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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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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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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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.

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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
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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.

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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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Inflation Continues to Cool in November

Eyes on Housing

Consumer prices in November saw the smallest year-over-year gain since December 2021.While still elevated, inflation experienced the second month below an 8% annual growth rate since February 2022. However, the shelter index continued to rise at an accelerated pace and was more than offsetting decreases in energy indexes. Shelter inflation will primarily be cooled in the future via additional housing.

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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.

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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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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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Lower mortgage rates are stabilizing the housing market

Housing Wire

Since the weaker CPI data was released in November, bond yields and mortgage rates have been heading lower. The question then was: What would lower mortgage rates do to this data? Now, with five weeks of data in front of us, we can say they have stabilized the market. Purchase application data came out on Wednesday and the week-to-week data was down 3%, breaking the streak of four straight weeks of growth.

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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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Top Posts of 2022: Housing Market at Inflection Point as Builder Confidence Continues to Fall

Eyes on Housing

With the end of 2022 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In April of this year, the NAHB/Wells Fargo HMI confirmed that the market had turned and was headed lower due to higher interest rates. The HMI registered its fourth monthly decline in April, and as of December.

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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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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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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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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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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

Realty 73
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Top Posts of 2022: Metro Area Populations Exhibit Minimal Growth From 2020

Eyes on Housing

With the end of 2022 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In May, Litic Murali reported on population data in the post-covid environment. The Census Bureau recently released its 2021 Metropolitan Statistical Area (MSA) annual population estimates. Between 2020 and 2021, 251 (65%) of the 384 MSAs within the.

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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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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.

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Company Spotlight - Scarlett Network by Axiom Innovations

Mortgagebroker News

2022 had unparalleled challenges for the mortgage industry. As we look ahead, technology is going to be at the forefront for successful brokers and lenders. CMPTV recently spoke with Joe Fakhri and Andrew Schultz from Scarlett Network by Axiom Innovations on where they think technology can improve effectiveness and efficiencies moving forward.

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The 2022 housing market: A tale of two halves

Housing Wire

Marty Green thinks of the housing market in 2022 as two very different movies. The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” Houses were selling at a fever pitch in a matter of days, with multiple offers, waived contingencies and buyers paying $100,000(!) over asking price. High octane stuff.

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AJ Bruce Qualifies for 2022 Lamacchia Realty President’s Club ELITE

Lamacchia Realty

AJ Bruce has officially qualified for the 2022 President’s Club ELITE by closing on 50 transactions this year! This is AJ’s first time reaching this incredible milestone, and we couldn’t be happier for him! AJ has been serving the Greater Worcester area for many years and has consistently proven himself as a dedicated and hardworking REALTOR® year after year.

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Top Posts of 2022: The Nation’s Stock of Second Homes

Eyes on Housing

With the end of 2022 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In May, Na Zhao reported on concerning the size of the second home housing stock. According to NAHB estimates, the total count of second homes was 7.15 million in 2020, accounting for 5.11% of the total.

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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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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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Measuring noise pollution

San Jose Real Estate

We’ve learned about two websites for measuring noise pollution and thought our readers would be interested. In some cases, it can be surprising that the sound levels are lower or higher than anticipated! These are great tools for getting a general idea on volume, but you’ll want to check out any properties in person and […].

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The 2023 Housing Market: A Look Ahead

Housing Wire

This article is part of our 2022-23 Housing Market Forecast series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Forecast Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business.

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Shannon Wright Named Lamacchia Realty Employee of the Month – November 2022

Lamacchia Realty

Behind the incredible REALTORS® of Lamacchia Realty is a team of over 75 staff members that work tirelessly to support, propel, and operate the independently owned brokerage. Each and every staff member plays an integral role in the continued success of the quickly growing company. Lamacchia Realty views its staff members in the highest regard, fostering the values the full service, value-based brokerage prides itself on.

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Existing Home Sales Decline Further in November

Eyes on Housing

As rapid rising mortgage rates continue to weaken housing demand, the volume of existing home sales has declined for ten consecutive months as of November, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have retreated in recent weeks due to recession concerns, they are likely to see another.

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Airbnb Is Partnering With Apartment Complexes—Here’s What That Means

BiggerPockets

Airbnb’s platform usually has two updates each year. One in the Summer and one in the Winter. This year’s Winter update came with a lot of cool features, like a […].

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What to Consider Before Purchasing a Home

Eppraisal

As buying a home is one of the most important investment decisions you will ever make, it is crucial to understand the current real estate market before you dive in. Did you know interest rates have approximately doubled this past year? Home values rose double digits, year-over-year, the past couple years? The housing inventory has been low; however, it is growing?