Sacramento Appraisal Blog
JANUARY 23, 2024
The housing market has 80s vibes. The 90s are back for clothing, but it’s the early 1980s when it comes to housing narratives. Today, I want to show some headlines from over forty years ago, and I’d love to hear your take. UPCOMING (PUBLIC) SPEAKING GIGS: 01/31/24 Joel Wright & Mike Gobbi Event 9am (on […] The post The housing market has 80s vibes first appeared on Sacramento Appraisal Blog.
Housing Wire
JANUARY 20, 2024
Housing inventory, new listing data and mortgage rates are all rising, but the price cut data percentages are falling. Traditionally at this time of year purchase apps rise and the number of price cuts fall. However, at the current trend, we will break below the lows in the price cut percentage data that we saw in 2023 in the spring of this year. I will watch for rising mortgage rates to see if they change the weekly data.
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George Dell
JANUARY 24, 2024
Time adjustments are not required. Unless they are needed. Appraisal time adjustments are also labeled as “market conditions” adjustments. Or, more recently in Evidence Based Valuation, “Market Price Indexing (MPI)©”. The FHFA blog post of 1/16/2024 defines “underappraisals” as those loan appraisals which come in below the contract price. The rising market […] The post No Time Adjustments!?
Real Estate News
JANUARY 22, 2024
For more than a decade, housing supply has not kept pace with demand. Building more homes might seem like the answer, but there’s more to it than that.
The Appraiser Coach
JANUARY 23, 2024
It’s a situation I’ve seen time and time again. Someone in the appraisal office is doing too much. They take all the phone calls. They do all the data entry. They send out all the emails. They update AMCs when needed. They make appointments. What don’t they do? Sleep, probably. I have a term for this kind of behavior: Everyperson Syndrome. I know that many of you think you know where I’m going with this.
Housing Wire
JANUARY 23, 2024
Fifty-five percent of surveyed baby boomers plan to remain in their existing homes as they age, but less than a quarter of those surveyed have any plans to renovate their homes to more safely and easily accommodate natural changes that come with aging. This is according to a new report from home improvement services company Leaf Home and market research firm Morning Consult , which enlisted responses from 1,001 baby boomer homeowners (aged 59–77) and 1,001 millennials (aged 27–42) in late Decemb
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Real Estate News
JANUARY 23, 2024
AREA, an initiative spearheaded by Mauricio Umansky and Jason Haber, aims to create “something totally new” for agents and others dissatisfied with NAR.
Inman
JANUARY 22, 2024
Ahead of Inman Connect New York this week, newly installed First Team Real Estate CEO Michele Harrington dishes on ambitious plans for 2024 and what she'll be talking about at ICNY on Tuesday.
Housing Wire
JANUARY 24, 2024
Fannie Mae has announced updates to its HomeReady product, including a temporary $2,500 credit for very low-income purchase borrowers to use for down payment and closing costs. Another step the government-sponsored enterprise took was to enhance the best efforts commitments on HomeReady loans. It allows lenders to lock in margins and reduce hedging costs.
Eyes on Housing
JANUARY 22, 2024
According to the U.S. Census Bureau’s latest estimates, the U.S. resident population grew by 1,643,484 to a total population of 334,914,895. The population growth rate reached its highest level since the pandemic at 0.49%. This is just above the 2019 growth rate (0.46%), while slightly below the 2018 growth rate (0.53%). The Census Bureau reports that the primary source for.
Real Estate News
JANUARY 25, 2024
Ryan Schneider spoke to Real Estate News about his company’s decision to settle in the commissions cases and his thoughts on NAR and the year ahead.
Inman
JANUARY 25, 2024
Two real estate agents with experience trading real estate with cryptocurrency were able to explain to the Inman New York audience how tokenization could very well be the answer to funding extensive commercial renovations.
Housing Wire
JANUARY 24, 2024
Mortgage demand continued to increase last week, as seen in an uptick in purchase activity. Mortgage applications rose by 3.7% in the week ending Jan. 19 compared to one week earlier on a seasonally adjusted basis, per the Mortgage Bankers Association ‘s (MBA) weekly mortgage applications survey. “Conventional and FHA purchase applications drove most of the increase last week as some buyers moved to act early this season,” Joel Kan , MBA’s vice president and deputy chief economist, said in a st
Eyes on Housing
JANUARY 26, 2024
NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash purchases accounted for 8.4% of new home sales in 2023—a 1.3 percentage point decline over the year but still the second-highest share since 1991. In contrast, the share of new home sales backed by VA loans fell to a 16-year low of 4.8% in 2023.
Real Estate News
JANUARY 24, 2024
The best way to protect consumers and raise the bar for the entire industry? Require buyer agency agreements across the board.
Inman
JANUARY 25, 2024
Leaders from Better, Point and EasyKnock said that consumers are becoming increasingly curious about alternative financing options — but they still need agents to help guide them.
Housing Wire
JANUARY 25, 2024
Homeowners in California now have even fewer choices in homeowners insurance carriers. The Hartford Financial Services Group , better known as The Hartford, announced Wednesday that it would no longer issue new homeowners insurance policies in California starting in February 2024. The firm noted that this change would also impact The Hartford’s joint homeowners insurance program with AARP.
