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Typical homebuyers made $107,000 annually, used a real estate agent in 2023: NAR survey

Housing Wire

Homebuyers’ median household income increased by $19,000 this year from 2022, reaching $107,000, according to the National Association of Realtors ’ 2023 Profile of Homebuyers and Sellers. The report is an annual survey of homebuyers and sellers who closed transactions between July 2022 and June 2023.

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Umpa commission lawsuit defendants look to get case dismissed

Housing Wire

District Court for the Western District of Missouri , the lawsuit is named after its lead plaintiff, Maryland home seller Daniel Umpa. According to the motion, at least some of the putative class members in the suit would be bound by their seller agreements to arbitrate claims, similar to HomeServices’ claims.

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The housing market is now savagely unhealthy

Housing Wire

The National Association of Realtors reported that existing home sales for February came in as a miss of estimates at 6.02 My concern now is that some sellers are feeling stressed about this market, which should never happen because this is the best seller market ever. You can see why some sellers are stressed now.

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The new home sales recession continues

Housing Wire

The housing market is in a recession, something that the homebuilders and the National Association of Realtors now agree with me on, as this recent CNBC clip shows. can’t have a credit sales boom like we saw from 2002-2005. This means we won’t be working from record-breaking demand of high sales like we did at the peak of 2005.

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Why housing inventory is so low right now

Housing Wire

If you look at the monthly supply for new homes from 1996 to 2005, it was always lower than what we saw from 2008 to 2019. New home sales were much more substantial, of course, heading toward the bubble peak of 2005, so as long as sales rose, the homebuilders would build. Once total inventory can get back into the range of 1.52

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Opinion: Here’s what people are getting wrong about real estate commissions

Housing Wire

And this one, “If not for the Realtors rule, many buyers wouldn’t use brokers or would negotiate lower commissions. It does not happen (speaking as someone who has bought and sold nearly a dozen homes, aways used a Realtor, and not once could I increase the price to cover the real estate commission or other closing costs).

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DOJ and NAR could step back into the ring over commingled listings

Housing Wire

The Department of Justice could be ready to square off again with the National Association of Realtors — this time over an optional rule to prevent commingling of MLS and non-MLS listings. You can also potentially increase your business by marketing your services to off-MLS sellers.” Section 18.3.11