Wed.Sep 20, 2023

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The Fed pauses its rate hikes for now, will it last?

Housing Wire

The Federal Open Markets Committee paused its interest-rate hikes on Wednesday for the second time this year. However, the door remains open for another increase as early as November. Most Fed officials last June had penciled in two more rate rises this year, one in July and one more in the fall. Most investors are already wondering what it would take for the central bank to lift rates again later this year.

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Get your buyers ready: The best time to buy a house is…

Real Estate News

Forget the spring and summer rush — home shoppers will have better luck making a deal during the first week of October, according to Realtor.com.

Buyers 307
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Mortgage demand rises ahead of key FOMC meeting

Housing Wire

In the week leading up to the Federal Open Market Committee meeting, mortgage applications finally ticked up. For the week that ended Sept. 15, mortgage applications rose 5.4% from the prior week , according to data from the Mortgage Bankers Association. Last week, purchase applications increased for both conventional and FHA loans but remained 26% lower than the same week a year ago.

Mortgage 438
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No rate hikes (yet) as Fed shakes off mortgage ‘lock-in’ effect

Real Estate News

The Fed did not boost interest rates at its September meeting but warned that one more hike is likely this year.

Mortgage 313
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State antitrust claims dismissed in buyer broker commission suit

Housing Wire

Defendants in the Sitzer/Burnett class action lawsuit, which deals with buyer brokers’ commissions, are facing two fewer claims. On Monday, plaintiffs in the Sitzer/Burnett suit filed an unopposed motion for dismissal of the state law claims pled in their third amended complaint. Stephen R. Bough, a U.S. District Court Judge in Kansas City, issued a preliminary approval of the dismissal with prejudice on Tuesday.

Buyers 420
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Tech Bytes: News from CubiCasa, Relevate, Direct Offer, Delta

Real Estate News

CRMLS adds CubiCasa floor plan app; Relevate ups offerings to Florida's SCAR; FIABCI-USA adds DO audio tour software; Delta Media Group launches new platform.

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No more ‘business as usual’. Here’s what NAR needs to change next

Inman

Pam O'Connor retired as CEO of Leading Real Estate Companies of the World and was named one of the top 25 thought leaders by the National Association of Realtors. In this op-ed, she shares her thoughts on the organization, its business model, and makes the case for what else needs to change.

Business 196
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How to build a comprehensive real estate online presence

Housing Wire

First impressions matter, especially in the luxury real estate market. And often your first impression as a brokerage or an agent is your online presence. A well-designed and captivating digital platform instantly conveys professionalism, credibility and exclusivity — and the opposite can turn customers away. From your website to your social media platforms, setting a high standard creates a lasting positive impression on potential clients.

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Fed stays put but is prepared to hike rates one more time this year

Inman

Treasury yields, a barometer for mortgage rates, barely budged Wednesday as bond market investors look ahead to next year when the Fed is expected to start bringing short-term rates back down.

Investors 184
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Washington the latest state to see insurers pull back

Housing Wire

The same home insurance scenario being played out in states like Florida and California due to elevated risk of natural disasters is becoming more pronounced in the Pacific Northwest according to a new report from the Seattle Times. Dozens of state residents have appealed policy limitations, cancellations or site-unseen denials to the Washington Office of the Insurance Commissioner.

Insurance 402
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Christie’s International Real Estate welcomes Austin affiliate

Inman

The new affiliate is owned and operated by Jerry Mooty, Jr., with Romeo Manzanilla serving as COO and broker of record. The location builds upon Christie's existing presence in the Texas markets of Dallas and Houston.

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Tom Makinney and his team make the leap to Compass

Housing Wire

The Makinney Group, led by principal agent Tom Makinney, has joined Compass in Chicago , the company announced on Wednesday. Makinney made the leap with his two agents, Jill Giorno and Jen Goodale.The top team was previously at brokerage @properties. The Makinney Group, recognized for their community involvement and referral transactions, brings 35 years of combined experience in the Chicagoland real estate market to Compass.

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Top-producing LGBTQ+ Real Estate Alliance members earned $8.53B

Inman

The third annual Top Producers list honors 388 agents and team leaders who raked in $8.53 billion in 2023 alone, reflecting the growing influence of LGBTQ+ agents in the industry, the Alliance says.

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SoCal indy brokerage DPP Real Estate joins Compass

Housing Wire

Compass’ brokerage firm recruiting efforts continue. Deasy Penner Podley , or DPP Real Estate is the latest boutique brokerage to affiliate with the national firm, according to an announcement on Tuesday. Moving forward, the firm will be known as DPP @ Compass. Compass described the move as a “partnership,” but the financial terms of the deal were not disclosed.

Brokerage 396
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Alex Vidal shares his journey from secretary to ERA brand president

Inman

No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect online Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage.

