Sat.Jan 27, 2024 - Fri.Feb 02, 2024

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Are sellers finally starting to thaw out?

Sacramento Appraisal Blog

Frozen. Stuck in place. Not moving. That pretty much describes sellers. But in 2024 there’s a flicker of hope as sellers have thawed out just a bit. I’ll explain what I mean below, and I suspect many markets around the country are experiencing a similar trend. Any thoughts? UPCOMING (PUBLIC) SPEAKING GIGS: 01/31/24 Joel Wright […] The post Are sellers finally starting to thaw out?

Sellers 381
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Homebuyer assistance programs rose to nearly 2,300 in 2023

Housing Wire

The U.S. housing market has reached its least affordable point in decades and housing agencies have increasingly rolled out homebuyer assistance programs to tackle this issue. A total of 135 new homebuyer assistance programs were introduced in 2023, a 6% increase over the previous year. This brought the nationwide tally up to 2,294, according to Down Payment Resource’s fourth-quarter Homeownership Program Index (HPI) report.

Landlords 516
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Judgment or Analysis?

George Dell

Appraiser judgment is required. Analysis is reduction and logic. Analysis comprises reasoning and reducing the problem into well-mannered parts. Logic can be mathematical/absolute, or it may involve uncertainty/probabilistic reality. Reduction is the act of separating a larger problem into manageable parts. Judgment, in (traditional-legacy) appraisal, is emphasized in picking comps (data selection).

Appraisal 195
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Homes.com earns top 100 finish on global SEO ranking list

Inman

German search engine optimization (SEO) platform SISTRIX ranked portal Homes.com No. 43 on a list of fastest-growing domains in the U.S. The company has been ranking domains for 15 years.

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AMCs Violating TILA and C&R Fee Clauses

Appraiserblogs

Fellow Appraisers, the appraisal industry has been facing a major issue with AMCs violating the Truth in Lending Act (TILA) and the Customary and Reasonable fee clauses. This has not only caused harm to consumers but also to appraisers who are struggling to make a living. Despite efforts to bring this issue to light, it has been largely hidden from the public and regulators.

Appraisal 158
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Housing demand rises as inventory falls

Housing Wire

Housing demand is up and it’s time to track the spring housing data and see what the selling season will bring. As I always stress, we are working from the lowest bar ever with demand, so let’s add historical context to the data. But, even with mortgage rates higher this year than last year, demand is rising. Purchase application data As we get closer to the end of the first month of 2024, forward-looking purchase application data looks good.

Inventory 523

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Prioritizing the needs of young renters in multifamily housing

Inman

Millennials began reshaping multifamily housing in compelling ways, writes Michael Zaransky, and Gen Z promises to accelerate that change. Property managers must be ready.

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Unlocking Property Value: The Essential Role of Residential Appraisals

Appraisal Partners Blog

The post <div class="hrt">Unlocking Property Value: The Essential Role of Residential Appraisals</div> appeared first on Appraisal Partners.

Appraisal 148
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Redfin launches new homebuyer refund program

Housing Wire

Redfin is back to offering refunds to homebuyers but this time under a new name. Launched on Thursday, the brokerage’s Sign & Save program provides buyers who sign up to work with a Redfin agent before their second home tour — and who purchase a property with that agent within 180 days of signing the agreement — a refund of 0.25% to 0.5% of the purchase price of the house.

Agents 482
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Homeownership Rate Dips to 65.7% Amid Housing Affordability Woes

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate declined to 65.7% in the last quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates. This is 0.3 percentage points lower from the third quarter reading (66%). Compared to the peak of 69.2% in 2004, the homeownership rate is 3.5 percentage points lower and.

Mortgage 151
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Zillow’s Immerse app promises ‘jaw dropping’ 3D home tours

Inman

Zillow Immerse is the latest in a series of software releases from the home search leader as it moves toward an agent services model, collectively referred to as its “super app.

Agents 187
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Class Valuation Requests for Proposals

Appraiserblogs

It turns out they were actually rejecting your proposals and not your bids! It’s time to grab your popcorn and settle in for another round of AMC shenanigans. Last week, Class Valuation, the esteemed AMC known for their impeccable reputation, sent out an email to appraisers claiming that they do not “bid for the cheapest and fastest appraisal.” Instead, they send out a request for proposal, because apparently, they are now a Fortune 500 company looking for fancy proposals from appraisers.

