Eyes on Housing
MAY 1, 2023
Improvements in affordability expectations have led to an increase in the share of prospective buyers who have moved beyond just the planning phase of their home search: 56% report being actively engaged in the purchase process in the first quarter of 2023, up from 46% a quarter earlier. The share of prospective buyers actively searching for a home rose in.
Housing Wire
APRIL 30, 2023
The spring housing market music is playing, and purchase application data and active listing inventory rose together last week. The fear of not having an increase in inventory this spring should be put to rest. The other focus should be where mortgage rates go; only a little happened last week. Here’s a quick rundown of the last week: Active listing rose 8,260 week to week, down a bit from last week’s gain, but I’m not complaining — anything on the plus side is positive.
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Sacramento Appraisal Blog
MAY 2, 2023
Sellers have been sitting out of the housing market, and it’s made a massive difference in 2023 so far. Today I want to show what’s happening with new listings and talk about concessions. I hope this is useful, whether you’re local or not. Scroll by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 5/4/23 Housing Market […] The post Sellers sitting out of the housing market & buyers getting concessions first appeared on Sacramento Appraisal Blog | Real Estate A
Real Estate News
MAY 2, 2023
During his five decades as a member of HAR and 35 years as president and CEO, Hale has driven innovation in his organization and the industry at large.
George Dell
MAY 3, 2023
Around 1986, licensing and education efforts started – in order to “help prevent another crisis” like the Savings and Loan meltdown of those mid-1980’s. Effectively, the standards of the professional appraisal organizations were adopted in a joint effort of those groups. Then the “congressionally authorized” non-profit Appraisal Foundation took over licensing as well as standards […] The post Regulation Education?
Housing Wire
MAY 5, 2023
Is the labor market finally normalizing? Jobs Friday data came in as a beat of estimates, but the labor market is clearly starting to come back to earth, killing the fear of 1970s wage spiral inflation. We’ve had a good week’s worth of data to show that the Federal Reserve is starting to get what it wants if you know where to look. The headline jobs data beat estimates, but we did have 149,000 negative revisions to the previous month’s data.
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Real Estate News
MAY 3, 2023
In a panel discussion, leaders of four fast-growing brokerages shared their thoughts on agent attrition, the commissions lawsuits and other hot topics.
Eyes on Housing
MAY 4, 2023
An earlier post revealed that 71% of buyers who were actively engaged in the process of finding a home in the first quarter of 2023 have spent 3+ months searching for a home without success. The inability to find an affordable home remains the most common reason buyers looking for 3+ months can’t make a purchase, cited by 40% (compared.
Housing Wire
MAY 4, 2023
A paradoxical picture is emerging as the spring market is underway. On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. On the other hand, inventory is still low, and homes are still selling fast, often with multiple offers. All major housing market metrics point to a restrained housing market.
Inman
MAY 5, 2023
The chief executive of the largest iBuyer spoke to Inman about Opendoor's first-quarter earnings on Thursday — and expectations that the company is turning a corner after a rough 2022.
Real Estate News
MAY 3, 2023
Frank Major is remembered as a “smart and kind” leader who served on the board of RESO and Byte Back, an organization working to close the digital divide.
Eyes on Housing
MAY 3, 2023
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the first quarter of 2023, amid persistently tight housing supply. The homeownership rate remained statistically unchanged from the fourth quarter reading (65.9%). It is 0.6 percentage points higher than the rate in the first quarter of 2022. Compared to the peak of 69.
Housing Wire
MAY 3, 2023
On Friday afternoon, my real estate agent called with good news. “Congratulations!” she said. “You just sold your house.” The agent wished me well and said that she would appreciate a review on her website. And that was that! A little backstory: The four-bed, 1.5 bath house in the Poconos showed well and I priced it very competitively – at $269,000.
Inman
MAY 5, 2023
The 1975-era home closed at $1 million over asking, Inman has learned exclusively. Buyers have flocked to Sierra Madre, California, for its privacy and access to nature, as many people continue to work remotely.
Real Estate News
MAY 4, 2023
CRMLS partners with Local Logic; Listing Media Services expands; Restb.ai and SentriLock each add 2 partners; news from CubiCasa, TrustFunds and Reliance.
Eyes on Housing
MAY 2, 2023
The count of open, unfilled jobs for the overall economy declined again in March, falling to 9.6 million, after an 11.2 million reading in December, which was the highest level since July. The count of open jobs was 12 million a year ago in March 2022. The count of total job openings should continue to fall in 2023 as the.
Housing Wire
MAY 1, 2023
Recently, the director of the Federal Housing Finance Agency (FHFA) issued a statement clarifying the agency’s rationale for changes to loan level pricing adjustment (LLPA) fees going into effect on May 1. The changes have created some controversy due to the fact that better credit quality borrowers will experience higher fees after May 1 than under the current LLPA grids and vice versa for lower credit quality borrowers.
