August, 2023

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NAR’s Kenny Parcell resigns after sexual harassment allegations

Housing Wire

Two days after a New York Times exposé of alleged sexual harassment and a culture of fear at the National Association of Realtors , President Kenny Parcell announced his resignation. Parcell was called out for alleged sexual harassment by 16 of the more than two dozen current and former NAR employees interviewed by the Times. “I am deeply troubled by those looking to tarnish my character and mischaracterize my well-intended actions,” Parcell wrote in a letter to NAR’s Executive Committee and Boa

Realtors 444
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NAR stands with CEO amid turmoil

Real Estate News

NAR leaders affirmed Bob Goldberg as CEO during an emergency meeting days after the association’s president resigned following sexual harassment allegations.

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Agents: Kenny Parcell’s resignation is the ‘beginning’ of fixing NAR

Inman

Agents and industry leaders said National Association of Realtors President Kenny Parcell's resignation is the first step in making the organization safer for female employees and members.

Agents 185
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2022 Single-Family Starts by Census Division

Eyes on Housing

According to NAHB analysis of the Survey of Construction (SOC), new single-family starts decreased in 2022. Nationally, 1,018,495 new single-family units started construction in 2022, 10% fewer than the number of units started in 2021. It marked the first decrease since 2011 but was still the second highest count since the Great Recession. Among all nine Census divisions, the South.

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Calculating Garage Adjustments with DataMaster

DataMaster

One question we get a lot at DataMaster is, “How can I calculate adjustments using DataMaster?” And true, we don’t have a separate snappy adjustment tool that requires a deep understanding of mathematical theory, not to mention a computer science degree; we can help you calculate adjustments using our core functionality. One example that our Chief Appraiser, Jared Preisler SRA, demonstrated was how to start calculating adjustments for garages.

Tools 148
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How to Read a Home Appraisal

Chicagoland Appraisal Blog

Reading a home appraisal might feel overwhelming at first, but worry not! This guide is here to simplify the process. While each appraisal may have slight variations, the following structure offers a general roadmap to help you smoothly navigate through it. The key is to approach it in a linear manner, starting from page 1 and following the logical flow.

Appraisal 148

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NAR president resigns in the wake of sexual harassment allegations

Real Estate News

Just two days after the New York Times published claims of harassment, retaliation and intimidation at the association, Kenny Parcell has stepped down.

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Homebuyer mortgage demand picks up for 1st time in 6 weeks

Inman

After dipping to the lowest level since April 1995, applications for purchase mortgages edge up 2 percent week over week but are still down 27 percent from a year ago as mortgage rates retreat from 2023 highs.

Mortgage 181
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Home Price Appreciation Continues in June

Eyes on Housing

In June, national home prices continued to increase. Limited inventory and solid but weakened demand put upward pressure on home prices, despite rising mortgage rates. Locally, all 20 metro areas, reported by S&P Dow Jones Indices, had positive home price appreciation in June. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at.

Inventory 167
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How Technology Improves the Home Appraisal Process

Kairos Appraisal Services

Buying a home today looks very different than it did in previous decades. From virtual house tours to applying for a mortgage online, the real estate industry has embraced new technology, weaving it into many of its processes. The home appraisal industry is beginning to use more technology, too. If you are buying or selling… The post How Technology Improves the Home Appraisal Process appeared first on Kairos.

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Investing in the Philadelphia Real Estate Market—Prices & Trends in 2023

BiggerPockets

Philadelphia made our 2023 top cash flow market list, but a lot has changed since the beginning of the year. With rising rates, is it still worth investing here? Read more to find out.

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Pending home sales rose 0.9% in July

Housing Wire

Mirroring the trend for new home sales (+4.4%), pending home sales rose 0.9% in July, according to data released Wednesday by the National Association of Realtors (NAR). Year over year, pending home sales were down 14%, a smaller decrease than the 15.6% annual drop recorded in June. However, unlike the market for new homes , which has recovered convincingly above last year’s lows (+31.5%), pending home sales continue to lag behind year-ago levels (-14.0%).

Inventory 403
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Maui agents warn of land grabs, disregard for locals

Real Estate News

Following the Lahaina wildfires, "predatory capitalism" has taken hold in the historic community as locals are faced with the decision to rebuild or sell.

Agents 296
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John Davis files a racketeering lawsuit against Keller Williams

Inman

Three months after a Texas judge sent former Keller Williams CEO John Davis' $300 million fraud suit against the franchisor to arbitration, Davis is back with new racketeering claims.

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Home Improvement Loan Applications in 2021: A State- and County-Level Analysis

Eyes on Housing

The residential remodeling market has grown rapidly in the past few years, mainly fueled by changes in housing and lifestyle decisions during the pandemic period. According to National Income and Product Accounts (NIPA), expenditures for residential home improvements soared 13% to $328 billion in 2021, from $289 billion in 2020. This marks the largest gain since 1993 (16% increase).

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Anthony Castellano Qualifies for the 2023 Lamacchia Realty President’s Club

Lamacchia Realty

We’re thrilled that Anthony Castellano has officially joined the 2023 Lamacchia Realty President’s Club by surpassing $16,000,000 in sales volume so far this year! This is his FOURTH year in a row qualifying, having previously made it in 2022 , 2021 , and 2020. In 2022, Anthony also qualified for the prestigious President’s Club ELITE for the very first time!

