Mon.Nov 27, 2023

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Here’s why home sales will climb in 2024

Housing Wire

If you follow real estate data closely, you’ll know that inventory rose late into November. You also know that new listings are up over last year, too. However, what you might not know is that home sales are climbing, which is a good sign. Watch the video above to get the latest housing market update from Altos Research. Short on time? Check out some key data takeaways below for the week ending Nov. 27.

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Georgia homesellers file their own commissions lawsuit

Real Estate News

The case takes aim at NAR and local as well as national brokerages, while calling out the current system as a way to protect ineffective agents.

Brokerage 341
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Gary Keller accused of embezzlement in updated racketeering lawsuit complaint

Housing Wire

Nearly three months after filing an initial complaint accusing Gary Keller and Keller Williams of inflating key profitability metrics including company sales and profits to convince individuals to purchase Keller Williams Regions and Market Centers, John Davis has made tweaks to his lawsuit. In his initial filing, in addition to Keller and Keller Williams, Davis also names former KW president Josh Team, Business MAPS Ltd. and Business MAPS Management LLC as defendants.

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$5 million bonus for Anywhere CEO has ties to lawsuits

Real Estate News

Ryan Schneider is being rewarded for his work in landing a settlement in commissions cases and delivering savings in a challenging year for real estate.

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Why aren’t there more new homes for sale?

Housing Wire

In a country of more than 335 million people, with 157 million of those people working, we still only have 76,000 new homes available for sale as we head into December. The crazy part of this story is that this number looks perfectly normal to me. One of the urban myths spouted by people needing more experience tracking housing data was that millions of homes would hit the marketplace in 2023 because the builders had so many homes under construction.

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New home sales tap the brakes, but still going strong

Real Estate News

Despite robust demand, prices continue to drop. It’s all about elevated interest rates, and builders’ response as affordability remains a struggle.

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Nation’s biggest title insurer hit by ransomware attack, reports say

Inman

Fidelity National Financial acknowledges that a "cybersecurity incident" disrupted the provision of title and escrow services and other technology and mortgage services.

Insurance 211
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MBA sees benefits, shortcomings in FHFA’s new ERCF rule

Housing Wire

The Mortgage Bankers Association (MBA) this week appeared to relay caution to its members about the announcement from the Federal Housing Finance Agency (FHFA) last week that it had published a new, final rule on the Enterprise Regulatory Capital Framework (ERCF) related to commingled securities. “The final rule includes modifications of certain provisions of the ERCF related to guarantees on commingled securities, multifamily mortgage exposures secured by properties with government subsidies, a

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3 essential tips for estate planning with real estate

Inman

Estate planning is of prime importance for homeowners and their heirs. Properties are among the largest and most complex assets to be distributed — particularly when they’re luxury homes worth millions of dollars.

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Mortgage rate dip a welcome reprieve, but more industry consolidation is ahead: Piper Sandler

Housing Wire

Mortgage rates have pulled back in recent weeks giving consumers and loan originators some breathing room, but headwinds in the industry are far from over. The decline in the 10-year Treasury yield and agency mortgage-backed securities (MBS) yields — due to a soft jobs report in late October — led to a slight pick up in seasonally-adjusted mortgage application volume.

Mortgage 387
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Signs of a buyer’s market emerge as homeseller concessions return

Inman

More than a third of all home sales featured a concession in the past 3 months, according to new data and agents who told Inman that they're beginning to see signs of a buyer's market unfold.

Marketing 200
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New home sales disappoint in October, prices fall

Housing Wire

New home sales fell on a month-over-month basis in October, but continued to outpace last year’s levels. Meanwhile, low supply and high mortgage rates continued to dampen existing home sales. In October, new home sales reached a seasonally adjusted annual rate of 679,000, according to data published on Monday by the U.S. Census Bureau and the Department of Housing and Urban Development ( HUD ).

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Multifamily Built-for-Rent Remains Elevated

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the third quarter of 2023. For the quarter, 104,000 multifamily residences started construction. Of this total, 101,000 were built-for-rent. The market share of rental units of multifamily construction starts was near an all-time high of 98% for the third quarter as the.

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Relitix’s Agent Movement Index shows continued real estate agent recruiting slowdown

Housing Wire

Real estate agents are continuing to stay put, moving much less between brokerages than the post- pandemic peak seen in the summer of 2021, according to the latest Relitix Agent Movement Index. The index shows the relative degree of movement between brokerages by experienced agents and is indexed to the level of mobility in January 2016. The graph shows that, on a trailing 12-month basis, mobility hit its 10-year high in June 2021 at an index value of 109.4.

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14 ways to beat the stress this holiday season and through 2024

Inman

Personal and professional upheaval is taking its toll on members of the real estate industry. Trainer and author Bernice Ross shares strategies to help you get a handle on stress as you move into the new year.

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Has your banking partner come of age?

Housing Wire

HousingWire recently spoke with David Bernard, senior managing director of Specialized Mortgage Services at Western Alliance Bank , Member FDIC, about warehouse lending and how the warehouse sector and mortgage finance have progressed and continue to evolve. HousingWire: Has the banking crisis earlier this year left any lasting impacts on warehouse lenders?

