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More inventory can bring down prices, but some renters still struggle to meet the rental price hikes found in new construction. Seattle-based brokerage Redfin released a report this week that highlighted a 1.5% increase in asking rents for newly constructed apartments in 2024 the biggest spike in 18 months.
The moment felt surreal and inspiring for Chris Trapani and Ryan Iwanaga, co-founders of the Christie’s International Real Estate Sereno brokerage, as they repurchased their independence from @properties. Beyond that, the brokerage will now be the exclusive representative of Christie’s International Real Estate in the Bay Area.
Leading brokerage Compass announced some key leadership moves this week to bolster its operations in the Southeast, including Florida. The brokerage has hired industry veteran Nikol Solares as senior managing director of new development marketing. It is the nation’s leading brokerage by sales volume.
Brokerages took notice, resulting in a surge in companies and office locations competing for their share of listings, according to CoreLogic multiple-listing service data shared exclusively with HousingWire. In this environment of high rates and tight inventory, brokerages have had to become sharp elbowed.
After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. The post Residential construction jobs now 7.6%
To classify these sales, Zillow identified sales that were reported pending or closed with at most one day active and with a buyer and seller represented by the same agent or by agents within the same brokerage office, the report stated. Zillow said only this subset of off-MLS transactions was included in the analysis.
Zillow Group ‘s new-construction listings will be automatically syndicated to Redfin. The deal between the listing platforms comes as new construction listings form roughly 30% of the housing sales market. Real estate brokerage and listings platform Redfin was also in the red in Q1 — reporting a $60.8
Mark Woodling is the EVP of brokerage, based Dallas. Jonathan Salyer is the EVP of construction, based in Phoenix , while Erin Taylor is the EVP of finance and accounting, also based in Phoenix. “We To better accommodate its national expansion plans, Wrightwell also made a series of new leadership appointments.
Daryl Owen , the founder of top California independent brokerage Nationwide Real Estate Executives , is joining eXp Realty and taking 200 agents along with him. RealTrends couldn’t independently confirm those figures; NRE has not submitted data to the RealTrends brokerage rankings since 2019.
Veteran real estate broker-associate Christina Khosrowabadi, who has closed more than $140 million in sales since 2022, has joined Christies International Real Estate Sereno , one of northern Californias largest independent brokerages. Im excited to be part of a brokerage that supports agents in doing their best work.
Housing Market Supply and Demand: An analysis of housing inventory trends and construction pressures affecting pricing and availability. Dr. Conerly’s analysis included interest rates, inflation, and the Federal Reserve’s strategic direction, with insights into consumer behavior, government spending, and construction.
The fastest growing brokerage in insurance industry history, Acrisure , announced Wednesday that it has acquired title insurance and settlement service provider Tempo Title , marking its entrance into the real estate services business. The post Insurance brokerage Acrisure buys Tempo Title appeared first on HousingWire.
Ryan Serhant and his brokerage SERHANT. HousingWire real estate reporter Jeff Andrews sat down with Serhant to talk about the show, how it changed his life and the brokerage, and what he sees coming in the industry following the commision settlement by the National Association of Realtors (NAR). At this point, we’ve gained, I think, 1.3
New construction is backed up,” she said. According to Ellison, new construction in the Birmingham area typically accounts for 15% to 20% of the houses on the market at any given time, but that has not been the case over the past four years. “The We went from not a lot of people looking to five or six showings on a property. “I
In the past, when brokers thought about low-fee brokerage firms, they thought of low service. But, there’s a new breed of low-fee brokerage (not to be confused with a discount brokerage which offers a low commission to buyers and sellers), that is a hybrid between a 100% model and a traditional brokerage.
Mortgage veteran Donny Panasis has joined Embrace Home Loans as branch manager of its Viera, Florida office, where he and his team will originate loans for both existing and new construction homes. Panasis previously served as a loan originator for The Mortgage Firm and TD Bank.
Census Bureau shows how the business landscapes changed for homebuilders , lessors, agents , brokerages and other real estate professionals in the first full year after the pandemic began. A once-in-a-century pandemic, global inflation, supply chain shocks – 2020 truly was a pivotal year. Now, newly released data from the U.S.
Greg Vogel, the founder and CEO of Land Advisors , a Scottsdale-based land brokerage, had some stronger words about the analysis and the building ordinance. The original purpose of the Groundwater Management Act was really consumer protection,” Vogel said.
A total of 431,000 non-farm payroll jobs were added in March, and employment in the construction industry is now above its pre-pandemic level, after the industry added 19,000 jobs. In the construction industry, unemployment fell 6.0% Mortgage brokerage shops employed 137,300 workers in February compared to 135,700 in January.
Having grown up in a family-owned construction business, the former Nest Seekers International chief economist always knew she wanted to run her own brokerage. Now in partnership with Side, she has the resources to do so.
RealReports is a real estate platform that gathers property data — including construction permits, climate risk, rental rates, flood insurance costs, remodel potential and valuation — in one place. It pulls information from more than 30 data providers. Earlier this month , the company partnered with New England-based PrimeMLS.
Banking veteran Jarrod Glodt has joined commercial mortgage brokerage Eastern Union as a senior loan consultant. Glodt has more than ten years of experience as a banker engaged in commercial lending, ground-up construction, and investment real estate development. together with senior managing director David Merkin.
