June, 2023

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Why higher rates aren’t crashing home prices

Housing Wire

Home prices aren’t crashing, despite what the housing bubble boys are saying. In fact, home prices have firmed up higher recently. The housing bubble boys are a crew that from 2012 to 2019 screamed housing crash every year. They went all in during COVID-19 in 2020, doubled down in 2021 as the forbearance crash bros but really bet the farm on a massive home-price crash in 2023 after the most significant home sales crash ever in 2022.

Inventory 546
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'Mounting pressure' on industry as MLS agrees to settle commission suit

Real Estate News

MLS PIN has agreed to pay $3 million and stop requiring sellers to offer buyer-broker compensation, a practice at the core of two other major lawsuits.

Sellers 299
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David Doctorow steps down as CEO of Realtor.com parent Move, Inc.

Inman

Doctorow oversaw the company as its revenues and site traffic rose to record highs, the company said. But as with the rest of the industry, Move has shown signs of a slowdown.

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Households’ Real Estate Asset Value Falls for Third Consecutive Quarter

Eyes on Housing

The first quarter of 2023 release of the Z.1 Financial Accounts of the United States shows for a third consecutive quarter the value of households’ real estate assets contracted. The combination of economic uncertainty and declining home prices has played a role over the past year in decreasing the value of households’ real estate assets. The level of households’ real.

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Traveling the World Thanks to One $6,500/Month Rental Property

BiggerPockets

A house hack that covers all living expenses and allows you to travel the world!? Many people dream of making passive income from real estate, but only some take action.

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Michelle Wesson Named Lamacchia Realty’s Employee of the Month – May 2023

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.

Realty 74

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Getting your brokerage ready for a new world of buyer agency

Real Estate News

In light of ongoing lawsuits, brokers need to prepare their buyer agents to communicate their value and respond to objections around agreements and fees.

Buyers 296
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NAR CEO Bob Goldberg plans to retire at the end of 2024

Inman

Bob Goldberg's contract will expire Dec. 31, and the executive plans to retire after three decades at NAR and four decades in real estate, according to the National Association of Realtors.

Contracts 168
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Property Tax Assessments and Revenue: Catching Up to Home Values…and Quickly

Eyes on Housing

NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $174 billion in taxes were paid by property owners in the first quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q1 2023, state and local governments collected $714 billion of property tax revenue. The year-over-year growth rate of property tax collections is more.

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You Could Save Thousands by Moving to Miami, But It Isn’t All Rosy—Here’s What You Should Know

BiggerPockets

Miami has become the new Austin, and movers in the country's most notoriously expensive markets are taking notice. While the tax-free city seems financially sound on paper, what's the catch?

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Lamacchia Realty Named in RealTrends Game Changers for Third Year in a Row

Lamacchia Realty

Under the leadership of Anthony Lamacchia , Lamacchia Realty was named among RealTrends GameChangers for the third year in a row! These professionals are considered to be changing the game of real estate, as exhibited by high growth rates. GameChangers are chosen based on five-year transaction side percentage data from the RealTrends 500. Lamacchia Realty had the second-highest growth rate among private independent brokerages.

Realty 73
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Housing Market Tracker: Inventory disappoints again

Housing Wire

After seeing disappointing inventory growth two weeks ago , which I chalked up to the Memorial Day holiday, I was hoping for a big push in active listings last week, but that didn’t happen. And, the recent uptick in mortgage rates to almost 7% slowed purchase application data again. Here’s a quick rundown of the last week: Active inventory grew 6,722 weekly.

Inventory 512
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It’s a good time to be selling (and buying) new homes

Real Estate News

New home sales are up 20% year-over-year, according to the U.S. Census Bureau, and lower median prices could help first-time buyers.

Buyers 315
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NAR pushes back on harassment claim amid growing agent backlash

Inman

The National Association of Realtors tapped an independent law firm to investigate sexual and racial harassment allegations, ultimately choosing to "reject" claims made by a former employee.

Agents 160
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Revolving Consumer Credit Growth Remains Near 25-Year High

Eyes on Housing

Consumer credit outstanding grew at a seasonal adjusted annual rate of 5.7% in April 2023 per the Federal Reserve’s latest G.19 Consumer Credit report, as revolving and nonrevolving debt grew at 13.1% and 3.2%, respectively (SAAR). Total consumer credit outstanding stands at $4.8 trillion (not seasonally adjusted), with $1.2 trillion in revolving debt and $3.6 trillion in non-revolving debt (NSA).

Lending 177
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How Long Does It Take to Close On a House?

BiggerPockets

Navigating the closing process on a house is a daunting task. Learn how long it takes to close on a house, along with the information you need for the process.

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Lamacchia Realty Announces Top Producing REALTORS® for May 2023

Lamacchia Realty

Lamacchia Realty, Inc. has released its “Top Producing REALTORS®,” for May 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! May 2023 Winners of the Top 10 for the Company are: Michael Valencia is a passionate and knowledgeable REALTOR® with almost two decades of active-duty military experience.

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Has the Fed won its battle against inflation? 

