July, 2023

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Housing Market Tracker: Inventory shocks lower

Housing Wire

The slow zombie crawl of housing inventory went lower last week as inventory was negative week to week. In addition, mortgage rates rose to a yearly high as labor data stayed firm and purchase apps had their first negative week after three straight weeks of positive growth. Weekly Active listings fell by 866 homes Mortgage rates rose to a year-to-date high of 7.22% Purchase apps were down 5% week to week Weekly housing inventory We had a hat trick in housing last week: weekly active listings wer

Inventory 477
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Change Careers or Change Your Practice?

George Dell

Change. It’s clear that appraisal, as a vocation, has changed. Many appraisers are considering new careers. Others are preparing to meet new demands. Yet others are doing. nothing. Which mind are you? Escape. Retool. Or be in denial. I have taught with Valuemetrics.info for over 17 years now. And was on the […] The post Change Careers or Change Your Practice?

Appraisal 369
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Steve Baird: Brokerage owners ‘need to focus on what we can control’

Real Estate News

The Baird & Warner CEO shares how his family business has thrived in a cyclical, sometimes “regressive” industry, and discusses the future of buyer agency.

Brokerage 263
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Consumer Confidence Rebounds in June

Eyes on Housing

Consumer confidence in June rose to its highest level in 17 months as recession concerns eased. However, spending plans were mixed. Vacation intentions continued to improve, while the intention to buy homes and big-ticket appliances cooled further due to elevated mortgage rates. This shift in consumer preference from goods to services is likely to continue this year.

Mortgage 182
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Is this really who we ‘R’? 

Inman

In the face of new harassment allegations at the highest levels of leadership, where is the outrage? asks speaker and writer Valerie Garcia. Is this who we are as Realtors?

Realtors 162
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10 Blog Posts to Help You Build Your First Mobile Form

GoForrmz

Originally published on 09/08/2020 Ready to digitize your first mobile form? Here’s a guide to help you get started! Check out these helpful tips and tricks to get started building and optimizing your first mobile form Template : How to Upload Your First Form Getting started with GoFormz is easy and only takes a few steps. Login to GoFormz from your computer and simply upload your first form (PDF or JPG) into the GoFormz Template Editor.

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AMC Engagement Letter: Appraisers Do Not Include Your Invoice

Appraiserblogs

File the complaint against the AMC yourself OR Forward the engagement letter to VaCAP to file on your behalf. At the recent Virginia Appraisal Board Meeting on Wednesday June 28th, a discussion occurred about Appraisal Management Companies prohibiting appraisers from including their invoices with the appraisal report. The overall consensus of the Board Members was this practice could be a violation of Virginia Appraisal Management Company Statute § 54.1-2022 B.

Appraisal 145
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Buyers will pay a premium for walkable communities

Real Estate News

Younger generations are especially motivated by walkability, even if it means paying more, giving up yard space or living in a multifamily dwelling.

Buyers 271
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Share of Two or More Stories New Homes Maintains Lead in 2022

Eyes on Housing

Data obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, show that the rising trend of two or more stories homes continued in 2022. Although the overall share remained virtually unchanged, the share of two or more stories homes started construction was greater than one story homes in 2022. Nationwide, the share of new homes.

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Woman withdraws case accusing NAR, Kenny Parcell of harassment

Inman

Janelle Brevard initially sued the National Association of Realtors, claiming her firing was a form of harassment and retaliation. The case ended Thursday, though many questions still remain.

Realtors 161
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How to Read a Home Appraisal Report

Kairos Appraisal Services

The home appraisal report plays a significant role in the home buying process. This article provides a brief overview of its various sections and what is covered in each, so you can gain a better understanding of how to read a home appraisal report. In this article, we’ll walk you through the Uniform Residential Appraisal… The post How to Read a Home Appraisal Report appeared first on Kairos.

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Housing Market Tracker: Inventory is negative YOY

Housing Wire

Housing inventory finally broke under 2022 levels last week. To give you an idea how different this year is from last year, last week in 2022, active listings grew 30,940 while this year they only grew 5,848. Mortgage rates rose last week after the better-than-anticipated jobless claims data but even with higher rates, we also had a third week of positive purchase application data.

Inventory 450
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Why AI Is About to Make Real Estate Investing EVEN Easier

BiggerPockets

Artificial intelligence (AI) like ChatGPT might not be great at writing podcast intros, but when it comes to building a rental property or real estate portfolio, these platforms produce far […]

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Brokers in Focus: Choosing to merge and retire a brand

Real Estate News

Facing a contraction of his brokerage business, J. Philip Faranda made a previously "unthinkable" decision. Now he wishes he had done it sooner.

Brokerage 260
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Construction Job Openings Rise, But Long-Run Trend is Declining

Eyes on Housing

The count of open, unfilled jobs for the overall economy moved lower in May, falling to 9.8 million. While ongoing tight labor market conditions have likely confirmed one to two more Fed rate hikes through the start of the Fall, the JOLTS survey is another data point indicating an ongoing but gradual cooling of macro conditions. The count of open.

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US home prices projected to grow ‘convincingly’ in 2024: Economist

Inman

Existing-home sales are expected to tumble to a 12-year low by the end of 2023, but they won't stay that way for long, Realtor.com Chief Economist Danielle Hale predicted on Wednesday.

