Sat.Feb 25, 2023 - Fri.Mar 03, 2023

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Fannie Mae: Appraisals are no longer the default option

Housing Wire

Fannie Mae updated its Selling Guide on Wednesday to include more options for property valuations, saying that they are “moving away from implying that an appraisal is a default requirement.” Those options include value acceptance (formerly appraisal waivers), value acceptance plus property data and hybrid appraisals. “We are on a journey of continuous improvement to make the home valuation process more efficient and accurate.

Appraisal 450
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How Do You Pick Comps? Pt I

George Dell

Ah, this is easy – pick comps! This was pretty easy, compared to the many other things I had to learn. It was a little harder than making adjustments though. For adjustments, I had an adjustment sheet. I foolishly asked how the numbers were arrived at. The answer was “It comes from many years of […] The post How Do You Pick Comps? Pt I appeared first on George Dell, SRA, MAI, ASA, CRE.

Appraisal 370
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Prices went up & worst volume ever

Sacramento Appraisal Blog

Did prices really go up in February? What’s happening in this market? Today I have a few things on my mind. Scroll by topic or digest slowly. I hope this helps – whether you’re local or not. UPCOMING (PUBLIC) SPEAKING GIGS: 3/06/23 Matt the Mortgage Guy YouTube Live 3pm PST 3/09/23 Matt Gouge Event (sign up here) […] The post Prices went up & worst volume ever first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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What ChatGPT can (and can't) do for agents

Real Estate News

The popular AI tool can be a helpful starting point when writing content like listing descriptions or social posts. But it has its limitations.

Agents 267
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The 7% mortgage is back with a vengeance

Housing Wire

Mortgage rates are surging again due to sustained economic growth and continued inflation, eclipsing 7% on Thursday. And it could be a while before they tick back down, economists say. The 30-year fixed-rate mortgage on Thursday, March 2 touched 7.10% , up 16 basis points from 6.94 on Wednesday. The most recent survey by Freddie Mac measured 30-year fixed-rate mortgages at 6.65% for the week ending Thursday, driven by the 10-year Treasury surpassing 4.0%.

Mortgage 431
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The Beginning of a New Life

The Appraiser Coach

Principles are tremendously important tools we can use in our lives to affect change. A principle is an eternal truth. It can be applied across all circumstances, all times, all.

Tools 195

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Brokerage Beat: The Agency, BHGRE, JPAR and EXIT expand

Real Estate News

The Agency extends global reach, BHGRE adds two affiliates, JPAR comes to the Bay Area, EXIT aims for "aggressive growth," KW agent opens boutique brokerage.

Brokerage 250
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Inflation is high, so why aren’t mortgage rates higher?

Housing Wire

Inflation is hot, so why aren’t mortgage rates over 10% like we saw in the 1970s? Put those disco pants back in the closet; this isn’t the 1970s, John, and the bond market has been saying this to anyone who would listen. Mortgage rates have trended up to over 7% while the 10-year yield has been around 4%, so everything is in the top-end range of my 2023 forecast.

Mortgage 411
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Join Us at New York Build 2023

GoForrmz

The GoFormz team will be exhibiting at the New York Build Expo 2023! We couldn’t be more excited to be in attendance at the New York Build Expo at the Javits Center, on March 8 & 9, 2023. Do you have your tickets yet? New York Build Expo 2023 New York Build is attended by thousands of AEC & real estate professionals. The free to attend show features: 350+ incredible speakers across 12 tracks and AIA CES approved workshops, 300+ exhibitors, the USA's largest meeting of Women in Constructi

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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
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Values of Black-owned homes rose the fastest during the pandemic

Real Estate News

Relative to overall home values, Black home values fared well in recent years according to Zillow data. But the racial homeownership gap remains wide.

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Housing Market Tracker: Higher rates crush purchase apps 

Housing Wire

We created the weekly Housing Market Tracker because housing data has been so wild since 2020. The housing market madness persisted last week as inventory fell and higher mortgage rates took a bigger bite out of purchase application data. Here is a quick rundown from last week: Purchase applications fell 18% week to week and hit levels not seen since 1995.

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How To Find An Appraiser

Padove Appraisal Service

Many people’s experiences with real estate appraisals are limited to mortgage applications. The appraiser is usually selected, and the report ordered through the lender. The task of selecting an appraiser for purposes such as estate planning and settlement, divorce, tax appeal, etc., is solely on the consumer and can become overwhelming. This blog post offers a guide to help you through the process.

Appraisal 145
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Debunked! 6 social media myths that can hinder your 2023 growth

Inman

To help you avoid mistakes that will hamper your growth and damage your online presence, social media expert Katie Lance lays out the most common marketing myths and why they’re wrong.

Marketing 168
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Agents Decoded: How to grow your sphere of influence

Real Estate News

Building your SOI is critical to long-term success in real estate. Veteran agent Jay Thompson offers practical tips for growing and nurturing your sphere.

Agents 242
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Pending home sales jump again in January, but don’t get too excited

Housing Wire

January’s pending home sales picked up right where they left off in 2022, posting the second consecutive month of increases, according to data released Monday by the National Association of Realtors (NAR). After posting a 2.5% month-over-month increase in December , the Pending Home Sales Index rose 8.1% month over month in January to a reading of 82.5.

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Look in the Mirror

Appraiserblogs

The phrase “take a look in the mirror” is a common idiom used to encourage self-reflection and introspection. It is a powerful statement that can evoke a range of emotions and reactions from individuals, from contemplation to defensiveness. At its core, the phrase is a call to examine oneself honestly and objectively. It asks us to step back from our assumptions, biases, and preconceptions and consider our behavior, choices, and beliefs in a critical light.

