May, 2024

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Pending home sales slowed considerably in April: NAR

Housing Wire

Pending home sales sales dropped 7.7% in April compared to March as rising mortgage rates weighed on the market, according to data released Thursday by the National Association of Realtors (NAR). Year over year, pending transactions fell 7.4%. The NAR’s Pending Home Sales Index declined to 72.3 in April, down from 78.2 in March. All four U.S. regions reported decreases on both a monthly and yearly basis, with the Midwest and West experiencing the largest monthly declines.

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MBA: Mortgage Applications Increased 1.9 Percent Last Week as Rates Fell

Appraisal Buzz

Mortgage application volume increased 1.9% during the week ended May 17, as the average rate for a 30-year- fixed-rate mortgage fell to to 7.01%, down from 7.08% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased 7% compared with the previous week and were up 21% compared with the same week one year ago.

Mortgage 431
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More sellers are cutting prices as home sales slow

Real Estate News

The share of homes with price drops reached an 18-month high as sellers try to jumpstart buyer interest in stale listings, Redfin reported.

Sellers 305
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Compass CEO Robert Reffkin says the luxury market is back

Inman

The luxury market is back. That was Compass co-founder and CEO Robert Reffkin's primary message during his latest appearance on CNBC's "Squawk on the Street," where he talked about home price trends, mortgage rates, and stock market ebbs and flows.

Marketing 193
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Affordability Pyramid Shows 64.8 Million Households Cannot Buy a $250,000 Home

Eyes on Housing

As described in a previous post, NAHB recently released its 2024 Priced-Out Estimates showing 103.5 million households are not able to afford a median priced new home and an additional 106,031 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how.

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12 Questions to Ask Tenant References

BiggerPockets

Getting the right tenants is crucial for having a seamless landlord experience. Here are 12 questions to ask tenant references to ensure they're a good fit.

Tenants 85

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Home construction shortage: Is Canada in trouble?

Mortgagebroker News

Much to be done – but 'encouraging' range of options to ramp up homebuilding, says CMHC exec

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‘Stop sharing broker commissions’ to steer clear of trouble

Real Estate News

A “consumer-centric” approach to buy-side commissions is better for all agents, industry leaders say. Here’s why, and what you need to know about the DOJ.

Agents 293
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House made famous by ‘Home Alone’ hits market for $5.25M

Inman

The red brick Georgian mansion, known by children all over the world as Kevin McCallister's home, is back on the market after 12 years and comes with a large Kevin Lego figure for the home theater.

Marketing 191
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Multifamily Absorption Rates Fall to Decade Low as Completions Remain Elevated

Eyes on Housing

The Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA) estimates that 42% of 91,060 unsubsidized apartments completed in the fourth quarter of 2023 were absorbed (rented) within the first 3 months following completion. For condominiums, 56% of the estimated 4,915 units completed in the fourth quarter of 2023.

Marketing 179
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A Massive Commercial to Residential Conversion is Taking Shape Nationwide—Here’s What Investors Should Know

BiggerPockets

From the boardroom to the bedroom, faced with empty offices as remote employment continues to starve cities of workers, a massive nationwide repurposing is underway to transform workplaces into residential […]

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VA to roll out temporary fix to buyer agent commission problem

Housing Wire

The United States Department of Veterans Affairs will soon release a circular that “bridges the gap” on an agency law that prohibits a VA buyer from paying their real estate agent compensation, a VA official announced on Tuesday. Michelle Corridon, deputy policy director at the VA, announced at the Mortgage Bankers Association ‘s Secondary & Capital Markets Conference in New York that the circular would be issued between now and June 12.

Buyers 517
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TD Bank CEO admits to 'unacceptable' money laundering failures

Mortgagebroker News

Experts say Canadian regulators need to take a tougher stance on banks involved in illicit activities

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CoStar CEO on Matterport deal: Virtual tours, real advantage

Real Estate News

Andy Florance discusses the “transformative technology” and his plans to rapidly expand the company while rolling out generative AI features later this year.

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7 reasons great real estate agents will always be needed

Inman

Now is the time to expand your skill set, broaden your knowledge and provide value at a higher level than you’ve ever provided, Jimmy Burgess writes, so that you won't just survive, you'll thrive.

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State Level Employment Situation: April 2024

Eyes on Housing

Nonfarm payroll employment increased in 38 states and the District of Columbia in April compared to the previous month, while 11 states saw a decrease. Alaska reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 175,000 in April, following a gain of 315,000 jobs.

