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The last week of data for the year U.S. real estate market is in and it may surprise you, but pretty much all the signals for housing in 2024 are pointing for growth now. Inventory is slowly but steadily increasing over last year, which means slightly more options for buyers this spring. Sales rates are climbing. We have more homes going into contract each week now than we did a year ago — supply and demand are climbing together.
What’s the housing market going to do in 2024? Nobody has a crystal ball, but here are some emerging trends. Scroll quickly by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 01/12/24 Prime Real Estate (private event (I think)) 01/17/24 Gateway Event (private) 01/30/24 Joel Wright & Mike Gobbi Event 9am (on Zoom here) 2/09/24 […] The post Real estate trends to watch in 2024 first appeared on Sacramento Appraisal Blog.
Because we're sure you remember these stories all too well, we'll just get to it without further ado. Here are the top news stories of 2023, ranked by readership.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
The 2023 housing market faced one of the same roadblocks we saw in 2022: mortgage rates were too high for home sales growth. Now that we’re in 2024, the Federal Reserve ‘s rate hike cycle is over, so let’s look at what that means for housing demand and home prices. However, a yearly forecast has limitations and in this crazy housing and economic cycle, if people give you a yearly forecast without guidance as variables change, you’ll be dealing with stale data.
An appraisal, everyone knows what is. Or do they? To explore this question, we must consider the theoretical – what USPAP expects. And we must consider what actually happens – in real, practical, practical, practice. In addition, we must consider other “valuations” types. We also might glance at what might be an ideal – given […] The post What IS an Appraisal?
An appraisal, everyone knows what is. Or do they? To explore this question, we must consider the theoretical – what USPAP expects. And we must consider what actually happens – in real, practical, practical, practice. In addition, we must consider other “valuations” types. We also might glance at what might be an ideal – given […] The post What IS an Appraisal?
More than 80 percent of real estate agents work for small brokerages with fewer than 25 agents, and the average is seven, Brad Inman writes. But their might was on full display in 2023.
The “ silver tsunami ” — a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging — could have more of an impact on the housing market this year, according to analyst Meredith Whitney in a conversation with Yahoo Finance. “[T]he other major demographic trend you see is the aging of America,” Whitney said.
There’s been a lot of talk recently about desktop appraisals. Everyone has their opinion, and there are many who are not in favor of this new development. I don’t know any more than you do about where things are headed, but from what I do know, and from connecting the dots, I think it’s that desktop appraisals will become more (not less) popular.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Agent "glut" means part-timers are now the majority, leading to "widespread incompetence and pressure to maintain high commission rates," according to the Consumer Federation of America.
Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. We created this weekly tracker at the end of 2022 to give people a live weekly outlook on everything that drives the housing market and which factors to follow. Those reading the tracker would have understood why the housing market dynamics shifted on Nov. 9, 2022, and they’ll be ready for what’s coming next.
NAHB analysis of Census data shows that private residential construction spending rose 1.1% in November, after an increase of 2% in October. It stood at a seasonally adjusted annual pace of $897 billion. Total private residential construction spending is 3.7% higher compared to a year ago. The monthly increase for total construction spending is attributed to more co single-family and.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
Fourteen of the real estate industry's biggest leaders shared their thoughts on rising mortgage rates, slowing sales, antitrust suits, National Association of Realtors drama, and several other headline-making stories along with their hopes for the new year.
Slowing job growth doesn’t mean a recession, but today’s jobs report tells me that the significant job gains we were accustomed to in the early part of the COVID-19 recovery period are ending, which ties nicely to how I thought labor would recover after COVID. Even though the headline number on the report today beat estimates, we are entering a new phase of the economic cycle, which means you need to know where to look to get clues for a recession.
Due to tightened monetary policy, the count of total job openings for the economy continues to move slower. This is consistent with a cooling economy that is a positive sign for future inflation readings. In November, the number of open jobs for the economy declined to 8.8 million. This is notably lower than the 10.8 million reported a year ago.
The family-run company may not project the flashy style of some other firms, but it offers substance, with a successful growth strategy and continued momentum.
A secondary school teacher in Colorado makes on average just under $63,000, according to the Bureau of Labor Statistics. If a Colorado teacher making the average salary had $20,000 to put towards a down payment and were willing to spend 30% of their pre-tax salary on their mortgage payment, she could afford a house that cost about $225,000. That’s a problem when a typical Colorado home – as defined by Zillow ‘s Home Value Index – costs more than $528,000.
Nonfarm payroll employment increased in 37 states and the District of Columbia in November compared to the previous month, while 13 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 199,000 in November, following a gain of 150,000 jobs in October.
Zillow predicts some of the hottest markets for price growth and home sales will be those in the Great Lakes region, with three Ohio cities in the top 10.
Top-10 mortgage lender Guaranteed Rate has filed a lawsuit against retail rival New American Funding over poaching. But this isn’t your standard poaching lawsuit: G-Rate alleges that NAF has wooed at least 30 employees since early 2023 via illegal loan officer compensation practices. Despite the rise in poaching lawsuits in a competitive market, it’s the first time a large lender has publicly accused a competitor of violating the LO comp rule by allowing their salesforce to manipula
December’s jobs report concludes another solid year of job hiring in 2023. In December, total nonfarm payroll employment increased by 216,000, and the unemployment rate held steady at 3.7% for the second month. Job gains moderated in 2023 with an average 225,000 monthly employment growth but remained strong. In December, wage growth accelerated to a 4.
The impact of artificial intelligence covers a wide range of territory — from consumer engagement to property valuation — as the real estate landscape shifts.
An SEC filing showed the Compass CEO is letting go of $25 million in performance-based restricted stock unit awards in exchange for something a bit more tangible. His salary is also going up to $900,000.
Housing experts expect that a boost in apartment inventory in 2024 will dampen rent growth. However, affordability woes will persist. Commercial property firm CBRE estimates that rent prices will only grow 1.2% this year, bringing the vacancy rate above the pre-pandemic level, the Wall Street Journal reported. However, the occupancy rate will remain above 94%, according to CBRE’s U.S.
A simple concept, but how can you make this apply to real estate appraisal? How do you increase your volume and revenue by creating great offers for your potential clients? Check out this episode!
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