Sat.Nov 19, 2022 - Fri.Nov 25, 2022

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Is the Definition of Market Value Outdated?

George Dell

Editor’s Note: Is the Definition of Market Value Outdated? is a Guest Post from Bruce Hahn, SRA, MAI, CRE, CCIM. Why has the current definition of market value been around without change for so long? Many decades in fact! Not much of it seems applicable to the realities of at least the last decade nor […]. The post Is the Definition of Market Value Outdated?

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Buydowns become key for buyers to beat the market

Housing Wire

It’s a terrible time for homebuyers. Mortgage rates for a 30-year fixed-rate loan are hovering around 7% levels and still-high home prices are slashing purchasing power. What helped Erica Davis, a loan originator at Guild Mortgage , in the current high-rate environment is a seller-funded temporary 2-1 rate buydown. By taking advantage of the 2-1 temporary rate buydown, Davis was able to lower her 7.25% mortgage rate by 2% in the first year and by 1.5% in the second year.

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Bringing up the housing market during Thanksgiving dinner

Sacramento Appraisal Blog

I don’t recommend talking about real estate during Thanksgiving dinner, but if you need some flavorful conversation, I’ve got you covered. UPCOMING (PUBLIC) SPEAKING GIGS: 12/5/22 SAFE Credit Union market update on Zoom (register here (free)) 1/18/23 WCR Market Update in Cameron Park (details TBD) 1/19/23 Big market update at SAR on Zoom (details TBD) 1/23/23 […].

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Gain for Custom Home Building

Eyes on Housing

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building expanded during the third quarter of 2022 despite broader market weakness. There were 59,000 total custom building starts during the third quarter of the year. This marks a 5% increase compared to the third quarter of 2021 in terms of year-over-year change.

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AVMs… The Not So Accurate Magic Bullet

Appraiserblogs

That article mentioned three on-line services which claim to provide accurate property values. In alphabetical order, those services were REDFIN, ReMax, and Zillow. Folks, in all the diatribes against appraisers by people who believe “we” have built-in systemic bias, the topic of AVMs has come up. Some of the diatribers apparently think that using an AVM will magically produce an accurate property valuation, while eliminating bias, and appraisers.

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Mortgage rates dropped again, so why are some borrowers on the sidelines?

Housing Wire

Recent declines in mortgage rates, which are due to a slowdown in inflation growth, have been enough to convince some borrowers to apply for new home loans, according to recent data on mortgage applications. . However, there are still forces pushing many borrowers — mainly lower-income buyers — to stay on the sidelines, industry experts say. . The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage slowed its downward trajectory this week, declining three basis point

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97% Built-for-Rent Multifamily Construction Share

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the third quarter of 2022. At 141,000 units started, this was the largest quarter for rental multifamily construction since the second quarter of 1986. The market share of rental units of multifamily construction starts increased to 97% as the already small condo.

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5 Benefits of Appraisal Services

Appraisal Hub

The Toronto housing market is slowing down, showing a 6% decline in October 2022 compared to the same period last year. Now might be the best time to sell your home and avoid further falls in the market. But to ensure that your property is sold for fair market value, you’ll need the guidance of a reliable appraisal company. Why you need appraisal services in Toronto: Find the Right Value for Your Property.

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Demand for mortgages is on the rise as rates fall

Housing Wire

With mortgage rates down nearly 50 basis points from the recent peak about a month ago, borrower demand picked up again this week, according to the Mortgage Bankers Association (MBA). The market composite index, a measure of mortgage loan application volume, rose 2.2% for the week ending November 18 after registering a 2.7% increase in the previous week.

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What GoFormz Is Thankful For

GoForrmz

What we’re thankful for this Thanksgiving Thanksgiving is tomorrow and to celebrate the holiday, we want to share what our team is thankful for. At GoFormz, we take pride in not only the work we do for our customers but the environment we create for our employees. GoFormz events and team activities in 2022. As we wrap up 2022, it’s been a great year filled with events, webinars, recognitions, and much more!

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Small Increase for Missing Middle Multifamily

Eyes on Housing

The missing middle construction sector includes development of medium-density housing, including townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2 to 4 unit properties) has disappointed. For 2021, there were only 12,000 starts of such residences.