Marketing 180
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Are Adjustable Rate Mortgages a Lifeline for Lower Rates? Or the Most Dangerous Thing You Could Do?

BiggerPockets

If, like me, you check mortgage interest rates like an expectant parent checks their wife’s contractions, you doubtless will have analyzed every type of loan product in an attempt to inch the […]

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Northwest MLS criticizes $418M NAR settlement agreement, opts out

Housing Wire

Northwest MLS , the largest multiple listing service in the Pacific Northwest, will not take part in the $418 million agreement reached by the National Association of Realtors (NAR) in the Sitzer/Burnett case. In fact, NWMLS said that its own rules on buyer agent compensation are fairer and more transparent than the terms NAR agreed to in March. It also criticized NAR for pushing “consumers and brokers to make secret deals off MLS, inviting deceptive practices, discrimination and unfair housi

Sellers 496
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How brokers can stay ahead as banks gain ground

Mortgagebroker News

Recent figures show a decline in sentiment towards brokers. How can you avoid letting your business slide?

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Keller Williams cancels plan to cut profit share for ex-agents

Real Estate News

President and CEO Mark Willis called the move “unprecedented," and said the vote by the company’s agent-led IALC passed by an “overwhelming majority.

Agents 293
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NWMLS opts out of NAR deal in bid to continue commission offers

Inman

Northwest MLS says banning compensation in the MLS restricts consumer choice and transparency. Plaintiffs' attorney Michael Ketchmark says "the fox is guarding the chicken house.

Realtors 184
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Custom Home Building Slowdown

Eyes on Housing

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing market for custom home building after a recent gain in market share. The subsector’s greater reliance on cash buyers has not shielded it from recent market softening, which in turn is putting downward pressure on home builder sentiment.

Design 172
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Top 7 Landlord-Friendly States to Buy Your Next Rental Property In

BiggerPockets

Some states are better suited for real estate investing than others. Be sure to consider the following factors to help you find the right state for your next investment.

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How housing credit is shaping housing inventory

Housing Wire

Housing credit channels directly impact housing inventory channels. What does that mean? Home prices escalated out of control after 2020 and when we look at why that happened, we can see that housing credit mattered more to inventory data than most people realize. Let’s see how this has played out in different stages of the economy. On March 18, 2020, purchase application data broke out to pre-cycle highs in demand.

Inventory 511
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TD Bank secretly launches discounted variable mortgage rate

Mortgagebroker News

Limited-time variable rate offers substantial savings and payment flexibility

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Northwest MLS will not join NAR settlement

Real Estate News

The organization is the first non-NAR MLS to announce its intentions, and it says keeping the compensation field provides more transparency for consumers.

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Veterans Affairs will suspend rule blocking vets from paying agents

Inman

Deputy Director of Policy Michelle Corridon said Tuesday the agency would lift rules preventing vets from using low-cost VA loans to pay agents until it engages in a formal rule-making process.

Agents 190
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A Strong Quarter for Townhouse Construction

Eyes on Housing

Year-over-year gains for townhouse construction continued at the start of 2024 as demand for medium-density housing continues to be strong. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the first quarter of 2024, single-family attached starts totaled 42,000, which is 45% higher than the first quarter.

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How to Prepare Your Rental Property for Tenants

BiggerPockets

Rehabbing a home isn’t the same as preparing a home for rental, though. Not all homes require rehabbing, but all rental properties must be prepared for prospective renters.

Tenants 77
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EXIT Realty partners with earnest money collection platform

Housing Wire

EXIT Realty Corp. International and Earnnest , a digital app that handles earnest money collections, announced a partnership on Tuesday that is designed to create more seamless and secure real estate transactions. The Earnnest platform offers a user-friendly and fully digital fund transfer process for home purchase transactions. It is designed to enhance transparency for all stakeholders while “minimizing the risks associated with traditional methods like checks and wire transfers,“ the company

Realty 479
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Affordability crisis leads to homebuying delays in Canada – CMHC

Mortgagebroker News

'Canadians are cash-strapped and are making do with much, much less'

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A third of homes for sale are new construction

Real Estate News

With many owners of existing homes hesitant to give up their low mortgage rates, new homes continue to account for an outsize share of the market.

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Sellers are cutting prices at record pace to combat softening demand

Inman

Sluggish homebuyer activity has pushed sellers to adjust their price expectations, according to Redfin's latest report. The median asking price declined for the first time in six months to $416,000.

Sellers 184
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New Single-Family Home Size Decline Continues

Eyes on Housing

An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended.

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