February, 2023

article thumbnail

Housing Affordability Hits Record Low but Turning Point Lies Ahead

Eyes on Housing

Mirroring a steep rise in mortgage rates that began in the early part of 2022 and coupled with ongoing building material supply chain bottlenecks that increased construction costs, housing affordability posted three consecutive quarterly declines in 2022 and now stands at its lowest level since the National Association of Home Builders (NAHB) began tracking it on a consistent basis in.

article thumbnail

Wells Fargo conducts another round of layoffs in home lending business

Housing Wire

Wells Fargo , the largest depository mortgage lender in America, issued pink slips to employees in its home lending business on Tuesday following its decision to exit the correspondent channel. “I can’t provide any specifics but we announced in January strategic plans to create a more focused Home Lending business,” Tom Goyda, senior vice president of consumer lending communications at Wells Fargo, said in an e-mailed response.

Lending 525
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Ban Multiple Regression?

George Dell

Multiple regression works very well under some conditions. We ask: Are these conditions true in most real property valuations? This is actually a vast topic, so we can only reflect on some of the conditions or assumptions which are required for a multiple regression to be valid. Much (if not all) “advanced” appraiser education makes […] The post Ban Multiple Regression?

Valuation 370
article thumbnail

How one bad neighbor can sabotage a sale

Real Estate News

You can fix up a house — but you can't fix the neighbors. Despite the horror stories, there are a few ways to prevent neighbor woes from ruining a sale.

320
320
article thumbnail

More homebuyers are blaming their agents — and hauling them to court

Inman

Even though the extreme seller's market is in the rearview mirror, disgruntled clients have been filing more lawsuits against their agents, according to an analysis by Victor Insurance Managers.

Agents 196
article thumbnail

The USDA Loan Process From Beginning to End—and How Long It Will Take

Realtor

Illustration by Realtor.com / Getty Images Getting a mortgage to buy a home is a process, with many hoops and hurdles to jump through and over before reaching the finish line. And this is particularly true for certain specialized loans, like those offered by the United States Department of Agriculture. USDA loans offer fantastic terms—including 0% down payments and low-interest rates—for homebuyers in rural areas, and while many assume they’re just for farmland, properties on 97% of U.S. l

More Trending

article thumbnail

Housing Market Tracker: Inventory drops as mortgage rates move higher

Housing Wire

The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher. Here is a quick rundown from last week : Purchase application data had a 3% week-to-week increase. The start of 2023 has been good, considering mortgage rates have stayed above 6% most of the time. Weekly housing inventory continues to decline, as we saw a decrease of 13,238 units, double the amount we had this time last year.

Inventory 513
article thumbnail

Reasons To Get An Appraisal

Padove Appraisal Service

There are several reasons why someone may want to get a real estate appraisal: Buying or selling a property: If you are buying or selling a property, an appraisal can help determine its fair market value, which can be useful in negotiations and setting a listing price. Financing: If you are financing your purchase or refinancing your existing mortgage, your lender may require an appraisal to ensure that the property’s value is sufficient to secure the loan.

Appraisal 148
article thumbnail

Why some brokerages are embracing property management

Real Estate News

The rental market is massive. Between investor purchases and property management, it can be a lucrative business for brokerages — and a source of buyer leads.

article thumbnail

Investor activity slows, still makes up 1 in 4 homes sold in US

Inman

New data from John Burns and Redfin shows that investor activity slowed toward the end of 2022 but still accounted for about a quarter of home sales. That's up from about 11 percent in 2001.

Investors 185
article thumbnail

What Is a Reconsideration of Value for an Appraisal Report?