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‘Go big or go home’: Opendoor’s high-stakes bid to disrupt real estate

Inman

With billions saved — and lost — Opendoor is living by the creed "go big or go home." Yet even after a dreary Q4, the iBuyer persists, which may be the biggest takeaway, Mike DelPrete writes exclusively for Intel.

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Does your brokerage business plan include agent retention? It should!

Real Estate News

There's no quick-fix — your agent retention strategy should be as well-thought-out as your lead generation, training or sales programs.

Agents 255
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How non-QM lender A&D Mortgage grew origination volume in 2022

Housing Wire

When the entire mortgage industry saw volume drop by more than half in 2022, nearly every lender emerged with battle scars. Rising rates caused refinances to dry up, production plummeted, and pink slips were issued to employees. Non-qualified mortgage (non-QM) wholesale lender A&D Mortgage , however, saw origination volume increase by more than 31% to $3.2 billion in 2022, up from the previous year’s $2.2 billion, largely due to improvement in tech that helped pick up market share from compe

Mortgage 389
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Use of Residential Energy Tax Credits Increases

Eyes on Housing

In 2005, Congress established several energy-efficiency tax incentives related to housing that benefit new-home buyers and remodeling homeowners. These policies included the tax code section 25C credit for retrofitting/remodeling existing homes, and the 25D credit for the installation of power production property in new and existing homes. Taxpayers claim these residential energy credits using Form 5695.

Buyers 117
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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
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Bob Goldberg's mandate: Ensuring NAR members 'feel heard and valued'

Real Estate News

At the National Association of Realtors, CEO Bob Goldberg champions the needs and interests of members that number 1.5 million.

Realtors 260
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Higher mortgage rates dim hope for a busy spring housing market 

Housing Wire

Higher mortgage rates have zapped mortgage demand, as buyers are having second thoughts about purchasing homes. Mortgage applications for home purchases dropped 6% for the week ending February 24 from the previous week, according to the Mortgage Bankers Association ’s seasonally adjusted index. Mortgage demand was also 44% lower than the same week a year ago, and is now sitting at a 28-year low.

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CoreLogic Policy Change Counter to USPAP Requirements

Appraiserblogs

CoreLogic is pleased to announce a change to its data retention policy. I received this notice from CoreLogic: Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. NOTICE OF CHANGE TO CORELOGIC DATA RETENTION POLICY Dear Trusted Provider, In careful consideration of requests from our clients as well as industry risk management best practices, CoreLogic is pleased to announce a change to its data retention policy.

Appraisal 114
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Former KW CEO slams Gary Keller, calls brokerage ‘criminal enterprise’

Inman

Former Keller Williams CEO John Davis says he wants his claims decided through a public trial rather than arbitration. KW says Davis's claims are "unsubstantiated, unwarranted, and disparaging.

Brokerage 158
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Homes are getting smaller — which could improve affordability

Real Estate News

Newly built homes continue to lose square footage. But agents see an upside for buyers seeking more affordable options.

Agents 266
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Real estate agents wonder if inventory levels will ever return to ‘normal’

Housing Wire

Temperatures are rising, the sun is setting later, and the daffodils are starting to peek their green leaves out of the earth — spring is coming. And just like the bears who are starting to wake up from their long winter naps, homebuyers and sellers are coming out of hibernation… or at least they normally do. Nationwide, pre-pandemic the first week of February typically marks the lowest point for housing inventory during the year, as sellers return to the market in time for spring, but since the

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Exactly How Are Property Data Collectors Professionally Trained?

Appraiserblogs

Somebody explain to me exactly how Property Data Collectors are “professionally trained” per Fannie Mae directives. The fact is, Fannie Mae is explicitly working toward the elimination of appraisers for real property valuations. This is in their latest Selling Guide Announcement SEL-2023-02 to the Fannie Mae Selling Guide: Value acceptance + property data is a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject prop

Training 111
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BHHS CEO Christy Budnick is ready to dive into the spring market

Inman

As "motivator and chief encourager" of Berkshire Hathaway HomeServices, Budnick said she's bullish about the upcoming year. Agents who get down to business will thrive, she added.

Agents 153
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Homes.com gunning for top spot in the portal race

Real Estate News

CoStar’s Andy Florance shared his vision and plans for Homes.com, which he said offers "a superior consumer experience" and is "better aligned" with agents.

Agents 226
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Home price growth continued to slow in December

Housing Wire

The 2022 housing market was largely characterized by the swift slowdown in demand caused by rapidly rising mortgage rates. However, even as existing home sales fell 17.8% year over year in 2022, according to data from the National Association of Realtors , home prices still managed to rise 5.8% for the year as a whole, according to the S&P CoreLogic Case-Shiller National Home Price Index , released Tuesday.

Inventory 374
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Freddie’s Study, NPR Story Recall Notable Academic Hoax

Appraiserblogs

NPR topped the online edition of its article with the headline, “Black and Latino Homeowners are About Twice as Likely as Whites To Get Low Appraisals.” The problem? Freddie never called the appraisals “low.” While the Freddie Mac study finds no evidence of undervaluation, the NPR story about the study somehow does. Almost 30 years ago, Alan Sokal, now a professor of mathematics at University College London, perpetrated a memorable hoax.

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MV Realty halts ‘homeowner benefit agreements’ amid 4 investigations

Inman

Following lawsuits in Pennsylvania, Massachusetts, Florida and Ohio, the brokerage is redrafting 40-year contracts that offer homeowners cash in exchange for exclusive rights to list their home.

Realty 155