Sat.Apr 29, 2023 - Fri.May 05, 2023

article thumbnail

Improved Affordability Expectations Lead to More Engaged Buyers

Eyes on Housing

Improvements in affordability expectations have led to an increase in the share of prospective buyers who have moved beyond just the planning phase of their home search: 56% report being actively engaged in the purchase process in the first quarter of 2023, up from 46% a quarter earlier. The share of prospective buyers actively searching for a home rose in.

Buyers 185
article thumbnail

Housing Market Tracker: Spring inventory grows

Housing Wire

The spring housing market music is playing, and purchase application data and active listing inventory rose together last week. The fear of not having an increase in inventory this spring should be put to rest. The other focus should be where mortgage rates go; only a little happened last week. Here’s a quick rundown of the last week: Active listing rose 8,260 week to week, down a bit from last week’s gain, but I’m not complaining — anything on the plus side is positive.

Inventory 520
Insiders

Sign Up for our Newsletter

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

article thumbnail

Sellers sitting out of the housing market & buyers getting concessions

Sacramento Appraisal Blog

Sellers have been sitting out of the housing market, and it’s made a massive difference in 2023 so far. Today I want to show what’s happening with new listings and talk about concessions. I hope this is useful, whether you’re local or not. Scroll by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 5/4/23 Housing Market […] The post Sellers sitting out of the housing market & buyers getting concessions first appeared on Sacramento Appraisal Blog | Real Estate A

Sellers 254
article thumbnail

Bob Hale: 50 years at HAR, and the pursuit of greatness

Real Estate News

During his five decades as a member of HAR and 35 years as president and CEO, Hale has driven innovation in his organization and the industry at large.

269
269
article thumbnail

Regulation Education?

George Dell

Around 1986, licensing and education efforts started – in order to “help prevent another crisis” like the Savings and Loan meltdown of those mid-1980’s. Effectively, the standards of the professional appraisal organizations were adopted in a joint effort of those groups. Then the “congressionally authorized” non-profit Appraisal Foundation took over licensing as well as standards […] The post Regulation Education?

Appraisal 195
article thumbnail

Jobs data shows the labor market is normalizing

Housing Wire

Is the labor market finally normalizing? Jobs Friday data came in as a beat of estimates, but the labor market is clearly starting to come back to earth, killing the fear of 1970s wage spiral inflation. We’ve had a good week’s worth of data to show that the Federal Reserve is starting to get what it wants if you know where to look. The headline jobs data beat estimates, but we did have 149,000 negative revisions to the previous month’s data.

Marketing 485

More Trending

article thumbnail

Top brokers talk industry’s biggest challenges — lawsuit and all

Real Estate News

In a panel discussion, leaders of four fast-growing brokerages shared their thoughts on agent attrition, the commissions lawsuits and other hot topics.

Brokerage 256
article thumbnail

Unaffordable Prices Are Most Common Reason Buyers Can’t Make Purchase

Eyes on Housing

An earlier post revealed that 71% of buyers who were actively engaged in the process of finding a home in the first quarter of 2023 have spent 3+ months searching for a home without success. The inability to find an affordable home remains the most common reason buyers looking for 3+ months can’t make a purchase, cited by 40% (compared.

Buyers 193
article thumbnail

The 2023 housing market is at odds with itself

Housing Wire

A paradoxical picture is emerging as the spring market is underway. On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. On the other hand, inventory is still low, and homes are still selling fast, often with multiple offers. All major housing market metrics point to a restrained housing market.

article thumbnail

Opendoor CEO Carrie Wheeler on Q1 earnings and the iBuyer’s future

Inman

The chief executive of the largest iBuyer spoke to Inman about Opendoor's first-quarter earnings on Thursday — and expectations that the company is turning a corner after a rough 2022.

article thumbnail

CTO gets Real about new AI tools, and risks

Real Estate News

ChatGPT is not hard to add to your site. The challenge comes in doing it the right way, so you don’t hurt your brand with “hallucinations.

