Wed.Nov 15, 2023

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NAR’s Lawrence Yun predicts lower rates, 15% jump in existing-home sales in 2024

Housing Wire

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). Yun took the stage on Tuesday at NAR NXT , the trade group’s annual conference in Anaheim, California. He began his presentation during the “Residential Economic Issues and Trends Forum” by analyzing the data points that impacted 2023 real es

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The housing market feels like leftovers

Sacramento Appraisal Blog

The housing market feels like leftovers right now. It’s that time of year where we see less new listings due to sellers hibernating for the holidays, and some of the existing inventory just feels as stale as Aunt Tina’s green bean casserole that nobody wants to see during Thanksgiving. Wait, did I say that out […] The post The housing market feels like leftovers first appeared on Sacramento Appraisal Blog.

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Mark Willis steps back into CEO role at Keller Williams

Housing Wire

Mark Willis, who served as CEO of Keller Williams from 2005 to 2014, has stepped back into the role effective immediately. Marc King will continue to serve as President of Keller Williams. “I am grateful to be back,” Willis told HousingWire in an interview. “With a deep knowledge of our company and our culture, Mark is well-suited to lead us through our next growth phase,” said Gary Keller, co-founder and executive chairman of KW in a statement.

Brokerage 413
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Mark Willis returns to CEO role at KW

Real Estate News

Willis previously held the top leadership position at Keller Williams Realty from 2005-2015 and had recently rejoined the company in a consulting capacity.

Realty 302
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Citizens Bank to exit the wholesale channel

Housing Wire

Providence, Rhode Island-based Citizens Bank , the 28th largest U.S. mortgage lender, has decided to close its wholesale channel, which produced over $1 billion in volume in the first half of this year. “After careful consideration, Citizens has made the difficult decision today to discontinue originations in the mortgage wholesale channel,” Chace Gundlach, senior vice president and national sales director, said in letters sent to broker partners on Tuesday and reviewed by HousingWire.

Retail 409
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Commissions case won't be finalized until 2024

Real Estate News

Although the jury reached a verdict in the Sitzer/Burnett lawsuit on Oct. 31, post-trial motions will keep any judgment on hold until spring.

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EBV© Now or Later?

George Dell

EBV© (Evidence Based Valuation) is the future of professional appraisal. EBV is the best response (and advantage) to the dramatic changes in residential appraisal practice. Change in the nature of commercial/industrial valuation will follow, as it usually does. Editor’s Note: This is Standards, part 3.18 of George Dell’s series on How Do I Move to […] The post EBV© Now or Later?

Valuation 195
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Marketing matters: How to stand out in a challenging mortgage environment

Housing Wire

The economic trifecta of rising interest rates , persistently high home prices and record undersupply is making home buying increasingly challenging. Every loan on your book matters more than ever; the next lead you have is your most important. The current business environment has left originators scratching their heads and trying new things. Luckily, the mortgage industry is cyclical, so let’s take a look at how you can turn a negative into a positive and grab clients’ attention through effecti

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Lumber and Steel Products Lead Building Materials Prices Lower

Eyes on Housing

According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) declined 0.1% in October (not seasonally adjusted) following a 0.2% increase in September. The index has increased 1.0%, year-to-date, marking the smallest YTD gain through October since it fell 0.1% over the first 10 months of 2019.

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UWM to cover appraisal costs on 1-0 temporary rate buydowns

Housing Wire

Michigan-based United Wholesale Mortgage (UWM) wants to court more brokers by offering no-cost appraisals on 1-0 temporary rate buydowns amid fierce competition in the industry. The wholesale lender will cover up to $600 of the appraisal cost on all conventional and government-backed home loans until March 31 when a broker uses UWM’s 1-0 temporary rate buydown.

Appraisal 383
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“Mommy’s not home, but she says you can come in.”

The Appraiser Coach

We’ve all been there before. You drive for an hour for an inspection. When you get there, you knock on the door, only to have it opened by the kids. You ask them if their parents are home, to which they respond, “No.” When you call the parents, they say something like, “Oh, I’m not home right now, but the kids will let you in.” Now what? Where do you go from there?

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Plunk, BHR partner on property data intelligence

Housing Wire

Plunk , an AI-powered home analytics platform, announced a proptech partnership with BHR , a housing data aggregator. Through this collaboration, BHR’s RealReports platform will integrate Plunk’s proprietary AI technology, making property data even more accessible to real estate professionals. Property research, comprehensive valuation and remodeling insights will all be available in one place.

Valuation 369
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Mortgage rates post biggest 1-day drop since onset of the pandemic

Inman

Tuesday's big drop in rates followed an encouraging inflation report, with bond market investors now convinced the Fed is done hiking rates and may reverse course in the spring.

Investors 183
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Class Valuation acquires AMC Valuation Connect

Housing Wire

Troy, Michigan-based appraisal management company (AMC) Class Valuation announced on Wednesday that it has acquired fellow AMC Valuation Connect , formerly a subsidiary of mortgage technology company Mortgage Connect LP. Class Valuation acquired the company to bolster its position in the appraisal marketplace further, according to an announcement of the deal.

Valuation 360
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NAR: ‘We have many grounds’ to appeal the Sitzer | Burnett verdict

Inman

The National Association of Realtors laid out its arguments to overturn the ruling Tuesday. The plaintiffs' attorney said if the trade group doesn't change, it risks an injunction and DOJ wrath.

