Sat.Oct 14, 2023 - Fri.Oct 20, 2023

article thumbnail

61% of ADUs are built for multigenerational housing: survey

Housing Wire

One in five Americans now shares their homes with adult children, parents or grandparents. In the face of soaring housing costs nationwide, multigenerational living has gained traction as a path to make living expenses more manageable and to maintain closer family bonds. While many multigenerational families are living together under one roof, potentially leading to feelings of overcrowding, accessory dwelling units (ADUs) have emerged as a practical solution for affordable housing that allows f

article thumbnail

A Gut Punch to Housing Demand (8% Rates)

Sacramento Appraisal Blog

It feels like a gut-punch to housing demand to have 8% rates. So many predictions said we’d be at 6% or below by now, yet here we are. I think it’s really important to stay grounded and realistic, so let’s talk about this. I also have some market recap visuals (and a few insane graphs). […] The post A Gut Punch to Housing Demand (8% Rates) first appeared on Sacramento Appraisal Blog.

Appraisal 338
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

'Conspiracy' front and center as commissions trial kicks off

Real Estate News

On day two of the Sitzer/Burnett trial, the plaintiffs presented opening arguments, while the defense said conspiracy claims are "conjecture.

325
325
article thumbnail

ARE COMP PHOTOS A THING OF THE PAST?

The Appraiser Coach

Different types of appraisals call for different needs. As an appraiser, you are the most qualified to make choices regarding an appraisal. There are a lot of things you have to juggle, and clients and lenders have their own ideas of how it should be. What about in regards to comp photos? With the advent of the hybrid appraisal, it seems that the need for comp photos has become obsolete.

Appraisal 195
article thumbnail

DataDigest: Nearly 100,000 LOs have washed out

Housing Wire

For years broker channel evangelists told me that a down market would give them an edge on their retail brethren. Well, it’s certainly been a down market. How has the broker channel fared in the wake of the Fed rate hikes ? I asked the good folks at mortgage data technology firm InGenius to run the numbers. Take a look. “From the first six months of 2022 to first six months of 2023, brokers have increased their percentage from 23% to 28% while retail has decreased by that same percen

Retail 515
article thumbnail

Sitzer | Burnett: Live updates from the buyer-agent commission trial

Inman

The long-awaited Sitzer | Burnett commission trial is underway in Kansas City, Missouri, and Inman is covering it all live as it unfolds. Check back early and often for news, views, schedules and more.

Buyers 217

More Trending

article thumbnail

Existing Home Sales Plunge to 13-Year Low as Mortgage Rates Surge

Eyes on Housing

Existing home sales in September fell to lowest level since October 2010 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 of year-over-year median sales price increase.

Inventory 191
article thumbnail

In this brutal housing market, you’ll need to make $115K to buy the typical US home

Housing Wire

The last two years of soaring mortgage rates and rising home prices have brought the fastest erosion in housing market affordability in modern history, and it’s hurt first-time homebuyers the most. A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic in early 2022.

article thumbnail

Under their thumbs: The enigmatic homesellers behind Sitzer | Burnett

Inman

The plaintiffs in a class action antitrust suit challenging the real estate industry’s commission structure took to the stand Wednesday and Thursday to make the case that the practice of homesellers paying buyer agents is “unfair.

article thumbnail

Jury selected for landmark Sitzer/Burnett trial

Real Estate News

Lawyers jostled for position and weeded out ineligible jurors, including many who are members of the plaintiff class (Missouri home sellers).

Sellers 317
article thumbnail

10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today

Realtor

Getty Images While buying a home has always been a challenging milestone, today’s high interest rates have made this dream even harder to achieve. Over the past two years, interest rates on home loans have nearly doubled from the 3% range to around 7% today. This tacks many hundreds extra onto the monthly expense of housing, stretching some homebuyers’ budgets to the breaking point.

