Sat.Jul 29, 2023 - Fri.Aug 04, 2023

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Redfin looks to experiment with a new brokerage compensation model

Housing Wire

Redfin was in the red yet again in the second quarter , but its losses are narrowing and it’s tweaking its unique brokerage model to court more experienced agents in pricey coastal areas. Redfin’s financials Revenues at Redfin fell 21% year-over-year to $275.6 million, down from $606.9 million a year earlier. The brokerage and portal’s real estate services division, its principle source of revenue, dropped to $180.6 million, a 28% decline.

Brokerage 370
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Dear sellers, the housing market misses you

Sacramento Appraisal Blog

Sellers have been sitting, and it’s been a game-changer for the housing market in 2023. It’s also made valuations more difficult. Today I want to share some stats and talk about appraising in today’s market. Scroll by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 8/18/23 Details TBD 8/29/23 Elk Grove Regional MLS Meeting 10/23 […] The post Dear sellers, the housing market misses you first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

Sellers 338
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More listing opportunities may be on the horizon

Real Estate News

Nearly a quarter of homeowners are considering selling in the next 3 years, according to a Zillow survey — a significant increase over prior surveys.

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“The” Competency Rule v Today’s Best Practices?

George Dell

The USPAP “Competency Rule” is straightforward. It says you must be competent! For any given assignment, “being competent” requires the appraiser to: “properly” identify the problem; have knowledge and experience to be competent; recognize and comply with applicable laws and regulations. Editor’s Note: This is Standards, part 3.9 of George Dell’s series on How Do […] The post “The” Competency Rule v Today’s Best Practices?

Law 195
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Leverage Trellis Court Data To Identify More Investment Opportunities

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.

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10 essential skills real estate agents should possess

Housing Wire

Achieving success as a real estate agent requires more than simply understanding the mechanics of the job. Yes, you should certainly be able to post an impressive listing and understand the ins and outs of closing, but helping buyers and sellers means cultivating a diverse set of skills to navigate a complex and ever-changing real estate market. Here are 10 essential skills every real estate agent should possess. 1.

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MARIS buys into MLS joint venture

Real Estate News

The Midwestern MLS, which covers parts of Missouri and Illinois, is investing in REdistribute, a data revenue-share program.

Investing 246
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One Step Closer to Owning a Business

The Appraiser Coach

One day while I was at the local state fair, I saw a one-man band walking by.

Business 195
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Mortgage rates fall after softer labor data

Housing Wire

Mortgage rates are finally headed lower after a crazy week of jobs data showing that the economy isn’t going into recession. Job growth is slowing as we get closer and closer to the target range of the make-up demand in labor, but it hasn’t broken yet. What do I mean by a make-up demand in labor? Assuming we had no COVID-19 and the economy continued as it had been — which was running at the most prolonged economic and job expansion ever recorded in history — we would be between 157 million ̵

Mortgage 370
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Calculating Garage Adjustments with DataMaster

DataMaster

One question we get a lot at DataMaster is, “How can I calculate adjustments using DataMaster?” And true, we don’t have a separate snappy adjustment tool that requires a deep understanding of mathematical theory, not to mention a computer science degree; we can help you calculate adjustments using our core functionality. One example that our Chief Appraiser, Jared Preisler SRA, demonstrated was how to start calculating adjustments for garages.

Tools 148
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The Constructor's Digital Transformation Playbook: Reducing Risk With Technology

Speaker: Dylan Secrest

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.

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eXp delivers a profitable second quarter — and adds agents

Real Estate News

The company reported a net income of $9.4 million, slightly below expectations, while its agent count grew by 7%.

Agents 246
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Compass hires former Better Homes and Gardens agent

Inman

Joseph Magsaysay will join Compass' leadership as the brokerage looks to enhance its luxury presence in Silicon Valley. Magsaysay said he's developed a "people first" leadership strategy.

Agents 148
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RE/MAX remains profitable even as US agent count drops

Housing Wire

Despite a 10.6% annual decline in revenue and a 6.3% drop in U.S. agent count, RE/MAX Holdings , the parent company of the real estate giant RE/MAX , stayed in the black during the second quarter of 2023. Overall for the quarter, RE/MAX generated a net income of $2 million, down from $5.8 million a year ago, as its revenue dropped to $82.4 million. The firm attributed this to negative organic growth due to lower broker fee revenue and reduction in U.S. agent count, but it noted that it was parti

Agents 370
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New Home Sales Increasingly Backed by FHA Loans

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the share of new home sales backed by FHA loans climbed from 12.1% (revised) to 14.0% in the second quarter of 2023. It is the largest share since Q1 2021 but roughly three percentage points lower than the post-Great Recession average. Conventional loans financed 73.7%.

Finance 148
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

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.

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Redfin to change up agent recruiting, splits as losses continue

Real Estate News

Amid falling revenue and elusive net profits, the company plans to pilot a program to give agents "the lion’s share of the commission on self-sourced sales.

Agents 246
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‘Catching a wave’: Nartey brings Globl RED to The Real Brokerage

Inman

"Catching Real right now is like catching a wave," Kofi Nartey said. He sees the brokerage's sweeping growth and adoption of technology as the way of the future.

