Fri.Oct 20, 2023

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In this brutal housing market, you’ll need to make $115K to buy the typical US home

Housing Wire

The last two years of soaring mortgage rates and rising home prices have brought the fastest erosion in housing market affordability in modern history, and it’s hurt first-time homebuyers the most. A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic in early 2022.

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A world of difference in commissions outside US, jurors told

Real Estate News

On Day 5 of the Sitzer/Burnett trial, plaintiffs focused on steering, high fees in the U.S., and how buyer agent pay is handled differently in other countries.

Agents 284
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Opinion: All the ways the class-action commission lawsuits are misguided

Housing Wire

I am repeating myself but bear with me. No seller must use a real estate agent to sell a home — ever. In fact, considering inter-family and estate transfers as well as for-sale-by-owners, as many as 20% of all transactions may not include the use of an agent. Consumers are free to sell or buy a home without an agent — and consumers know this. No buyer must use a real estate agent — ever.

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Real Estate Board of New York to decouple buyer agent commission

Real Estate News

The board wrote that this change, which takes effect in January, “represents the future of how residential real estate is transacted.

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Plaintiffs take the stand in the Sitzer/Burnett trial

Housing Wire

So far, week one of the Sitzer/Burnett bombshell class action antitrust buyer broker commission lawsuit has seen four of the five named plaintiffs testify in front of the jury. During their testimony, attorneys for the defendants, which now include National Association of Realtors , Keller Williams and HomeServices of America , had the opportunity, if they wished, to cross-examine the witnesses in addition to the questions posed by Michael Ketchmark, the lead attorney for the plaintiffs.

Contracts 410
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Market Moods: Interest rates aren’t spooking Mid-Atlantic buyers

Real Estate News

A Bright MLS survey found that for most buyers, high mortgage rates didn't affect their purchase decision, and many said it's gotten easier to find a home.

Buyers 229

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As objection handlers come under fire, these 7 ChatGPT ideas hold up

Inman

Although you need to be careful with ChatGPT and other AI platforms, they can offer a great resource for idea generation. We asked for ideas on handling objections and got some surprisingly solid suggestions.

Brokerage 187
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ProTip: How to Add Fields to Your Form Templates

GoForrmz

Originally published on 12/08/2016 What are fields and why do I need them in my digital forms? Fields are the backbone and structure of your digital forms. Each field is designed to collect data from people who fill out your forms. Whether you’re creating a simple electronic signature form or a complex work order, every digital form needs fields to capture information.

Design 148
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Mortgage rates ease after Powell weighs in on impacts of tightening

Inman

The Fed chair acknowledged that in principle, elevated term premiums — higher rates of return bond investors are demanding to compensate them for risk — could reduce the need for further rate hikes.

Investors 186
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Employment Situation in September: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 336,000 in September, following a gain of 227,000 jobs in August. On a month-over-month basis, employment data was.

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This season’s trendiest wedding registry gift? A brand new home

Inman

The share of couples including "home funds" as part of their wedding registry has increased by 55 percent since 2018, according to a joint analysis released Thursday by Zillow and The Knot.

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The Fed is Finally Signaling the End of Rate Increases

BiggerPockets

On Thursday, Federal Reserve Chairman Powell signaled a prolonged pause in interest rate increases. What does this mean for the market?

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Pacaso to stuff stockings with 2nd-home shares

Inman

On Black Friday and the subsequent Cyber Monday annual shopping holidays this year, second home co-ownership solution Pacaso will offer zero percent interest on shares in select homes within its marketplace for the first three years of ownership.

Marketing 179
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Fannie Files Complaint Against Appraiser

Appraisal Today

Fannie Mae Filed a Complaint Against Me October 18, 2023 Excerpts: In June of 2021, I completed an appraisal for a conventional purchase. The appraisal was ordered by an AMC on behalf of a lender. At that time, the real estate market was still being wildly affected by the COVID pandemic. Remote work was in full swing, and consumers were desperately seeking to get out of the cities.

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11 innovative QR code strategies for real estate marketing

Inman

Jimmy Burgess shares 11 ways you can leverage QR codes to capture more leads, drive traffic and create an easy way for prospects to engage with your content.

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Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101

BiggerPockets

First rental property? Security deposits, credit checks, and home renovations can seem DAUNTING when it’s your first real estate rodeo.

Tenants 78
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DJ Envy partner charged in alleged real estate Ponzi scheme

Inman

Federal prosecutors announced Wednesday that Cesar Pina had been charged with one count of wire fraud for running a pyramid scheme targeting real estate investors.

