Sat.Feb 13, 2021 - Fri.Feb 19, 2021

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Mortgage rates jump to 2.81%

Housing Wire

After three weeks of unchanged rates, the average mortgage rate for a 30-year fixed loan jumped 8 basis points to 2.81%, reaching its highest point since mid-November, according to Freddie Mac ’s Primary Mortgage Market Survey. While economic spending has improved, due to the most recent stimulus, supply chain shortages are causing downstream inflation, leading to higher mortgage rates, said Sam Khater, Freddie Mac’s chief economist. “While there are multiple temporary factors drivin

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Preparing Your Borrower for the Appraisal Inspection – Virtual or On-Site

Genworth MI Blog

A version of this post originally appeared in the December edition of Scotsman Guide. . Loan officers and listing agents are familiar with homeowner anxiety about real estate appraisals. Questions arise, such as: Does the appraiser penalize me if my house isn’t spotless? Will worn carpeting hurt my value? Will the appraiser look in my closets? Should I follow the appraiser and point things out?

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Finding a Dream Home: Categorizing Your Buyer

McKissock

Every homebuyer is different, just as every home buying experience is different. Each of your clients will have their own set of likes and dislikes. As a real estate professional, you should know how to tailor your approaches and strategies to suit your client’s wishes. Categorizing your client based on their motivations for buying is one of the best ways to help them find their dream home.

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Texas Weather Emergency

DW Slater Company

Our offices are currently closed as we are experiencing a Texas weather emergency. The power grid in Texas was not prepared for the cold weather we have been experiencing. Our office has been without power since yesterday, (Monday) 6:30 am. Temperatures dropped to – 6 degrees last night. There are outages as well as rolling outages. Road conditions are treacherous and we have more snow forecasted for tonight and tomorrow.

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We need higher mortgage rates to cool the housing market

Housing Wire

The years 2020-2024 will have the best housing demographics ever recorded in U.S. history, with the lowest mortgage rates recorded in history. When you have these two titans acting in unison, it can potentially accelerate real home prices in an unhealthy way. In 2020, the year of COVID-19, existing home sales ended at a respectable 5,640,000. That is roughly only 130,000 higher than the levels we saw in 2017.

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Preparing Your Borrower for the Appraisal Inspection – Virtual or On-Site

Genworth MI Blog

A version of this post originally appeared in the December edition of Scotsman Guide. . Loan officers and listing agents are familiar with homeowner anxiety about real estate appraisals. Questions arise, such as: Does the appraiser penalize me if my house isn’t spotless? Will worn carpeting hurt my value? Will the appraiser look in my closets? Should I follow the appraiser and point things out?

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Winter In Houston: How To Deal With Home Damage From Snow & Cold Weather

Houston Properties

Winter In Houston: How To Deal With Home Damage From Snow & Cold Weather. Here's what you need to do to minimize damage and repair costs. Houston saw blankets of snow, sleet, record-low temperatures, and energy blackouts thanks to a historic winter storm making its way across the region. The Bayou City has not seen weather this frigid for more than three decades.

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5 first-time homebuyer mistakes to avoid

Housing Wire

The first-time homebuyer process is a lengthy one, and if you’re not careful, there’s a lot that can throw you off-track. From low appraisals to surprise credit checks, a number of hurdles could slow your purchase or even derail it altogether. Are you on the hunt for a new home? Want to make sure your purchase goes off without a hitch? Then take steps to avoid these all-too-common first-time homebuyer mistakes: More for Real Estate Enthusiasts.

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BiggerPockets Podcast 444: 150 Deals at Age 22 by Putting Relationships Over Profit with Cole Ruud-Johnson

BiggerPockets

It seems like young real estate investors get more and more impressive every week. Today we talk with Cole Ruud-Johnson, a wholesaler and flipper out of the Seattle area. The […].

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4 Areas for Appraisers to Focus Their Professional Efforts in 2021

McKissock

The appraisal profession is aging. According to the 2020-2021 Appraisal Income Guide , more than 15% of certified general appraisers indicate they will retire in the next 6-10 years. This presents an opportunity for those who are considering upgrading their license level to certified general, as the demand for certified general appraisers is almost certain to increase in the coming years.