Kairos Appraisal Services

The cooling housing market is forecast to continue in 2023, and buyers and sellers are proceeding with caution. With increased interest rates and declining home sales, there’s plenty to be nervous about—and there’s still the home appraisal, which can derail any mortgage deal if it comes in “low.” The good news is that a reconsideration… The post What Is a Reconsideration of Value for an Appraisal Report?

article thumbnail

A New Year Starts with Strong Gains

Eyes on Housing

Job growth rebounded in January. After declines for five consecutive months, total nonfarm payroll employment increased by 517,000 in the first month of 2023 and the unemployment rate hit a 53-year low at 3.4% as more people entered the labor market. Construction industry employment (both residential and non-residential) totaled 7.9 million and exceeds its February 2020 level.

article thumbnail

Will hotter inflation send mortgage rates back over 7%?

Housing Wire

Given the hotter inflation reported in Tuesday’s CPI data , can mortgage rates go above the 2022 peak of 7.37%? Initially the 10-year yield fell after the report, then rose higher, only to fall back down again. For all the hype around today’s stock market close, it was a dud of a Valentine’s date if you ask me. A lot of times, on days when big economic reports are released, you can get wild intraday action but not have much happening by the end of the day.

Mortgage 493
article thumbnail

How to Level Up as an Appraiser

McKissock

As part of our contributor series, experienced appraiser Conrad Meertins Jr. shares his advice on how to level up as an appraiser. There is a popular saying, “Skills pay the bills.” There is much merit to that in our industry, and it will be even more true as we move into this year with so much uncertainty looming over our heads. Your skills are what make you invaluable.

article thumbnail

CoStar’s Andy Florance: ‘We are not buying Move’

Real Estate News

Florance, founder and CEO, made the announcement during a Q4 earnings conference call Tuesday, which also highlighted the company's revenue gains.

285
285
article thumbnail

Analog strategies to improve productivity and performance

Inman

Taking an analog approach is a powerful way to focus the mind, reconnect with the body and devote full attention to the details of a particular client or task. For many, it also fuels creativity and helps them process and retain more information.

Clients 171
article thumbnail

Best Neighborhoods In Sugar Land Texas

Houston Properties

One of Houston’s Best Suburbs, Sugar Land is also among the fastest-growing cities in Texas thanks to its re-developed commercial districts and master-planned communities.

article thumbnail

Market Share of All-Cash New Home Sales Hits 32-Year High

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that cash purchases made 11.2% of new home sales in the fourth quarter of 2022—the largest share since 1990. The share of cash purchases has climbed each of the past four quarters and six of the last seven. Although the median prices.

Finance 188
article thumbnail

Housing Market Tracker: Inventory and purchase applications data fall together

Housing Wire

Despite mortgage rates briefly falling below the 6% threshold, both housing inventory and mortgage demand fell last week. Let’s dive into the trend lines of the housing market. First, here is a quick housing market rundown from last week : Purchase application data was negative 10% week to week — but still positive for the year Housing inventory decreased by 8,664 units, a more extensive inventory decline than we saw in the prior week The 10-year yield had a wild week, and mortgage rates d

Inventory 475
article thumbnail

Tips for Getting Started with Your Smart Home

Lamacchia Realty

TIPS FOR GETTING STARTED WITH YOUR SMART HOME Smart homes might seem like a far-off futuristic concept, but with the continual advances in technology, they are becoming increasingly popular, and rightfully so. With the ability to turn on the lights, set the thermostat, set the alarm system, and even start music with a simple voice command, smart technology is making everyday tasks that much easier.

article thumbnail

Lawsuits against agents and brokers are on the rise

Real Estate News

Agents worry about homes showing well or deals falling through — should they also worry about getting sued? Unfortunately, it happens more than you may think.

Agents 268
article thumbnail

National Association of Realtors’ Canadian twin is betting big on tech

Inman

The Canadian Real Estate Association, which owns and controls Canada's most popular listing site, is spinning off into a tech company. Ex-CREA Chair Cliff Stevenson shared what's in store.

