December, 2022

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Comparing this housing market recession to 2008

Housing Wire

As we close out 2022, it’s time to reflect on a historic year for the housing market, which was even crazier than the COVID-19 year of 2020. There are similarities and significant differences between the housing recession we’ve seen this year versus 2008, and looking at specific factors in both timeframes gives us an idea of what to expect in 2023.

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Are foreclosures and short sales coming back to the housing market?

Sacramento Appraisal Blog

A foreclosure wave is coming!!! And short sales are about to be unleashed!!! That’s often the housing narrative, and let’s talk about that while looking at some changes we’re starting to see in the Sacramento market. I hope this is helpful, whether you’re local or not. Skim by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING […].

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Where There’s a Brick, There’s a Way

The Appraiser Coach

I remember when I first started using a laser to do my measurements. I was up in front of a group of people, and I asked them to show by. Read More.

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Builders Are Cutting Prices & Offering Incentives, But It’s Not 2008

Eyes on Housing

In November of 2022, 36 percent of single-family home builders reported reducing their prices, and 59 percent were offering special sales incentives. These percentages may seem relatively high—and in fact they have increased significantly since July of this year—but they are nowhere near as high as they were during the 2007-2008 financial crisis. Questions on sales incentives have been a.

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Intended Use Of The Appraisal

Padove Appraisal Service

Every appraisal order begins with a customer consultation. This is an in-depth discussion of the home, and the purpose of the appraisal. Any method of communication can be used for this step of the process. The purpose of the consultation is to find out how the appraisal can help you. The consultation will aid in the understanding of the intended use of the appraisal.

Appraisal 148
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[Video] Business Automation with GoFormz Workflows

GoForrmz

Do you ever stare at your computer and say “there has to be an easier way to do this”? If your day is filled with repetitive data entry or processing tasks, let GoFormz give you back your workday! For everyone with form-based data capture, GoFormz Workflows can automate your daily tasks, such as emailing form copies, exporting and storing forms in your preferred Cloud storage platform, or even sending data directly to your CRM or ERP.

Business 147

More Trending

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2022 Southwest Suburban Christmas Lights Tour!

Advanced Appraisal

This is our annual Christmas Lights Tour in our Local Tinley Park, Mokena and Frankfort areas. Some of the houses we personally know the owner's and some we just revisit every year to new ones added. We truly enjoy our t.

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The VA Required to Encourage Hybrids – Senate Passes HR 7735

Appraiserblogs

The VA will now be required to encourage hybrid appraisals. If you are a VA Appraiser, here’s a bit of news you need to keep tabs on. Senate Passes VA Appraisal Modernization Measure – theMReport.com The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022. Under the terms of HR 7735, sponsored by Sen.

Appraisal 144
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Nine Percent of New Homes Are Teardowns

Eyes on Housing

In 2021, 9.1 percent of new single-family homes were built in an older neighborhood on a site where a previous structure had to be torn down and rebuilt, according to the latest Builder Practices Survey (BPS) conducted by Home Innovation Research Labs. Another 18.5 percent were built on an infill lot in an older neighborhood. The BPS places new homes.

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Market Overview: Montgomery County, PA – December 2022

Padove Appraisal Service

The past couple of years have been crazy! We have seen a combination of few homes offered for sale, and strong buyer demand. Buyers have had difficulty finding a home to purchase at any price. The result has been rising home prices. Recent increases in mortgage rates have reduced some demand. The higher cost of financing a home pushed some buyers out of the market.

Appraisal 147
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Collect Legally Binding eSignatures In Your Digital Forms

GoForrmz

Create and share eSignature documents in minutes Easily collect legally binding electronic signatures in your digital forms with eSign fields. With GoFormz, you can securely gather signatures anytime, anywhere – without the trouble of messy paperwork. In this blog, we’ll share what eSign fields are and how to use them in your digital forms. The Differences Between Signature Fields and eSign Fields It is very important to note the key difference between Signature fields and eSign fields: E-SIGN A

Legal 146
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How smart home technology increases property value in a challenging market

Housing Wire

Over the past few years, we’ve seen an increased demand for smart home technology as consumers continue to embrace a digital lifestyle. “Smart home technology, whether it be keyless entry locks, smart thermostats or leak sensors, these are all things that, five or six years ago, were still pretty new to the marketplace,” said Andre Sanchez, COO of Rently, a smart home and self-guided touring solutions provider.

