Tue.Sep 19, 2023

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Real estate appraisals: What agents should know

Housing Wire

You’ve found a house for your buyer or a buyer for the home you’re selling. The negotiations were successful, and a deal has been reached. A home inspection hasn’t yielded any problems, so nothing is standing in the way of closing, right? Not necessarily. One of the final hurdles to clear is the appraisal , and it has the power to leave a deal dead in the water.

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Pent-up demand & glowing new construction

Sacramento Appraisal Blog

There is some serious pent-up demand building. The number of sellers who have not listed their homes this year is really starting to add up – not to mention a growing pile of buyers. And speaking of building, new construction has been glowing this year. Let’s talk about it. UPCOMING (PUBLIC) SPEAKING GIGS: 9/26/23 Orangevale […] The post Pent-up demand & glowing new construction first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Downside risk to home sales is limited despite 7% rates: Fannie Mae

Housing Wire

The housing market faces renewed headwinds with mortgage rates settling above 7%. Still, the downside risk to home sales is limited as more sales are being driven by life events, according to Fannie Mae ’s Economic and Strategic (ESR) Group. “New home sales were surprisingly strong in the first half of the year, due partly to homebuilder rate buydowns , which become more expensive when mortgage rates rise,” Fannie Mae’s ESR group said in its latest commentary.

Buyers 441
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Men, it's time to do better

Real Estate News

Sexism isn't just a societal problem, it's a real estate industry problem. And if anything is going to change, men will have to step up — and speak up.

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Alterra Home Loans names Fernando Ospina as president

Housing Wire

Alterra Home Loans , a Nevada headquartered retail lender and a Panorama Mortgage Group company, has promoted Fernando Ospina to president. Ospina, who has worked for the firm since 2018, formerly served as Alterra’s SVP of national production for the last year. He originated more than $46 million in loans in 2022, the company said. Ospina will oversee the firm’s strategic direction, operational activities, and growth initiatives while ensuring Alterra provides accessible and tailored mortgage s

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THE PERPETUAL BLUE SHIRT THEORY

The Appraiser Coach

When you have a bobble-head replica of yourself in a blue button-down shirt (it was a gift) and you show up to work every day twinning with it, the people.

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People on the Move: Christie's elevates 2 execs to president

Real Estate News

Former president Chris Lim moves into an advisory role, while EVPs Natalie Hamrick and Kevin Van Eck will share the top leadership position.

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CFPB details legal requirements for lenders’ use of A.I. when making credit decisions

Housing Wire

The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of legal requirements lenders must adhere to when using artificial intelligence (AI) or “other complex models” when making decisions about the creditworthiness of borrowers. “The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers,” the CFPB said in the announcement.

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Home Appraisals 101: 5 Things Appraisers Wish Sellers Knew

Realtor

Getty Images Home appraisals are a piece of the selling process where you may have to let go of the reins. Lenders often require the use of their own, FHA-approved home appraiser. That means you get zero say in who’s determining the financial value of the home you’ve lived in, loved, and sunk your savings into. Here are some things sellers can do—straight from the home appraisers’ mouths—to navigate the process of home appraisals.

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CRMLS will use CubiCasa’s floor plan creation tools

Housing Wire

CubiCasa will be providing its user-friendly floor plan creation tools to the 110,000 members of California Regional MLS (CRMLS), the largest MLS in the United States. With this new partnership, CRMLS and CubiCasa say they will deliver more value to consumers through digital floor plans, and help create a more organized and transparent real estate market. “We strongly believe that floor plans create a better home buying experience for consumers and provide valuable data to the MLS compilat

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Mutiny inside NAR as staffers call for resignations of top executives

Inman

Employees of the trade group demanded the departures of NAR CEO Bob Goldberg, President Tracy Kasper, Chief Legal Officer Katie Johnson and head of HR Donna Gland on Monday.

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Chris Lim steps down at Christie’s president; Hamrick and Van Eck to share role

Housing Wire

Chris Lim is stepping down as president of Christie’s International Real Estate , according to an announcement on Tuesday. The brokerage noted that Lim will remain at Christie’s as a senior advisor and global brand ambassador, working to expand the relationship between the real estate business and the auction house, among other duties. Lim’s former role will be divided between Natalie Hamrick and Kevin Van Eck, who will lead the firm’s operations in the Americas.

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Investors who fund most home loans get new climate risk tool

Inman

Intercontinental Exchange Inc. teams up with DeltaTerra Capital to translate physical climate risk estimates into financial risk assessments factoring in default risk, asset price depreciation and insurance costs.

Tools 176
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Grid151 acquires Simply Secure Sign’s eClosing technology

Housing Wire

Grid151 , a technology products provider for the mortgage and real estate industries, has acquired Simply Secure Sign , an eClosing technology platform, the company announced Tuesday. As a result, Grid151, which is owned by the holding company of Westcor Land Title Insurance Company , will integrate Simply Secure Sign into GridBase, its universal API for lender and title collaboration.

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Egypt Sherrod would have been a serial entrepreneur in another life

Inman

The real estate broker, investor, HGTV star and Inman Influencer shared her thoughts on a wide range of topics, from real estate to personal hobbies and more. Here's what she revealed to Inman.

