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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.
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.
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?
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.
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.
I always have great conversations with Lisa Abramowicz, an anchor on Bloomberg Television's Bloomberg Surveillance. The TV clip captures about half the conversation. For the my full interview , check out the Bloomberg Surveillance Podcast. Jonathan Miller, Miller Samuel President & CEO, says housing prices have leveled off. The post Bloomberg Surveillance 8-1-23: The Pandemic Wiped Out Housing Inventory: Miller first appeared on Miller Samuel Real Estate Appraisers & Consultants.
I always have great conversations with Lisa Abramowicz, an anchor on Bloomberg Television's Bloomberg Surveillance. The TV clip captures about half the conversation. For the my full interview , check out the Bloomberg Surveillance Podcast. Jonathan Miller, Miller Samuel President & CEO, says housing prices have leveled off. The post Bloomberg Surveillance 8-1-23: The Pandemic Wiped Out Housing Inventory: Miller first appeared on Miller Samuel Real Estate Appraisers & Consultants.
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 ̵
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.
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.
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
The company intends to prepare agents and homeowners for the "millions of new high-performing homes improved through the Inflation Reduction Act (IRA)," according to an announcement.
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.
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.
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%.
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.
If, as an industry leader, you only care about female agents' production, and not their safety, think about what that makes you. We already know who you are.
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.
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.
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.
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.
Rates are high, housing inventory is down, and competition for new originations is fierce. Leaders across mortgage and banking are turning to their marketing partners with some variation of the same ask: “We need to improve the effectiveness and profitability of our campaigns, increase originations, and oh, by the way, budgets have been slashed — so any ideas better be cost-effective.
"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.
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.
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.
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.
Home transactions may be down, but you wouldn't know it from most brokerage payrolls. Real estate hiring churned along in July, according to new data from the U.S. Bureau of Labor Statistics.
The two former rivals and popular home-search sites extend their connection beyond 3D Home, with Redfin calling Zillow listings “a new revenue opportunity.
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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