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Anthony Lamacchia’s 2023 Predictions

Lamacchia Realty

2023 will be 1982 all over again. What a difference a year makes. In my predictions for 2022 I had put one last sentence at the end of my final paragraph that stated: “Bottom line, my prediction for 2022 is simple. It will be much like 2021, with record-breaking amounts of home sales, more record-breaking home price appreciation, and more buyers fighting over homes.

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Average AMC Appraisal Fee to the Appraiser

Appraiserblogs

Average AMC appraisal fee to the appraiser: AMCs are taking far more of the borrower-paid fee this year than they did last year. Appraisers, I recently sent out a message asking appraisers to send me three data points comparing borrower-paid appraisal cost, and average AMC paid assignment fees in October, November 2021 and the same months in 2022 – for SFR assignments.

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The Size of the Housing Shortage: 2021 Data

Eyes on Housing

Reflecting the unprecedented housing shortages across the United States in the post-pandemic market, U.S. vacancy rates hit their lowest readings in decades in 2021. According to NAHB’s analysis of the 2021 American Community Survey (ACS), owner vacancy rates dropped below 0.9% and rental vacancy rates reached a new low of 5.2%, the lowest levels recorded by the ACS since the.

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When Will The Fed Lower Rates Again? There Might Be An Answer

BiggerPockets

Last week, the Fed raised its benchmark interest rate by half a percentage point, a slowdown from previous sprints. Still, the federal funds rate is at its highest since 2007. While […].

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VIDEO: Highlights of 2023 Expectations in Seattle/King County Real Estate

Will Springer Realtor

It is safe to say that our region – and the entire country for that matter – just experienced one of the worst turns for the residential real estate sector in recent memory. Housing affordability has fallen to its lowest level in more than 30 years. Prices soared through most of the year despite improving inventory. The massive market cooldown began in the spring when mortgage interest rates rose to more than double the level at the start of 2022.

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Cooler inflation data sends mortgage rates lower

Housing Wire

On Tuesday, the Consumer Price Index (CPI) data came in cooler than expected , and the bond market loved it, driving mortgage rates lower. Where do we go from here? Headline inflation is still very elevated historically, but the trend can be our friend over the next 12 months. I say this because the most significant component of Core CPI is shelter inflation.

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Nicole Vermillion Qualifies for the 2022 Lamacchia Realty President’s Club

Lamacchia Realty

We are thrilled to announce that Nicole Vermillion has officially qualified for the 2022 President’s Club by surpassing $16,000,000 in sales volume! Nicole joined Lamacchia Realty in the Spring of 2021, and she took off running! Nicole loves to help people and be of service, and she has successfully guided many clients on their homeownership journey.

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6 Ways to Prevent Conventional Loan Appraisal Revisions

Clear Capital

As an appraisal quality leader and former field appraiser, I know firsthand that working in the real estate appraisal industry can be a wild ride. And in recent years, we have experienced a surge in revision requests from lenders and customers. Due to emerging shifts in the mortgage loan market, there is a heightened sense of urgency to review the conventional loan appraisal guidelines. .

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Apartment Absorption Rate Reaches 25-year High

Eyes on Housing

Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that the multifamily market remained strong during the second quarter of 2022 due to high demand. With low single-family housing supply and increased unaffordability of for-sale housing, many would-be buyers have turned to or remained in the multifamily rental market.

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How Important is Your Agent’s Listing Description?

Eppraisal

Real estate listing agents didn’t have to do much to sell homes in the past couple years. Homes were selling at record-speed. Now that the real estate market is balancing out and home values aren’t rising as fast as they were the past couple years, it’s time for real estate agents to get a little more creative when listing homes.

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New Zillow Report Suggests Renters Must Work 63 Hours To Afford Rent In The U.S.

BiggerPockets

A recent report from Zillow highlights the U.S. affordability crisis creatively. Rather than just focusing on the rapid price growth in rents across the country over the past couple of years, the […].

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Have we found the bottom in existing home sales?

