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Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers

Housing Wire

The recent settlement involving the National Association of Realtors and major real estate firms revolves around the practice of “broker cooperation,” where agents representing sellers share commissions with agents representing buyers. Last year, mortgage rates increased from 3% to 8% and home prices still increased in most markets.

Sellers 473
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Buyer agency: a crucial historical shift in real estate

Housing Wire

Those too young to remember the wild west of real estate believe that real estate commissions have always been evenly split between seller’s and buyer’s agents, with each receiving a portion of the sale price. This misconception obscures the reality that, historically, buyers lacked formal representation.

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Housing Market Tracker: Spring inventory grows

Housing Wire

The spring housing market music is playing, and purchase application data and active listing inventory rose together last week. It has been cooling down even though we have had a tighter labor market, as I wrote about in the last jobs report. The fear of not having an increase in inventory this spring should be put to rest.

Inventory 520
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Don’t expect a drastic housing market turnaround in 2023, Fitch Ratings says

Housing Wire

Builders feel more confident in the market, housing inventory data is positive and buyer demand for mortgages has increased — but don’t be fooled. So, it’s definitely not like selling a loan to a GSE (government-sponsored enterprise). You need a buyer and seller,” Brown said.

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Fidelity CEO says federal government’s title insurance proposals are ’misguided’

Housing Wire

Looking ahead, while Nolan believes that the housing market will rebound, he noted that the timing is “uncertain and largely dependent on lower mortgage rates.” “In In the scenario where more inventory comes into the market and rates come down, we are well positioned to capture upside to last year’s performance,” Nolan added.

Insurance 450
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New York startup Roam launches assumable mortgage platform

Housing Wire

It allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. Moreover, many buyers are waiting on the sidelines, paralyzed by low housing inventory and high rates.

Mortgage 432
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CrossCountry offers buyers up to $4K in down payment assistance

Housing Wire

CrossCountry Mortgage (CCM), the nation’s third-largest retail mortgage lender, unveiled its latest initiative this week that is aimed at helping first-time homebuyers overcome the financial hurdles of purchasing a home in today’s competitive housing market.

Buyers 370