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Is Magnesium Siding the New Way to Protect Yourself When Insurance Doesn’t?

BiggerPockets

As insurance carriers raise their prices—and pull coverage from entire regions—this might be your next best bet to protect your properties from natural disasters.

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True crime meets luxury real estate in gripping ‘Crime Estate’ podcast

Inman

Dallas real estate agents Heather Guild and Elena Richey bonded with their non-agent friend, Melanie Stout, over a shared interest in true crime and real estate, which is how the "Crime Estate" podcast was born.

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Navigating the Move: Logistics of a Smooth Home Selling Transition

Lamacchia Realty

NAVIGATING THE MOVE: LOGISTICS OF A SMOOTH HOME SELLING TRANSITION Selling your home comes with its unique set of challenges. The thought of packing up years of memories and coordinating the logistics can be daunting. But with the right approach, research, and help from a trusted real estate professional, you can make the process smoother, more manageable, and perhaps even fun!

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Everything to know now about Sitzer | Burnett: Inman’s Top 5

Inman

With Inman Top 5, you'll find the week's most essential stories, as chosen by our readers. Here are the most-read articles for Oct. 13-20, 2023.

Agents 176
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Customer satisfaction with Canada's biggest banks takes a hit

Mortgagebroker News

Average customer satisfaction among Canada's largest banks fell by double digits

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Why agent training’s on trial in Sitzer | Burnett: The Download

Inman

This week: As Sitzer | Burnett begins, the way agents communicate on commission may be the first thing to change.

Agents 172
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Appraisal Independence Requirements for Mortgage Brokers

Kairos Appraisal Services

Have you seen the most recent updates to the Appraiser Independence Requirements? This is something worth paying attention to. These guidelines affect loan officers and how closely AMCs can work with mortgage brokers and lenders moving forward. Lenders have previously been scrutinized for how they have interpreted the Appraisal Independence Requirements.

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How to Find Positive Cash Flow Properties

Mashvisor

If you’re looking to make some money in real estate, then having positive cash flow properties is your top priority.

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Canadians continue to struggle with rising housing, mortgage costs

Mortgagebroker News

New report shines a light on the woes of squeezed borrowers

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30 real estate social media post ideas (+ popular agents to follow)

Housing Wire

With its potential to reach new clients and gain tremendous ROI, social media has become one of the most effective marketing tools for businesses big and small. And with millennials emerging as the largest generation of homebuyers in today’s market, comprising 28% of all homebuyers, real estate agents need to master social media or they might miss out.

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How busy will Canada's mortgage and housing markets be in 2024?

Mortgagebroker News

Top lending executives have their say on coming trends

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7 Problems to Watch Out for During a Home Renovation

Eppraisal

Are you planning a home renovation to increase your property's value or preparing to sell your home in the future? Home renovations can be exciting and rewarding but can also come with their fair share of challenges. Here are some common problems that you may encounter during your renovation and some advice on how to avoid or address them. Plumbing Issues Plumbing issues can be a major headache during a renovation.

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Ontario considering measures against placing liens on a home

Mortgagebroker News

Province might resort to new legislation if necessary

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The ultimate guide to real estate lead generation ideas for  2023

Housing Wire

The world of real estate is constantly in flux, yet one thing remains true: Lead generation is one of the most important requirements for maintaining a successful real estate business. Particularly in the 2023 economy, with interest rates on mortgage rates stubbornly perched around 7.5% and dwindling inventory in most states, today’s brokers must get creative to keep a fresh pipeline of homebuyers coming through the door.

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Nova Scotia invests $100m to address tradespeople shortage

Mortgagebroker News

The province hopes to ramp up home construction

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DOJ: $107M secured for communities of color in battle against redlining

Housing Wire

The U.S. Department of Justice (DOJ) announced this week that it has secured $107 million in judgments and enforcement actions against banks and mortgage lenders to combat the practice of lenders’ avoidance of providing credit services to people living or seeking to live in communities of color because of race, color or national origin, otherwise known as “redlining.

Lending 421
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Market in Focus: Arizona Growing Quickly After Declines in 2020

Eyes on Housing

Arizona’s population growth increased for the second consecutive year after falling during 2020. The population growth rate was 1.30% between 2021 and 2022 with the population increasing by 94,320 persons, the 8th fastest growth rate and 5th largest nominal increase in the U.S. between the years respectively. Arizona contains seven census designated MSAs.

Design 103