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Opendoor Lost Close to $1B in 3Q

Empire Appraisal Group

Source: Opendoor Lost Close to $1B in 3Q | Florida Realtors. By Kerry Smith. The RE market changed quickly as the Fed raised interest rates, and Opendoor’s CEO blamed that “once-in-forty-years market transition” for its $928M loss. Opendoor Lost Close to $1B in 3Q. Source: Opendoor Lost Close to $1B in 3Q | Florida Realtors. By Kerry Smith. The RE market changed quickly as the Fed raised interest rates, and Opendoor’s CEO blamed that “once-in-forty-years market transition” for its $928M loss.

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FinCEN expands GTOs on all-cash real estate transactions

Housing Wire

In late October, the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department , announced its decision to again expand its Geographic Targeting Orders (GTOs). The new requirements go into effect on November 25, 2022, and the terms of the GTOs are effective through April 2023. In addition to Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, Washington, D.C., Northern Virginia and Ma

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GoFormz Recognized as a Top Workplace in 2022

GoForrmz

There aren’t enough ways to say “thank you!” Already proud to be providing businesses around the world with a better way to fill out their forms, GoFormz is honored to announce that we’ve been named a Top Workplace in 2022. The San Diego Union-Tribune recently published their Top Workplaces list, and our team is overjoyed to share what we’ve known all along: GoFormz is a fantastic place to call home!

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Employment Situation in October: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 42 states in October compared to the previous month while eight states and the District of Columbia lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 261,000 in October, following a gain of 315,000 jobs in September. On a month-over-month basis, employment data was strong in California, which.

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Beth Byrd Joins Forces with Lamacchia Realty Connecticut

Lamacchia Realty

We are thrilled to announce that Beth Byrd , a well-known and highly respected Leader and REALTOR® in the Connecticut real estate industry, has joined Lamacchia Realty. Beth joined alongside Gina Shumilla as the first two Leaders and REALTORS® to head the new Lamacc hia Realty Connecticut expansion plans. Beth’s nearly ten years of experience in the Connecticut real estate market combined with years of sales experience prior helped form her into an expert in the local industry and a top-notch me

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How to communicate rate changes to borrowers

Housing Wire

Mortgage rates are changing every day – and those changes can have big effects on borrowers. Over the last year, it seems that most of those changes have taken an upward trajectory, but there are times that monitoring mortgage rates means good news, such as the rate drop from 7.37% on Nov. 9 to 6.67% on Nov. 10. So how – and how often – should you be communicating rate changes to your borrowers?

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Investing in Affordable Housing - Part 2 - Accountability to Housing Authority

Eppraisal

In the previous installment, readers discovered that there are profits to be realized when investing in properties with affordable housing units. In addition, landlords who do so are providing a service to the community. So, owners accept lower rent payments from qualified tenants while receiving funding and/or tax benefits from the federal government.

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NAR Economist Thinks Housing Prices Could Rise In 2023—Is That Possible?

BiggerPockets

Most economists agree: Housing prices are expected to fall, nearing a bottom sometime between 2024 and 2025 before rebounding. That’s the opinion of analysts at Goldman Sachs, Wells Fargo, Moody’s Analytics, Capital Economics, The National […].

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Gina Shumilla Joins Forces with Lamacchia Realty Connecticut

Lamacchia Realty

We are pleased to announce that Gina Shumilla , a well know Real Estate Leader in Central Connecticut, has joined Lamacchia Realty. Gina joined alongside Beth Byrd as the first two Managers to head the new Lamacchia Realty Connecticut expansion. Lamacchia will be opening its first Connecticut office in a matter of weeks and Gina is a big part of that effort.

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Nonbank lender job cuts could shorten the market downturn

Housing Wire

The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. “While it is true that many nonbanks entered this downturn with a large war chest of cash and capital, this is more than offset by the impact of warehouse and investor covenants, which are causing lenders to move expeditiously to cut costs,” Jim Cameron, Stratmor Group ’s senior partner, wrote in a report published this week.