Mortgage 190
article thumbnail

Mortgage origination market should improve by 19% next year: MBA

Housing Wire

The trough for the mortgage origination market is nearing an end point and 2024 is shaping up to be a better year for the industry, economists of the the Mortgage Bankers Association (MBA) said at the 2023 Annual Convention & Expo in Philadelphia, Pennsylvania. The MBA doesn’t expect the Federal Reserve to hike interest rates further this year as real rates – which are inflation-adjusted– are 2%.

Mortgage 496
article thumbnail

How different generational groups approach real estate

Inman

With the sweeping changes in society, technology and economics over the past century, the differences in how each generation thinks, speaks, and makes decisions about luxury real estate opportunities have never been more pronounced.

article thumbnail

Attorneys spar over evidence of collusion in commissions trial

Real Estate News

On Day 4 of the Sitzer/Burnett trial, an expert witness for the plaintiffs said the current commissions system is a "clear case" of collusion and price fixing.

285
285
article thumbnail

Is EBV© Real Modernization?

George Dell

Appraisal modernization has been touted in different ways. It depends on the touter. “Modernization” is a good word for marketing. But what is “modernization” selling? Is it selling modern technology? The partitioning of appraisal workflow (initiator, AMC manager-selector, data collector-researcher, inspector, analyst, reporter, reviewer, decisioner)?

article thumbnail

Meet the homeowners giving up 4% mortgages and opting for cash-out refis

Housing Wire

In late August, when mortgage rates were well over 7% and beginning their climb toward 8%, Jeff Anderson had a client do what few other homeowners are willing to do: She gave up her 4% mortgage rate. You’re probably thinking, “Uh, why on earth would she do that?” The client wanted to pay off $30,000 in consumer debt, handle home improvement projects and help her daughter start college, said Anderson, a longtime mortgage advisor in Southern California.

Mortgage 479
article thumbnail

Gary Keller, Bob Goldberg among first to testify in Sitzer | Burnett

Inman

As the long-awaited commission trial begins, the Kansas City courtroom saw opening arguments followed by testimony from industry heavy-hitters including Gary Keller, NAR CEO Bob Goldberg and HomeServices of America President and CEO Gino Blefari.

Brokerage 197
article thumbnail

A world of difference in commissions outside US, jurors told

Real Estate News

On Day 5 of the Sitzer/Burnett trial, plaintiffs focused on steering, high fees in the U.S., and how buyer agent pay is handled differently in other countries.

Agents 279
article thumbnail

Single-Family Permits Decline in August 2023

Eyes on Housing

Over the first eight months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 615,453. On a year-over-year (YoY) basis, this is 15.6% below the August 2022 level of 728,866. Year-to-date ending in August, single-family permits declined in all four regions. The range of permit decline spanned 10.7% in the Northeast to 21.7% in the West.

article thumbnail

Regulation hasn’t caught up to generative AI

Housing Wire

Generative artificial intelligence (AI) has tremendous potential to cut costs and improve customer experience, but regulation has not caught up to develop a governance program, industry pros said of AI’s implementation in mortgage lending. Bias, discrimination, privacy and security concerns related to consumer information are some of the biggest risks in implementing generative AI, noted Brian Stucky, lead at Rocket Ethical AI at Rocket Mortgage. “We still do not have AI-specific regulati

article thumbnail

Agents steer buyers to homes with better commissions, study claims

Inman

The study by a trio of researchers analyzed hundreds of thousands of listings and found that those offering lower commissions to buyers' agents received less attention and took longer to sell.

Buyers 195
article thumbnail

Rental income from ADUs now can be counted towards an FHA mortgage

Real Estate News

Starting this week, the FHA has tweaked its borrowing rules to promote accessory dwelling units as a way to boost housing inventory and affordability.

