Housing Wire

SEPTEMBER 5, 2024

in 2022, according to HUD. Because FHA accepts lower credit scores , higher debt-to-income ratios and lower down payments than most conventional mortgages, first-time buyers have relied on them due to the ongoing affordability challenges in today’s housing market from elevated prices and mortgage rates. of the U.S.

Buyers 426

Buyers Real Estate Agent Inspection Real Estate 426

Housing Wire

MARCH 8, 2024

“At the height of the pandemic there were bidding wars and all that, but it didn’t seem impossible, but now it seems impossible to get our buyers into homes,” said Heather Corrigan , a RE/MAX Signature Homes agent based in Closter, a borough that is 24 miles north of Manhattan and renown for its schools. as of March 6, 2024.

Housing Market 426

Housing Market Buyers Agents Marketing 426

Housing Wire

JULY 30, 2024

The August 17 deadline is looming, and many Realtors are gnashing their teeth over how they can share their seller’s offers of buyer broker compensation while still complying with the terms of the settlement. In Dwiggins’ view, there is no need to disclose what the seller is willing to pay in concession or buyer representation fees. “If

Buyers 440

Buyers Realtors Agents Sellers 440

Appraisal Buzz

OCTOBER 16, 2024

median rent is still only $17 (-1.0%) below its peak from August 2022, despite the overall fall. from its peak in October 2022. The post Buyers and Sellers Embrace Market in Wake of Mortgage Rate Dip first appeared on The MortgagePoint. At $1,743, the median asking rent decreased by $8, or -0.5%, from the prior year.

Sellers 418

Sellers Buyers Marketing Mortgage 418

Housing Wire

MARCH 13, 2024

Now we are looking at a two- to three- business-day process and the buyer may not like the numbers they get back.” For some buyers, surprisingly high insurance premiums are causing them to second-guess the property they have selected. “I There has also been an uptick in the strength and scale of natural disasters.

Real Estate Agent 450

Real Estate Agent Insurance Real Estate Agents 450

Appraisal Buzz

JUNE 14, 2024

Buyers today are facing many of the realities of a hot market even though few homes are changing hands,” said Elijah de la Campa, Senior Economist at Redfin. And with so few homes for sale, buyers in some markets are getting into bidding wars, which is helping push home prices to record highs.” record established in October 2022.

Sellers 435

Sellers Buyers New Listings Mortgage 435

Housing Wire

APRIL 25, 2024

Buyers are really struggling.” Although this is up from an all-time low of 1,429 active listings in early May 2022, it is down from the 3,021 listings recorded in late April 2020, a little over a month into the COVID-19 pandemic. But rising prices are not the only financial challenge buyers are having to contend with right now.

Buyers 410

Buyers Marketing Inventory Investors 410

Appraisal Buzz

JULY 24, 2024

Following substantial increases in Coverage A, or residential coverage, from 2021 to 2022, these increases started to taper off in 2023 and kept going down until 2024. For instance, when a homeowner purchased insurance in 2021, their premium increased by $253 and their Coverage A increased by $33,500 when they renewed their policy in 2022.

Insurance 370

Insurance Buyers Marketing Business 370

Appraisal Buzz

JULY 23, 2024

Buyers are getting more and more selective,” said Julie Zubiate, a Redfin Premier real estate agent in the San Francisco Bay Area. Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue. recorded in October 2022, having increased from 14.4%

Buyers 396

Buyers Contracts HOA Property Taxes 396

Housing Wire

OCTOBER 20, 2023

home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic in early 2022. Meanwhile, wages have only increased by 5% since 2022. To conduct this analysis, Redfin compared median monthly mortgage payments for homebuyers in August 2023 and August 2022. higher than in September 2022.

Housing Market 508

Housing Market Marketing Buyers Modernization 508

Housing Wire

APRIL 3, 2024

The combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), made up a combined 38% of the home purchase market last year, up from 28% in 2022, according to the 2024 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR).

Marketing 511

Marketing Sellers Buyers Realtors 511

Appraisal Buzz

NOVEMBER 13, 2024

The study found that 48% of buyers said costs were higher than expected, with 39% exceeding their budget and 38% reporting impacts on their savings. Notably, 63% of first-time buyers were surprised by the cost. It was noted that 79% of buyers compromised on at least one priority. Among Gen Z, 49% exceeded their budget—over 1.5

Real Estate 417

Real Estate Sellers Buyers Renovations 417

Housing Wire

MARCH 12, 2024

“While rising interest rates affected all homebuyers, this impact was more pronounced among Hispanic households, many of whom are first-time buyers with lower median incomes and who live in higher priced markets,” according to NAHREP. That’s encouraged the ITIN buyers to come down and start buying.” I’ve even seen grandparents jump in.