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Investing In Affordable Housing - Part 1 - Profitability

Eppraisal

As a rule of thumb, investors in rental properties look for tenants who pay rent consistently and have the pockets to pay decently. This assures steady income and financial security. Yet there is a segment of the population that also represents profitability even though they have few funds to spare. When all the numbers are crunched, landlords who reserve some or all of their units for low to medium-income individuals and families can actually realize significant financial gain.

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More Crazy Appraiser Stories!

Appraisal Today

More Crazy Appraisal Stories! Excerpt: Restraining Orders & Appraisals – Never a Great Mix. Eric VanderWaal. The majority of my appraisal work is on divorces and estates, both of which have their fair share of crazy stories. I was appraising a home for a divorce several years ago. The husband had contacted me for the appraisal, but it was the wife who was living in the home.

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Decorating Your Home for the Holidays When it’s on the Market

Lamacchia Realty

DECORATING YOUR HOME FOR THE HOLIDAYS WHEN IT'S ON THE MARKET. The most wonderful time of the year is right around the corner, and that means it’s time for holiday movies, hot cocoa, and of course decking the halls with boughs of holly! One of the best parts about the holiday season is the tradition of decorating your home. However, if your house is on the market this holiday season, you’re probably wondering how to tastefully decorate your house for the holidays without turning away buyers.

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Inside Movement Mortgage’s acquisition plans

Housing Wire

Movement Mortgage CEO Casey Crawford and President Mike Brennan. Movement Mortgage’s deal to acquire top indie retail lender Mortgage Network marks a shift in the South Carolina-based company’s strategy. “Over the years, we’ve been more focused on organic growth, one loan officer at a time,” said Mike Brennan, who became Movement’s president in January 2021. “But that’s changed: we’re now attracting bigger groups, bigger producers.” .

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How to Conduct Airbnb Rental Analysis

Mashvisor

While Airbnb investing is a great way to build a fortune, you need to conduct a detailed Airbnb rental analysis to land profitable opportunities.

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The Differences Between an Appraisal and a Home Inspection

Hank Miller Team

Appraisers and home inspectors are important parts of a real estate transaction, but they serve completely different purposes. There are significant differences between an appraisal and a home inspection, it’s best for every home buyer to become familiar with the purpose of each. In fact, some real estate agents would also benefit from a reminder about their respective roles.

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How did the GTA new home market perform in October?

Mortgagebroker News

The market is still reeling from the pronounced slowdown seen in the overall Canadian housing sector this year, new report says

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Marcia Fudge will be the first sitting HUD secretary to visit Japan

Housing Wire

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge will be the first sitting HUD secretary to visit Japan when she arrives in Tokyo next week. According to an announcement, Tokyo’s Governor Yuriko Koike will hold a joint news conference with Fudge on November 30 to “learn more about [Japan’s] policies regarding public housing, affordable housing models, and aging in place.” Secretary Fudge is also slated to meet with the Minister of Land, Infrastructure, Transpor

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Interest Rates More Attractive for Homebuyers

Buys Brokers Only LLC

Average U.S. mortgage interest rates fell for the week ending November 17, 2022, welcome relief for Massachusetts homebuyers struggling with a profound lack of affordability.

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A Different Kind of Value

Town & Country Residential Appraisals

The staff at Town & Country Residential Appraisals wants to wish all of you a. We are thankful for each and every one of our clients who have placed their trust in us. There is no greater value than that of building relationships with those you love, trust and enjoy. Please take time to spend with those who have enriched your lives like you have enriched ours.

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A roll of the dice can yield extraordinary returns, exec says

Mortgagebroker News

"There's a tremendous learning opportunity when you're willing to kind of take a risk and put yourself out there"

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Forbearance rate increased in October for the first time in 29 months

Housing Wire

The forbearance rate increased marginally in October after more than two years of declines, the Mortgage Bankers Association (MBA) reported Monday. The trade group previously noted that it expected pressures due to worsening economic conditions. . The total number of loans in forbearance in October increased to 0.70% of the servicers’ total portfolio volume, up one basis point from the month prior.

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Washington, D.C. Real Estate Market—Stats And Trends In 2022

BiggerPockets

The Washington, D.C. metropolitan area has one of the strongest real estate markets in the United States. With a large population, high incomes, and a well-diversified labor market, D.C. has […].