Lending 347
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Focus on fundamentals: Clients, communication, compliance

Inman

According to compliance expert Summer Goralik, this is the time to take a proactive approach, ask important questions, adopt new business protocols and procedures, and engage in different types of conversations or scripts with clients.

Clients 194
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New Home Sales Weaken in October

Eyes on Housing

Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October. Sales of newly built, single-family homes in October fell 5.6% to a 679,000 seasonally adjusted annual rate, following a notable downward revision in September, according to newly released data by the U.S.

Buyers 97
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Take 5 minutes, make this change to your Google Business Profile

Inman

Marketing director Kate Hulbert shares this quick and simple update to make your social media and digital marketing more effective and targeted.

Business 187
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[Video] Customer Story: Cooper Oates Air Conditioning

GoForrmz

“ Using your existing forms is GoFormz’s claim to fame. That’s certainly why we chose it to digitize our forms. ” — Ruzwa Cooper, President, Cooper Oates Air Conditioning About Cooper Oates Air Conditioning Operating for over 50 years, Cooper Oates is an experienced, full-service mechanical contractor providing high-quality air conditioning, heating, environmental air quality, and plumbing solutions to commercial clients and industrial properties throughout the Sacramento Valley

Clients 78
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NAR put on a brave face at NXT, but accountability is on the way

Inman

Jason Haber, founder of The NAR Accountability Project, believes that more must be done to keep agents from paying for NAR's mistakes.

Agents 205
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This Economist Says The Fed is Misreading Inflation—Here’s When Rates Might Fall

BiggerPockets

The Fed has slowed down its rate hikes, but an economist from UC Irvine says we've all been misreading inflation, including the central bank.

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Keller Williams and Gary Keller face new allegations in lawsuit

Inman

An amended complaint from former Keller Williams CEO John Davis now accuses the company and its co-founder of embezzlement.

Brokerage 193
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Financial Freedom with 2 Rental Properties and “Passionate” Income

BiggerPockets

Want to learn how to quit your job with real estate? Many people think you need to replace your entire salary with rentals, but that’s not the case.

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How do you define a luxury brokerage brand?

Inman

Whether you’re looking to move up to a higher level of service or you’re thinking about a brokerage switch, eXp’s Troy Palmquist offers insights and advice for putting that luxury polish on your branding.

Brokerage 194
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You Can Use These Analysis Methods For Any Real Estate Asset—And They Work Really Well

BiggerPockets

In a world full of equations, getting down to the key metrics that drive success is what matters. Here's how to cut through the noise.

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Why should I talk about personal stuff on Instagram?

Inman

This week, Sue "Pinky" Benson explains why you should be posting about personal stuff on Instagram and how it benefits your audience, and ultimately, your business.

Business 192
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Turnkey Real Estate Investing: Complete Guide

BiggerPockets

Turnkey real estate investing means purchasing a property that's move-in ready. In other words, as soon as you close on the property, you can advertise it for rent. Some turnkey properties even come with tenants already living in the property with an active lease. Most of the time, the property needs few to no repairs or upgrades. It has all working appliances, its structure is sound, and the layout and features are what local renters desire.

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New-home sales fall beneath the weight of October mortgage rates

Inman

Sales of newly built single-family homes clocked in at a seasonally adjusted annual rate of 679,000 during the month of October.

Mortgage 193
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Andrea Delahunty Qualifies for the 2023 Lamacchia Realty President’s Club

Lamacchia Realty

We’re absolutely thrilled to announce that for the first time, Andrea Delahunty has officially qualified for the 2023 Lamacchia Realty President’s Club! She achieved this milestone by surpassing $16,000,000 in sales volume so far this year. Andrea joined Lamacchia Realty earlier this year and quickly became a star in our new Salem, New Hampshire branch office.

Realty 74
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How to win the multifamily lease-up challenge as a property manager

Inman

Multifamily expert and brand-new Inman contributor Andy Larson offers insights and strategies for the all-important lease-up period.

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Holiday Shopping Hacks That’ll Save You Hundreds (or Thousands) This Season

BiggerPockets

The 2023 holiday shopping season is here, and you know what that means…gifts, trips, and LOTS of spending.

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Direct mailer Addressable abruptly closes with no forwarding address

Inman

Direct mail marketing company Addressable has abruptly gone out of business, according to a website message at its domain, addressablemail.com.

Business 192
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October 2023 Massachusetts Housing Report

Lamacchia Realty

october 2023 massachusetts housing report MASSACHUSETTS Home Sales Down, Average Prices Up Home sales are down 14.3% year over year, with October 2023 at 5,613 compared to 6,553 last October. Sales are down across all categories. Single families: 4,193 (2022) | 3,515 (2023) Condominiums: 1,727 (2022) | 1,562 (2023) Multi-families: 633 (2022) | 536 (2023) Average sales price increased 6.9% year-over-year, now at $677,655 compared to $633,905 in October 2022.

Sellers 57