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- Is this the end for first-time homebuyers? 🥀
Is this the end for first-time homebuyers? 🥀
Flash Forward: these 3 things made homebuying impossible for basically everyone
John Birke
November 13, 2023
The only newsletter (probably) where you can get the latest market trends, mortgage news, and social media updates all in one place
November 6th, 2023
Last Week:
Now last week wasn’t all bad…1-3 are good things, 4-6 are the dream-killers:
Home inventory is up
Mortgage apps are a bit better
Rates leveled out and stayed under 8%
Average mortgage payments just jumped to over $2500/mo
There are more cash buyers to compete with than ever
And the NAR verdict could change how buyers are represented forever
Plus, Meta gets ahead of possible deepfake AI in politics, and we take a look at the Wikipedia of the AI tool world: Futurepedia
Really quick, if someone forwarded this email to you, don’t settle for being at mooch. Sign up and get it for yourself here 👇
Ok, now let’s get to it!
The Mortgage Part
Check out this week’s video 📽👇
🏡 Homes For Sale: Home inventory ticked up a bit, bringing a small amount of relief to a starving market
📃 Mortgage Applications: Due to a drop in rates back to the mid 7s, we saw more buyers jumping back into the market
% Mortgage Rates: Though they moved up slightly after the major drops we saw last week, we are still well below those scary 8% rates
💸 Mortgage Payments: The average mortgage payment just surpassed $2,500/mo… a record we never wanted to break as affordability becomes even more distant
💰 Cash Buyers: Cash purchases are at their highest level ever, making it even harder for less cash-heavy first time buyers
⚖ NAR Verdict: The NAR was ruled liable for $1.8B in damages for collusion to generate inflated commissions and home prices. The MO ruling could have massive implications for how real estate commissions are charged and split in the future, and push affordability to the brink
🔍 Coming this week: Consumer Price Index, retail sales, and housing starts
The Media Part
🤖 Meta’s turn to take a shot at tampering AI
With the 2024 U.S. presidential election on the horizon, Meta is looking to get ahead of any potential funny business with AI and political ads. The social media giant just announced some new limits on how artificial intelligence can be used to make ads for its platforms (that's Facebook, Instagram, and Messenger).
Basically, any ads created completely by AI without human involvement - those are getting the boot. And you won't be able to use AI to make deepfake videos of politicians or influencers either. Meta's concerned about people misusing AI to manipulate voters or spread false information, an obvious concern after the massive amount of pre-AI misinformation that was touted on it’s platforms the last 2 cycles.
Some basic AI stuff will still fly, like automatically transcribing speech to text. But the new rules are meant to clamp down on the riskier uses of artificial intelligence in ads. This comes as that ChatGPT chatbot everyone's talking about has raised worries about AI spinning misinformation.
It's hard to say how well Meta can enforce these limitations, since AI-generated content can be tricky to spot. But you've got to give them some credit for trying to think about the impacts of AI and not just letting anything fly ahead of a major election. We'll see if other social media players follow suit with their own rules. Either way, Meta seems to be taking potential AI chaos in 2024 seriously - even if their restrictions aren't perfect.
🛍 The Future is on Futurepedia
If you feel overwhelmed by the thousands and thousands of new Artificial Intelligence services and programs for every possible function ever conceived, then you’re just like everyone else on the planet. There’s no way to keep up with everything and knowing where to look can be even harder than knowing what to look for!
That’s where Futurpeida.io comes in. This supermassive AI directory tracks every AI tool that hits the market and puts them all into searchable categories. So if you want a bot to write some social media content for you, just search “I want to write a series of blog posts in my brand voice” and it will show you every available tool. Some are free, some are cheap, and some are incredibly pricey. But it’s all there ready for you to take advantage and keep up with there exploding new technology. So jump in there and have some fun!
Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week with a slow news cycle just sit back, soak in the rate relief, and thank a vet you know for their service!
And as always, I’m happy to help you and your clients with anything mortgage, marketing, or social media. See you next week and
Thanks for reading!
John Birke | Mortgage Advisor | Content Coach
NMNLS 1150795
Movement Mortgage
9726 Old Bailes Road, Suites 121 & 130, Fort Mill, South Carolina 29707
NC-I-211026, SC-MLO-1150795, AR-128178, MO-1150795, OK-MLO29209 | Movement Mortgage LLC. All rights reserved. NMLS ID #39179 (www.nmlsconsumeraccess.org). Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. For more licensing information please visit movement.com/legal.
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