Real Estate Agent 471

Real Estate Agent Real Estate Buyers Realty 471

Housing Wire

FEBRUARY 2, 2024

Launched on Thursday, the brokerage’s Sign & Save program provides buyers who sign up to work with a Redfin agent before their second home tour — and who purchase a property with that agent within 180 days of signing the agreement — a refund of 0.25% to 0.5% The buyer will receive the refund at closing.

Agents 484

Agents Real Estate Advertising Buyers 484

Housing Wire

DECEMBER 30, 2024

There are a few markets in the South where home prices have inched down recently and every bit helps buyers but those prices have not adjusted much, and theres no sign of any major correction in the works. There are 30% fewer home sales in process than at the start of 2022 when the pandemic frenzy was still underway.

Housing Market 543

Housing Market Marketing New Listings Inventory 543

Housing Wire

MAY 29, 2024

In fact, NWMLS said that its own rules on buyer agent compensation are fairer and more transparent than the terms NAR agreed to in March. Instead, the settlement agreement allows for offers of compensation ’off MLS,’ where that information is hard to find and not available to all buyers and brokers.

Sellers 504

Sellers Buyers Brokerage Realtors 504

Housing Wire

JULY 18, 2024

SmartAsset analyzed 2022 HMDA data to find mortgages originated for people between the ages of 25 and 44. of millennials in the Raleigh-Cary metro area became homeowners in 2022. The median household income for these buyers was $123,000. Measured by the sheer number of buyers, Atlanta was No.

Buyers 405

Buyers Housing Market Inventory Finance 405

Housing Wire

OCTOBER 28, 2024

It was based on the premise that buyer brokers were using commission rates posted on the [ multiple listing service ] to steer buyers to properties that provided higher levels of compensation. … The settlement makes sense — but only on paper. The goal of the settlement was laudable,” Monestier writes. “It

Business 442

Business Sellers Realtors Buyers 442

Housing Wire

MAY 20, 2024

Buyers are having a hard time finding single-family homes in their budget because not many homeowners are letting go of their houses, and those who are listing tend to price high because they haven’t come to terms with the fact that prices have come down from their 2022 peak. Census Bureau and the U.S.

Construction 435

Construction Inventory Buyers Sellers 435

Housing Wire

NOVEMBER 7, 2023

In the first half of 2022, home prices in the county were on fire, jumping up by 40% year over year in some neighborhoods as people were pushed out of pricier Austin. If somebody is concerned about that (taxes), I always put it back on the buyer and ask them, ‘Do you have any control in the increase of your rent payment?’”

Property Taxes 540

Property Taxes Home Value Government Valuation 540

Housing Wire

JUNE 14, 2024

Buyers today are facing many of the realities of a hot market even though few homes are changing hands,” Redfin senior economist Elijah de la Campa said in the report. And with so few homes for sale, buyers in some markets are getting into bidding wars , which is helping push home prices to record highs.” seen in October 2022.

Sellers 485

Sellers Buyers Contracts Brokerage 485

Housing Wire

DECEMBER 9, 2023

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. 2022 was a historic year for housing as we had the most significant home sales crash ever, and mortgage rates went from 3% to 7% in the same year.

Mortgage 521

Mortgage Inventory New Listings Sellers 521

Housing Wire

FEBRUARY 16, 2024

The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states. According to the DOJ, when a seller makes an offer of compensation to the buyer broker, the buyer broker does not need to compete on their compensation price in order to attract clients.

Sellers 457

Sellers Buyers Real Estate Contracts 457

Housing Wire

MARCH 27, 2024

Listings jumped at both the state and city levels in 2021 and 2022. Dallas-based United Real Estate burst onto the scene in October 2022 when it acquired EXIT Real Estate Gallery , which had ranked in Jacksonville’s top 10 in three of the four years from 2019-2022. Other would-be disruptors have not fared so well.

Brokerage 415

Brokerage Realty Real Estate Inventory 415

Housing Wire

MARCH 26, 2024

It was the seventh consecutive month of annual price growth and the biggest increase since November 2022. Our National Composite rose by 6% in January, the fastest annual rate since 2022. Supply is loosening up in some markets, which will provide some relief to home buyers this spring and will ease upward pressure on home prices.