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Mortgage Interest Rates Unchanged Two Straight Weeks

Buys Brokers Only LLC

Mortgage interest rates in the U.S. remained unchanged for the second consecutive week, for the week ending February 11, 2021, according to Freddie Mac's weekly Primary Mortgage Market Survey.

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How to survive this “unprecedented” era of digital mortgage

Housing Wire

Writing about digital mortgage in 2021, I am reminded of a cartoon in the New Yorker, in which two cavemen were starting a fire and one said “Stop saying everything is ‘unprecedented.’” After a year of unprecedented everything, including mortgage volume, it’s hard to fathom the level of fintech disruption that is approaching financial services and specifically mortgage.

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How Much to Charge for Rent in 2021: A Landlord’s Guide

BiggerPockets

An optimized rental price is a critical factor in property management. How do you effectively manage your property or your property management team to achieve the best outcome? Here are five easy, efficient ways.

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The Strangest Place Agents Have Acquired a Lead

McKissock

When it comes to lead generation, there are many tried and true strategies that real estate agents can implement such as cold-calling , door-knocking, and open houses. However, sometimes a lead just falls into your lap, sometimes in the most unexpected places. Last month (January), we asked our CE Plus members , “Where’s the strangest place or way you’ve acquired a lead that’s resulted in a sale?

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Mortgage Interest Rates Rise to Three-month High

Buys Brokers Only LLC

Mortgage interest rates in the U.S. rose to the highest level since November 2020, for the week ending February 18, 2021, according to Freddie Mac's weekly Primary Mortgage Market Survey.

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Invest in real estate, not the stock market

Housing Wire

The stock market is a funny game. Not the kind of game that the rookie Game Stop investors are used to playing, but a real-life, action-packed, form of entertainment that toys with millions of Americans’ emotions and finances every day. You know what isn’t a game, and can also provide oh-so-sweet returns? Investing in real estate. The stock market is at an all-time high, finishing 2020 at record levels.

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Do Your Due Diligence Before Digging Up Dirt: Investing in Vacant Land 101

BiggerPockets

Is buying land a good investment? Purchasing vacant land may not be right for every investor or every situation. How can you know this is the right move for you? We outline the pros and cons—and tell you what key questions to ask.

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What is the Importance of the Appraisal Process?

AmeriMac

Home appraisals are the perfect way to get an accurate measure of your house’s value. Now if you want to gain approval for a mortgage, you are going to need a good home appraisal. From the seller right down to the buyer, an experienced real estate appraiser is an essential part of the overall home purchasing process. While a precise appraisal ensures lenders do not borrow more than what is necessary, it also safeguards novice homebuyers from overpaying when purchasing their dream house.

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Things To Remember About Tax Appeals

Cleveland Appraisal Blog

As January rolls around each year, homeowners begin receiving their property tax bills. That’s why my tax appeal work often picks this time of the year. It should be no surprise that assessed home and land values are increasing. Property values have been increasing in many areas for years, with 2020 being a record year for home appreciation in many neighborhoods.

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HUD extends COVID-19 forbearance for FHA loans

Housing Wire

The U.S. Department of Housing and Urban Development on Tuesday extended COVID-19 foreclosure and forbearance moratoriums for FHA and USDA loans to June 30, 2021. It also extended the deadline for the first legal action and the reasonable diligence time frame to 180 days. This announcement follows FHFA action last week to extend moratoriums for loans backed by Fannie Mae and Freddie Mac.

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BiggerPockets Podcast 443: 10 Ways to Learn Anything Faster with Jim Kwik

BiggerPockets

During childhood, Jim Kwik experienced a traumatic brain injury. As a result, he lacked focus in school, wasn’t able to read properly, and at one point, a teacher told him […].

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What is the Importance of the Appraisal Process?

AmeriMac

Home appraisals are the perfect way to get an accurate measure of your house’s value. Now if you want to gain approval for a mortgage, you are going to need a good home appraisal. From the seller right down to the buyer, an experienced real estate appraiser is an essential part of the overall home purchasing process. While a precise appraisal ensures lenders do not borrow more than what is necessary, it also safeguards novice homebuyers from overpaying when purchasing their dream house.

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Appraising Industrial and Flex Buildings: What Info Do You Need?

McKissock

Why might you be engaged to appraise a single or multi-tenant industrial or flex style office building? What information do you need when appraising industrial and flex buildings ? Below, we explain the primary reasons for these types of appraisal assignments and provide punch lists of the items that you should acquire for appraisal purposes. Reasons for engagement.

