Sat.Sep 09, 2023 - Fri.Sep 15, 2023

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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 462
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Is it 2007 again in the housing market?

Sacramento Appraisal Blog

Is it 2007 again? There’s so much talk online about today’s housing market being like 2007, but what are the stats showing? Today I want to walk through three parts of the market. I suspect many locations are experiencing the same trend as Sacramento too. Skim by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: […] The post Is it 2007 again in the housing market?

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People on the Move: LeadingRE, Addressable, Women's Council add women to C-suite

Real Estate News

Indie brokerage network LeadingRE has a new COO, chief legal officer; marketing platform Addressable taps Opendoor exec as COO; Women's Council names new CEO.

Legal 289
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Assumed Assumption Addiction?

George Dell

Assume what condition your assumption is in! Editor’s Note: This is Standards, part 3.13 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Assumptions are a critical part of all analyses or reasoning logic. Assumptions about assumptions are interesting. Two starting points are assumed: 1) the […] The post Assumed Assumption Addiction?

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Labor and inflation will help mortgage rates in 2024

Housing Wire

The growth rate of inflation has been falling for a year, but mortgage rates are still near multi-decade highs. Why? While it is true that mortgage rates traditionally fall alongside inflation, I believed 2023 was going to be about the labor market. This was the core premise of my 2023 forecast, and so far it has worked. In my 2023 forecast , I set the range on the 10-year yield between 3.21%-4.25%, emphasizing that the bond yields can go lower than 3.21% only if the labor market breaks — which

Mortgage 451
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What Constitutes Professional Attire?

The Appraiser Coach

A topic that comes up a lot when I talk with people is how they should dress. Are flip-flops okay? What about a tank top?

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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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Rate lock volume plummets in least affordable housing market in 40 years

Housing Wire

Rate lock volume fell 1.5% in August, the third consecutive decline as mortgage rates climbed to the highest level in more than 20 years. Overall lock volumes were down 9.5% over the last three months and were 55% below that of August 2022, according to Black Knight ’s August originations market monitor report. “Interestingly, we saw very slight upticks in both cash-out and rate/term refinance locks in August,” Andy Walden, VP of enterprise research for Black Knight, said in a statement.

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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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Why Real’s president says they don’t do ‘downlines’

Real Estate News

They've structured the brokerage to avoid silos, which makes Real's rev share model better for agents and teams, says Sharran Srivatsaa.

Brokerage 290
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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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Mortgage rates rise again following two weeks of declines

Housing Wire

Mortgage rates inched back up this week and remain anchored north of 7% as investors focus on the impact of rising headline inflation ahead of next week’s Fed rate decision. 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 Sept. 14, up from last week ’s 7.12%.

Mortgage 421
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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 194
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As mortgage rates rise, so does buyer’s remorse

Real Estate News

Canceled deals impacted nearly 16% of homes under contract in August as elevated interest rates and home prices led to sticker shock for some buyers.

Contracts 279
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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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Prices finally set to climb again in the West: CoreLogic

Housing Wire

U.S. home price gains rose 2.5% year over year in July to mark the 138th straight month of annual growth. The annual acceleration reflects six consecutive monthly gains, which drove prices about 5% higher compared to the February bottom, according to CoreLogic ‘s Home Price Index. “Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” said Selma Hepp, chief economist for CoreLogic.

Inventory 417
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Lux CEO, former fashionista joins Christie’s International Real Estate

Inman

Luxury agent Shelton Wilder, CEO of the Shelton Wilder Group, joins Aaron Kirman at AKG | Christie's International Real Estate after closing $150 million in sales volume in 2022.

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A startup wants to cut mortgage rates in half for new buyers

Real Estate News

Roam, launched this week by a former Opendoor employee, aims to help buyers through the complicated and time-consuming mortgage assumption process.

Buyers 280
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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 174
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Buyers are getting cold feet as mortgage rates exceed 7%: Redfin

Housing Wire

Buyers facing high mortgage rates are pulling out of their home-purchase agreements at the highest rate in nearly a year. Nearly 60,000 home-purchase agreements were canceled nationwide in August, equal to 15.7% of homes that went under contract that month, according to a new report from Redfin. That rate is up from 14.3% in August 2022 and marks the highest percentage since October 2022, when mortgage rates surpassed 7% for the first time in two decades.

