Sat.Nov 04, 2023 - Fri.Nov 10, 2023

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Have mortgage rates peaked for this cycle?

Housing Wire

After mortgage rates spiked to 8% in October, causing a riot in the real estate industry, we had an epic move lower in mortgage rates last week. Does this mean we’ve hit the peak in mortgage rates for this economic cycle? The history of economic cycles and mortgage rates would say yes, but only if the market believes the Federal Reserve is done hiking rates and being hawkish and the labor data gets softer from here.

Mortgage 462
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The housing market during a presidential election year

Sacramento Appraisal Blog

What’s going to happen to the housing market with a presidential election year coming? There are so many ideas. I’ve heard stuff like, “Rates usually go down during a presidential year,” or “The market is likely going to be stronger because one party is trying to stay in power.” But are these things really true? […] The post The housing market during a presidential election year first appeared on Sacramento Appraisal Blog.

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Don’t believe the doomsayers — buyer agency is here to stay

Real Estate News

Following the Sitzer/Burnett verdict, the internet has been buzzing about the end of buyer agency. Industry expert Russ Cofano says that's just a lot of noise.

Buyers 309
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Market Value Or Comparable Value?

George Dell

Market value or comparable value? What does that mean? It means we form market value opinions. Specifically, credible market value opinions. Credible in this case must mean more than merely “…worthy of belief…” since USPAP contains no indication of who’s belief we seek. It means, therefore, worthy of the market’s belief since the market is […] The post Market Value Or Comparable Value?

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30-year mortgage rates see largest one-week drop in a year, reviving mortgage demand

Housing Wire

As 10-year Treasury yields tumbled, the average 30-year fixed mortgage fell 26 basis points in the week ending Nov. 9, the largest one-week decrease since last November. The 30-year, fixed mortgage averaged 7.5% as of Nov. 9, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down significantly from last week ’s 7.76% and up from 7.08% the same week a year ago.

Mortgage 457
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THE BEST WAY TO PREDICT THE FUTURE

The Appraiser Coach

Getting older got you thinking about retirement? Well, hopefully this isn’t the first time it’s crossed your mind. It’s never too early to think about what you want your job to look like long term. And the ideal retirement plan might look different for you than it does your neighbor. Maybe you have a last day, turn in your keys, buy an RV and travel the country.

Finance 195

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Rising Mortgage Rates Push Housing Affordability to Lowest Level in Index History

Eyes on Housing

Rising mortgage rates, elevated construction costs and limited existing inventory helped push housing affordability in the third quarter of 2023 to its lowest level in more than a decade. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), just 37.4% of new and existing homes sold between the beginning of July and end of September.

Mortgage 197
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Commission lawsuits spread to Manhattan

Housing Wire

It appears that no real estate brokerage firm in the U.S. is safe from a commission lawsuit. On Wednesday, Manhattan home seller Monty March filed a lawsuit in U.S. District Court in the Southern District of New York, alleging that Real Estate Board of New York rules governing the multiple listing service in Manhattan kept commissions high and violated state and federal antitrust laws.

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10 Costs of Buying a Home You Need To Know About

Realtor

iStock The costs of buying a home go well beyond the actual purchase price. If you’re a first-time home buyer , you might get a little queasy when the last line of your good-faith estimate comes in at several thousand dollars. And after the color returns to your face, you might also be a little more than perplexed by some of those fees. Knowing what you’re paying for when you’re buying a home—like these 10 costs of buying a home—can ease that check-writing pain.

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Compass CEO expresses 'confidence' in commissions following verdict

Real Estate News

In the Q3 earnings call, Robert Reffkin said Sitzer/Burnett probably won't lower commission splits, highlighted the company's strength despite continued losses.

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Commission lawsuits are piling up. Keep track of them all right here

Inman

In the wake of the Sitzer | Burnett verdict, the number of bombshell lawsuits has rapidly multiplied — putting more pressure than ever on real estate's status quo. Here's a rundown of all the cases.

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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

The guilty verdict of the landmark Sitzer/Burnett commission lawsuit case sent shockwaves across the real estate industry. In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5% down.

Agents 443
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Porches on New Homes as Popular as Ever

Eyes on Housing

Porches have been a popular home feature, consistently ranking in the top 10 in the NAHB surveys of recent and prospective home buyers published in What Home Buyers Really Want. And porches remain as popular as ever specifically on new homes, according to NAHB tabulation of the latest Survey of Construction (SOC, conducted by the U.S. Census Bureau with partial.

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Post-verdict picture: Denial, anger and rethinking buy-side pay

Real Estate News

During a webinar, T3 Sixty leaders acknowledged that emotions are running high as they talked through potential implications of the Sitzer/Burnett verdict.

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3 timeless strategies for agents to prepare for productivity in 2024

Inman

Believe it or not, there are less than two months left in 2023. And there’s no better time than right now for real estate agents to evaluate their recent productivity and establish the framework for success in the year ahead.

Agents 191
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Housing authorities and lenders added 54 homebuyer assistance programs in Q3: report

Housing Wire

A total of 2,256 homebuyer assistance programs are available in the U.S. housing market after 54 programs were added in the third quarter, according to Down Payment Resource (DPR), a homebuyer assistance program data and solutions firm. Among the available homebuyer assistance programs were 295 that allow borrowers to lower their interest rates by paying an upfront fee, according to DPR’s homeownership program index report.

