Housing Wire

AUGUST 26, 2024

This was in stark contrast to three other market segments that posted declines in the number of pending sales compared to July 2023. fewer pending sales compared to July 2023. We are seeing a lot of younger buyers looking at smaller starter homes. According to Redfin, pending sales of starter homes grew 10.2%

Buyers 446

Buyers Inventory Marketing Contracts 446

Housing Wire

JULY 23, 2024

Record-high home prices and elevated mortgage rates are prompting buyers to back out of home purchase agreements at elevated levels. Redfin ’s newest housing market report shows that buyers backed out of 56,000 purchase agreements in June, which constitutes 14.9% This share also breached 16% in October 2022 and October 2023.

Buyers 455

Buyers HOA Property Taxes Inspection 455

Housing Wire

OCTOBER 25, 2024

31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. With NAR’s settlement requiring agents to have a signed buyer agency agreement with every buyer that spells out how much the agent will be paid in a transaction, many believed that buyers using a loan from the U.S.

Buyers 426

Buyers Real Estate Realtors Agents 426

Housing Wire

SEPTEMBER 5, 2024

That’s according to a new survey from Mphasis Digital Risk, which revealed that 42% of prospective buyers said a 5% rate would get them back in the market. We’re getting closer to homebuyers’ comfort zone of low-6%, high-5% rates, and September’s anticipated Fed cuts should help buyer sentiment. from this peak.

Buyers 487

Buyers Marketing Mortgage Real Estate Agent 487

Appraisal Buzz

NOVEMBER 20, 2024

Zillow’s market heat index indicates competition nationwide is creeping closer to becoming a buyers’ market, as activity begins to wind down for the winter. We’re seeing competition among buyers fade, with mortgage rates climbing back toward 7% as we move closer to the usual winter slowdown,” said Skylar Olsen, Zillow Chief Economist.

Housing Market 221

Housing Market Buyers Marketing Home Value 221

Housing Wire

AUGUST 22, 2024

“As part of their low-cost selling strategy, sellers using Homie would commonly make an offer of compensation to buyer-brokers that was somewhat below the buyer agent compensation (BAC) offered by sellers represented by traditional brokers, including the Corporate Defendants.

Realtors 482

Realtors Buyers Brokerage Real Estate 482

Housing Wire

JULY 30, 2024

As the mortgage and real estate markets continue to face challenges, nearly 800,000 low down payment home purchases in 2023 leveraged private mortgage insurance (PMI), with first-time homebuyers accounting for 64% of the total. This is according to a new report published by U.S. Mortgage Insurers (USMI).

Insurance 442

Insurance Mortgage Finance Buyers 442

Appraisal Buzz

JULY 9, 2024

The market is trending slightly in the direction of becoming more buyer-friendly thanks to these factors. While the quantity of homes on the market still trails pre-pandemic levels, home buyers are seeing more options to choose from as inventory increases,” said Danielle Hale, Chief Economist for Realtor.com. and 48.7%, respectively.

Housing Market 418

Housing Market Buyers Marketing Inventory 418

Housing Wire

FEBRUARY 13, 2024

Despite high mortgage rates , master planned communities (MPCs) did well in 2023. 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.

Buyers 473

Buyers Design Construction Marketing 473

Housing Wire

JANUARY 18, 2024

Overall, an estimated 1.413 million units were started in 2023, a drop of 9.0% Looking ahead, homebuyers who may be looking to purchase a new construction home may continue to struggle with lack of inventory in 2024, as the overall estimated number of building permits issued in 2023 was down 11.7% compared to 2022. monthly and 6.1%

Construction 465

Construction Real Estate Housing Market Buyers 465

Housing Wire

JUNE 18, 2024

Last month’s reading marked the smallest monthly increase on a seasonally adjusted basis since January 2023. A slight uptick in new listings has taken some of the pressure off sales prices as buyers have more options to choose from. Home prices rose 0.26% month over month in May, down from a monthly increase of 0.44% in April.

New Listings 442

New Listings Sellers Buyers Mortgage 442

Housing Wire

JANUARY 9, 2023

This article is part of our 2022 – 2023 Housing Market Forecast series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Forecast Event. Here’s what that buyer behavior in the second half of 2022 is telling us about two key retail market trends in 2023: 1. Cincinnati and Miami.