Realtors 163
article thumbnail

Window to the Law: Ensuring Impartial Appraisals

National Association of Realtors

Real estate transactions rely on an objective appraisal to determine a home’s market value, but evidence suggests there’s potential for racial bias in the appraisal process. Learn more about the Property Appraisal and Valuation Equity action plan to eliminate racial and ethnic bias in home valuations, and find tips to ensure an impartial appraisal.

Law 75
article thumbnail

Age of Housing Stock by State

Eyes on Housing

According to the latest data from the 2021 American Community Survey (ACS), the median age of owner-occupied homes was 40 years. The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes.

article thumbnail

The mortgage servicing experts at Sagent are building the future of fintech

Housing Wire

Building the future of mortgage servicing technology is about granular, nuanced innovation — knowing what changes must happen and when, and executing with no mistakes across scale operations where every tiny detail is highly regulated. And doing all of this within aging infrastructure — it’s about building pathways within the aging infrastructure and incrementally replacing it with the new.

Mortgage 482
article thumbnail

Why You Should Use a Real Estate Attorney to Sell Your Home

Lamacchia Realty

WHY YOU SHOULD USE A REAL ESTATE ATTORNEY TO SELL YOUR HOME As a home seller you may think you are saving money by not hiring an attorney to guide you through the legal aspects of your sale but in actuality, it could end up costing you more not to! Hiring a real estate attorney is an important piece in the home-selling process and we are going to explain why.

article thumbnail

Agents Decoded: There's no excuse for bad (agent) behavior

Real Estate News

Most agents are hardworking and professional, says broker Phil Faranda. But those who aren't can damage your brand and the industry — and should be terminated.

Agents 256
article thumbnail

Real Tea: ‘Buying Beverly Hills’ agents dish on rookie mistakes

Inman

Netflix's "Buying Beverly Hills" centers around rookie agents and their high-profile team leaders and mentors at The Agency. From mispronouncing finishes to being ill-prepared for showings, these agents dish on learning the tough lessons while being filmed for reality TV.

Agents 159
article thumbnail

5 Home Investment Themes Every Homebuyer Must Know by Heart

Houston Properties

Take note of this guide that will make you see what properties will give you and your family realizable long-term wealth from the moment you invest in a real estate property in Houston.

article thumbnail

Loan Demand Declines as Credit Standards Tighten in Q4 2022

Eyes on Housing

According to the Federal Reserve Board’s January 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the fourth quarter of last year—banks reported weaker demand for residential real estate (RRE) loans, home equity lines of credit (HELOCs), and commercial real estate (CRE) loans. Additionally, credit standards tightened across all categories of mortgage loans.

article thumbnail

Opinion: How the title industry protects homeowners

Housing Wire

When people think about the title insurance industry , what comes to mind is often its core products – title insurance policies that protect property rights of homeowners and lenders. But many may be surprised to learn that title and settlement professionals do so much more than conduct title searches, issue policies and process claims. As an industry, our commitment to protection goes beyond title insurance policies.

Insurance 460
article thumbnail

Lamacchia Realty Opening in Salem, New Hampshire

Lamacchia Realty

After over a decade of serving buyers and sellers in New Hampshire, Lamacchia Realty is in the process of opening their first branch office in The Granite State! REALTORS ® and staff alike are thrilled at the opening of an office in Southern New Hampshire. With over 90 REALTORS ® licensed in NH and dozens that live there as far up as the lakes region, this opening is a long time coming!

Realty 74
article thumbnail

At family-owned Windermere, relationships are a top priority for 2023

Real Estate News

Led by co-presidents OB Jacobi, Jill Jacobi Wood and Geoff Wood, the company continues to grow but strives to retain its family-oriented culture.

268
268
article thumbnail

EXCLUSIVE: Kendall Bonner and team leave RE/MAX for eXp Realty

Inman

The news follows Bonner's recent decision just days earlier to merge the roughly 40-person RE/MAX Capital Realty, of which she was formerly broker-owner, with RE/MAX Alliance Group.

Realty 159