Realty 74
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Where Your Investments Are Safest (and Least Safe) From Natural Disasters

BiggerPockets

As Hurricane Idalia barrages the Florida coastline, we've found the cities with a lower level of risk from natural disasters compared to the most at-risk markets.

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John Davis files racketeering suit against Gary Keller

Housing Wire

The pile of lawsuits facing Gary Keller and the real estate firm he co-founded, Keller Williams , just got larger. Former KW CEO John Davis filed his second lawsuit against the firm on Wednesday in the Western District of Texas. In the filings, which name Keller Williams , Keller, former KW president Josh Team, Business MAPS Ltd. and Business MAPS Management LLC as defendants, Davis alleges that the defendants inflated key profitability metrics including company sales and profits to convince ind

Contracts 400
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Buyers will drop agents who aren't showing their value

Real Estate News

A survey of buyers found that trustworthiness and the ability to provide high-value services were key to landing — and keeping — them as a client.

Buyers 273
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Brokers fear losing commissions, agents if lawsuits succeed: Survey

Inman

Real estate professionals are preparing for painful changes and the upending of the status quo if courts rule in favor of plaintiffs in two key lawsuits, a survey on commissions conducted by Intel shows.

Agents 175
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Missing Middle Construction Weakens

Eyes on Housing

The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2023, there were just 3,000 2- to 4-unit housing unit construction starts.

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Laurie Howe Bourgeois Qualifies for the 2023 Lamacchia Realty President’s Club

Lamacchia Realty

It’s official! Laurie Howe Bourgeois has qualified for the 2023 Lamacchia Realty President’s Club by closing on 33 homes so far this year. Laurie has made President’s Club FIVE TIMES including 2019 , 2020 , 2021 , and 2022. Additionally, she became a member of the President’s Club ELITE both in 2021 and 2022. She was named the #1 agent in total sales and highest volume in the Leominster Office for 2019 , 2020 , 2021 , and 2022 , and consistently ranks among our top prod

Realty 73
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Investors: Waiting For a “Great” Deal Can Be a Huge Waste of Time

BiggerPockets

Great deals are great, right? But how much do you sacrifice when waiting for one? Sometimes, it might make sense to get an "okay" deal instead. Here's why.

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Opinion: The hidden opportunities of high mortgage rates

Housing Wire

A couple of weeks ago, mortgage rates soared to a new 2023 high, reaching over 7% on a 30-year fixed-rate loan for the first time since November 2022. While higher rates are generally viewed with dismay, they often are the end result of a strong economy. Case in point, the private sector added 497,000 jobs in June — more than double many economists’ expectations — while compensation climbed 6.4% from a year ago.

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Pending home sales up for a second month but still sluggish

Real Estate News

Pending sales in July rose a modest 0.9%, but that could reflect an extended homebuying season as inventory has stifled buying activity.

Inventory 282
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As NAR scandal unfolds, keep up with Inman’s latest coverage here

Inman

From Janelle Brevard's harassment suit to the fallout that ensued following the resignation of National Association of Realtors president Kenny Parcell, stay up to date with NAR coverage here.

Realtors 174
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Multifamily Developer Confidence in Positive Territory for Second Quarter

Eyes on Housing

Confidence in the market for new multifamily housing was in positive territory for the second quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 56 for the first quarter while the Multifamily Occupancy Index.

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Clear Capital and LenderX Partner to Deliver Collateral Review for Appraisal Modernization

Clear Capital

AURA is the first AI-driven appraisal review solution in API format that enables lenders to automatically assess images, text and floor plans. Reno, NV – August 30, 2023 – Clear Capital , the national real estate valuation technology company, today announced a partnership with LenderX , a leading real-estate valuations SaaS provider, to deliver its lenders access to AURA , Clear Capital’s automated collateral underwriting solution.

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7 Deals in 2 Years with HUGE Cash Flow: How to Grow Your Real Estate FAST

BiggerPockets

Growing a real estate business with multiple rentals and HUGE cash flow…in just two years!? How do you get so many deals done in such little time?

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Mortgage rates drop but still at 22-year high

Housing Wire

Mortgage rates ticked down modestly after job openings data for July came out yesterday, but rates remain elevated. Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% as of Aug. 31, down from last week ’s 7.23%. By contrast, the 30-year fixed-rate mortgage was at 5.66% a year ago at this time.

Mortgage 379
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Brokers in Focus: 'We're really a marketing and branding company'

Real Estate News

Emily Clark, president of Robert Paul Properties, discusses her top goals for the year and why agents should pay more attention to the industry.

Marketing 270
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US home prices near 2022 high as prices rise for fifth-straight month

Inman

U.S. home prices rose to within 0.02 percent of an all-time high tallied in June 2022 as cities nationwide posted a fifth month of increases, according to data released Tuesday by CoreLogic and the FHFA.

Marketing 173
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Job Openings Data Reveal Labor Market Cooling

Eyes on Housing

The count of open, unfilled jobs for the overall economy continued to moved lower in July, falling to 8.8 million. While certain inflation readings have raised the likelihood of a September Federal Reserve interest rate increase, the JOLTS survey is another data point indicating an ongoing but gradual cooling of macro conditions due to elevated interest rates.

Marketing 147
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Smart Strategies for Buyers in a Low Inventory, High-Interest Rate Real Estate Market

Eppraisal

In the ever-fluctuating world of real estate, buyers often face a multitude of challenges. However, two significant hurdles that are currently prevalent are the combination of low housing inventory and high-interest rates. These factors can make the homebuying process more complex, but with the right strategies, prospective buyers can still find success in this competitive market.