Sat.Sep 16, 2023 - Fri.Sep 22, 2023

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Why are exisitng home prices up year over year?

Housing Wire

Existing home prices are up 3.9% year over year, with demand near 21st-century lows. How is this possible? NAR ‘s existing home sales report on Thursday gives us insight into the why factor. The median existing-home price for all housing types in August was $407,100, an increase of 3.9% from August 2022 ($391,700). All four U.S. regions posted price increases.

Inventory 503
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Pent-up demand & glowing new construction

Sacramento Appraisal Blog

There is some serious pent-up demand building. The number of sellers who have not listed their homes this year is really starting to add up – not to mention a growing pile of buyers. And speaking of building, new construction has been glowing this year. Let’s talk about it. UPCOMING (PUBLIC) SPEAKING GIGS: 9/26/23 Orangevale […] The post Pent-up demand & glowing new construction first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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My Interview with the Senior Marketing Manager at CubiCasa

Cleveland Appraisal Blog

Hello everyone! I hope you all have been doing good and hanging in there. The real estate market has been on a crazy ride for the past few years. You may be wondering where in the world I’ve been. Did I go dark? Did I give up on blogging and podcasting? The answer is no. However, over the past year, my business has been changing rapidly as I shift away from lending work to non-lender work as my primary business.

Marketing 300
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Get your buyers ready: The best time to buy a house is…

Real Estate News

Forget the spring and summer rush — home shoppers will have better luck making a deal during the first week of October, according to Realtor.com.

Buyers 315
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RE/MAX settles buyer broker commission lawsuits for $55 million

Housing Wire

Yet another national real estate brokerage firm has reached a settlement agreement in two of the major class action antitrust lawsuits facing the real estate industry. According to court documents filed on Monday, RE/MAX and the home sellers suing the firm in both the Moehrl and Sitzer/Burnett cases, which both deal with buyer brokers’ commissions, have reached a preliminary settlement agreement, settling all claims in both suits.

Buyers 483
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A Correct Appraisal?

George Dell

Quasi-government “Congressionally-authorized” appraisal standards require “correct” research and analyses. What does that mean? What is correct? And who decides? It’s in Standard 1. Be correct. Editor’s Note: This is Standards, part 3.14 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Does this say – it’s […] The post A Correct Appraisal?

Appraisal 195

More Trending

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Men, it's time to do better

Real Estate News

Sexism isn't just a societal problem, it's a real estate industry problem. And if anything is going to change, men will have to step up — and speak up.

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Housing inventory gone wild

Housing Wire

What’s going on with housing inventory ? The last four weeks of new listings data have been the most volatile since mortgage rates breached 6% in 2022. One week, we had the biggest decline in new listings data all year, which might indicate Americans are giving up on listing their homes. But the next week we had the biggest increase of the year, which might show that people are rushing to list their homes.

Inventory 465
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RE/MAX settles bombshell commission lawsuits for $55M

Inman

The deal resolves claims in both the Sitzer and Moehrl antitrust cases. The franchisor agreed to change its business practices, including "no longer forcing homesellers to pay buyer’s agents.

Agents 206
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Home Appraisals 101: 5 Things Appraisers Wish Sellers Knew

Realtor

Getty Images Home appraisals are a piece of the selling process where you may have to let go of the reins. Lenders often require the use of their own, FHA-approved home appraiser. That means you get zero say in who’s determining the financial value of the home you’ve lived in, loved, and sunk your savings into. Here are some things sellers can do—straight from the home appraisers’ mouths—to navigate the process of home appraisals.

Appraisal 194
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RE/MAX makes $55 million deal to settle commission lawsuits

Real Estate News

The settlement agreement leaves NAR, HomeServices of America and Keller Williams as defendants with an Oct. 16 trial date looming.

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Dark Matter Technologies execs talk transition from Black Knight, innovation in the mortgage tech space

Housing Wire

Dark Matter Technologies , formerly Black Knight Origination Technologies, is focused on mainly two things: the smooth transition to new owners, and lowering the cost to originate loans for lenders. Executives from Dark Matter Technologies, under the Constellation Software umbrella, said that a down market is the best time to make investments in technology and prepare for the next cycle.

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No more ‘business as usual’. Here’s what NAR needs to change next

Inman

Pam O'Connor retired as CEO of Leading Real Estate Companies of the World and was named one of the top 25 thought leaders by the National Association of Realtors. In this op-ed, she shares her thoughts on the organization, its business model, and makes the case for what else needs to change.

Business 191
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Employment Situation in August: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 33 states and the District of Columbia in August compared to the previous month, while 17 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 187,000 in August, following a gain of 157,000 jobs in July. On a month-over-month basis, employment data was strong in California, which.

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In Focus: The biggest challenge for agents and brokers? Too many MLSs

Real Estate News

FMLS President and CEO Jeremy Crawford believes cooperation and consolidation are key to a healthy and efficient MLS network: “We are all better together.

Agents 277
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Real estate appraisals: What agents should know

Housing Wire

You’ve found a house for your buyer or a buyer for the home you’re selling. The negotiations were successful, and a deal has been reached. A home inspection hasn’t yielded any problems, so nothing is standing in the way of closing, right? Not necessarily. One of the final hurdles to clear is the appraisal , and it has the power to leave a deal dead in the water.

