Housing Wire
JULY 28, 2023
High mortgages and stubbornly elevated home prices are worsening the housing affordability crisis. A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% from a year ago, according to a new report from Redfin. In June, the typical starter home sold for a record $243,000, up 2.1% from a year earlier and up more than 45% from before the pandemic.
Sacramento Appraisal Blog
JULY 26, 2023
It’s either hot or cold. A bidding war or crickets. That’s what I’ve been hearing from real estate agents about their listings. Today I want to talk briefly about the word on the street, hot pockets, and I have some really cool stats to share. Skim quickly or digest slowly by topic. UPCOMING (PUBLIC) SPEAKING […] The post It’s either a bidding war or crickets first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
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George Dell
JULY 26, 2023
Is USPAP biased? (Appraisal Foundation, Uniform Standards of Professional Appraisal Practice) Is this possible? It can’t be! This part 8 of a multipart look at issues in valuation standards. Editor’s Note: This is Standards, part 3.8 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Let’s […] The post Does USPAP Enable Bias?
The Appraiser Coach
JULY 25, 2023
When the pandemic hit us full force in 2020, business skyrocketed. We had never been busier! If I had tried to do everything the same way I did before, hiring someone just to turn down offers wouldn’t be a joke. It used to be that I would never dream of turning down an offer. But then, we had to do it regularly. But how can you mitigate your workload without losing your good clients?
Housing Wire
JULY 27, 2023
When you think about a real estate team , you automatically think they must be more productive than individual agents, right? Not so fast. Clearly, over the last decade, teams have grown far faster than individual agents in terms of closed transactions. This is not unexpected, as teams have the ability to scale their business far easier and faster than an individual agent.
Real Estate News
JULY 22, 2023
Dava Davin, whose firm did nearly $860M in sales volume in the past 12 months, believes a philosophy of altruism has helped her win clients — and agents.
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The Appraiser Coach
JULY 25, 2023
When the pandemic hit us full force in 2020, business skyrocketed. We had never been busier! If I had tried to do everything the same way I.
Housing Wire
JULY 27, 2023
After dropping slightly month over month in May , pending home sales ticked back up in June, rising 0.3%, according to data released Thursday by the National Association of Realtors (NAR). It contrasts with new home sales , which moderated in the same period (-2.5%). Year over year, pending home sales were down 15.6%, a smaller decrease than the 22.2% annual drop recorded in May.
Real Estate News
JULY 26, 2023
Realtracs CEO Stuart White believes the MLS landscape could look very different in a post-"cooperation and compensation" future.
Inman
JULY 28, 2023
The suit accuses now ex-CEO Mike Mercurio of using association credit cards for personal purchases, inflating his vacation time and selling items that the association paid for on eBay.
Eyes on Housing
JULY 28, 2023
After a reprieve in the first quarter of 2023, buyers’ outlook for housing affordability turned bleaker again in the second quarter. According to the latest Housing Trends Report, 76% of buyers are able to afford less than half the homes for-sale in their markets, up from 73% in the first quarter of 2023. On the flip side, the share able.
Housing Wire
JULY 26, 2023
United Wholesale Mortgage (UWM), the country’s largest wholesale lender, expanded its debt service coverage ratio (DSCR) loan options to four after launching its first product in March. Dubbed “Investors Flex,” the non-QM product for real estate investors, offered purchase and refinance loans up to $2 million that could be used to finance up to 20 properties by using each property’s monthly rental income to qualify.
Real Estate News
JULY 28, 2023
The system of sellers funding commissions, which are then shared between seller and buyer agents, goes back more than 100 years. Is it time for a change?
Inman
JULY 28, 2023
The annual paycheck for a first-time homebuyer is roughly $64,500 to afford the typical U.S. "starter" home in 2023 — up 13 percent from a year ago, according to a report from Redfin.
Eyes on Housing
JULY 25, 2023
Higher interest rates have led millions of existing homeowners with mortgages under 4% to postpone plans to list their homes for sale, and for many prospective buyers, that supply vacuum has left newly built homes as the only game in town. That is the backdrop behind the strengthening of interest for new homes.
Housing Wire
JULY 26, 2023
The Federal Reserve (Fed) raised the federal funds rate 25 basis points to the 5.25 to 5.5% range on Wednesday, its highest level in 22 years. While the markets have already “priced in” this rate hike, which was widely expected, most investors are already wondering what it would take for the central bank to lift rates again later this year. For the housing market, that likely means a few more months with mortgage rates above 6%.
