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The U.S. Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that will allow homebuyers using VA loans to pay for their real estate agent’s commission — i.e., the buyer-broker fee. The change, a result of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , was anticipated late last month and commented on by Michelle Corridon, the deputy policy director at the VA.
Home sales dipped 1.7% month-over-month in May on a seasonally adjusted basis, and 2.9% year-over-year, according to a recent Redfin study. There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low.
Dear Sellers, if you’re overpriced, I have some thoughts for you today. This is coming from a good place, and I want you to have success in selling your home if that’s what you really want to do. Scroll by topic and let me know if you have any questions or thoughts. I hope this […] The post An open letter to overpriced sellers first appeared on Sacramento Appraisal Blog.
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 average cost of homeownership has increased by 26% over the past four years to more than $18,000 annually, according to Bankrate ’s newly released Hidden Costs of Homeownership study. The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic , mainly due to a lack of inventory, according to the study.
Homeownership remains a common aspiration for many Americans, yet it is often difficult to obtain. This is especially true for single parents, who often have less money to purchase a home than married couples. This is according to Jacob Channel , Senior Economist for LendingTree. We’ve previously discussed single-parent problems, and discovered that the majority of single mothers do not own a home.
Homeownership remains a common aspiration for many Americans, yet it is often difficult to obtain. This is especially true for single parents, who often have less money to purchase a home than married couples. This is according to Jacob Channel , Senior Economist for LendingTree. We’ve previously discussed single-parent problems, and discovered that the majority of single mothers do not own a home.
Fair housing goes beyond knowing the protected classes. Dr. Lee Davenport offers a primer on 4 levels of fairness involved in fair housing and how to communicate the facts to buyers and sellers.
Buyers have more inventory to choose from, but the uptick in demand could be short-lived as the lock-in effect and price growth continue to stymie sales.
Given last week’s surprising jobs report, how much longer will we have to deal with higher mortgage rates ? The labor data will be the key to answering that question. It’s essential to track the labor data along with inflation because the key to getting lower mortgage rates for longer lies with the labor data more than inflation. That makes this week another one to watch since we will have CPI inflation and the Federal Reserve meeting results on Wednesday.
The U.S. Department of Veterans Affairs (VA) has announced in Circular 26-24-14 that eligible veterans, active-duty servicemembers, and surviving spouses who use VA-guaranteed home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home. The VA home loan program, which celebrates its 80th anniversary later this month, has provided more than 28 million loans to veterans to date.
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.
Elevated mortgage rates and home prices are creating challenges for many homebuyers, and 86% said May was a bad time to buy — a new high in Fannie Mae surveys dating to 2010.
Today’s double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened. Today he acknowledged what I have been talking about for months: the Fed’s key data lines are at pre-COVID-19 levels today. Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates ) lower at first.
There seems to be continued debate among appraisers, reviewers, and underwriters regarding seller concessions. A particular point of contention in this debate is whether or not it is appropriate to adjust seller concessions on a dollar-for-dollar basis. I must admit, that point of contention is somewhat understandable, as the ‘Sales or Financing Concessions’ portion of the Fannie Mae Selling Guide has always appeared to be a little contradictory (see B4-1.3-09, Adjustments to Comparable Sales
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.
As compliance becomes even more top of mind for the industry, Realtracs CEO Stuart White writes, MLSs have an enhanced role as a reliable resource to support professionals in following developing processes and procedures.
Elevated mortgage rates, high home prices and a lack of for-sale listings continue to hamper U.S. home sales, with Redfin reporting Friday that sales in May 2024 dropped to one one of the lowest levels of the past decade. The annualized rate of home sales, adjusted for seasonality, fell below 408,000 last month. That was down 1.7% from the prior month and 2.9% below year-ago levels.
For many, homeownership is a pillar of the American Dream and an essential way for many people to accumulate wealth, but ongoing costs go much beyond the initial purchase price—according to Bankrate’s latest Hidden Costs of Homeownership Study. Median home prices have risen above $400,000 nationwide, and the average annual cost of owning and maintaining a single-family home in the U.S. is now 26% higher than it was four years ago.
Time adjustments have long been required as good appraisal practice. On the residential side, they are required in guidelines issued by FannieMae and FreddieMac (the GSEs). Unfortunately, the requirement for time adjustments (“market conditions”) has been ignored by the lenders selling to the GSEs (Government Sponsored Enterprises). Why? Editor’s Note: Read Part 1 of this […] The post Time for Time Adjustment?
Opendoor has partnered with nationwide multiple listing service My State MLS to equip more than 60,000 agents in each of the 50-plus markets Opendoor serves with access to the iBuyer’s cash-offer solution. My State MLS is a nationwide multiple listing service that allows members to list and search properties anywhere in the U.S. According to a news release, through the partnership, My State MLS agent members will be able to receive estimated cash offers on qualifying properties within minutes to
Home sellers are returning to the market, but buyers are hesitant, according to a recent Zillow market report. In May, new property listings exceeded sales, allowing buyer competition and price rise to slow—and more price relief is expected. “Rate lock’s hold seems to be loosening—homeowners who may have put off listing their homes are done waiting.
The iBuying platform Offerpad and Realtor.com are teaming up. In an announcement on Tuesday, the firms said that Offerpad was integrating with Realtor.com. According to the release, the integration will allow Offerpad to provide a cash offer to more sellers and will extend Offerpad’s reach to a larger audience of potential sellers. “Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and
ATTOM’s May 2024 Foreclosure Market Report found that there were a total of 32,621 U.S. properties with foreclosure filings during the month—default notices, scheduled auctions, or bank repossessions—up 3% from April 2024, but down 7% from a year ago. “May’s foreclosure activity highlights nuanced shifts in the housing market,” said Rob Barber, CEO at ATTOM.
Find out how "consummate student" and San Francisco agent Chris Jurach keeps challenging himself to "learn new things, read and listen to books, and gather fresh ideas.
As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market.
This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. In today’s low-volume market cycle, mortgage originators can build business by focusing on purpose-built loan products designed to overcome the specific challenges homebuyers face in the current market. In a landscape marked by limited turnkey housing inventory, significant affordability issues, and relentless competition from cash-rich investors, homebuyers need more than plain vanilla home loans.
The temporary rules were first announced in May ahead of Memorial Day and came in response to calls from Realtors who feared veterans would become less competitive in the new landscape.
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