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NAR loses ‘Great Place to Work’ distinction on heels of Chicago rally

Inman

A rally at NAR headquarters in Chicago drew few Realtors on Monday, but organizers at the NAR Accountability Project declared a win nonetheless after NAR lost its "Great Place to Work" merit.

Realtors 177
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Leaving the Appraisal Profession

Appraiserblogs

It’s a Great Time to Leave the Appraisal Profession. I can hear the chorus of my fellow appraisers rising up in disagreement with me. I envision many of them screaming, “But I love being an appraiser”! Yeah, I hear you. I loved being an appraiser too. Let’s not consider what we were but what they want us to become. First, ask yourself if you are still making a livable wage.

Appraisal 148
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No rate hikes (yet) as Fed shakes off mortgage ‘lock-in’ effect

Real Estate News

The Fed did not boost interest rates at its September meeting but warned that one more hike is likely this year.

Mortgage 317
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Pending-home sales drop 13% from a year ago as rates stay high: Redfin

Housing Wire

Soaring mortgage rates and home prices are continuing to dampen affordability for homebuyers. Pending-home sales fell 13% from a year ago for the four weeks ending Sept. 17, according to a new report from Redfin. Combined with elevated mortgage rates, monthly housing payments are at an all-time high. This is pushing many prospective homebuyers to the sidelines until the market becomes healthier.

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Mutiny inside NAR as staffers call for resignations of top executives

Inman

Employees of the trade group demanded the departures of NAR CEO Bob Goldberg, President Tracy Kasper, Chief Legal Officer Katie Johnson and head of HR Donna Gland on Monday.

Legal 178
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Mortgage Application Volume Nearing Historic Low

Appraiserblogs

Appraisers, I’m almost reluctant to distribute this essay, but the reality is what it is. Per the Mortgage Bankers Association (MBA), the loan application volume is at another low point in our history. The article in Mortgage News Daily titled “Mortgage Application Volume at Lowest Levels Since 1996” in this link provides context. For a related perspective, the article contains a graph, which can be expanded to show mortgage rates and application volume for decades.

Mortgage 110
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Buy Side: Seller-paid commissions are a ‘win-win’

Real Estate News

Marcos Martinez loves helping clients find their dream home, but worries the relationship will get more transactional if buyers are forced to pay commissions.

Sellers 242
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Fannie Mae’s chief economist on housing market outlook

Housing Wire

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes further rate cuts.

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Fed stays put but is prepared to hike rates one more time this year

Inman

Treasury yields, a barometer for mortgage rates, barely budged Wednesday as bond market investors look ahead to next year when the Fed is expected to start bringing short-term rates back down.

Investors 175
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Existing Home Sales Hit 7-Month Low as Prices Keep Rising

Eyes on Housing

Existing home sales in August remained at the lowest level since January as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the third consecutive month where the median sales prices exceeded $400,000.

Inventory 104
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MV Realty files for bankruptcy amid legal turmoil

Real Estate News

The brokerage, which offered homeowners cash in exchange for a 40-year right-to-list agreement, has been bogged down by lawsuits and investigations.

Legal 249
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CFPB aims to remove medical bills from credit reports

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this week announced that it intends to remove medical bills from the credit reports of U.S. consumers. The policy, announced simultaneously by the Bureau online as well as during a press call with reporters led by Vice President Kamala Harris, is designed to “help families financially recover from medical crises, stop debt collectors from coercing people into paying bills they may not even owe and ensure that creditors are not relying on data that

Design 422
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Local broker marketplaces: Insights from a Romanian Realtor

Inman

U.S. local broker marketplaces are the gold standard and will continue to push Romania in the right direction so we can create an equitable real estate market that protects consumers and small businesses across the country, writes Romanian Realtor Dan Negulescu.

Realtors 173
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Updates to Our Mobile App

GoForrmz

If you are filling out your forms on a mobile device, you’ll want to update your GoFormz app to our latest release Consistent look and feel We’ve made improvements to our mobile app, making it easier than ever to fill out and complete your digital forms from your phones and tablets. This update includes interface improvements that provide consistency across our Android, iOS, and Windows apps.

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Tech Bytes: News from CubiCasa, Relevate, Direct Offer, Delta

Real Estate News

CRMLS adds CubiCasa floor plan app; Relevate ups offerings to Florida's SCAR; FIABCI-USA adds DO audio tour software; Delta Media Group launches new platform.

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Opinion: Are we facing the end of the Realtor marketplace?

Housing Wire

I have spoken numerous times over the past 35 years about the fairness and efficiency of what I refer to as the Realtor marketplace , which is a combination of a multiple listing service with Realtor association oversight, supported by a majority of brokerage firms and sales agents. The provision of abundant information with rules that govern the conduct of all market participants, whether Realtors or non-Realtors, serves all parties well.

Realtors 411
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9 fall-friendly social media ideas to spice up your marketing

Inman

Coach and author Darryl Davis shows you how to get more engagement and create conversations with this autumnal social media marketing plan that's ideal for the season.

Marketing 177
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ProTip: Using the Improved Sketch Field

GoForrmz

Capture better, thorough data with the enhanced Sketch field When filling out forms in the field that demand crucial information, such as hazards, weather conditions, incidents, and other pertinent details, depending solely on text can prove to be quite challenging in terms of clarity and comprehensibility. This challenge becomes even more problematic when relying on traditional paper forms for documentation, as they may not effectively capture or convey the necessary context.

Tools 78