Valuation 128
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Keller Williams settles the Sitzer/Burnett commission lawsuit for $70 million

Housing Wire

Keller Williams has decided to bow out of the Sitzer/Burnett commission lawsuit. On Thursday, the Gary Keller-helmed brokerage notified the federal court in Missouri that it had entered into a settlement agreement with the plaintiffs in the Sitzer/Burnett suit. The settlement settles all home seller lawsuits nationwide. According to Keller Williams spokesperson Darryl Frost, the firm will pay $70 million as part of the settlement agreement.

Agents 482
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Job Growth Surges in January

Eyes on Housing

The U.S. economy entered the new year with a strong gain in payroll employment and an unchanged unemployment rate. Job gains in November and December were much stronger than initially estimated, according to revisions of the establishment survey data. January’s jobs report shows that the job market remains unexpectedly strong despite the impact of the highest interest rates in two.

Marketing 130
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10 powerfully effective ChatGPT prompts for 2024

Inman

Jimmy Burgess shares 10 specific prompts designed for real estate agents that will help you generate leads, grow your business and serve your clients at the highest level possible.

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UAD Redesign Timeline

Appraiserblogs

Appraisers, to see more about the upcoming new UAD currently in design, read the Updated Timeline link in the message below. My concern at this point is ‘training’ materials will be available in Q4 2024, but actual implementation of the ‘new reporting process’ won’t begin until Q3 2025 with limited production, into 2026. Note that in the future “form numbers” won’t be used.

Training 106
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Mortgage rates decline after Fed pauses hikes once more

Housing Wire

Mortgage rates continued their downward plunge this week as inflation keeps decelerating. The 30-year fixed-rate mortgage averaged 6.63% as of Feb. 1, a decrease from last week’s figure of 6.69%, according to Freddie Mac ’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 5.94% this week, down from 5.96% during the prior week.

Mortgage 475
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Fed Decision: Shifting Expectations toward Future Rate Cuts

Eyes on Housing

The Federal Reserve’s monetary policy committee held the federal funds rate constant at a top target of 5.5% at the conclusion of its January meeting. The Fed will continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities as part of quantitative tightening and balance sheet normalization.

Mortgage 126
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Fed policymakers want more data, dash hopes of March rate cut

Inman

Fed Chair Jerome Powell says a rate cut at the central bank's next meeting is not "the base case," with policymakers wanting to see more data showing inflation is on a sustainable path down to 2 percent.

Mortgage 190
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Implementing GoFormz to Achieve Your 2024 Business Goals

GoForrmz

In 2024, the need for faster and simpler work methods is more important than ever. And that’s where GoFormz comes in. We offer powerful digital forms that revolutionize traditional paperwork and empower you to focus on more important tasks. Learn how GoFormz can help you improve your work processes, save money, and create an agile work environment. Say Goodbye to Paper Costs Paper, ink, storage cabinets, you name it.

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NAR “sets the record straight” on commissions

Housing Wire

After months of plaintiffs’ lawyers in commission lawsuits claiming that the National Association of Realtors sets real estate agent commissions, the trade group finally decided to, in its words, “set the record straight.” In a video posted on Wednesday, NAR interim CEO Nykia Wright told viewers that, “the notion that the National Association of Realtors controls what real estate professionals get paid is wholly untrue.

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Little Change for Number of Open Construction Jobs

Eyes on Housing

Due to tightened monetary policy, the count of total job openings for the entire economy has trended lower in recent months. This is consistent with a cooling economy that is a positive sign for future inflation readings. However, the December data showed an uptick due to stronger than expected GDP growth for the fourth quarter of 2023. In December, the.

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New American Funding acquires Draper and Kramer Mortgage

Inman

"Strategic move" expands New American's footprint in the Midwest and East Coast regions, with a majority of DKMC's loan originators and support staff to be retained.

