 Hey, everybody, Ricky Carruth here. So I bet you never thought that you would hear anyone say that home prices were gonna go to a new all-time high in 2023. Will that happen? That's what I wanna talk to you today about. I wanna share with you a chart that I find extremely interesting. And also, when are we gonna find some relief when it comes to inventory of homes for sale? I have a theory on that as well that I wanna share with you. And that's really been the problem, right? No inventory, historic low of homes for sale in the month of May. And it's absolutely insanity out there. I wanna talk about why we have such low inventory and when I believe we're gonna see some relief because I think there is light at the end of the tunnel. Every market is temporary. So never get into the mindset that this is how it is because that's what gets you into a lot of trouble. You always need to be thinking about what's the next stage of the market, what's the next part of the cycle and how you can take full advantage of it. That's what I wanna share with you today. First, I wanna dive into this pricing situation, right? I believe real soon we're gonna go positive year-over-year prices, which Zillow already came out with a report that said we were positive year-over-year by about 1%. But also, I'm actually seeing signs that we're gonna go to a new all-time high. That's right, erasing all the losses of home prices that we've experienced since mortgage rates started to increase. So let's dive into this. I'm gonna go straight to the Redfin chart here. This is amazing because we just got the next little piece of this line, you know, every two weeks or so, they add to this part of the chart for the year. And the last time that we looked at this, we were 2% below last year at this same point at 379,000. They just came out with the next piece of data, which pushed us up to 381,000. We're literally 1% away from hitting positive year-over-year numbers. Now, that number last year at this time was 385,000. So we don't have much farther to go here, but get this, the high last year on this chart was 387,000. That was the all-time high for Redfin data concerning median sales price of houses in America. So the all-time high is 378,387,000. And we're at 381,000. We're literally $6,000, $6,000 away from all-time new home price median highs. So this really makes things extremely interesting. Now, I've been saying for about two months now that right when we're about right here, I was predicting that we're gonna go, we're gonna bust right through this wall right here. This is the wall put up by prices declining last June. We hit the July. We hit the high in June, and we started coming down quite a bit there in July. And it made this wall that I figured, well, we're gonna bust right through it. But then the line started even trying to nose up towards 2022 earlier. Then I started saying, hey, I think we're gonna actually get there a little sooner. And now it looks like we might even go to a new all-time high. This is insanity right here because all you hear about is crashes and everything. Okay, so what is this telling us? Well, it's telling us that we have way more demand than supply, even in this higher interest rate market. And as far as interest rates go, everybody's saying all the entities, all the gurus, everybody's saying that mortgage rates are gonna come back down by the end of the year into the low five range, 5.4, 5.6, 5.5, something like that, which would be crazy because there's so much pent up demand. It's gonna create a tsunami of buyers. So I'm waiting to see if that's really gonna happen. Honestly, I thought rates will be down a little lower right now and they're not. So I'm not gonna try to predict some mortgage rates. I'm just gonna say if it does come down anywhere close to six or anywhere like 5.9, anything under six, I think it's gonna be a massive, massive wave of buyers that's gonna come out the woodwork. Now, when we think about interest rates and we think about the fact that they're such low inventory. If you look at new listings, for example, okay, this is new listings. I mean, look at this. We're down 23% year over year new listings. And remember, last year was an extremely low year. Last year was pretty much in line with 2021 in terms of listings right there. And by the way, let's go back to prices for just a second. I just, I think it's important to note here that every year starts down, starts with the same downward trajectory as we did this year. And it always starts to come up about the same time a year just like it did this year. And that's including 2021, the year of the boom. Prices went down January and February and then started coming back up. So this is not an abnormal year here. It's not like we're experiencing some kind of weird, you know, you know, pricing crash or some kind of weird thing. We're right in line with where we, where we are every single year. I'm kind of glad that it's kind of holding firm to where we were last year, but as soon to be going higher. But when we look at active listings, we're down lower, we're 6.28% lower than last May. That is insanity right there. It's