Retail 480

Retail Sellers Buyers Market Value 480

Housing Wire

AUGUST 2, 2024

home seller pays a 2.55% commission to the real estate agent hired by their buyer, down from an average of 2.62% in January, according to a Redfin analysis of MLS data. 28 and July 14 of this year to compare average commission rates paid to a buyer’s agent. The typical U.S.

Agents 467

Agents Buyers Real Estate Agent Sellers 467

Housing Wire

JUNE 24, 2024

Mortgage rates continue to hover around 7%, as they have since the latter half of 2023 when the Federal Reserve stopped raising benchmark rates. Among the 463 buyer agents surveyed, 50% said their clients planned to buy regardless of mortgage rates. of buyer agents as the reasons their clients were moving, while another 12.1%

Buyers 400

Buyers Mortgage Clients Agents 400

Appraisal Buzz

JULY 12, 2024

Nevertheless, compared to the history of the data (which dates back to 2001), 2023 saw the second-highest share of investor purchases. in 2023 compared to the previous year, surpassing the 20.4% decline in non-investor property sales, even though the share of investor buyers fell by less than 1 percentage point.

Investors 370

Investors Inventory Buyers Marketing 370

Appraisal Buzz

JUNE 20, 2024

Buyers are also avoiding earlier stages of the house-hunting process. Buyers are retreating primarily due to high home costs. Another explanation for the drop in pending sales is a scarcity of new, desirable listings for buyers to select from. During the four weeks ended June 16, pending home sales declined 3.8%

Buyers 397

Buyers New Listings Sellers Mortgage 397

Real Estate News

AUGUST 8, 2024

The 30-year mortgage fell to its lowest level since May 2023, which “should begin to pique their interest in making a move” — but buyers might not be ready.

Buyers 293

Buyers Mortgage 293

Housing Wire

SEPTEMBER 5, 2024

mortgage market in 2023, up from 14.3% 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 434

Buyers Real Estate Agent Inspection Real Estate 434

Housing Wire

JANUARY 25, 2024

This strong finish to 2023 is 8% above the revised November rate of 615,000 and 4.4% According to First American Deputy Chief Economist Odeta Kushi, the decline in prices can be partially attributed to two factors: the builders’ strategy to offer price incentives to entice buyers, and a shift in the ‘mix’ of new homes being sold.

Inventory 462

Inventory Development Buyers Mortgage 462

Housing Wire

APRIL 10, 2024

Perhaps the most striking detail gleaned from a HousingWire analysis of millions of single-family purchase mortgages is how much more homebuyers had to pay in 2023 compared to 2022. The rapid run-up in mortgage rates after years of low rates was a shock to buyers and a disincentive for prospective sellers to list their homes.

Buyers 438

Buyers Mortgage Brokerage Inventory 438

Housing Wire

DECEMBER 16, 2022

After the series wraps, join us on February 6 for the HW+ Virtual 2023 Forecast Event. In the first few months of 2022, primary-residence buyers and second-home buyers (investors and vacation buyers) flocked to the market at a frenzied pace under the correct assumption that mortgage rates would rise.

Buyers 497

Buyers Realtors Inventory Sellers 497

Housing Wire

DECEMBER 8, 2023

High mortgage rates, a lack of inventory and elevated home prices have turned 2023 into the least affordable year for homebuyers on record. For an American earning $78,642, the country’s median income in 2023, the purchase of a median-priced home of $408,806 meant spending 41.4% in 2022. “A During the four weeks ending Nov.

Inventory 426

Inventory Buyers Mortgage Marketing 426

Housing Wire

JANUARY 2, 2024

Inventory is slowly but steadily increasing over last year, which means slightly more options for buyers this spring. This implies that there are more than enough buyers at these prices and these mortgage rates to keep activity happening in housing. The defining characteristic of 2023 was how few sellers we had.

Housing Market 531

Housing Market Marketing Inventory Contracts 531

Appraisal Buzz

AUGUST 9, 2024

According to a recent study from Redfin , the technology-powered real estate brokerage, mortgage rates fell to a daily average of 6.34% on August 5, the lowest level since April 2023. Now a lot of those buyers want to get in now, before rates get too low and cause more competition,” said Redfin Premier agent Shoshana Godwin.