Buyers 398
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10 ways to invest in your agents (so they’re invested in you)

Inman

Although broker Troy Palmquist and DOORA Creative Director Janet Pozos know that brokers expect accountability and investment from their agents, the agents need the same thing from their leaders.

Investing 181
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Industry Decoded: Why conferences are more valuable than ever

Real Estate News

T3 Sixty CEO Jack Miller understands that budgets are tight, but investing in a conference is an investment in your business — if you're committed to learning.

Investing 265
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Inflation Accelerates for Second Straight Month

Eyes on Housing

Consumer prices in August saw the largest monthly gain since June 2022, primarily driven by a surge in gasoline costs. Core service inflation excluding housing was little changed in August, suggesting that the path toward disinflation ahead still has some fluctuations. Meanwhile, shelter costs continued to remain at a high level and was the second-largest contributor to the increase in.

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New York startup Roam launches assumable mortgage platform

Housing Wire

New York-based mortgage platform Roam has secured a $1.25 million seed round, allowing the company to officially launch its services on Wednesday. Roam focuses on a distinctive niche within the mortgage industry: assumable mortgages. Tech executive and investor Keith Rabois at venture capital firm Founders Fund led the capital injection. It also included Opendoor co-founder Eric Wu , Culdesac CEO Ryan Johnson and #ANGELS founding partner Jana Messerschmidt.

Mortgage 398
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Visionary leaders can save NAR

Inman

So-called organized real estate appears to be anything but in NAR's convoluted structure, writes Inman founder Brad Inman. No wonder so few successful Realtors are willing to get involved.

Realtors 180
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eXp aims to ‘accelerate’ rev share for new agents

Real Estate News

The company has retooled its revenue share program to make it easier for newer agents to benefit from it — and to help its recruiting efforts.

Agents 266
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Revolving Credit Growth Reaccelerates in July

Eyes on Housing

Consumer credit outstanding growth slowed to 2.5% in July, down from 3.4% in July (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving credit growth reaccelerated to 9.2% in July, potentially reflecting strong consumer sentiment and job security in a tight—albeit cooling—labor market. In contrast, nonrevolving consumer debt outstanding inched up just 0.2% over the month.

Marketing 174
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How real estate professionals can help first responders buy a home

Housing Wire

Our way of honoring first responders is by educating our podcast listeners, readers and coaching clients in the real estate industry about how to help those who helped all of us and are still being of service every day. We all owe a debt of gratitude to those who have our backs in times of need. One of the best ways to help first responders is to be of service yourself, as a professional real estate advisor.

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VC-backed Roam seeks to connect buyers to assumable mortgages

Inman

In theory, any government-backed FHA, VA and USDA loan is assumable, and with mortgage rates at levels not seen in two decades, interest in this little-used option has been growing.

Buyers 177
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Buy Side: Changes to commissions 'would hurt buyer's agents for sure'

Real Estate News

Monika Kaszycka says buyer’s agents already work hard, and they’ll have to prove their value even more if buyers have to pay them upfront.

Buyers 270
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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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Washington-based indy firm joins RE/MAX

Housing Wire

Another independent brokerage has chosen to align with RE/MAX. Yakima Valley, Washington-based The Real Estate Collective , is RE/MAX’s latest franchise, according to an announcement on Tuesday. The brokerage will now operate under the name RE/MAX The Collective. The new firm is owned by Haley Larson, who joined RE/MAX with her 17 agents. In 2022, Larson’s agents achieved $55 million in sales volume, according to the release.

Brokerage 393
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Site for Mohamed Hadid’s troubled spec mansion lists for $68M

Inman

The LA luxury developer is being forced to sell the 27-acre site, which was slated for an elaborate mega mansion, after a creditor tried to foreclose on the property and Hadid filed a bankruptcy petition.

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What do today’s inflation numbers mean for mortgage rates?

Real Estate News

Some called the latest report “disappointing,” but economists still expect a downward trend in the months ahead.

Mortgage 294