September, 2023

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Why are exisitng home prices up year over year?

Housing Wire

Existing home prices are up 3.9% year over year, with demand near 21st-century lows. How is this possible? NAR ‘s existing home sales report on Thursday gives us insight into the why factor. The median existing-home price for all housing types in August was $407,100, an increase of 3.9% from August 2022 ($391,700). All four U.S. regions posted price increases.

Inventory 513
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Anywhere reaches settlements in landmark commission lawsuits

Real Estate News

The company and plaintiffs informed the judges that a preliminary settlement has been reached, ending two potentially damaging trials for Anywhere.

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Single-Family Permits Decline in July 2023

Eyes on Housing

Over the first seven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July 2022 level of 645,877. Year-to-date ending in July, single-family permits declined in all four regions. The Northeast posted the lowest decline of 12.1%, while the West region reported the steepest.

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RE/MAX settles bombshell commission lawsuits for $55M

Inman

The deal resolves claims in both the Sitzer and Moehrl antitrust cases. The franchisor agreed to change its business practices, including "no longer forcing homesellers to pay buyer’s agents.

Agents 207
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Home Appraisals 101: 5 Things Appraisers Wish Sellers Knew

Realtor

Getty Images Home appraisals are a piece of the selling process where you may have to let go of the reins. Lenders often require the use of their own, FHA-approved home appraiser. That means you get zero say in who’s determining the financial value of the home you’ve lived in, loved, and sunk your savings into. Here are some things sellers can do—straight from the home appraisers’ mouths—to navigate the process of home appraisals.

Appraisal 194
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Short-Term Rentals Had a Great Summer—Here’s Where Investors Saw the Most Demand

BiggerPockets

No "Airbnbust" this year. The short-term rental market had a great summer, and demand doesn't look like it's going anywhere anytime soon. These markets had the best jumps this summer.

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Ex-Zillow CEO: NAR lawsuits ‘a seismic event’ for agents, portals

Real Estate News

Spencer Rascoff said home search portals may need to pivot in a world where buyers agents are no longer paid via the listing agent’s commission.

Agents 317
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Building Materials Prices Remain Stable but Diesel Skyrockets 40% in August

Eyes on Housing

According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) ticked up 0.1% in August (not seasonally adjusted). Prices have also increased 0.1% over the past 12 months as year-over-year price growth has slowed from 4.9% in January 2023 and 14.7% in August 2022. The 12-month increase is the smallest.

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How luxury agents can tap into the rise of multigenerational living

Inman

Across the real estate sector, multigenerational living has emerged as a beneficial solution for many families. As the older generation ages, they’re cared for by loved ones. Younger generations are supported by their parents in sharing the costs and responsibilities of homeownership, and grandparents are available to help raise grandchildren.

Agents 205
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4 Ways to Deal If Your Appraisal Comes in Low

Realtor

-Oxford-/iStock The home-buying process is a high-stakes thrill ride full of exhilarating ups and scary downs, but unquestionably one of the most deflating moments is when the appraisal comes in significantly lower than the accepted offer. This is, to use technical real estate lingo, “a bummer.” Either you feel as though you got the raw end of a deal by paying more than the property’s worth or, if you don’t have extra cash to hand over, the deal can crumble into dust.

Appraisal 193
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Insurance Premiums are at Huge Risk in These Counties—Here’s What That Means to Investors

BiggerPockets

According to the latest reports, cities in these regions are under a lot of stress. In turn, costs are rising and cutting into real estate profits. Here's what you need to know.

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Why are mortgage rates surging?

Housing Wire

Why are mortgage rates rising? This is a question many people are asking — even some of the Federal Reserve members. We have had back-to-back weeks of the bond market getting wild since the key 10-year yield level of 4.34% broke higher. It didn’t help that the Fed was hawkish after the Fed meeting , as their forward outlook surprised some market players.

Mortgage 509
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5 takeaways as titans tackle real estate’s hottest topics

Real Estate News

Industry heavyweights — and former rivals — Spencer Rascoff and Glenn Kelman addressed some of the toughest issues facing real estate in a lively discussion.

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Household Real Estate Value Jumps in the Second Quarter

Eyes on Housing

The second quarter of 2023 release of the Z.1 Financial Accounts of the United States indicates that the market value of households’ real estate assets increased over the quarter. Low existing for-sale inventory helped to increase real estate value after falling for three consecutive quarters. The level of households’ real estate assets increased by $2.43 trillion from $42.07 trillion in.

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Lawyer’s letter offers glimpse into NAR’s internal harassment probe

Inman

A July letter from Polsinelli, the outside counsel tapped to investigate misconduct at NAR's behest, found evidence of "creepy" and "disrespectful" behavior that, until now, had not been made public.

Realtors 205
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Bank of Canada 'keeping us guessing' on further rate increases: CIBC's Tal

Mortgagebroker News

'I think that deep inside, they know the likelihood of them raising again is relatively slim – but in their language they will not admit that'

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Cities are Cracking Down on Short-Term Rentals—What Does It Mean For Investors?