Tools 258
article thumbnail

Homeownership Rate Unchanged at 66%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the first quarter of 2023, amid persistently tight housing supply. The homeownership rate remained statistically unchanged from the fourth quarter reading (65.9%). It is 0.6 percentage points higher than the rate in the first quarter of 2022. Compared to the peak of 69.

178
178
article thumbnail

Incoming data will dictate future mortgage rate shifts, experts say

Housing Wire

The Federal Reserve affirmed on Wednesday that its next key federal funds rate hikes will depend on incoming data. In turn, economists and housing industry experts have now turned their attention toward the June meeting, as that decision will dictate the future movement of mortgage rates. The Fed’s move on Wednesday was well anticipated and should not cause a major shift in mortgage and other interest rates, experts noted.

Mortgage 421
article thumbnail

$5.48M mid-century sale is biggest Sierra Madre deal in 20 years

Inman

The 1975-era home closed at $1 million over asking, Inman has learned exclusively. Buyers have flocked to Sierra Madre, California, for its privacy and access to nature, as many people continue to work remotely.

Buyers 162
article thumbnail

Bright MLS CTO Frank Major has died

Real Estate News

Frank Major is remembered as a “smart and kind” leader who served on the board of RESO and Byte Back, an organization working to close the digital divide.

244
244
article thumbnail

The Fed Hints at an End for Rate Hikes

Eyes on Housing

The Federal Reserve’s monetary policy committee raised the federal funds target rate by 25 basis points at the conclusion of its May meeting. Although the communication from the Fed did not explicitly indicate that they are done tightening, language used in their statement signals the Fed is moving toward a more data-dependent posture, albeit one that retains a hawkish bias.

174
174
article thumbnail

DataDigest: The remarkably resilient agent commission rate

Housing Wire

On Friday afternoon, my real estate agent called with good news. “Congratulations!” she said. “You just sold your house.” The agent wished me well and said that she would appreciate a review on her website. And that was that! A little backstory: The four-bed, 1.5 bath house in the Poconos showed well and I priced it very competitively – at $269,000.

Agents 410
article thumbnail

What agents need to know as the complex mortgage fee hike kicks in

Inman

Loan-level pricing adjustments — a fee on mortgages — led to widespread misinformation leading up to the May 1 hike. Inman spoke to experts about what the changes mean for homeowners.

Mortgage 162
article thumbnail

Home prices up modestly, with bigger gains in the forecast

Real Estate News

CoreLogic’s home price report for March found that prices in the U.S. increased 3.1% annually, though gains (and losses) varied across the country.

245
245
article thumbnail

Construction Job Openings Trending Lower

Eyes on Housing

The count of open, unfilled jobs for the overall economy declined again in March, falling to 9.6 million, after an 11.2 million reading in December, which was the highest level since July. The count of open jobs was 12 million a year ago in March 2022. The count of total job openings should continue to fall in 2023 as the.

article thumbnail

Opinion: Setting the record straight on mortgage pricing

Housing Wire

Recently, the director of the Federal Housing Finance Agency (FHFA) issued a statement clarifying the agency’s rationale for changes to loan level pricing adjustment (LLPA) fees going into effect on May 1. The changes have created some controversy due to the fact that better credit quality borrowers will experience higher fees after May 1 than under the current LLPA grids and vice versa for lower credit quality borrowers.

Mortgage 410
article thumbnail

Keller Williams scoops up second Arizona-based indie of 2023

Inman

Twelve-year-old independent brokerage Tru Realty has joined Keller Williams, according to an announcement on Thursday. Tru Realty has generated $450.6 million in sales volume since 2021.