Eyes on Housing
JANUARY 25, 2024
The U.S. economy grew at a surprisingly strong pace in the fourth quarter, mainly fueled by resilient consumer spending. However, the fourth quarter data from the GDP report suggests that inflation is cooling. The GDP price index rose 1.5% for the fourth quarter, down from a 3.3% increase in the third quarter. The Personal Consumption Expenditures (PCE) Price Index, which.
Real Estate News
JANUARY 20, 2024
Scandals at NAR and beyond have shed new light on a familiar and distinctly female challenge: Having to work harder and protect yourself because of your gender.
Inman
JANUARY 23, 2024
During his latest ICNY appearance CoStar Group CEO Andy Florance chastised Zillow, Redfin and Realtor.com for prioritizing their bottom line to the detriment of buyers and listing agents.
Housing Wire
JANUARY 26, 2024
Pending home sales rose 8.3% month over month in December, according to the newest data from the National Association of Realtors (NAR). It was the largest monthly jump in pending home sales since 2020. NAR’s Pending Home Sales Index (PHSI) increased to 77.3 in December, up from 71.6 in November. On a year-over-year basis, pending sales were up 1.3%.
Eyes on Housing
JANUARY 23, 2024
Nonfarm payroll employment increased in 39 states and the District of Columbia in December compared to the previous month, while 11 states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 216,000 in December, following a gain of 173,000 jobs in November. On a month-over-month basis, employment data was most favorable in.
Real Estate News
JANUARY 26, 2024
NAR says ThePLS.com, which sued the association and three major MLSs, is dismissing the case. But the door is open for it to refile this year.
Inman
JANUARY 26, 2024
At Inman Connect, Ed Zorn proposed mandating buyer representation agreements, killing the MLS compensation field, adding a concession field, and creating a fund to pay out settlements.
Housing Wire
JANUARY 25, 2024
Data from research organizations and aging advocacy groups is clear: More older Americans want to age in place in their own homes, as opposed to living in dedicated care facilities. To get a better grasp on this preference, Chicago-based National Public Radio (NPR) affiliate station WBEZ recently featured a dedicated aging-in-place segment. WBEZ spoke with experts and community members about why more older Americans are opting to remain in their homes as they grow older.
Eyes on Housing
JANUARY 25, 2024
Housing’s share of the economy rose to 16.0% at the end of the fourth quarter of 2023. Overall GDP increased at a 3.3% annual rate, following a 4.9% increase in the third quarter of 2023, and a 2.1% increase in the second quarter of 2023. The annual GDP growth in 2023 was reported at 2.5%. Housing’s share of GDP on.
Real Estate News
JANUARY 21, 2024
A new survey finds that most brokerages and agents are using artificial intelligence tools, especially ChatGPT. But they need to watch out for the risks.
Inman
JANUARY 22, 2024
Lead by David Keener, the team grew quickly with an agent-centric model that reinvested profits at 100 percent back into agent resources, and, like Real, operates without physical offices.
Housing Wire
JANUARY 26, 2024
The past three years in the mortgage industry were cutthroat, with origination volume shrinking, and while things are looking better for 2024 , lenders are still in a position where they must make bold moves to stem losses on the production side of the business, according to a report from Stratmor Group , a mortgage advisory firm. More than half of mortgage executives who participated in Stratmor’s recent survey indicated that they do not believe their companies have turned the corner to b
Appraiserblogs
JANUARY 22, 2024
…my career, business, and health at risk due to false claims made by a homeowner. As a professional real estate appraiser with many years of experience, I have seen my fair share of disputes between homeowners and appraisers. However, the situation I am about to share with you is one that has left me shocked and appalled. It is a story of false claims, intentional infliction of emotional distress, and the damaging effects of a homeowner’s actions on an appraiser’s career, business, and health.
Real Estate News
JANUARY 23, 2024
The trade association favors a consolidated approach but wants all 19 cases included — and doesn’t think the trial should be held in Missouri.
Inman
JANUARY 25, 2024
Luxury leaders from Sotheby's International Realty, Compass and Douglas Elliman shared how luxury clients are responding to changes in the market now and how their brokerages each uniquely support agents.
Housing Wire
JANUARY 24, 2024
Let’s talk about lowball offers. What constitutes a “lowball” offer, when is it appropriate or not appropriate and how can you encourage your buyer clients to stop insisting on offering a price that’s unlikely to result in an offer? By definition, a lowball offer is an offer that is significantly below market value. This is where the problem can start — in practice, agents and their clients consider a an offer to be a lowball if it’s significantly below the asking price.
Appraiserblogs
JANUARY 26, 2024
Damned if you do, damned if you don’t has become the new normal in the real estate appraisal profession. The government and those that write the rules have made it illegal (a punishable violation) to refuse an appraisal assignment in an area which consists primarily of non-whites. The government and those that write the rules also state the purpose of an appraisal is to determine the value of the home/property in its market setting, so an underwriter can make a lending decision.
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