Sat.Jun 08, 2024 - Fri.Jun 14, 2024

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VA issues temporary fix to allow buyer-paid broker fees

Housing Wire

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.

Buyers 523
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Sellers Slash List Prices as Buyers Face Record High Home Costs

Appraisal Buzz

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.

Sellers 435
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An open letter to overpriced sellers

Sacramento Appraisal Blog

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.

Sellers 368
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Mortgage rates decline for a second week, boosting applications

Real Estate News

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.

Inventory 286
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Unlock The Blueprint: How To Construct A Better Payment Workflow

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

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How much longer will we have to deal with higher mortgage rates?

Housing Wire

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.

Mortgage 491

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MLSs remain valuable tools after the NAR settlement

Inman

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.

Tools 199
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KW tackles commissions questions, tries to calm agent fears

Real Estate News

At a town hall event, Keller Williams leadership addressed agents’ concerns, acknowledged that “change is not comfortable.

Agents 277
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US home sales fall to historically low level: Redfin

Housing Wire

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.

Sellers 485
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VA Shifts Policy to Address NAR Compensation Settlement

Appraisal Buzz

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.

Realtors 418
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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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Time for Time Adjustment? Pt 2

George Dell

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?

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The state of mortgage rates depends on which state you're in

Real Estate News

A new survey of lenders reveals a 38 basis point difference between mortgage rates by state, which can mean hundreds of dollars a year for borrowers.

Mortgage 273
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Offerpad and Realtor.com team up to make cash offers available to portal users

Housing Wire

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

Sellers 468
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Seller Concessions Adjustments Revisited

Appraisal Buzz

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

Sellers 418
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VA officially unveils rules to allow vets to pay broker commissions

Inman

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.

Realtors 192
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Agents, consumers split on NAR settlement outcomes

Real Estate News

A recent survey from Clever found that 70% of agents are unhappy with the deal, but two-thirds of consumers think commissions practices should change.

Agents 269
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Homeownership costs jumped 26% since start of pandemic: Bankrate

Housing Wire

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.

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‘Hidden Costs’ of Homeownership Continue to Soar 

Appraisal Buzz

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.

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National rents hit highest level since 2022 despite more inventory

Inman

The median United States asking rent rose 0.8 percent year over year in May to $1,653, the highest it's been since October 2022.

Inventory 185
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MLS PIN to DOJ: Stay out of our settlement

Real Estate News

Attorneys argue that if the federal agency wants to make policy changes, it should do so through the legislature, not an antitrust settlement.

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Boomers, millennials locked in ‘showdown’ over housing: Fortune

Housing Wire

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.

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Sellers Listing Their Homes … But Buyers Aren’t Biting 

Appraisal Buzz

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.

Sellers 397
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4 fair housing essentials any real estate professional can champion

Inman

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.

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VA makes mortgage rule change official

Real Estate News

A temporary policy revision allows military borrowers to pay their agents, something that was previously prohibited under VA lending rules.

Lending 260
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Two parties appeal final approval of RE/MAX, Keller Williams and Anywhere settlement agreements

Housing Wire

The path forward for the settlement agreements reached by Anywhere , RE/MAX and Keller Williams with the home seller plaintiffs in the commission lawsuits has become a bit murkier. Last week, two parties filed appeals with the Eighth Circuit Court of Appeals that seek to overturn Judge Stephen R. Bough’s May 9 decision to grant final approval of the three settlement agreements.

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How to Build Volume in Today’s Market

Appraisal Buzz

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.

Marketing 396
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Is it time to debut your dual agency juggling act? The Download

Inman

How will agents master the delicate art of dual agency (and unlock double the opportunities), while balancing the fine line of fair representation?

Agents 183
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Nick Bailey: 5 lessons for leaders of public real estate companies

Real Estate News

Bailey, the former CEO of RE/MAX, discussed the keys to success when leading a business that is accountable to both customers and shareholders.

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Opendoor announces partnership with My State MLS

Housing Wire

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

Sellers 442
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Foreclosure Starts Tick Upward in May 

Appraisal Buzz

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.

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Real estate is changing — 3 things you need to focus on today

Inman

Feeling uncertain about buyer agency agreements? It’s natural. Here’s what to expect when presenting one to a new client.

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3 top takeaways from NAR’s updates on steering

Real Estate News

New additions to the National Association of Realtors’ settlement FAQ page reinforce the idea that the client comes first, not the commission.

Realtors 249
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70% of agents oppose NAR settlement: Clever Real Estate

Housing Wire

There is a large gap between how the American public feels about the business practice changes outlined in the National Association of Realtors’ nationwide commission lawsuit settlement agreement and how real estate professionals feel about them. According to a survey published by Clever Real Estate , 67% of the general public supports the changes, while 70% of real estate agents oppose them.