Insurance 438
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Consumer Debt Grows at Slowest Pace Since 2020

Eyes on Housing

Consumer credit outstanding growth slowed to 0.4% in the third quarter of 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving debt grew 8.6% and nonrevolving debt declined 2.4%. On a monthly basis, revolving credit outstanding increased just 3.0% in September after surging 14.6% in August (SAAR). Total consumer credit outstanding stands at $4.98 trillion.

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Seasonality, regional divergence key trends to watch

Real Estate News

Lance Lambert, former real estate editor at Fortune, discussed his theory of the market’s headwinds and tailwinds — and the “tug-of-war” they’re playing.

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Inman reveals winners of inaugural Best of Proptech awards for 2023

Inman

In recognition of the entrepreneurs, venture capitalists and visionaries pushing real estate forward, the "Best of Proptech" honors cap the yearlong expansion of Inman's awards program.

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5 strategies for smarter outreach, networking

Housing Wire

Between rising mortgage rates and soaring loan production costs this year, many lenders and brokerage leaders are reducing headcount to preserve their bottom line. As a result, many mortgage and real estate professionals may find themselves checking out LinkedIn , whether to search for a new position or make connections in anticipation of the future.

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Small Jump In Mortgage Activity As Rates Decrease

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending November 3rd, total mortgage activity increased 2.5% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell 25 basis points to 7.61%. The FRM rate has decreased by 6 basis points over the past month but has hovered between 7.5% and 8.0% for six consecutive weeks.

Mortgage 174
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A post-verdict future is taking shape fast — here’s what to do

Real Estate News

More settlements and MLS changes are coming, the CEOs of NextHome and T3 Sixty say. Agents need training, and they’re not the only ones.

Training 281
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Mother of all commission suits filed in Illinois, this time by homebuyers

Inman

"Batton 2," exponentially larger in scope than Sitzer | Burnett and the Moehrl commission suits, was filed last week in Illinois and takes aim at many of the defendants in another new suit called Gibson.

Realtors 182
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All-cash transactions gain traction amid high mortgage rates: Redfin

Housing Wire

In September, all-cash purchases represented one-third of the U.S. home purchases, compared to 29.5% a year ago, according to a Redfin report. It’s the highest share of all-cash transactions recorded since 2014. Cleveland posted the highest share of all-cash purchases in September, reaching 49.2% of all transactions. West Palm Beach and Jacksonville in Florida followed with 49% and 46.2%, respectively.

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Capture Data on the Go With GoFormz

GoForrmz

Originally published on 02/22/2019 GoFormz makes it incredibly easy to digitize your forms, automate your communication and collaboration, and run reports on your collected data Staying ahead of the competition often depends on the ability to process information quickly, communicate seamlessly, and respond to challenges and opportunities accurately.

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Brokerage on a mission gives millions back to military families

Real Estate News

In a Navy town, McKenzie Better Homes and Gardens Realty supports military families and veterans with more than the typical real estate services.

Brokerage 259
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Real estate software is reaching critical mass. What’s the solution?

Inman

In physics, critical mass is a nuclear term. It’s the minimum amount of a given material that you need to set off a self-sustaining chain reaction. While that may be a good thing in nuclear physics — where you typically want to start chain reactions — you don’t usually want to see the same sort of reaction in a business setting.

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7 money moves to make now for a prosperous 2024

Housing Wire

While the last months of the year can be a hectic time in your professional and personal life, it’s also the ideal time to make strategic money moves for a more prosperous New Year. Here’s a financial checklist that real estate agents and mortgage professionals should complete before the end of the year for more success and financial security in 2024. 7 money moves for a prosperous New Year Use these seven tips to save money, get additional tax benefits and make the most of your ins

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Seller Filed a Racial Bias Complaint Against Me

Appraiserblogs

So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller… Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process.

Sellers 126
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Commissions verdict casts a long shadow over Q3 earnings

Real Estate News

Zillow, Redfin and CoStar assured investors that they can withstand “massive disruption,” while others discussed efficiencies and even some avenues for growth.

Investors 246
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South Carolina homesellers latest in line to sue NAR, Keller Williams

Inman

A new commission lawsuit filed Monday seeking class-action status alleges sellers encountered "illogical, harmful, irrational and anticompetitive effects" of NAR's cooperative compensation rule.

Sellers 177
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Illinois homebuyers file second commission lawsuit, and it may be the largest one yet

Housing Wire

Another day and another class-action antitrust commission lawsuit accusing the real estate industry of colluding to inflate real estate agent commissions has been filed. But this latest one comes with a twist — it was filed by homebuyers, unlike the others filed by home sellers. Known as Batton 2, after the lead plaintiff Mya Batton, the lawsuit accuses Compass , eXp World Holdings , Redfin , Weichert Realtors , United Real Estate , Howard Hanna and Douglas Elliman of conspiring to artific

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Demand Falls, Standards Remain Tight for Real Estate Loans in Q3 2023

Eyes on Housing

According to the Federal Reserve Board’s November 2023 Senior Loan Officer Opinion Survey (SLOOS), lending standards tightened for all commercial real estate (CRE) loan categories and most residential real estate (RRE) categories in the third quarter of 2023. Moreover, demand for RRE and CRE loans weakened across all categories over the quarter. A higher net percentage of banks reported tighter.

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Big rate drop could mean flurry of Thanksgiving home sales

Real Estate News

Mortgage rates took a dive this week, experiencing the largest one-week decline in a year.

Mortgage 323