Housing Wire

Inflation was running over 9% last year and the headline inflation growth rate has cooled off a lot recently. Does this mean the Federal Reserve will pivot soon to prevent a recession? I don’t believe they will, but the growth rate of headline inflation falling is good enough for them to pause rate hikes tomorrow. The core aspect of inflation is taking time to head lower, and this is the part of the inflation picture that the Fed cares most about.

Marketing 488
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eXp CEO reveals Homes.com talks and new twist on recruiting

Real Estate News

Glenn Sanford’s “State of the Union” hints at strategic partnerships, an exclusive lead-gen strategy and investments in attracting teams.

Investing 299
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Will AI replace real estate agents?

Inman

While AI has the potential to automate and certainly enhance many aspects of the real estate industry, writes California Realtor Ken Sisson, it is unlikely to replace human agents completely anytime soon.

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Inflation Slows to Lowest Level since March 2021

Eyes on Housing

Consumer prices in May saw the smallest year-over-year gain since March 2021, mainly driven by lower energy prices. This marked the eleventh consecutive month of deceleration. While this measure aligned with expectations, core inflation remained persistent due to the increase in rent prices.

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How to Get a Mortgage Preapproval

BiggerPockets

Have you ever wondered how to get a preapproval mortgage? Learn about how to get your preapproval mortgage, and the differences between the types of approvals.

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Fun Things to Do in New England This Summer

Lamacchia Realty

FUN THINGS TO DO IN NEW ENGLAND THIS SUMMER Residents and tourists alike believe that New England is one of the best places to be. New Englanders are fortunate enough to experience the beauty of all four seasons. However, there is an undeniable charm and excitement that accompanies the arrival of summer in this area. New Englanders eagerly look forward to this time of year when the sun shines brightly, and they can engage in various enjoyable activities.

Realty 72
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Jobs data shows the truth about the labor market

Housing Wire

We’ve had some odd job reports over the years, but the key is to always follow the trend. That’s especially important with Friday’s data , which showed 339,000 jobs were created in May even while the unemployment rate increased. As someone who wrote that we should get job openings toward 10 million in this expansion, I am always mindful of my other labor talking point.

Marketing 433
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NAR and its president accused of racial, sexual discrimination

Real Estate News

A former employee has filed a lawsuit alleging she was unfairly fired after ending a relationship with National Association of Realtors President Kenny Parcell.

Realtors 266
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New listings plummet 27%, marking biggest annual fall since pandemic

Inman

The number of new listings coming onto the market has plunged since June 2022, according to data released Thursday by Redfin. Transaction levels remain low even as home prices creep higher.

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The Median Age of the Construction Workforce

Eyes on Housing

NAHB analysis of the most recent 2021 American Community Survey (ACS) data reveals that the median age of construction workers is 42, one year older than a typical worker in the national labor force. Attracting skilled labor is still the primary long-term goal for construction, even though a slowing housing market has eased some pressure on current tight labor market.

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The Beginner’s Guide to Finding Undervalued, Off-Market Deals in ANY Market

BiggerPockets

Don’t know where to find undervalued rental properties? Thankfully, we’ve got some experts who do. Finding a below-market-value property is much easier than most people think.

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How to Know When You’re Ready to Buy a Home

Lamacchia Realty

HOW TO KNOW WHEN YOU'RE READY TO BUY A HOME Buying a home is an exciting life chapter, but it is also a significant financial commitment. It requires thorough thought, planning, and preparation. It might be challenging to gauge your readiness to act, particularly if you’re a first-time home buyer. In this post, we’ll highlight a few crucial signs that can tell you whether you’re in a position to purchase a home.

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Zillow shuts down Closing Services

Housing Wire

Zillow Group ’s attempt to streamline the home buying experience by offering all facets of the transaction process on one platform has hit a road bump. The real estate listing giant announced on Monday that it is sunsetting its title and escrow provider, Zillow Closing Services. “Integrating the real estate transaction to make buying and selling simpler for customers remains our core strategy and we believe offering title and escrow is a critical component,” a Zillow spokesperson wrote in an ema

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REcolorado CEO: MLSs can accomplish more through collaboration

Real Estate News

Gene Millman, the leader of Colorado's largest MLS, believes MLSs "have a bad habit of forming silos" — but by working together, they can be stronger.

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The anti-LGBTQ+ movement IS a real estate issue. Here’s why

Inman

Erin Morrison, 2022 National President Elect of the LGBTQ+ Real Estate Alliance and proud Texas Realtor, is afraid. And so are some of your clients. Here’s what you need to know.

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Building Materials Prices Fall for Second Month Straight

Eyes on Housing

According to the latest Producer Price Index report, the prices of inputs to residential construction less energy (i.e., building materials) decreased 0.1% in May 2023 (not seasonally adjusted), following a 0.2% drop in April. The index has gained 0.3%, year-to-date, a stark contrast from the 10.2% and 4.9% YTD increases seen in 2021 and 2022, respectively.

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Over 32 Million Homes Are at Risk of Hurricane Damage This Year According to CoreLogic’s Latest Report

BiggerPockets

CoreLogic's annual hurricane risk report came out recently, providing some dire news about homes in at-risk areas. Are your properties in the crosshairs?