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Redfin joins Realtor.com in displaying flood data

Housing Wire

When Realtor.com became the first listing platform to display flood hazard data on properties, the lead economist for Redfin expressed caution about the unintended consequences of displaying such statistics. “We need to be very careful about how we provide information,” Taylor Marr, the lead economist at Redfin, told NPR at the time. “Could this actually reduce the value of this existing homeowner and essentially take away a lot of their net worth?”.

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BiggerPockets Money Podcast 171: Putting Happiness Over a Bigger Paycheck with Brandon Richard Austin

BiggerPockets

Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college? That’s what today’s guest, Brandon Richard Austin, made in his […].

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What is the Importance of the Appraisal Process?

AmeriMac

Home appraisals are the perfect way to get an accurate measure of your house’s value. Now if you want to gain approval for a mortgage, you are going to need a good home appraisal. From the seller right down to the buyer, an experienced real estate appraiser is an essential part of the overall home purchasing process. While a precise appraisal ensures lenders do not borrow more than what is necessary, it also safeguards novice homebuyers from overpaying when purchasing their dream house.

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Haverhill, MA Home Prices Spike, Inventory Plummets in 2020

Buys Brokers Only LLC

Haverhill, Massachusetts single-family home prices rose double digits in 2020 and have skyrocketed over the past decade, according to data compiled by the Massachusetts Association of Realtors.

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Western Alliance to acquire AmeriHome for $1B

Housing Wire

Depository bank Western Alliance has reached a deal to acquire correspondent lender AmeriHome for $1 billion in cash, the firms announced late Tuesday afternoon. With the acquisition, Western Alliance will grab full control of America’s third-largest correspondent lender from an affiliate of financial giant Apollo Global. AmeriHome purchased approximately $65 billion in conventional conforming and government-insured originations in 2020.

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Rookie Podcast 53: Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!) with Kristie LeSage

BiggerPockets

Kristie LeSage didn’t mind her 9-5 much before she went on a hiking trip to Yosemite. When she turned her phone off for a few days, hung out with friends, […].

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Hello 2021, goodbye credit reporting agencies?

Housing Wire

For those of us who have been in the mortgage industry for any length of time, we understand the complexities surrounding guidelines, the importance of staying up to date on key changes within the industry and how our communication to both our clients and partners is imperative in order to build and maintain relationships. In this regard, 2021 has not disappointed, as it has already been full of the stark reality that the changing of the guard within the White House hasn’t given us much insight

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Black mortgage applicants far more likely to be rejected

Housing Wire

Black homebuyers’ mortgage applications are 2.5 times as likely to be rejected as the submissions of white home shoppers. That’s one finding from a National Association of Realtor’s report released Wednesday that reveals glaring racial disparities in an otherwise rosy home market. The report – which culled data from the U.S. Census Bureau’s American Community Survey plus an NAR-conducted survey that 8,000 homebuyers took in 2019 and 2020 – shows that 10% of Black mortgage applicants were r

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Keller Williams hails 16% jump in sales volume

Housing Wire

Keller Williams sold more homes – and sold more expensive homes – in 2020, according to the brokerage’s self-reported numbers released Tuesday. The Austin, Texas-headquartered real estate brokerage closed 1.22 million home sales in the U.S. and Canada in 2020, up 8 percent from 2019. Keller Williams also claimed $407 billion in 2020 sales volume in Canada and the U.S., up 16 percent from the previous year.

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Mortgage applications drop for second week

Housing Wire

As mortgage rates come off of their historic lows, mortgage applications dropped for the second week, according to data from the Mortgage Bankers Association. Mortgage applications dropped 5.1% for the week ending Feb. 12, after falling 4.1% the week prior. Notably, the refinance share of activity dropped to 69.3%, the first time it’s been below 70% since October.

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Forbearance rate drops again, to 5.29%

Housing Wire

The total number of mortgages in forbearance declined six basis points to 5.29% in the week ending Feb. 7, according to the latest estimate from the Mortgage Bankers Association. The trade group said 2.6 million homeowners are currently in forbearance plans. “The share of loans in forbearance declined to the lowest level since April 5th of last year, due to decreases in both the GSE and Ginnie Mae portfolios,” said MBA Vice President and Chief Economist Mike Fratantoni.

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