Inman
MAY 1, 2023
Loan-level pricing adjustments — a fee on mortgages — led to widespread misinformation leading up to the May 1 hike. Inman spoke to experts about what the changes mean for homeowners.
Real Estate News
MAY 2, 2023
CoreLogic’s home price report for March found that prices in the U.S. increased 3.1% annually, though gains (and losses) varied across the country.
Eyes on Housing
MAY 3, 2023
The Federal Reserve’s monetary policy committee raised the federal funds target rate by 25 basis points at the conclusion of its May meeting. Although the communication from the Fed did not explicitly indicate that they are done tightening, language used in their statement signals the Fed is moving toward a more data-dependent posture, albeit one that retains a hawkish bias.
Housing Wire
MAY 3, 2023
The Federal Reserve affirmed on Wednesday that its next key federal funds rate hikes will depend on incoming data. In turn, economists and housing industry experts have now turned their attention toward the June meeting, as that decision will dictate the future movement of mortgage rates. The Fed’s move on Wednesday was well anticipated and should not cause a major shift in mortgage and other interest rates, experts noted.
Inman
MAY 5, 2023
Twelve-year-old independent brokerage Tru Realty has joined Keller Williams, according to an announcement on Thursday. Tru Realty has generated $450.6 million in sales volume since 2021.
Real Estate News
MAY 5, 2023
ChatGPT is not hard to add to your site. The challenge comes in doing it the right way, so you don’t hurt your brand with “hallucinations.
Appraiserblogs
MAY 5, 2023
The recent case of Paschal Uchendu, a convicted felon awaiting sentencing for orchestrating a $1.2 million armed robbery of a courier van, which he was entrusted to secure, is cause for alarm when it comes to the use of unlicensed property data collectors. The largest appraisal management company had hired Mr. Uchendu as one such property data collector despite his criminal background and pending legal issues – clearly demonstrating their lackadaisical attitude towards vetting employees who are
Housing Wire
MAY 4, 2023
Elevated mortgage rates hurt Rocket Companies , the parent of Rocket Mortgage , again in the first quarter of 2023. Rocket has been cutting expenses and targeting purchase business, but the firm was unable to achieve profitability in Q1 in a shrinking mortgage market. The Detroit-headquartered lender sustained a $111 million adjusted net income loss in the first quarter, following a $197 million loss in the fourth quarter.
Inman
MAY 5, 2023
There’s not an over abundance of spreadsheets or charts (there are some) but instead a series of clean dashboards that track payments, outgoing expenses, revenue streams and tenants.
Real Estate News
MAY 4, 2023
The leading iBuyer lost $101 million in Q1, but that's a significant improvement over the previous quarter, and they are now "looking for stabilization.
GoForrmz
MAY 2, 2023
Prioritize safety without the burden of additional paperwork It’s officially Construction Safety Week, and it’s no secret that OSHA’s updated fine multiplier might be giving construction teams everywhere some additional motivation to keep safety top of mind. While the safety mandates and guidelines haven’t changed, the increased violation penalties put more pressure on businesses to prioritize safety.
Housing Wire
MAY 3, 2023
30-year fixed mortgage rates declined slightly last week, the first rate drop in three weeks, but it wasn’t enough to boost mortgage demand. Mortgage applications fell last week by 1.2% on a seasonally adjusted basis compared to one week earlier, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The 30-year fixed rate decreased five basis points to 6.5% last week, which is still 114 basis points higher than a year ago, Joel Kan , MBA’s vice pr
Inman
MAY 4, 2023
Redfin's Q1 revenue declined 45 percent year over year to $325.7 million, as gross profits from its real estate services took a tumble amid a harsh housing market, according to an earnings call Thursday.
Real Estate News
APRIL 30, 2023
Money laundering criminals have their eyes on real estate, and with that interest comes heightened scrutiny from the government, as well as heightened risk.
Riverfront Appraisals
MAY 4, 2023
Selling your home can be a major financial decision, and it’s important to ensure that you get the best possible price for your property. One of the best ways to determine your home’s value is by getting it appraised by a licensed or certified appraiser. An appraisal is an unbiased estimate of the value of […] The post FAQ #17: Do I Need To Have My Home Appraised Before I List It For Sale?
Housing Wire
MAY 2, 2023
The housing market functions differently than other markets because it can be characterized as a heterogeneous, thinly traded, illiquid market. In other words, it’s a diverse market with a wide variety of different homes of varying ages and levels of repair, and sales happen very rarely. And there’s another thing that separates the housing market from other markets — the buyer is often also the seller.
Inman
MAY 3, 2023
The founder of PropTech Consulting said artificial intelligence can revolutionize the industry, but stakeholders will need to tackle data quality, bias and privacy concerns, among other issues.
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