Brokerage 148
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eXp makes a $9.4M profit in Q2 despite headwinds

Housing Wire

eXp World Holdings faced headwinds in the second quarter, as persistently slow real estate sales drove the company’s revenue down 13% year-over-year to $1.2 billion, executives disclosed on Thursday. Despite the decline in revenue, the holding company for eXp Realty maintained profitability with a net income of $9.4 million, up from $1.5 million in the first quarter of 2023 and $9.3 million in Q2 2022.

Realty 370
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Homeownership Rates for Households Aged Under 35 Fell to 38.5%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.9% in the second quarter of 2023, amid persistently tight housing supply. The homeownership rate remained statistically unchanged from the first quarter reading (66%). Compared to the peak of 69.2% in 2004, the homeownership rate is 3.3 percentage points lower and remains below the 25-year average rate.

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Mortgage rates approach 7% following U.S. rating downgrade

Real Estate News

Freddie Mac put the average 30-year fixed-rate mortgage at 6.9% this week, just below the peak seen in mid-July.

Mortgage 246
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Lamacchia Realty expands with acquisitions across Massachusetts

Inman

In the last month, the East Coast-based brokerage has made two strategic acquisitions as the company works to bolster its presence in southeastern Massachusetts and Rhode Island.

Realty 148
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Va.-based Coldwell Banker Premier expands to Maryland

Housing Wire

Coldwell Banker Premier announced a merger with Coldwell Banker Professional Real Estate Services along with all of its sales associates, which further expands Coldwell Banker Premier’s office footprint into Cumberland, Maryland, and surrounding markets. This is the sixth merger by Coldwell Banker Premier since the beginning of 2022. Coldwell Banker Premier was named a 2023 RealTrends GameChanger for its 76% transaction side percentage growth over five years (2018-2022.

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Construction Job Openings Little Changed

Eyes on Housing

The count of open, unfilled jobs for the overall economy continued to moved lower in June, falling to 9.6 million. While ongoing tight labor market conditions have raised the likelihood of a September Federal Reserve interest rate increase, the JOLTS survey is another data point indicating an ongoing but gradual cooling of macro conditions due to elevated interest rates.

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HomeServices of America loses appeal in commissions case

Real Estate News

The Eighth Circuit Court of Appeals upheld a ruling denying HSA’s motion to force arbitration in the Sitzer/Burnett case, scheduled for trial in October.

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Timothy Di Prizito joins AKG | Christie’s International Real Estate

Inman

The former GM of Joyce Rey's team at Coldwell Banker said he is ready to spread his wings and likes what he sees when it comes to Aaron Kirman's success in growing his team, Di Prizito exclusively told Inman.

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Homebuilders are at max capacity. And the housing shortage keeps widening

Housing Wire

Aerial drone inspection of Lennar’s Westview housing development Miami, Florida. Taken by Felix Mizioznikov. Everywhere you look there seems to be bad news for the existing-home market — interest rates remain north of 7% and the median home price nears record levels at more than $410,000 as of June. The dynamics creating that dour landscape for perspective homebuyers eying existing homes are at the same time helping to boost another sector of the home market, however.

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How to Read a Home Appraisal

Chicagoland Appraisal Blog

Reading a home appraisal might feel overwhelming at first, but worry not! This guide is here to simplify the process. While each appraisal may have slight variations, the following structure offers a general roadmap to help you smoothly navigate through it. The key is to approach it in a linear manner, starting from page 1 and following the logical flow.

Appraisal 148
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Why MLSs should play up their value to consumers

Real Estate News

Emily Chenevert, CEO of ABoR and the newly rebranded Unlock MLS, wants Austin buyers and sellers to associate "MLS" with more than just soccer.

Sellers 246
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FOMO Alert: 74 things to expect next week at Connect Las Vegas

Inman

With Inman Connect Las Vegas rapidly approaching, Inman founder Brad Inman offers his notes, compiled over two decades, on what attendees should expect at this year's conference next week.

Brokerage 148
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Savvy real estate agents look beyond ChatGPT

Housing Wire

Too many real estate agents are watching artificial intelligence (AI) from the sidelines, assuming technology will never replace them. They repeat the mantra “Home buyers and sellers will always need a real estate agent.” Yet, even the most brilliant leaders in AI have a difficult time envisioning how AI will transform the world in five years. So how can real estate agents be so cavalier about their job?

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June Gains in Private Residential Construction Spending

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 0.9% in June after an increase of 2.9% in May. Spending stood at a seasonally adjusted annual pace of $856.3 billion. However, total private residential construction spending is still 10.4%% lower compared to a year ago. The total construction monthly increase is largely attributed to more.

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As buyers move farther away, agents need to be ready for them

Real Estate News

NAR’s midyear forecast touched on a variety of trends, highlighting increased moving distances as a notable recent change.

Buyers 246
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Trophy properties are all the rage right now, Jonathan Spears says

Inman

Ahead of his appearance at Inman Luxury Connect, the Spears Group founder told Inman demand for trophy properties or highly unique listings is at an all-time high throughout North Florida.

Agents 148