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Capitulation: Why buyers and sellers are ready to move

Housing Wire

But if buyers and sellers were compelled to transcribe their inaction, it would read like a sociopaths diary entry: We could have watched you grow up, but your grandpa and me werent willing to give up our 2.875% rate to move closer to you. Buyers and sellers are ready to step away from the spreadsheet and get on with living their lives.

Sellers 370
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A new source of affordable housing inventory: Private seller auctions

Housing Wire

New marketplace for motivated sellers That is good news for sellers like Ricardo Sims, the out-of-state landlord who sold the Montgomery properties to Richards via SmartSale. Very tired landlords, Richards said, describing some of the motivated sellers utilizing private seller auctions.

Sellers 338
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Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

While home prices have started to inch down, more inventory is needed for a balanced housing market, the Federal Reserve Beige Book said. Housing markets continued to weaken, with sales and construction declining across [all 12 Federal Reserve] districts,” according to the Federal Reserve Beige Book released on Wednesday.

Inventory 448
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The standoff between homebuyers and sellers

Housing Wire

There’s a showdown at the housing market corral between homebuyers and sellers. Home prices ebb and flow, pricing was working in the sense that sellers met homebuyers to a degree. With more inventory, sellers have to be less stingy; this is why I am a fan of getting total inventory data back to 2019 levels.

Sellers 514
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Chuck E. Cheese, MLS listing books and the correct pronunciation of ‘Realtor’ were on the table during HousingWire’s commission lawsuit debate

Housing Wire

It devolved into a battle about historic facts, old-school MLS listing books, pronunciation corrections and even references to the kid-friendly restaurant chain Chuck E. Home sellers can do as they please, and if they don’t want to hire a Realtor, they don’t have to. Don’t require the seller to pay for it,” Ketchmark said.

Realtors 468
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Fed’s Beige Book predicts further uncertainty for the housing market  

Housing Wire

Interest rates and inflation continued to dampen activity in the housing market across all 12 Federal Reserve districts, according to the Fed’s latest Beige Book. Following dampened activity from buyers, sellers provided increased concessions, such as temporary rate buydowns or paying closing costs to complete sales, the report noted.

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As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

This indicates that buyers and sellers alike are showing signs of frustration in waiting for rates to fall. Nearly 93% of homeowners with mortgages had rates below 6% in mid-2022, but that share dropped by roughly 4 percentage points at the start of the year, according to Redfin. million units.

Marketing 370