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Opinion: Beware of the hidden losses of real estate mergers and acquisitions

Housing Wire

As someone who worked for a large, nationally branded brokerage for 30+ years, I had a front-row seat to many mergers and acquisitions. I would love to say they all went well, but they didn’t. Back before iron-clad earn outs and claw-back clauses, I witnessed a time when two days after an acquisition announcement, the entire agent population walked out with the managers.

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Housing starts plunge to 3-year low

Inman

In August, housing starts hit their lowest level since June 2020, when builders were struggling with COVID-fueled "shutdowns, labor shortages and supply chain issues," according to U.S. Census data.

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Nestfully adds BeachesMLS and MIAMI Realtors SEFMLS to its database

Housing Wire

BeachesMLS ’ and MIAMI REALTORS SEFMLS , South Florida ’s two largest Multiple Listing Services (MLSs), have begun providing complete listing data to Nestfully , a public search portal sourced directly from the MLS, the company announced last Wednesday. Created in the first quarter of 2023, Nestfully was initially fed by three MLSs: California Regional MLS (CRMLS), Bright MLS and REcolorado.

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Granny flats, tiny homes and ADUs: The essential guide

Inman

Your clients need a lot more than your enthusiasm to act on their ADU dream, writes ADU expert Kendyl Young. They need facts, resources and a patient ear to listen and help overcome their fears.

Clients 167
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Title insurance premium volume dropped 37% in Q2 2023

Housing Wire

Title premium volume continued to trend downward during the second quarter of 2023 as high mortgage rates and low housing inventory continued to plague the real estate industry. During the second quarter, the title industry generated $3.91 billion in title insurance premiums, down from $6.21 billion from a year ago, according to the American Land Title Association’s Market Share Analysis , released Monday.

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Chris Lim steps down as Christie’s president as co-presidents named

Inman

Natalie Hamrick and Kevin Van Eck, vets of Christie's and @properties, will take up Lim's former role as co-presidents. Nidhal Charfi, formerly of Compass, is also joining as vice president of affiliate expansion, Inman has learned exclusively.

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Best Mortgage Lenders in Canada | Brokers on Lenders 2023

Mortgagebroker News

Some of Canada's best mortgage lenders who are modernizing the lending process and prioritizing seamless operations, as judged by their broker partners

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Compass scoops up high-end SoCal boutique brokerage

Inman

DPP Real Estate has more than 175 agents and specializes in architecturally significant properties. Moving forward, the firm will be known as DPP @ Compass.

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10 Real Estate Deals in 18 Months After Losing 80% of His Income

BiggerPockets

Completing ten real estate deals in only eighteen months might seem ambitious for a rookie investor, but today’s guest had no choice after experiencing a MAJOR loss of income.

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What is the ROI of Online Real Estate Leads? Insights from a 5 Year Study

Inman

Most real estate tech companies focus on making their customers happy, but the CINC team is hyperfocused on making their clients more MONEY.

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NAR Submits Comments on Reconsideration of Value Process

National Association of Realtors

The ROV process is critical for consumers to raise questions about potential errors or omissions in an appraisal and fundamental to confidence in the process. Check out NAR's comments to the Consumer Financial Protection Bureau (CFPB) and the bank regulators.

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How to Start an Airbnb Business in 10 Steps

Mashvisor

How to start an Airbnb business in 2023? We’ve put together this 10-step guide on how to buy an Airbnb property and rent it for maximum ROI.

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How much do you need to buy a home in Canada?

Mortgagebroker News

Elevated rates continue to erode affordability in most urban markets, says Ratehub.

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How to Check for Flood Risk During Home Buying

Will Springer Realtor

By Catherine Mesick You’ve found the perfect home – sunny kitchen, the right number of bathrooms, and a big, beautiful yard. And then someone mentions a case of flooding in the area – far from any major body of water. You start wondering, could my dream home be at risk for flood damage? The fact is home buyers need to pay attention to their flood risk and the need for flood control.

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How can a brokerage live up to clients' expectations?

Mortgagebroker News

"It's very difficult to create an amazing experience without technology"

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The market outlook may be unclear, but lender challenges cannot get clearer

Housing Wire

One of the challenges in discussing what the mortgage industry needs to do next is figuring out what’s actually coming next. In August, when interest rates topped 7% for the first time in 22 years, there was a rash of articles featuring leading industry economists predicting what interest rates would do for the rest of the year and into 2024. The consensus was… there really was no consensus.

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Which Canadian provinces are likely to see an influx of inheritances?

Mortgagebroker News

Approximately half of Canadians have the resources to bequeath wealth on to their loved ones

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Is the apartment boom finally over?

Housing Wire

Have we finally hit the limits of the massive boom in 5-unit apartment construction that has been a positive driver of jobs and the fight against inflation since January of 2021? Tuesday’s housing starts report was a mixed bag: housing starts and completions fell with a big hit to 5-unit housing starts. However, housing permits continued to slowly increase, as we’ve seen over the last several months.

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What are the Canadian commercial market's prospects over the next year?

Mortgagebroker News

A significant share of Canada's commercial firms have scaled back their expectations