BiggerPockets

Nationwide, cities continue to impose new regulations on short-term rentals, effectively putting Airbnb hosts out of business in some areas. How can investors protect themselves?

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As rising mortgage rates push buyers to the brink, sellers are starting to cut prices

Housing Wire

Even with demand buoyed by a sparse housing inventory, growing financial challenges for buyers are forcing home sellers to cut prices to close deals, a new Redfin research report found. According to the brokerage, 6.5% of U.S. homes for sale posted a price cut during the four weeks ending September 24, up from 5.8% the month prior. In some markets, more than 50% of active listings have experienced a price cut, according to Altos Research.

Sellers 502
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Get your buyers ready: The best time to buy a house is…

Real Estate News

Forget the spring and summer rush — home shoppers will have better luck making a deal during the first week of October, according to Realtor.com.

Buyers 307
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Employment Situation in August: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 33 states and the District of Columbia in August compared to the previous month, while 17 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 187,000 in August, following a gain of 157,000 jobs in July. On a month-over-month basis, employment data was strong in California, which.

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NAR throws support behind Bob Goldberg in face of growing unrest

Inman

Support for the embattled CEO, who many expected to announce his early retirement as a result of a fast-moving harassment scandal, came late Thursday with a statement from new president Tracy Kasper.

Realtors 203
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Appraisal Process Report

National Association of Realtors

In May 2023, NAR surveyed its members pertaining to data collectors in the appraisal process. This report contains the findings.

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Grant Cardone Faces Class Action Lawsuit For Over Inflating Potential Returns

BiggerPockets

A recent class action lawsuit filing alleges that this real estate mogul and popular influencer misled everyday investors about the potential returns they would receive. Where is this case going, and how much of a warning is this to other investors?

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Housing inventory is barely positive heading into fall

Housing Wire

Last week we saw a noticeable decline in new listings and active inventory was barely positive. Does this mean housing inventory has begun its seasonal decline? Here are the weekly numbers: Weekly active listings rose by only 343 Mortgage rates rose from 7.08% to end the week at 7.22% Purchase apps fell 2 % week to week Weekly housing inventory At first glance, it seems we’re now seeing the seasonal active inventory decline since new listings data fell noticeably and active listings slowe

Inventory 502
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eXp lands billion-dollar team in New England

Real Estate News

Bean Group, which serves Maine, New Hampshire, Massachusetts and Vermont, has joined eXp thanks to new incentives aimed at recruiting large teams.

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More Women Working in Construction in 2022

Eyes on Housing

The number of women employed in the construction industry increased to over 1.28 million in 2022, as the construction industry recovered all jobs lost during the pandemic. Currently, women make up 10.9% of the construction workforce, up from 9.3% in 2002. As the construction skilled labor shortage remains a key challenge for housing, adding new workers is an important goal.

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AI tools every luxury agent should be utilizing now

Inman

The luxury sector has always led the real estate industry in terms of innovation. High-end homes frequently include cutting-edge features, and high-end clients raise the bar with aspirational ideas and ambitious expectations. So it’s only natural that high-end agents also try to push the boundaries of what’s possible.

Agents 198
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Saskatchewan market petition for removal of taxes on new rental builds

Mortgagebroker News

PM Trudeau recently said that GST will be removed from the costs of construction involving new rental apartments in Ottawa

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What the $55 Million RE/MAX Settlement Could Mean For Real Estate Investors

BiggerPockets

The RE/MAX settlement could change the trajectory of the real estate industry and drive thousands of agents—and investors—out of their markets. Here's what you need to know.

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Unsold homebuilder inventory is ticking up as new home sales slow

Housing Wire

After a boost in July, the sales pace of new homes slowed in August, according to data published on Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development ( HUD ). In August, the sales pace of new homes fell 8.7% compared to July , reaching a seasonally adjusted annual rate of 675,000. On a year-over-year basis, new home sales were up 5.8%.

Inventory 493
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Men, it's time to do better

Real Estate News

Sexism isn't just a societal problem, it's a real estate industry problem. And if anything is going to change, men will have to step up — and speak up.

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Mortgage Activity Low as Rates Remain Above Seven Percent

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending September 8th, total mortgage activity decreased 0.8% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose six basis points to 7.27%. The FRM rate has remained above 7% since the start of August. The Market Composite Index, a measure of mortgage loan application volume, fell.

Mortgage 172
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Anywhere settles bombshell Sitzer and Moehrl commission lawsuits

Inman

Exact terms will be revealed when the plaintiffs ask the court to approve the deal, but an attorney for the plaintiffs says the franchisor is the first of the defendants to agree to "change its practices.

Realtors 198
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CMHC adjusts expectations for the pace of home construction

Mortgagebroker News

The market is being weighed down by the ongoing shortfall in housing construction, Crown corporation says