahead of us to show us the way. And he always has our best interest at heart.
https://podcasts.apple.com/us/podcast/biblical-studies-by-jesus-101/id660969366?i=1000577768467
Ticktock Strategies for lead generations:
https://podcasts.apple.com/us/podcast/social-media-marketing-podcast/id549899114?i=1000575752329
Videos to watched:
Simon Sinek:
If you focus on the obstacles all you will see if the obstacles. -https://youtube.com/shorts/hrClKj5lEC0?feature=share - the human brain can’t comprehend the negative “not doing something” example: don’t think of an elephant. Change your perspective. Focus on and think about the affirmative. Focus and place all your energy on where you want to go and the best case scenario.
Enjoy your stupid life: https://youtu.be/OXp1CQA8YDw. (a funny way to say… be grateful)
Content creation ideas https://youtu.be/II3g7CVjgXM (think media how to simply create content)
Developing the winning edge… “Just do it” speech https://youtu.be/7R9c0RAz678 (starts at min 7.38) AL Williams founder and Football Coach (Art Williams Speech ‘87 amazingly relevant today)
Top Quotes:
“Psychotherapist and author Charles Richards on productivity:
“Don't be fooled by the calendar. There are only as many days in the year as you make use of. One person gets only a week's value out of a year while another gets a full year's value out of a week.”
Insurance executive and entrepreneur Art Williams on motivation:
“Almost everybody can stay excited for 2 or 3 months. A few people can stay excited for 2 or 3 years. But a winner will stay excited for 30 years or however long it takes to win.”
Source: “Just Do It”
QUESTIONS FOR YOU
What is one previous habit I'd like to reclaim?
What is one current habit I'd like to let go?
Things Discovered:
This isn’t new but they recently updated the app and I am “re-discovering” it. Lots of interesting levels of games to elevate you vocabulary, speed reading and memory. “ELEVATE” App