Sales were half that in 2023, but the commercial real estate brokerage notes that $1.5 Similarly, construction has slowed but remains elevated. The number of units under construction peaked in the fourth quarter of 2022 at above 53,000 and fell to about 36,500 in the fourth quarter of 2023, according to Cushman & Wakefield.
Pareja took over as CEO at eXp in April 2024 and became the first Hispanic CEO of a major real estate brokerage in U.S. Pareja also believes that collaboration is the biggest key to success in the industry, which motivated him to release eXp’s streamlined forms online for other brokerages and agents to use and benefit from.
Recruitment is a crucial determinant of growth and success for real estate brokerages. Like your customer, the recruitment process can be visualized as a sales funnel, where potential recruits enter at the top, and the best-suited agents emerge at the bottom as ideal members of your team or brokerage.
The new construction industry was not blind to the impacts this will have on housing demand. Builders are starting on construction on fewer single-family houses, but they’ve been breaking ground on more apartments and condominiums. million housing units under construction, an all-time record. and multifamily falling 13.1%.
last year, has joined brokerage firm UMortgage , the company announced on Tuesday. He’ll join forces with fellow veteran loan originator Jay Bunte in the brokerage firm. In terms of products, Gade said he will have the opportunity to access VA construction loans at UMortgage. Arizona-based Gade, a graduate of the U.S.
For the most part, many brokerages and real estate agents on the buyer’s side of the transaction have continued on with a “business as usual” approach until we have certainty as to the true impact. Such an approach would likely tend toward a transactional, brokerage-focused revenue model.
The team has a particularly large footprint in sales of new developments, having sold 1,500 newly constructed condominiums. On the brokerage’s second-quarter 2024 earnings call , Compass laid out an aggressive plan for expansion in major markets across the company, having identified 30 of them.
The marketing campaigns that agents construct with AdBuilder will include “a custom landing page optimized for lead capture,” and agents will receive data on how their campaigns are received and interacted with, according to the release.
The lion’s share of the job growth in December came from gains in the leisure and hospitality sector (up 67,000 jobs), the health care sector (up 55,000 jobs), and the construction sector (up 28,000 jobs). The construction sector’s large increase is thanks to a sizable gain in the number of specialty trade contractors which added 16,600 jobs.
Construction gained 32,000 jobs in July, with residential building gaining 2,900 jobs and residential specialty trade contractors gaining 11,200 jobs. Employment in the construction sector is now 82,000 jobs higher than in February 2020. A year ago there were nearly 300,000 workers at mortgage banking firms.
We’re operating within a labor and supply constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces,” said Jeremy Wacksman, chief operating officer at Zillow, in a written statement. “We construction workers. Can independent real estate brokerages outperform iBuyers?
1 brokerage by transaction side count announced the launch of eXp Exclusives , which will be open to eXp agents and their clients in the U.S. eXp Realty is looking to get into the exclusives game. On Tuesday, the nation’s No. and Canada.
” Rechat will offer its suite of tools and services to all Peerage Realty brokerages. Its partners include several independent firms that deal in residential resales and new construction marketing. ” Peerage Realty Partners serves luxury home markets through 206 offices and 6,100 sales representatives across the U.S.
Her achievements at RE/MAX include being inducted into the brokerage’s Hall of Fame (2008) and Circle of Legends (2018), as well as a Lifetime Achievement award (2011). According to a news release, the team has a particular focus on new construction, luxury homes and waterfront properties. million.
I’ve seen every market shift imaginable as an agent, team leader and executive in the brokerage , mortgage and proptech space. By directing their energy towards positive and constructive thinking, they set the stage for growth. These are the mindset and actions that set successful agents and loan officers apart in a down market.
And mortgage brokerages, which don’t have the burden of high overhead, are heavily recruiting retail LOs whose pipelines have thinned in recent months. With over 200 branches in West Virginia, Ohio, Pennsylvania Kentucky, Tennessee and Indiana, Trew said the bank is focused on purchase and the construction business.
Additionally, more rental units will be available for purchase, as many of the apartments that builders began construction on during the pandemic apartment boom are now complete. Because of the newfound hope that regulatory burdens may be reduced, the Republican sweep of the White House, Senate, and House has increased builder confidence.
Ruehrwein, who became a licensed agent in 2017 after working in the new construction industry for 28 years, serves clients in Rehoboth and surrounding Massachusetts towns, as well as East Providence and the Narraganset area of Rhode Island. “My The independent brokerage, which now has over 50 agents was founded in 2010 by Claude Blackman.
Rich DeNicola: My favorite HW+ article is the Real Trends Brokerage Compensation Report. It is a phenomenal resource for any brokerage owner. We all know the statistics on how new construction has lagged the needs of the country for the past decade. HousingWire: W hat has been one of your biggest learning opportunities?
Meanwhile, he counts on home builders to ramp up new construction, as the existing-home inventory shortage lifts demand for new homes. The market is fiercely competitive with so many business models among which to choose – from do it yourselfers to iBuyers to discount brokerages, to full service and rebates,” he said.
The construction sector added 25,000 jobs in January thanks to a big uptick in the number of specialty trade contractors (up 21,900 jobs). In addition, non-residential building construction added 4,100 jobs, compared to just 100 jobs in residential construction “Residential building construction employment is up 3.5%
On Wednesday, the brokerage announced that Leominster, Massachusetts -based Lynn Walsh and Charlotte -based Victoria Speer are coming back to the firm. She has more than 25 years of real estate industry experience, and she specializes in lake properties and new construction. This earned her the No.
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