Mortgage 192
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No Power Bills in This Florida Community

Empire Appraisal Group

Westend61 / Getty Images Source: [link] No Power Bills in This Florida Community Hunter’s Point, located in Manatee County, is the world’s first LEED Zero Energy certified residential development. CORTEZ, Fla. – The 86 homes built or planned for Hunters Point, located in Cortez, have no electricity expenses, with 14 solar panels and a 12-kilowatt-hour home battery in the utility closet of each home.

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9 tips for high-converting real estate landing pages

Housing Wire

Sure, your real estate landing pages look great — but do they convert? A good real estate website includes more than just drool-worthy images of homes priced to sell. Your real estate website should serve multiple functions, almost like a digital business card with an MLS listing storefront, a booking platform, a home valuation page, and even your background story and biography.

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ProTip: Mastering GoFormz Audit Logs Before Tax Season

GoForrmz

Are you leveraging these features in GoFormz to track and monitor your digital forms? Audit season is here, is your business ready? Conducting audits is an integral aspect of business operations, and often not the most enjoyable part. Whether facing audits from government or industry entities, or undergoing internal process audits, they can be intimidating.

Legal 78
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Blowout January jobs report has mortgage rates surging again

Inman

Employers added 353,000 workers to their payrolls in January, a "head scratching" jobs report from the Labor Department that kills prospects for a March rate cut "stone dead," economist says

Mortgage 184
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$2 Trillion in Commercial Debt is Coming Due—What Does That Mean for the Industry?

BiggerPockets

Over the next four years, commercial debt bills will total a whopping $2.8 trillion many of which are balloon payments. It's led to the steepest drop in commercial asset valuations in recent history and created tremendous anxiety amongst investors. Where does the market go from here?

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Jobs data sends mortgage rates higher

Housing Wire

Today we got a jobs Friday hat trick! Better headline jobs were reported, with positive revisions and more robust wage growth, which caught bond traders off guard and sent bond yields and mortgage rates higher today. Now, we do have some quirky seasonality issues with this report, but as I have often stressed, don’t look at one to two positive or negative job reports; take the longer-term trend.

Mortgage 459
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Nicole Vermillion Honored with the 2023 Meghan Martin Award

Lamacchia Realty

The Meghan A. Martin award is presented annually to an agent whose actions embody the many things that Meghan stood for and demonstrated every day. This year, we are honored to present the 2023 Meghan A. Martin Award to Nicole Vermillion. “Nicole has such a big heart, and her kindness and compassion towards others remind me so much of Meghan. She is truly a selfless person, and her ability to touch people's lives is a beautiful tribute to our dear friend's memory.

Realty 68
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New York Comptroller asks eXp to investigate sexual assault claims

Inman

The office of New York State Comptroller, which holds nearly 27,000 shares of eXp World Holdings stock, sent a letter to eXp CEO Glenn Sanford requesting he establish an independent committee to formally look into the allegations.

Realty 187
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Watch Out: Accredited Investor Minimums Might Increase Soon—Here’s How That Impacts Investors

BiggerPockets

Every four years, the SEC weighs in on accredited investor requirements. After loosening the requirements in 2020, more than 18% of U.S. households now qualify, making the SEC worry that there might just be far too much access to accredited-only resources. Here's what you need to know about the possible changes coming.

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Announcing the 2024 Tech100 Mortgage Winners!

Housing Wire

The Tech100 Mortgage award celebrates the most innovative and impactful organizations in housing. More than just an acknowledgment; the Tech100 award is a testament to the transformative impact these companies have made, propelling the mortgage sector into new realms of efficiency, transparency and accessibility. Now in its 12th year, the Tech100 program provides housing professionals with a comprehensive list of the most innovative and impactful organizations in the industry.

Mortgage 460
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Michelle Wesson Wins 2023 Employee Referral Award for the Third Year in a Row

Lamacchia Realty

We are proud the announce that the winner of the 2023 Employee Referral Award is Michelle Wesson! For the third year in a row, Michelle has earned this award for referring the most buyers and sellers into the company. All the clients Michelle has brought in have all been referred out to our Lamacchia Realty REALTORS. Michelle is a Success Guide at Lamacchia Realty, and in this role, she has helped hundreds of our agents grow their business!

Realty 68