Housing Wire

On Wednesday, existing home sales collapsed near the lows we saw during COVID-19 and back in 2007 when the housing bubble burst. In addition, this is the fourth straight month of inventory declining, while days on the market are growingl! Confused by this? I hear you; let’s dive deeper into today’s report. From NAR : “In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NA

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The Boston Globe Names Lamacchia Realty a Top Place to Work for 2022

Lamacchia Realty

Lamacchia Realty has once again been named one of the Top Places to Work in Massachusetts in the 15th annual employee-based survey project from The Boston Globe. This is the second time the company has been honored. Lamacchia Realty was ranked #2 in the small employer category. In 2021 the company ranked #4. On Wednesday, November 30th, awards were given at the annual Boston Globe Top Places to Work 2022 Celebration.

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Clear Capper’s Favorite Holiday Beverages and Baked Goods

Clear Capital

Taste buds rejoice! We’re proud to present the fourth annual Clear Capital Cookbook. This year’s cookbook is full to the brim with delicious beverages and baked goods recipes from the Clear Capital team. Download the Clear Capital Cookbook 2022! Beverages. Festive Red Sangria. Christmas in a Cup Hot Toddy. Spiked Peppermint Hot Chocolate. Thanksgiving Sangria.

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November New Home Sales Up as Interest Rates Fall Back

Eyes on Housing

While new home sales received a slight bounce in November from moderating mortgage rates, the housing market continues to struggle because of ongoing supply chain disruptions, elevated construction costs, and challenging affordability conditions. Sales of newly built, single-family homes in November increased 5.8% to a 640,000 seasonally adjusted annual rate, according to newly released data by the U.S.

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Key Issues That Affect the Real Estate Market

Eppraisal

Buying and selling property is a big event for those gaining the asset and for those making money on the deal. Yet it is another day at the office for realtors, lenders, attorneys and title agencies. Still, the way these transactions go down goes well beyond the immediate participants. An array of factors influences the home value, mortgage interest rate, fees and timing of these exchanges.

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Year-End Tax Tips and How to Owe Even Less in 2023

BiggerPockets

If you talk about how to avoid taxes, most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax […].

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Dave Stevens on understanding this housing market

Housing Wire

I have been part of the mortgage banking industry since 1983 — 39 years to date through different housing markets. And while my more recent roles were more senior in stature, my mind tends to think like I did when I was a top loan originator in Denver back in the very beginning. In fact, it was the skills I developed selling loans that helped develop my ability to influence policy leaders and others in industry during my time as Federal Housing Commissioner and as CEO of the Mortgage Bankers Ass

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Darlene Umina Qualifies for 2022 Lamacchia Realty President’s Club ELITE

Lamacchia Realty

We are so excited to announce that Darlene Umina has officially qualified for the 2022 President’s Club ELITE! Darlene achieved this impressive feat by surpassing $24,240,000 in sales volume! Darlene qualified for the 2022 President’s Club in July and she clearly has been continuing to dominate as the year has rolled on! Darlene has earned other impressive accolades so far in 2022 including being named on the Boston Agent Magazine’s Who’s Who list for 2022 as well as ranking on the

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ClearCast Podcast E32 — Inspectify CEO & Co-Founder, Josh Jensen

Clear Capital

Follow ClearCast on LinkedIn , Twitter , Facebook , and Instagram. EPISODE SUMMARY. Your ClearCast hosts, Kenon Chen and Jeff Allen, discuss the state of the market and the largest single-day drop in mortgage rates since the 1980s. Then, they sit down with Josh Jensen , the CEO and Co-Founder of Inspectify , who shares Inspectify’s mission and some wisdom for aspiring founders.

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Mortgage Activity Increases as Rates Fall

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending December 9th, total mortgage activity increased 3.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose one basis points to 6.42%. The FRM rate has fallen 48 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose.

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The Latest Technologies Home Inspectors Use for More Thorough Inspections

Eppraisal

While in the process of purchasing a home, you are going to want to have a home inspection performed. It's a security blanket of sorts for you to be sure there aren't safety hazards and major defects in the home. Contracts to purchase homes have clauses in them that allow buyers to have a professional inspection performed, typically within the first five to ten days of signing the contract.