Real Estate News
JULY 23, 2023
More people are moving closer to beaches and further from urban centers to places with city amenities and lower housing costs, according to a new report.
Inman
JULY 27, 2023
With 30 years of experience at some of the world's most recognizable brands, the newly-minted Better Homes and Gardens Real Estate president spoke to Inman about settling into her new role.
Eyes on Housing
JULY 24, 2023
Mortgage rates’ slow –but steady– march upwards combined with the return of home price gains are doing what they are predicted to: slow housing demand. According to the latest Housing Trends Report, the share of adults with plans to purchase a home within a year dropped to 15% in the second quarter of 2023, down from a record high of.
Housing Wire
JULY 26, 2023
When clients find their dream house and are ready to make an offer, Todd Armstrong’s next call isn’t necessarily to the seller’s agent or the buyer’s loan officer. “We immediately reach out to an insurance agent to see the insurability of the house because it is becoming more and more of a problem,” Armstrong, a Compass agent in San Diego, told HousingWire’s Brooklee Han in a feature we published Tuesday.
Real Estate News
JULY 25, 2023
The Case-Shiller index for May shows steady home price growth since January and a slight dip compared to this time last year.
Inman
JULY 27, 2023
Former Keller Williams CEO Chris Heller previously served as OJO's chief real estate officer. Jerimiah Taylor, formerly a vice president at OJO, will step into Heller's previous role, the company said.
Eyes on Housing
JULY 27, 2023
Increased levels of new home construction and sales are leading some buyers to expect the home search to get easier in the months ahead. According to the latest Housing Trends Report for the second quarter of 2023, 29% of prospective buyers are anticipating housing availability to ease up ahead, an improvement over the 24% and 26% who had similar expectations.
Housing Wire
JULY 28, 2023
Mauricio Umansky ‘s residential brokerage The Agency is venturing into core services. Through partnerships with Bubble Insurance Solutions and New American Funding , real estate agents at The Agency will have access to mortgage lending services and insurance services for their clients. With Bubble Insurance Services, The Agency is launching its own affiliate insurance service, Agencia Insurance Solutions , which will serve new and past The Agency clients in California and Arizona.
Real Estate News
JULY 24, 2023
After heating way up over the past few years, prices and inventory in two of the most populous states are showing signs of stabilizing.
Inman
JULY 27, 2023
With the gross domestic product eclipsing expectations in 2Q, the US appears to have avoided a long-predicted recession, even as the real estate industry remains mired in a deep contraction.
Appraiserblogs
JULY 28, 2023
File the complaint against the AMC yourself OR Forward the engagement letter to VaCAP to file on your behalf. At the recent Virginia Appraisal Board Meeting on Wednesday June 28th, a discussion occurred about Appraisal Management Companies prohibiting appraisers from including their invoices with the appraisal report. The overall consensus of the Board Members was this practice could be a violation of Virginia Appraisal Management Company Statute § 54.1-2022 B.
Housing Wire
JULY 26, 2023
The U.S. Department of Housing and Urban Development (HUD) this week announced a new notice of funding opportunity (NOFO) to examine the intricacies of converting office space into residential living units. “The NOFO provides up to $860,000 to compile case studies of conversion projects that have taken place since the start of the pandemic,” HUD said in its announcement of the NOFO.
Real Estate News
JULY 28, 2023
Nashville tops the list of cities with "just right" homes with ample square footage and big yards near urban centers.
Inman
JULY 27, 2023
As Chicago Mayor Brandon Johnson narrows in on a 2.65 percent tax on purchases of properties over $1 million, luxury agents in Los Angeles offered their advice to concerned Windy City agents.
Eyes on Housing
JULY 28, 2023
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in June. The pace of personal income growth slowed after reaching a 0.7% monthly gain in January 2023. Gains in personal income are largely driven by increases in wages and salaries.
Housing Wire
JULY 27, 2023
A top-notch team can be the difference between nailing your GCI goals and missing the mark entirely. Building a robust team of real estate agents isn’t just about attracting talent —it’s about appealing to the right talent. One of the most effective strategies for this is leveraging your own team’s success stories to generate inbound recruiting leads.
Real Estate News
JULY 27, 2023
The property management platform RentSpree is seeing an uptick in real estate agent customers as for-sale inventory remains limited.
Inman
JULY 26, 2023
Thanks to its Home Point Capital acquisition and other pending transactions, the loan servicing giant delivered upbeat Q2 results Wednesday and expects to hit a $1 trillion target by year's end.
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