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It’s resulting in calls to reimagine the costs of homeowners insurance (Image generated by AI in Midjourney) As the planet warms and extreme weather intensifies, the rising cost of homeowners insurance is stopping realestate deals in their tracks. Their study included data across more than 9,000 ZIP codes.
Growing dissatisfaction among realestateagents , concerns over declining commissions , and shifting views on the National Association of Realtors (NAR) are among findings in Redfin’s 2025 Industry Survey. However, fewer than 10% of agents said they had received training on discussing climate risks with clients.
Redfin has conducted a survey of its agents across the industry to gauge key insights into the challenges and opportunities facing todays realestate professionals. In its 2025 Industry Survey , Redfin dug deeper into how realestateagents view their careers, the housing market, and other hot-button industry issues.
As recently as five years ago, homeowners insurance was certainly not top of mind for most homebuyers and their realestateagents , but the rapidly rising cost of insurance premiums is changing that. Before, insurance was kind of an afterthought. nationwide in 2023, with Farmers Insurance Group of Cos.
To answer that, we’ll take a deep dive into the differences between the many types of realestate professionals, including a realestateagent and a realestate broker. Summary What is a realestateagent? What does a realestateagent do? Let’s dive in!
“Technology has enabled homeowners to live more sustainably and more affordably, which is a growing priority for prospective buyers,” said Amanda Pendleton, a Home Trends Expert at Zillow. Energy-efficient and climate-resilient home features are quickly gaining popularity as homeowners look to keep costs down, including insurance costs.
But that benefit is beginning to be offset by a surge in insurance costs and HOA fees caused by intensifying natural disasters ,along with rising property taxes. Retirees understand the risks of moving to Florida, but many believe the pros still outweigh the cons, said Rafael Corrales, a Redfin Premier RealEstateAgent in Miami.
Valon’s platform — the first of its kind to provide end-to-end mortgage servicing — was designed to boost efficiency and transparency for home buyers and sellers. Clever RealEstate also partners with Valon to match buyers and sellers with local realestateagents who offer cash rebates, commission discounts and other products.
A referral estate referral occurs when a licensed agent or broker passes along a prospective buyer or seller to another licensed agent to handle a transaction. Sometimes, a realestateagent may choose not to work with a specific buyer or seller. Choose your moment!
The trend is most pronounced in Atlanta, Las Vegas, Houston, and parts of Florida , where increasing housing supply is leading to a buyers market. With less competition, some buyers are backing out during the inspection period, hoping for a better deal. Some buyers are getting cold feet with everything going on in the world.
While the slowdown has resulted in a return to pre-pandemic levels of market activity, realestateagents across the state believe that an issue far greater than 7% mortgage rates may cause the housing market to slow further. “We We have an insurance problem,” said Charlotte Johnson , a Keller Williams agent based in Mandeville.
Some homes are attracting bidding wars like its 2020 again, while others are sitting on the market for weeks with no action, said Desiree Bourgeois, a Redfin Premier RealEstateAgent in Detroit. I recently saw one house get 10 offers and sell for $50,000 over the asking price, and the buyer waived their appraisal contingency.
Even with demand buoyed by a sparse housing inventory, growing financial challenges for buyers are forcing home sellers to cut prices to close deals, a new Redfin research report found. Buyers are picky and they don’t want to pay a dollar more than they need to,” the report said. According to the brokerage, 6.5% the month prior.
The buyer should be a seasoned rancher or farmer looking to expand. The loan is not insured when assumed, and the mortgage lender possesses no authority to accept future parties for the assumption. The post The activities RESPA allows realestateagents to perform appeared first on HousingWire.
” Realestateagents and LOs: the great collaboration. Technology has given consumers the power of choice and expedited the entire realestate purchasing process. Helena [California] whose home burned down in the last fire and only half of it was covered by the insurance company.
Successful agents, brokerages and loan officers of the future are going to rely significantly on technology to find, nurture and engage with buyers and sellers while also playing an expanding role as personal advisors in all things related to mortgage, insurance, moving, renovating and new home transitioning.
.” Compensation model fell short The primary innovation of the Redfin business model was to offer agents a salaried W2 position, as opposed to a traditional commission split or serving as a franchisee. Agents got benefits like health insurance, a 401(k), vacation time and a more predictable stream of income.
In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. This is one of the easiest parts of Florida to insure and costs have gone up over 40%.”
has agreed to pay $150,000 to the California Department of Insurance (CDI) to settle allegations that two of its employees violated state law that prohibits conflicts of interest in realestate transactions. He is also barred from seeking any insurance license for the next three years. California Best Title Co.
Realestateagents often make the mistake of believing their clients will remember them forever but they dont. Its up to us as agents to stay engaged and stay in contact with our clients. Many of the best realestate CRMs have built-in features to segment your contacts list and automate your realestate newsletters.
As the engines of the housing and mortgage markets continue to sputter due to higher interest rates and fewer buyers, industry innovators are looking for ways to get their company’s wheels off the ground. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%.