Realtors 172
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Homebuyers made larger down payments as mortgage rates surged in Q3: Realtor.com

Housing Wire

Homebuyers are forking over larger down payments to offset higher borrowing costs thanks to mortgage rates hitting multi-decade highs. On average, homebuyers put down 14.7% of the home’s purchase price for a primary home in Q3, up from 13.6% one year ago, according to a Realtor.com report. The median down payment was $30,000 in Q3, up from $27,300 the same quarter a year ago.

Mortgage 346
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9 ways to get a buyer to sign a buyer agreement

Inman

Don't be a shrinking violet when it comes to your compensation. Broker Cara Ameer teaches you how to ask for what you're worth and have that tough buyer commission talk.

Buyers 171
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Fintech Stavvy acquires technology suite SigniaDocuments

Housing Wire

Stavvy , a fintech firm specializing in digital and remote collaboration for lending and real estate companies, acquired SigniaDocuments, a technology suite from Texas-based lender Evolve Mortgage Services. Terms of the deal were not announced. Stavvy will acquire assets, including eClosing tools, eNote and eVault services, eRegistry capabilities for agency and non-agency loans and SigniaDocuments’ SMART Doc technology – a data-driven electronic document engine.

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Inman Intel Index: Anxiety among rank and file up in wake of Sitzer

Inman

For weeks, the eyes of real estate's agents and leadership were on the Sitzer | Burnett trial. They shared their thoughts and fears as part of Intel's monthly real estate sentiment survey.

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Single-Family Permits Down in September 2023

Eyes on Housing

Over the first nine months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 693,908. On a year-over-year (YoY) basis, this is 13.3% below the September 2022 level of 800,424. Year-to-date ending in September, single-family permits declined in all four regions. The range of permit decline spanned 10.8% in the Northeast to 19.3% in the West.

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Robert Reffkin: What we have now is a ‘connection issue’

Inman

The CEO stressed to agents during a keynote address at Compass RETREAT on Tuesday that getting back to basics and forging sincere connections with clients would be the key to surviving and thriving in the current market.

Clients 154
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[Video] Automate Repetitive Tasks with GoFormz Workflows

GoForrmz

Streamline your daily workflow with automations Welcome back to the third and final installment of the Intro to GoFormz webinar series, all about getting started with GoFormz and the features that can help you streamline your documentation and data capture. Join Alicia Bryan, Director of Customer Success, and Implementation Lead, Emily Switzer, as they walk you through the process of customizing your GoFormz account with automated workflows.

Design 78
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Mark Willis reclaims the CEO chair at Keller Williams

Inman

Mark Willis is Keller Williams' new CEO, according to an announcement on Wednesday. Willis' first KW CEO tenure was from 2005 to 2015, and he returned to the company in July as a strategic consultant.

Realty 147
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Commercial Properties in These Cities Are at the Highest Risk of Crashing

BiggerPockets

After a whirlwind of struggles throughout the year, some of these high-value commercial properties are facing huge risks that could reshape their markets. See the full list here.

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Dwellsy’s consumer-first rental search earns $11.5M seed round

Inman

Dwellsy channels rentals from multiple portals, management systems and third-party listing sites across all residential property types and publishes industry trend reports.

Finance 144
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The Tide is Out For Investors—Where Do You Put Your Money Now?

BiggerPockets

Investors have been pushed into a corner with high prices, capital calls, and unfavorable interest rates. How do you deploy your money in times like now?

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From Australia to Anaheim, proptechs test models at NAR NXT

Inman

ListAssist and BoxBrownie, as well as Sensor Global and Openn, are attending NXT under the umbrella of NAR Reach Australia-New Zealand, a technology-focused industry advocacy organization and product accelerator.

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7 Hidden Benefits of a High Savings Rate (Beyond Building Wealth Fast)

BiggerPockets

A high savings rate will help you build wealth, sure. But it can also do a lot of other things that you might not have thought about.

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Confused about your commission? Your client will be too: LeBarton

Inman

The industry is still unpacking the Sitzer | Burnett verdict and its impact on commissions, Inman Director of Research Chris LeBarton told Intel. After that, expect even more queries from clients.

Clients 139
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Why Self-Storage Beats Rental Properties

BiggerPockets

Self-storage investing saved AJ Osborne’s life. After sudden paralysis and being left in a coma, AJ was fired from his job.

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The Agency’s president on strategic steps for success in 2024

Inman

According to The Agency's Rainy Hake Austin, meeting the challenges of 2024 will require you to get in touch with an essential truth about the real estate business: You've never arrived.

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The Slow, Steady Way to Make $50K Per MONTH with Rental Properties

BiggerPockets

How many rental properties would it take for you to become financially free? Five, ten, twenty, one hundred?

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WSJ eyes Mat Ishbia’s quest to be ‘king of mortgages and basketball’

Inman

"The Wall Street Journal" alleges UWM CEO and Phoenix Suns owner is "charting a risky path in both business and sports," but the Ishbia family is raking in hundreds of millions of dollars in profit even when the company is losing money.

Mortgage 129
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Top mortgage pro on swapping banking for broker space at the perfect time

Mortgagebroker News

'It took me a long time to make the move and try to see what the other side looks like – and the grass was greener.