Ep. 22 - Mastering the Housing Market with Barry Habib
Today we have one of the most esteemed guests in the country, Barry Habib, CEO of MBS Highway and expert on the mortgage and housing industry. Barry is widely credited for saving the mortgage industry during the Covid Pandemic and has received numerous accolades, including the three-time Crystal Ball Award Winner by Zillow and Pulsenomics for the most accurate real estate forecast of 150 top economists in the US. In this episode, we dive deep into the current state of the housing market and the potential for a recession. We also examine factors such as inventory shortages, slowing household formation, and how demographic factors (along with inflation) impact the market.
If you’re ready to start the year with precise market insights, jump in, and let’s get started by hearing one of America’s top 100 people to watch in 2023!
[00:01 - 06:29] Barry Habib: The who, the how, and what he has to say about the current housing market
[06:30 - 16:05] A look at the current state of inventory and the story it tells about the market. Are we in a recession?
[16:06 - 22:17] Examining the causes of the 2008 “housing bubble” and what a recession could mean for home values today
[22:18 - 28:27] Counter statements to the Fear P*rn in the news
[28:28 - 35:04] Fed officials struggle to anticipate unintended consequences of economic decisions
[35:05 - 39:50] Fed Hikes Rates: What Are the Implications for the Stock Market?
[39:51 - 49:53] Forecasts for the labor force, 2023 transaction amounts, and opportunities for your dream home
[49:54 - 54:51] Barry Habib shares his insight on real estate market trends and the impact of Airbnb Short-Term Rentals
Quotes:
"Change is always difficult, and we've seen a dramatic rate of change. We've seen a change in mortgage rates in a very short period of time. Go from, let's call it, 3% to around 7%. That's a very, very large rate of change." - Barry Habib
"Home values tend to do well because interest rates come down during recessionary periods, and that makes buying a home relatively better than renting a home. It also puts people in a position when they buy a home at a lower interest rate to have more buying power to do so." - Barry Habib
"The Fed, unfortunately, is like driving a car by looking in the rear view mirror. The data that they look at is lagging. And even the inflation data is old.” - Barry Habib
"The best time to buy is the time of maximum pessimism.” - Barry Habib
Resources Mentioned:
Connect with Barry and his insights on LinkedIn, Instagram, and Twitter. Become a better advisor and build your brand by going to https://mbshighway.com/.
Bank of England is a nationwide lender that takes the time to understand your needs and structure the right mortgage for you and your family. Find your local branch at https://www.boemortgage.com/.
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