Realty 162
article thumbnail

Shark Tank star’s advice for 'fellow sharks' in real estate

Real Estate News

Daymond John knocked on the right door to grow the FUBU brand and his own career, with a lot of hustle and a little help from LL Cool J.

article thumbnail

AMC Hires a Convicted Felon as Property Data Collector

Appraiserblogs

The recent case of Paschal Uchendu, a convicted felon awaiting sentencing for orchestrating a $1.2 million armed robbery of a courier van, which he was entrusted to secure, is cause for alarm when it comes to the use of unlicensed property data collectors. The largest appraisal management company had hired Mr. Uchendu as one such property data collector despite his criminal background and pending legal issues – clearly demonstrating their lackadaisical attitude towards vetting employees who are

Law 147
article thumbnail

Rocket reports another big financial loss, but says there’s light at the end of the tunnel

Housing Wire

Elevated mortgage rates hurt Rocket Companies , the parent of Rocket Mortgage , again in the first quarter of 2023. Rocket has been cutting expenses and targeting purchase business, but the firm was unable to achieve profitability in Q1 in a shrinking mortgage market. The Detroit-headquartered lender sustained a $111 million adjusted net income loss in the first quarter, following a $197 million loss in the fourth quarter.

article thumbnail

Aptly named PayProp is a U.K. proptech import landlords will welcome: Tech Review

Inman

There’s not an over abundance of spreadsheets or charts (there are some) but instead a series of clean dashboards that track payments, outgoing expenses, revenue streams and tenants.

Landlords 162
article thumbnail

Mortgage fee changes raise costs for some, lower costs for others

Real Estate News

The new mortgage fee structure taking effect today is an attempt by the FHFA to create "equitable and sustainable access to homeownership.

Mortgage 248
article thumbnail

Supporting Construction Safety with GoFormz Digital Forms

GoForrmz

Prioritize safety without the burden of additional paperwork It’s officially Construction Safety Week, and it’s no secret that OSHA’s updated fine multiplier might be giving construction teams everywhere some additional motivation to keep safety top of mind. While the safety mandates and guidelines haven’t changed, the increased violation penalties put more pressure on businesses to prioritize safety.

article thumbnail

Mortgage demand falls despite a decline in rates

Housing Wire

30-year fixed mortgage rates declined slightly last week, the first rate drop in three weeks, but it wasn’t enough to boost mortgage demand. Mortgage applications fell last week by 1.2% on a seasonally adjusted basis compared to one week earlier, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The 30-year fixed rate decreased five basis points to 6.5% last week, which is still 114 basis points higher than a year ago, Joel Kan , MBA’s vice pr

Mortgage 397
article thumbnail

Redfin narrows losses as revenue falls 45% in first 3 months of 2023

Inman

Redfin's Q1 revenue declined 45 percent year over year to $325.7 million, as gross profits from its real estate services took a tumble amid a harsh housing market, according to an earnings call Thursday.

article thumbnail

Tech Bytes: News from CRMLS, ShowingTime+, SentriLock, more

Real Estate News

CRMLS partners with Local Logic; Listing Media Services expands; Restb.ai and SentriLock each add 2 partners; news from CubiCasa, TrustFunds and Reliance.

231
231
article thumbnail

FAQ #17: Do I Need To Have My Home Appraised Before I List It For Sale?

Riverfront Appraisals

Selling your home can be a major financial decision, and it’s important to ensure that you get the best possible price for your property. One of the best ways to determine your home’s value is by getting it appraised by a licensed or certified appraiser. An appraisal is an unbiased estimate of the value of […] The post FAQ #17: Do I Need To Have My Home Appraised Before I List It For Sale?

Appraisal 115
article thumbnail

You can’t buy what’s not for sale in the housing market

Housing Wire

The housing market functions differently than other markets because it can be characterized as a heterogeneous, thinly traded, illiquid market. In other words, it’s a diverse market with a wide variety of different homes of varying ages and levels of repair, and sales happen very rarely. And there’s another thing that separates the housing market from other markets — the buyer is often also the seller.

article thumbnail

Zillow begins ‘critical’ year with mounting losses, falling Q1 revenue

Inman

Zillow brought in $469 million in revenue, according to an earnings call Wednesday, falling 13 percent from the $536 million it brought in a year earlier during a period that preceded the rate hikes and sluggish sales.