Inventory 268
article thumbnail

ProTip: How to Add Fields to Your Form Templates

GoForrmz

Originally published on 12/08/2016 What are fields and why do I need them in my digital forms? Fields are the backbone and structure of your digital forms. Each field is designed to collect data from people who fill out your forms. Whether you’re creating a simple electronic signature form or a complex work order, every digital form needs fields to capture information.

Design 148
article thumbnail

Mortgage applications sink to 1995 levels as rates soar

Housing Wire

As the 30-year fixed mortgage rate increased for the sixth consecutive week to 7.70%, mortgage applications slumped, hitting their lowest level since 1995. Last Monday , in an attempt to calm the markets, a coalition of housing trade groups — including the Mortgage Bankers Association (MBA), National Association of Realtors (NAR) and National Association of Home Builders (NAHB) demanded that the Federal Reserve to provide clarity on the Fed’s rate path and its plans for the mortgage-backed secur

Mortgage 458
article thumbnail

NAR to shed 1M members if shared commission banned, analysts say

Inman

A report released Oct. 4 by the investment banking firm Keefe, Bruyette & Woods forecasts commissions to decline by at least 30 percent as a result of ongoing threats to the real estate industry.

article thumbnail

Home sales fall below 4 million for the first time in 13 years

Real Estate News

The summer sales slump continued through September, marking the seventh month of negative sales movement this year.

305
305
article thumbnail

Fannie’s Loan Buyback Sophistry Relies on Modifying Analysts’ Behavior

Appraiserblogs

“Many of the repurchase letters make no sense,” said the insider. If analysts don’t write enough defects on those files, they get hammered. If analysts fall short of their peers in “production points,” it’s considered their fault, said the insider. At the heart of Fannie Mae’s valuation system is a tool that shunts a subset of the millions of loans purchased by the mortgage giant each year into a “high risk” pool.

Valuation 142
article thumbnail

Stakes are high as first buyer broker commission lawsuit goes to trial today

Housing Wire

The long-anticipated Sitzer/Burnett class action commission lawsuit enters its first day in court on Monday, leaving real estate professionals to ponder the fate of today’s cooperation and commission practices. At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing.

Buyers 458
article thumbnail

Agent training, objection scripts on trial as Sitzer | Burnett ends Day 3

Inman

On Day 2 of witness testimony Wednesday, attorney Michael Ketchmark narrowed in on training materials and presentation slides he alleged violated antitrust policies held by the defendants.

Training 188
article thumbnail

Real Estate Board of New York to decouple buyer agent commission

Real Estate News

The board wrote that this change, which takes effect in January, “represents the future of how residential real estate is transacted.

article thumbnail

Fannie Mae Filed a Complaint Against Me

Appraiserblogs

An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a complaint against me with my state appraisal board. Here’s what happened. The Report In June of 2021, I completed an appraisal for a conventional purchase. The appraisal was ordered by an AMC on behalf of a lender. At that time, the real estate market was still being wildly affected by the COVID pandemic.

Appraisal 131
article thumbnail

4 tips for staying relevant as a real estate professional in 2023

Housing Wire

A friend of mine is a successful real estate professional in a competitive market. We often discuss changing housing market conditions, and the pressure real estate agents are under to stay relevant in the wake of increased competition. He built his business on an existing strong sphere. But as his business has grown, he increasingly has had to adjust and modify legacy strategies to better meet the needs of today’s market and maintain his strong foothold in the market.

article thumbnail

As objection handlers come under fire, these 7 ChatGPT ideas hold up

Inman

Although you need to be careful with ChatGPT and other AI platforms, they can offer a great resource for idea generation. We asked for ideas on handling objections and got some surprisingly solid suggestions.

Brokerage 183
article thumbnail

Brokerage Beat: News from Compass, ERA, Real, The Agency, RE/MAX, more

Real Estate News

Compass regains a team, adds another; ERA gains two Florida affiliates; Real expands in NorCal; The Agency launches in Salt Lake City; RE/MAX adds 15 offices.

Brokerage 254