Agents 160
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Lamacchia Realty Announces Top Producing REALTORS® for June 2023

Lamacchia Realty

Lamacchia Realty, Inc. has released its “Top Producing REALTORS®,” for June 2023! This program recognizes the Top 10 REALTORS® by company and the Top 3 or 5 REALTORS® by office with the highest transaction numbers or sales for the month! June 2023 Winners of the Top 10 for the Company are: Kevin Cormier decided to obtain his real estate sales license several years ago to combine his knowledge of and deep roots in the local Massachusetts area, knowledge of housing markets from years of personally

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Will labor data send mortgage rates to 8%?

Housing Wire

The 10-year yield and mortgage rates have been rising close to the 2023 high as some labor data shows that the honey badger labor market is still growing. To make things even more complicated, the spreads between the 30-year mortgage rate and the 10-year yield keep getting wider. The question is: will the labor data push mortgage rates to 8%? In my 2023 forecast , I wrote that if the economy stays firm, the 10-year yield range should be between 3.21% and 4.25% , equating to mortgage rates betwee

Mortgage 413
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Is Real Estate a Good Investment?

BiggerPockets

Have you ever wondered whether or not real estate is a good investment? Explore why real estate is a great investment and how it can help you achieve your financial goals.

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'Threads' is taking off — here's why you should try this Twitter alternative

Real Estate News

Yes, there's a new social media app in town. It might be a fad — or the next big thing — but getting on board now could reap dividends for your business.

Business 255
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Interest for New Homes Strengthens

Eyes on Housing

Higher interest rates have led millions of existing homeowners with mortgages under 4% to postpone plans to list their homes for sale, and for many prospective buyers, that supply vacuum has left newly built homes as the only game in town. That is the backdrop behind the strengthening of interest for new homes.

Buyers 148
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Americans resigned to high home prices, mortgage rates: Fannie Mae

Inman

Consumer confidence in the housing market "appears to have plateaued at a relatively low level," said Fannie Mae Chief Economist Doug Duncan in a new homeowner survey released on Friday.

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The Best Home Siding Options in New England

Lamacchia Realty

THE BEST HOME SIDING OPTIONS IN NEW ENGLAND Home Siding and Exterior Maintenance You may already be familiar with the common New England home styles , but how much do you know about exterior siding? Choosing the right siding for your home is a crucial decision, as it not only enhances your property’s curb appeal but also provides protection against this region’s varying weather conditions.

Design 72
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DataDigest: Inventory and the purported ‘Airbnb crash’

Housing Wire

There was a viral tweet going around from YouTube housing influencer Nick Gerli. You’ve probably seen it. Gerli cites data from a company called AllTheRooms to make the case that the Airbnb /short-term rental market is “crashing” and it will have a big impact on inventory. Indeed, the chart he shared is alarming. A nearly 50% drop in revenue in some markets!

Inventory 393
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Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals

BiggerPockets

100% financing for ALL of your real estate deals? Without thousands of dollars saved up, many people assume there’s no way for them to invest in real estate.

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Agents Decoded: It's time to get serious about agent safety

Real Estate News

Amid a new wave of reports of the dangers of working as a real estate agent, Jay Thompson says the industry must take steps to improve safety for all agents.

Agents 245
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Housing Demand Slows on Higher Rates and Prices

Eyes on Housing

Mortgage rates’ slow –but steady– march upwards combined with the return of home price gains are doing what they are predicted to: slow housing demand. According to the latest Housing Trends Report, the share of adults with plans to purchase a home within a year dropped to 15% in the second quarter of 2023, down from a record high of.

Mortgage 147
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A first-time buyer in WW2, client becomes homeowner again at 100

Inman

The North Carolina centenarian, who bought her first home in the 1940s, is settling in at the "lovely house" where she'll live with her son, news station WSOC-TV reported.

Clients 153
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Lamacchia Realty Opens in Fall River and Enters Bristol County Market

Lamacchia Realty

Lamacchia Realty is thrilled to announce that well-known legacy real estate brokerage Right Choice Real Estate is now a part of Lamacchia Realty. Right Choice Real Estate was founded over 25 years ago by two very well-respected broker owners, Ron and Dawn Rusin. Right Choice Real Estate has been a dominating force in the Bristol County market for decades.

Realty 69
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Consumers may be coming to terms with elevated rates and high home prices: Fannie Mae

Housing Wire

Consumer confidence in housing may have plateaued, according to the latest home purchase sentiment index (HPSI) by Fannie Mae. The HPSI — which tracks the housing market and consumer confidence to sell or buy a home — rose a mere 0.4 points to 66 as difficult supply and affordability conditions continue to weigh on the housing market, according to Fannie Mae.

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Data Shows That Only 25% of Median Earners Can Afford Housing—Here’s How to Make Up the Difference

BiggerPockets

With 25% of median earners able to afford homes, what can you do to make up the difference? Here is some key personal finance tips to put you over the top.

Finance 75
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Bright MLS to allow $0 buyer broker commissions

Real Estate News

The nation’s second-largest MLS says this move highlights the “complete flexibility” of Bright subscribers to have “transparent negotiations with clients.

Buyers 246
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Clear Capital and BeSmartee Partner to Bring Home Value Verification Solution to Mortgage Lenders

Clear Capital

Clear Capital and BeSmartee Partner to Bring Home Value Verification Solution to Mortgage Lenders Clear Capital’s ClearAVM is now integrated with BeSmartee’s Mortgage POS and HELOC product Reno, NV – July 27, 2023 – Clear Capital ® , a national real estate valuation technology company, announced today that it has entered into a strategic partnership with BeSmartee , a digital mortgage solution development company, to offer a cost effective and efficient solution for mortgage and home equity ori

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How this real estate mentor merges resilience and passion

Inman

Find out how marketing expert and industry veteran Marci James blends professional acumen, personal fulfillment and a love for the great outdoors to create a picture-perfect life.