Sat.Oct 28, 2023 - Fri.Nov 03, 2023

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Missouri jury finds NAR, brokerages guilty of conspiring to inflate commissions

Housing Wire

A Kansas City jury has found the National Association of Realtors , HomeServices of America and Keller Williams guilty of colluding to inflate or maintain high commission rates through NAR’s Clear Cooperation Rule, in the Sitzer/Burnett buyer broker commission lawsuit. The defendants have been ordered to pay damages of $1.78 billion. The jury reached its verdict after a little over two weeks of testimony from the plaintiffs and defendants.

Brokerage 545
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Pricing low on purpose: Bay Area vs Sacramento

Sacramento Appraisal Blog

Pricing low on purpose can be a triggering issue. I know both buyers and agents can get extremely frustrated to have to enter a bidding war. And let’s not even talk about auction platforms. But pricing low is pretty much the norm in the Bay Area. People have always told me that, and I finally […] The post Pricing low on purpose: Bay Area vs Sacramento first appeared on Sacramento Appraisal Blog.

Agents 364
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Jury sides with home sellers in commissions trial

Real Estate News

After less than three hours of deliberation, the jury ruled for the plaintiffs in the landmark Sitzer/Burnett trial, awarding nearly $1.8 billion.

Sellers 363
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Big drop in mortgage rates as unemployment hints at recession

Inman

After breaching 8 percent in mid-October, 30-year fixed mortgage rates have plummeted to levels not seen since September as more investors expect Fed policymakers to lower rates in the spring.

Mortgage 203
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The upside of 8% mortgage rates? More inventory

Housing Wire

If I had told you on Dec. 31, 2022, that mortgage rates would hit 8% in 2023, you would reasonably assume housing inventory would sky rocket higher, home prices would fall noticeably, and the number of price cuts would be higher year over year. Instead, the opposite has happened: home prices nationally hit an all-time high, inventory is still down year over year and the percentage of price cuts is 4% below last year’s level.

Inventory 496
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Homeownership Rate Stays at 66%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the third quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates. The homeownership rate remained statistically unchanged from the second quarter reading (65.9%). Compared to the peak of 69.2% in 2004, the homeownership rate is 3.2 percentage points lower and remains.

Mortgage 184

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Jury awards $5B to homesellers in landmark Sitzer | Burnett verdict

Inman

Jurors on Tuesday shocked the real estate industry, awarding damages adding up to $5.36 billion to homesellers after deliberating for 2 hours and 28 minutes.

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13 video marketing best practices for your real estate business

Housing Wire

When it comes to marketing your real estate business, video is king. Global statistics from 2023 show that people watch videos an average of 100 minutes a day, with millennials — the largest share of homebuyers in the U.S. — spending 10 to 20 hours a week watching videos. From short Instagram reels to longer videos on YouTube , video is here to stay.

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Fed Pauses Again: Housing in Focus

Eyes on Housing

The Federal Reserve’s monetary policy committee held the federal funds rate at a top target rate of 5.5% at the conclusion of its November meeting. While noting that the Fed was “strongly” committed to reducing inflation to its target rate, this marked the second meeting in a row of no increase as the central bank examines incoming data. The Fed’s.

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Zillow acquiring popular Follow Up Boss CRM

Real Estate News

The home search giant’s latest acquisition will help support its “housing super app," said Chief Industry Development Officer Errol Samuelson.

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How luxury agents can leverage buyer trends for historic homes

Inman

The desire for uniqueness is driving a rising demand for historic homes in the luxury real estate sector. Buyers today love the character and craftsmanship that a historical property exudes, and want a home that expresses their one-of-a-kind personality and preferences.

Buyers 189
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At last: Softer labor data sends mortgage rates lower

Housing Wire

The jobs report today which should move mortgage rates lower, demonstrates why it’s time for the Federal Reserve to land the plane. The labor market doesn’t show wages spiraling out of control as it did in the 1970s because the inflation data doesn’t look like anything in the 1970s. We had a solid job openings print this week and jobless claims are still near historic lows.

Mortgage 476
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Job Growth Slows in October – Good News for Interest Rates

Eyes on Housing

Job growth decelerated in October. Total nonfarm payroll employment increased by 150,000 and the unemployment rate edged up to 3.9% in October from 3.8%. The labor market is cooling. The Fed held interest rates steady for the second meeting in a row at the conclusion of its November meeting. This month’s employment data will be one of the key components.

Marketing 159
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Mortgage rates level off after rising for 7 weeks

Real Estate News

After steadily climbing this fall, average rates — which have been hovering near 8% — inched down this week, but continued fluctuations are likely.

Mortgage 294
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Exemplary agents will see commissions grow: NextHome CEO

Inman

NextHome CEO James Dwiggins points out that the final chapter of the bombshell commission lawsuits hasn't been written in this interview with Bernice Ross. Find out what you need to know to plan ahead.

Agents 180
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Bob Goldberg out as NAR CEO

Housing Wire

The National Association of Realtors’ longtime CEO Bob Goldberg is leaving the trade association, multiple sources with knowledge of the situation have confirmed to HousingWire Thursday morning. “We are immensely grateful for Bob’s leadership and decades-long service to NAR,” Tracy Kasper, current NAR president, said in a statement. “It has been a privilege to work with him in expanding and strengthening our organization, and we congratulate him on his well-deserved retirement.