One of the most important roles we play at ALTA is strongly encouraging buyers to shop around for their title insurance company. Often the buyer asks the realestateagent or lender for a recommendation, but we always encourage buyers to explore their options. Where should homebuyers start?
Additionally, the storm has prompted buyers and home insurers to hit pause. Tampa-area agent Jeff Borham of eXp Realty said that protocols for insurance are having an impact. People trying to get out of the way of a major hurricane aren’t overly concerned with putting their house on the market.
We’re writing today to address the unintended consequences that may result from the realestateagent commission dilemma stemming from recent lawsuits. There are multiple lawsuits challenging the prevailing structure of realestateagent commissions, and, as a result, there is no shortage of industry conversation on the topic.
Property documents offer realestateagents and their clients crucial insights; however, they are often long, full of legalese, and poorly formatted, making them extremely tedious to review and understand,” James Rogers, co-founder and CEO of RealReports, said in a statement. “Now
.” Waltz aims to support international buyers with a “comprehensive” solution that covers the compliance, legal, banking and regulatory processes to close the purchase process within 30 days. Investors can partner with a realestateagent , mortgage broker or turnkey provider to locate a property of their choice.
FHA mortgages are insured by the Federal Housing Administration. Top five questions to ask a potential realestateagent. The one caveat with FHA loans is that they require a Mortgage Insurance Premium both at closing and as part of your monthly payment. Who they’re best for: Buyers with good credit.
Going from a volatile rate environment in the latter half of 2022 to a market with lower, more stabilized rates, there’s optimism spreading across the industry that buyers will come back. I really think until we see inventory move in our favor, it’s still going to be a tough market for a buyer. After originating $1.66
home buyers and sellers it survey were targeted with suspicious or potentially fraudulent activities, while 10% were targeted for realestate fraud and 5% suffered losses during their realestate transaction due to fraudster.
in October—fueled by rising housing and insurance costs—and mortgage rates having edged back above 7%, homeownership remains a distant goal for many living in the U.S. For realestateagents, this economic reality can present both challenges and opportunities, and determine strategies in markets across the country.
Redfin reports a major reason for the jump in housing supply is a pileup of unsold homes, many of which buyers have deemed undesirable because they seem overpriced. Theres a lot of inventory, but it doesnt feel like enough, said Meme Loggins, a Redfin Premier RealEstateAgent in Portland, Oregon. year-over-year.
AI-generated image of two lawyers scrutinizing title insurance joint venture agreements. In 1983 Jim Campbell launched what is believed to be the first joint venture experiment between a realestate brokerage and a title and settlement firm. Image was created using MidJourney.
Buyers are getting more and more selective,” said Julie Zubiate, a Redfin Premier realestateagent 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. of homes that went under contract.
So far his venture-backed title company has launched platforms that have sped up title clearance and title insurance acquisition, and they have their sights on expanding into the lending and appraisal space. As title insurers our business practices and our regulatory oversight are different in every single state,” Stone said. “So
1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. This is a huge boon for the program as seller concessions have not been allowed within the FHA-insured program since its inception.
In 2020, a colleague approached her about establishing a Phoenix-based chapter of Women in Insurance and Financial Services (WIFS), an association of financial services professionals who aim to “attract, develop and advance women in an underrepresented profession,” according to the WIFS National website. “I
Please be aware that a home is deemed affordable if the monthly housing payment for a buyer who takes out a mortgage does not exceed thirty percent of their income. However, according to Juan Castro, an Orlando Redfin Premier realestateagent, there are other reasons why many wealthy Americans chose to rent rather than buy a property.
As a result, PrimeMLS’s 12,000 member agents will have access to RealReports’s wealth of property data. The product is marketed toward realestateagents to help them build trust and credibility with their clients, a joint news release states. “In
As the principal broker for a RE/MAX franchise in coastal Cannon Beach, Oregon, Alaina Giguiere’s typical responsibilities include marketing homes for sellers, touring homes with buyers, generating new business leads, managing client relationships, and drafting and reviewing contracts with buyers and sellers.
The Community Home Lenders of America (CHLA) this week submitted a letter to the Federal Housing Administration (FHA) that urges the agency to “provide comparable down payment treatment for FHA borrowers, regardless of whether or not the seller is willing to pay the home buyer broker commission,” according to an announcement by the organization.
This article was written for FinLedger, HW Media’s new fintech focused news brand designed specifically for financial services professionals in banking, payments, insurance and proptech. This setup lets a consumer compare quotes from several insurers, including Progressive, with only one click. market for homeowners’ insurance.
The majority of realestate sales fall under this category and usually employ a buyer’s and seller’s agent who negotiate on behalf of their respective parties. In a controlled transaction there is an established relationship between the buyer and seller. Does your buyer need to secure a mortgage ?
WEST , a Williston Financial Group company, announced this week that its cybersecurity service WESTprotect.com , created to aid title and realestateagents as well as lenders from potential online risks and email fraud, is now available on an on-demand and self-serve basis. billion related to fraud complaints.
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