Buyers 370

Buyers Real Estate New Listings Brokerage 370

Housing Wire

FEBRUARY 27, 2024

At the 2024 Keller Williams Family Reunion event in Las Vegas, co-founder and executive chairman Gary Keller took the stage on Tuesday and spoke to a room full of real estate agents about the importance of buyer agency agreements within the context of the ongoing antitrust lawsuits. You are being accused of not being transparent. “If

Buyers 445

Buyers Agents Real Estate Agent Clients 445

Housing Wire

MAY 4, 2023

On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. Buyer interest has increased over the past few months, but showing activity is still much lower than it would be in a typical spring market. What can we expect in 2023? Buyer disappointment.

Housing Market 443

Housing Market Marketing Inventory Buyers 443

Housing Wire

JANUARY 30, 2024

A total of 135 new homebuyer assistance programs were introduced in 2023, a 6% increase over the previous year. Manufactured housing has a lower entry point than other types of homes and is helping many buyers to get their foot in the door, the report noted.

Landlords 506

Landlords Housing Market Insurance Design 506

Appraisal Buzz

SEPTEMBER 5, 2024

Many prospective buyers started questioning the American dream of homeownership as inflation brought mortgage rates to a cyclical peak of 8% in October 2023, but now rates are down more than 1.5% However, as the supply of available homes drives prices higher, buyers are experiencing the affects of a seller’s market.

Buyers 370

Buyers Insurance Bracketing Mortgage 370

Appraisal Buzz

OCTOBER 29, 2024

The platform began in October 2023 with local level data in only three states, but it has since grown to include data in around 40 states, with goals to reach all 50 by the end of 2024. The post Freddie Mac Enhances Product Selection With an Emphasis on First-Time Buyers first appeared on The MortgagePoint.

Buyers 395

Buyers Appraisal Loan Officers Sellers 395

Housing Wire

MARCH 3, 2024

First-time homebuyers made up 55% of agency purchase mortgages in 2023, according to Intercontinental Exchange (ICE) eMBS data, the highest such share in the 10 years ICE has been tracking the metric. The first was Q1 2023, and Q4 the second. is more than 4 percentage points higher than for repeat buyers in recent months.

Lending 513

Lending Mortgage Buyers Government 513

Housing Wire

NOVEMBER 13, 2023

Buying a house was obtainable only for the haves in 2023 as home prices and mortgage rates soared. 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.

Real Estate Agent 416

Real Estate Agent Real Estate Agents Sellers 416

Housing Wire

FEBRUARY 14, 2024

Government-sponsored enterprise (GSE) Freddie Mac reported a 65% annualized increase in income stemming from its single-family mortgage programs in fourth-quarter 2023, along with a 13% increase in net income for the full year, according to quarterly and annual earnings reports released on Wednesday. The full-year profit for 2023 reached $10.5

Finance 417

Finance Government Housing Market Buyers 417

Housing Wire

MAY 14, 2024

“Most of the demand is coming from first-time buyers,” Trevor Levin, a local agent with Los Angeles-based Nourmand & Associates , said. Nationwide, the share of buyers who are first-time buyers has risen in recent months. Nationwide, the share of buyers who are first-time buyers has risen in recent months.

Buyers 429

Buyers Inventory Landlords Real Estate 429

Appraisal Buzz

JULY 24, 2024

According to Matic research, one reason for these market disruptions may be the very high number of catastrophic events in 2023—28 U.S. The report’s main conclusions include the continuation of carrier withdrawals from high-risk areas and new business constraints, which started in 2023 and lasted until the first half of 2024.

Insurance 370

Insurance Buyers Marketing Business 370

Appraisal Buzz

JUNE 14, 2024

There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low. from the previous year, the highest yearly gain since the beginning of 2023. Home sales dipped 1.7%

Sellers 435

Sellers Buyers New Listings Mortgage 435

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. Coming off of the pandemic banner years, thinning origination volume, low inventory and soaring home prices made business much harder to come by for LOs in 2023.

Business 456

Business Mortgage Loan Officers Inventory 456

Housing Wire

MARCH 11, 2024

Remote online notarization (RON) platform NotaryCam expanded its independent notary platform customer base by 46% in 2023, according to an announcement on Monday. In addition to expanding its notary platform customer base, NotaryCam also grew the number of loss-mitigation-related RON transactions it was part of in 2023 by 115%. “We

Law 426

Law Real Estate Investors Sellers 426