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Opinion: Cultivating a vibrant company culture

Housing Wire

In real estate brokerage, success is often measured in numbers — deals closed, properties sold, profits made. But beneath the surface of these metrics lies a vital force that drives a company’s true achievements: its culture. As I reflect on my journey in the real estate industry, I’ve come to realize that culture isn’t just a buzzword; it’s the heartbeat of an organization.

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A story from ‘The Brady Bunch’ house: None of the appliances work

Inman

The kitchen may look groovy, but none of the appliances in "The Brady Bunch" replica house are functional, new homeowner Tina Trahan learned shortly after acquiring the property. Fortunately, she couldn't care less.

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Leaving the Appraisal Profession

Appraiserblogs

It’s a Great Time to Leave the Appraisal Profession. I can hear the chorus of my fellow appraisers rising up in disagreement with me. I envision many of them screaming, “But I love being an appraiser”! Yeah, I hear you. I loved being an appraiser too. Let’s not consider what we were but what they want us to become. First, ask yourself if you are still making a livable wage.

Appraisal 148
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Does size really matter? How to choose the right team for you

Inman

Does size matter? It depends on your goals, says Livian's Erin McCormick Torres. Here are the pros and cons of small teams and mega teams, to help you wade through your options before making any big decisions.

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ProTip: Using the Improved Sketch Field

GoForrmz

Capture better, thorough data with the enhanced Sketch field When filling out forms in the field that demand crucial information, such as hazards, weather conditions, incidents, and other pertinent details, depending solely on text can prove to be quite challenging in terms of clarity and comprehensibility. This challenge becomes even more problematic when relying on traditional paper forms for documentation, as they may not effectively capture or convey the necessary context.

Tools 78
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Demand for purchase loans picks up, but so do mortgage rates

Inman

Applications for FHA mortgages and conforming loans backed by Fannie and Freddie were up last week, even as rates crept back toward 2023 highs registered in August.

Mortgage 167
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Investing in the Houston Real Estate Market—Prices & Trends in 2023

BiggerPockets

The city is always under threat from natural disasters, yet it continues to grow every year and boasts one of the largest populations in the country. Is it a good place to invest, though?

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Thad Wong: 2 is better than 1 when it comes to brokerage presidencies

Inman

Christie's International Real Estate co-CEO Thad Wong and newly appointed co-President Natalie Hamrick revealed to Intel the strategic thinking behind its executive shakeup earlier this week.

Brokerage 160
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Want to Know Where the Market is Heading? Just Look at Cancellation Rates

BiggerPockets

KB Homes provided some interesting data tracking cancellation rates, citing it as a good indicator of where the real estate market is heading. What did the data say?

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What’s the best part about being on a team? Pulse

Inman

It's always good to know that someone has your back, especially when you're building a business. That's why a team can be such a great idea.

Business 161
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The Best Time to Buy Real Estate in Over 15 Months is Right Now—Here’s Why

BiggerPockets

Don't sit this one out. Now is the time for investors to buy up the properties they have their eyes on, and this is why.

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The right way to part ways with employees and staff members

Inman

COO Erin MCormick Torres knows that there are many reasons you may be looking at a staff member's suitability for their role. Whether you're ready to cut ties or are just beginning to question their performance, this guide offers you the due diligence plan you need.

Brokerage 148
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This Investor is Transforming Underserved Communities—While Still Finding a Way to Profit

BiggerPockets

Kyle Jones is giving back to his community while still creating a good life for himself. Read about his story and the real, good power of investing.

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8 reasons sellers aren’t selling (and how to get them off the fence)

Inman

Interest rates, insurance premiums, tax concerns and more are keeping sellers from putting their homes on the market and forcing them to defer their dreams. Team leader Carl Medford believes it's up to real estate agents to communicate effectively and help sellers move forward.

Sellers 146
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Saskatchewan market petition for removal of taxes on new rental builds

Mortgagebroker News

PM Trudeau recently said that GST will be removed from the costs of construction involving new rental apartments in Ottawa

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CRMLS partners with CubiCasa to proliferate industry with floor plans

Inman

Inman learned in a Sept. 19 press release that California Regional MLS will add the digital floor plan creation software to its list of preferred providers.

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Everything You Need to Know About Closing Cost Credits

Lamacchia Realty

EVERYTHING YOU NEED TO KNOW ABOUT CLOSING COST CREDITS Buyers , sellers , and sometimes even real estate agents get confused with how closing cost credits work. Closing cost credits are a great tool to help buyers pay their closing costs and have more money after closing. This is important because buyers often have lots of expenses such as making repairs, upgrades, buying furniture, and more.

Sellers 62
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The pandemic broke open houses. Can a financial downturn fix them?

Inman

Open houses have been on the decline for decades, with the typical seller hosting only one open house event. However, data shows the current downturn could breathe new life into the practice.

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From Making $48K/Year to Millionaire By His Mid-30s

BiggerPockets

Ryan Tseko became a multifamily millionaire by his mid-thirties after giving up his previous career to invest.