Buyers 461

Buyers Inventory Housing Market Realtors 461

Appraisal Buzz

NOVEMBER 6, 2024

An Update ,” provides updates to a 2022 study that examines overall housing supply in the U.S. According to the RIHA study , as of 2022, Boomer homeowners numbered 32 million, and represented nearly 41% of all homeowners in the United States. After 65, homeownership rates are higher in 2022 relative to 2015.

Home Value 459

Home Value Buyers Mortgage Marketing 459

Appraisal Buzz

OCTOBER 21, 2024

Student loans are frequently listed as the primary obstacle for young buyers’ c. A new study from First American reviewed the data from the 2022 Survey of Consumer Finances to determine exactly how much impact student loan debt has on the search for home ownership. Also, the average loan repayment term has almost doubled, from 7.5

Buyers 397

Buyers Finance Investing Appraisal 397

Housing Wire

FEBRUARY 13, 2024

According to a survey released Tuesday by John Burns Research & Consulting , the top 50 MPCs sold more than 34,600 new homes in 2023, up 24% from the nearly 28,000 sales in 2022. With multiple builders offering an array of home types and floor plans, buyers can find homes that fit their life stage.

Buyers 445

Buyers Design Construction Marketing 445

Housing Wire

JUNE 11, 2024

Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and sellers where they are at,” Offerpad CEO Brian Bair said in a statement. “We In August 2022, iBuyer Opendoor announced a similar partnership with Zillow.

Sellers 468

Sellers Real Estate Agent Buyers Real Estate 468

Housing Wire

DECEMBER 28, 2024

During the first few years of COVID-19 recovery, there was an unhealthy imbalance, with too many buyers competing for too few homes. For example, in March 2022, there were only 240,000 homes available for sale. Weekly inventory change (Dec. 27): Inventory fell from 667,466 to 650,992 The same week last year (Dec.

Inventory 506

Inventory Housing Market Marketing New Listings 506

Appraisal Buzz

JUNE 20, 2024

home, a buyer making the median income needs to put down nearly $127,750, or 35.4%. With so few available, buyers may have to wait even longer for the right home to hit the market, especially now that buyers can afford less. In a new analysis of U.S. home , currently valued at $360,681, up 4.3% year-over-year.

Home Value 397

Home Value Buyers Housing Market Inventory 397

Housing Wire

JULY 10, 2024

The median gross income for Realtors with at least 16 years of experience rose from $80,700 in 2022 to $92,500 in 2023. But for Realtors as a whole, the median gross income fell from $56,400 in 2022 to $55,800 in 2023. The typical Realtor earned 20% of their business from repeat clients in 2023, down from 27% in 2022.

Realtors 397

Realtors Inventory Agents Clients 397

Housing Wire

JANUARY 12, 2024

in mid-2022. For repeat buyers and first-time buyers who entered the market in 2022, the average mortgage rate was above 6%. While that figure is down $325 from the all-time high in 2022, it’s still up 7.4% In the third quarter of 2023, 88.5% homeowners with mortgages had an interest rate below 6%. from a year ago.

Real Estate Agent 486

Real Estate Agent Sellers Inventory Mortgage 486

Housing Wire

NOVEMBER 5, 2024

That’s evident in the annual profile of home buyers and sellers from the National Association of Realtors (NAR), which provides data on dozens of real estate trends. But in 2022, the share of homes bought in rural areas (19%) and small towns (29%) jumped considerably. Urban areas also took a hit, falling from 13% to 10%.

Realtors 429

Realtors Housing Market Construction Real Estate 429

Housing Wire

JANUARY 9, 2025

On the balance, there are still more buyers with their eye on a purchase than there are houses on the market. In contrast, during the pandemic, the median-price peak jumped from $279,000 in 2019 to $319,000 in 2021 before falling to $310,000 in 2022. Data from Altos Research supports Feinsteins observations. as of Jan. a year ago.

Housing Market 400

Housing Market Inventory Marketing Sellers 400

Housing Wire

NOVEMBER 20, 2024

Of the surveyed pool, 42% have sold since late 2022 as rising mortgage rates cooled the post-pandemic market. home seller paid a 2.55% commission to the real estate agent hired by their buyer, down from an average of 2.62% in January. Almost two-thirds of respondents (61%) go as far as calling cash buyer companies “scams.”

Real Estate Agent 471

Real Estate Agent Real Estate Agents Sellers 471

Housing Wire

JULY 27, 2024

The last time we saw that kind of growth was one week in 2022, when new listings came in at 90,000. The last thing I want to see is a repeat of the second half of 2022 when we saw new listings data take a noticeable seasonal decline. With more sellers who are buyers, we have a tad more demand this year.

New Listings 476

New Listings Inventory Mortgage Sellers 476