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Agent Management Company, a Familiar Ring

Appraiserblogs

We will call it “AGENT MANAGEMENT COMPANY”. We will ensure that the use of runners is prohibited… Public trust. It’s a real thing. It appears that this recent lawsuit that the NAR LOST has exposed antitrust, collusion and price fixing between agents. I am thinking about creating a new AMC. We will call it an “AGENT MANAGEMENT COMPANY”. We will create a buffer per say between the buyers agent and the sellers agent thereby protecting the buyer and seller.

Agents 111
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Bob Goldberg out at NAR, Chicago media exec in

Real Estate News

Nykia Wright, previously CEO of the Chicago Sun-Times, will be interim CEO. Goldberg had previously announced plans to depart in 2024.

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Sitzer | Burnett closing arguments wrap as judgment day approaches

Inman

In a final push on Monday, attorneys for real estate franchisors and the National Association of Realtors argued that homesellers in the case failed to prove a conspiracy to inflate commissions.

Realtors 180
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Zillow acquires CRM platform Follow Up Boss

Housing Wire

Zillow Group has entered into an agreement to acquire CRM system , Follow Up Boss , according to an announcement on Wednesday. The acquisition purchase price includes $400 million of initial cash consideration and up to $100 million in potential cash earnout. “Follow Up Boss is beloved by agents across the industry, including many Zillow Premier Agent partners and ShowingTime+ clients.

Agents 466
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Count of Open Construction Jobs Increases

Eyes on Housing

Financial conditions continue to be tight, as the 10-year Treasury rate stands near 4.8% this morning. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth data for the third quarter) is an ongoing, elevated count of open jobs for the overall economy.

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Jobs report could mean lower mortgage rates are coming

Real Estate News

The pace of jobs and wages slowed in October, which may reduce inflation and potentially knock down mortgage rates in time for the spring selling season.

Mortgage 277
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How ‘quiet luxury’ is reshaping real estate

Inman

A seismic transition is underway in the preferences of global luxury consumers. “Quiet Luxury” is here — and it arrived well before the hype around Kendall Roy’s $600 cashmere baseball caps.

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Brokers prepare for changes after Sitzer/Burnett commission lawsuit verdict

Housing Wire

The real estate industry as agents and brokers know it has been turned upside down. It remains to be seen exactly what the guilty verdict in the Sitzer/Burnett commission lawsuit means for agents and brokers, as the industry waits for Judge Stephen Bough’s injunction. However, real estate brokers across the country have already begun preparing themselves, their firms and their agents for the worst.

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September Private Residential Construction Spending Inches Up

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 0.6% in September, after a 1.3% increase in August. It stood at a seasonally adjusted annual pace of $872 billion. However, total private residential construction spending is still 2.2% lower compared to a year ago. The total construction monthly increase is attributed to more spending on.

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The ‘day of accountability has arrived,’ say plaintiffs

Real Estate News

The lead attorney for the plaintiffs wrapped up the morning session of the Sitzer/Burnett trial with a theatrical closing argument.

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DelPrete: How Zillow pressures its agent partners to plug mortgages

Inman

Zillow is shoring up its Home Loans business by ratcheting up pressure on Flex agents, who refer clients to the mortgage arm or risk losing future leads, tech advisor Mike DelPrete writes.

Agents 176
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loanDepot’s new FHA down payment assistance program lets borrowers put zero down

Housing Wire

loanDepot has rolled out a new down payment assistance program for Federal Housing Administration (FHA) loan borrowers that enables them to put zero money down upfront. In loanDepot’s program, dubbed AccessZERO, the down payment assistance is structured as a 10-year fully amortized repayable second mortgage. Borrowers must have a minimum credit score of 600 to qualify for the down payment assistance, which can be as much as 5% of the home purchase price or appraised value, whichever is less.

Lending 464
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How to value solar panels

Empire Appraisal Group

Valuing solar panels in a home appraisal involves several factors. Here are some key considerations: Age and condition of the solar panels: The age and condition of the solar panels can affect their value. Older panels or those that require frequent maintenance may be less valuable than newer, well-maintained panels. Energy production: The amount of energy produced by the solar panels can be a key factor in determining their value.

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Will the commissions verdict kill the MLS? Not so fast, say portal execs

Real Estate News

The Sitzer/Burnett verdict has the industry bracing for a sea change. But leaders at Zillow and Homes.com say MLSs add value and can’t simply be torn down.

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Real-life ghost stories from really terrified real estate agents

Inman

What do licenses and ghost stories have in common? Every real estate agent has one. OK, maybe not all agents, but these believers do. Here are real-life ghost stories from agents in the field.

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Mortgage rates stabilize after Fed meeting

Housing Wire

Mortgage rates stabilized this week as the Federal Reserve decided to keep its rates unchanged Wednesday. However, mortgage rates still remain at a 23-year high. The 30-year fixed-rate mortgage averaged 7.76% as of Nov. 2, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s was down slightly from last week ’s 7.79% and up from 6.95% the same week one year ago.

Mortgage 453
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Overhauling Legacy Processes Through a Digital Transformation

GoForrmz

Don’t be left behind in a digital revolution In an ever-evolving business landscape, adaptability is the key to long-term success. As technology advances at breakneck speeds, companies must find ways to stay competitive and relevant. One way to achieve this is through a digital transformation - a process of integrating digital technologies into various aspects of business operations, from an online order form or employee evaluation template , all the way to data access logs and financial audit t

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The jury has spoken — now what?

Real Estate News

The Sitzer/Burnett trial may be over, but a final judgment — which could impact both monetary damages and commissions rules — is yet to come.

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