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Incomes are rising for experienced Realtors but falling for younger ones

Housing Wire

In a difficult housing market for Realtors, experience matters — a lot. That’s the conclusion of the 2024 Member Profile poll from the National Association of Realtors (NAR), which shows a sharp divergence in income when comparing more experienced agents to their less experienced colleagues. million per agent in 2022 to $2.5

Realtors 428
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The mortgage rate lock-in didn’t start in 2022

Housing Wire

In the 24 months beginning March 2022, the U.S. After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. The lower rates go, the fewer home sellers we have.

Mortgage 443
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The title industry’s latest cat-and-mouse game: seller impersonation fraud

Housing Wire

Secret Service , notified the title industry of a rise in what is known as vacant lot fraud, or seller impersonation fraud. “We We started to hear a lot about seller impersonation fraud early on in the year,” Tyler Adams, the CEO of CertifID, said. “We Oftentimes this leads to the discovery of vacant lots.

Sellers 394
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Existing homes sales market falls again, market lacks sellers

Housing Wire

“Home sellers are buyers” — this is a phrase that I have been using in my economic work to explain the reality of the housing market recently. So, when home prices and mortgage rates rise so quickly, some sellers won’t list , which means they’re not buying either. million in July 2022). million in July.

Sellers 369
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Market Correction or Seller Panic?

Appraisal Buzz

Unless you’re living under a rock, you have heard that interest rates have been rapidly increasing since Q1 of 2022. It consistently climbed to 3.76% as of March 3, 2022, and as of the date I’m writing this, it is 5.81%. Sellers are panicking right now which is almost always an opportunity for buyers. I waived no contingencies.

Sellers 435
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Copycat commission lawsuits continue as Illinois homebuyers take action

Housing Wire

District Court in Chicago by plaintiffs Dawid Zawislak and Michael D’Acquisto against Equity Realtors , HomeSmart International and Fathom Realty. While the National Association of Realtors (NAR) was not named as a defendant in the suit, it was listed as a co-conspirator along with several Realtor-owned MLSs.

Realtors 400
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Costs Mounting for Homebuyers

Appraisal Buzz

More than half of home buyers (52%) negotiated with the seller, with 94% of those who did achieving success. About 34% of buyers paid below the asking price in 2024—up from 27% in 2022, when the market was more favorable to sellers. home ($501,500) adding $75,255, the upfront cost totals a staggering $107,230.