 What's up guys so in today's video? I want to talk about why tomorrow is one of the biggest days of the year for the real estate market But before that I want to introduce you to a couple of my friends We're coming to you live from Richmond, Virginia. Did you guys enjoy the event today? Okay, so let me go somewhere real quick. We're just a little quieter. So I can tell you guys what's going on tomorrow All right, that's much better. So tomorrow. We're gonna see the CPI report This is gonna be the inflation report for April This is so so so big and it's gonna drive several things It's gonna tell us if the feds are gonna continue to raise rates if they're gonna be continue to be aggressive It's also gonna tell us what direction we're gonna see mortgage rates go in the short term So it's funny because the Fed rate doesn't control mortgage rates It's not correlated has a little bit of you know relation there In terms of inflation because inflation drives both Okay, they're not really directly correlated But they kind of are directly correlated both to inflation and that's why people kind of get that confused But tomorrow's report is gonna be so Massive so there's a lot of mortgage people who believe that we're gonna have this incredibly favorable CPI report tomorrow and we're gonna see mortgage rates start to ease down, you know over the next 30 60 days We're gonna get under 6% and all that stuff. There's a lot of people on that count There's a lot of people in the camp that says that this isn't gonna be a great CPI report And then it's still gonna be a little rocky We're not gonna see the huge year-over-year favorable conditions in terms of taming inflation, which is gonna prolong mortgage rates coming down but also Keep the feds raising their rates. It's 85% chance that they're gonna raise about 25 basis points in June They say they're gonna probably take a pause, but it's all depending on the data. That's coming out tomorrow And then the report that comes out the following month So everybody's kind of in the same boat in the same camp that Even if this is a rocky report that we're gonna see favorable reports in the future, right? Is it gonna be next month's report the month after at some point? They are getting a hold of it and it may continue to be rocky or we may see some Incredibly favorable numbers tomorrow, but every one of us In the real estate community needs to be Watching this report tomorrow because it's gonna tell you a lot in terms of the direction of mortgage rates What the feds are thinking about doing so on and so forth and this is incredibly important to our business For the rest of the year to kind of understand when that perfect storm that I'm talking about is gonna hit We know that we have more 33 year olds this year than we've ever seen in our lifetime and this is the beginning ages The average age of first-time home buyers where we have we have more pent-up demand that we've ever seen in history We don't even know it We don't even realize it because we're walking through our everyday life as a real estate agent We're closing some deals. It's a little slower this year, and we're just thinking oh, whatever We don't even realize that there is more Pint of demand and people that want to own houses Zonda did a report 98% of Millennials want to be homeowners there's 72 million Millennials and More 33 year olds who are Millennials the turn 33 this year and then those people returning 34 the next year 35 They still want to buy houses. Then you have another batch of 33 year olds coming into the picture we have 16 years of More 33 year olds entering the market than we've ever seen in our lives and we're down on building overall We need to ramp construction up big time I believe that the government needs to do something and to incentivize builders to get out here build some entry-level homes For these first-time home buyers It's a massive massive problem, and that's why I believe we're gonna see double-digit increases in prices this year Maybe I'm wrong, you know, I'm just an educated guesser, you know, I'm really good. I'm a really good test taker and When I look at this situation for the supply and demand it doesn't for me It take a rocket science to realize what's happening here But we'll see and we'll see what the port says tomorrow. I'm excited to see it. You better tune in I'll bring you the report right here I'll be traveling tomorrow home from Richmond But I'll be watching for the report and I will come to you right here and tell you my thoughts and give you all the Data as it becomes available. So be tuned in for that and let me know what you think in the comments what you think the CPI reports gonna do and What you think that means for mortgage rates throughout the rest of the year and we had an amazing event today You guys saw the crowd and at Richmond's were really really really good events had a lot of fun good to see everybody who was there and Help to make this video. But anyway, we'll see you guys tomorrow for the CPI reports and until then peace