crazy. This is 2021, 22 and 23. And that is just, that's nuts. But when you think about mortgage rates, okay? And the Zill report showed that, you know, sales went up 10% month over month, we're up, you know, 1% price-wise year over year, but inventory reached a new record low for May as mortgage rates deterred sellers. Now, you think about mortgage rates deterring sellers, okay? Think about that for a second. Mortgage rates, the high mortgage rates are deterring sellers who have that three and 4% interest rate. And they just don't want to lose that low interest rate and buy house with a five, six, 7% interest rate. Of course they don't. Who would? That's totally understandable. But here's what I foresee. And this is where the huge opportunity is right here. And this is how you can literally visualize a game plan that will put you as being the number one agent in your market, making a million dollars, whatever your big dreams and goals are to create this massive business. This is the play. And this is so similar to what happened to me in 2008. I went all in with representing buyers on foreclosures because I knew they were gonna turn around and sell those properties at a huge profit in three years and upgrade to another property and refer five people to me. And that's what happened. And that's how I got to 100 deals a year, representing buyers for three or four years on foreclosures. This is your 2008 right now. And this is why the reason that mortgage rates are deterring sellers from selling is the same reason why it's going to make sellers sell in the next coming years. Now, understand the philosophy here. We're having sellers decide not to sell because of high interest rates. That's gonna have the opposite effect on people who are buying right now at the higher rates. So everybody feels like everybody's in unison that mortgage rates are gonna get down into the fives over the next couple years, okay? So imagine the buyers who are buying today at six and 7%. And then in three years, rates are 5%. Aren't they gonna be excited to sell their house? They're sitting on 6%, 7% interest, upgrade to a nicer house at a 5% interest? Hey, yeah, they are. So that's gonna help this inventory problem. Now, we're also gonna see some relief with inventory when rates get down to five now because you've got this pent up demand of people who are sitting in houses at 4% who really wanna move. They're not happy where they are. They need a bigger house. They want a nicer house, whatever the case may be. And they're gonna trade up. And they're gonna pay a little more interest just because they got to that breaking point. So right now we're not at that point at the six and seven range, but when we get to the five to six range, we're gonna see a little relief with inventory. And then as rates get down and we give time for the people who are buying right now to decide to trade up over the next two to three to four to five years, we're gonna see those listings hit the market. And those buyers, those sellers are gonna turn into buyers for nicer homes. So planting the seeds right now, going all in on your business to get out there and represent as many people as you can whether they're buying or selling because the more buyers you can represent right now during this time of high interest rates, the more great listings you're gonna have over the next one, two, three, four, five years and the more deals you're gonna do because they're gonna upgrade into other homes and they're gonna refer so many people to you. This is your moment right here to get in there and do the same thing I did back in 2008. That's the opportunity ladies and gentlemen. So anyway, I just wanted to share this. I think this is amazing that we're about to go not only positive year over year price wise, but we're gonna go to an all new high price wise and I'm starting to see light at the end of the tunnel with inventory. Will it take a couple of years for this all to play out? Of course it will. It's not gonna happen overnight, but it's not gonna stay like it is forever. Every stage of the market cycle is temporary. So don't let this to tear you. Don't let this get you down. Don't sit around thinking, oh, I'm not gonna make it in real estate. Yes, you are gonna make it in real estate. Go all in on your business, talk to as many people as possible. I tell you what you don't do, sit around waiting on leads to come to you. If you're doing that, you're not gonna make it right now in this business. This is right now the moment where you have to be the one initiating the conversations. So get out there and initiate as many conversations as you can, build that database, do your weekly email, do the things that you know you need to do. Think long term, make a bunch of monies, do a bunch of deals this year, but know that you're planting seeds that's gonna turn into a massive snowball over the next couple of years, all right? Hey, have a great Saturday. I love you guys. See you on the next video. Let's go. I 35 with the top down, quit to tell a hater they should get like me. Seemed like everybody wanna be the boss, but it costs in these lanes ain't like...