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Home prices jumped more than 2% between May and July, the largest two-month gain on record, as Americans emerging from COVID-19 lockdowns bought real estate, the Federal Housing Finance Agency said in a Wednesday report. Gains in prices were driven by mortgage rates that started tumbling to record lows after the Federal Reserve began a bond-buying program in March to prevent a credit freeze amid the pandemic-induced recession.
The backbone of any real estate appraisal is the highest and best use analysis. All properties have a highest and best use – and this is not always the current use. There are four qualifiers that help to determine the highest and best use of a property. The use of a property must be… Legally Permissible. Physically Possible. Financially Feasible.
Commercial property management is a year-round task as weather changes can bring unexpected complexities to inexperienced property owners throughout the seasons. Every season poses a unique set of challenges. The property you oversee must be ready for any weather condition, regardless if you’re encountering winter snow or summer winds. Managing apartment buildings, or an office, retail, or warehouse space?
Since the onset of COVID, market data remains sparse for certain property types. The team at Simonson Appraisals has found that one of the best tools we have to overcome this challenge while continuing to produce reliable and credible appraisals is speaking with owners, lenders and other market participants dealing with the different segments of commercial real estate.
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.
Sales of existing homes rose to a 14-year high of 6 million in August, the National Association of Realtors said in a report on Tuesday. Combined sales of single-family houses, townhomes, condominiums and cooperatively owned apartments rose 2.4% from July, according to the report. Compared to a year ago, prior to the COVID-19 pandemic, last month’s sales were 11% higher, NAR said. “ Home sales continue to amaze , and there are plenty of buyers in the pipeline ready to enter the market,” sa
Six months after the Covid-19 stay-at-home order hit Yolo County, what’s happened to residential real estate in local markets? Sales activity in Davis was low at the start of 2020 before the pandemic hit and continued into the spring with a massive drop in May. As shown below, Davis is way behind in sales compared […].
Six months after the Covid-19 stay-at-home order hit Yolo County, what’s happened to residential real estate in local markets? Sales activity in Davis was low at the start of 2020 before the pandemic hit and continued into the spring with a massive drop in May. As shown below, Davis is way behind in sales compared […].
If you own several properties (or even just one), the chances are that you don’t have much time on your hands. That’s why a property management company is the perfect solution for commercial real estate owners like you! Owning commercial property is a considerable undertaking. As an investor, you must ensure that your real estate appreciates by making smart improvements.
Quality tenants—those who pay on time, take care of the property, and follow the rules of their lease—are a rental property manager ‘s dream. After all, finding new tenants is expensive and time-consuming. The cost of advertising, showing the property, screening potential tenants and more eats into landlords’ profits, especially as the property sits vacant.
The average U.S. mortgage rate for a 30-year fixed loan is 2.9% this week, up from 2.87% last week, Freddie Mac said in a report on Thursday. It’s the ninth consecutive week the rate has been below 3%. The average rate for the less-popular 15-year mortgage was 2.4%, rising from last week’s record low of 2.35%, the mortgage giant said. Sub-3% rates are boosting real estate demand and fueling bidding wars.
An essential aspect of selling or buying a home is the appraisal. An appraisal on a home is an unbiased evaluation of what the property is worth. This is done by a certified or licensed professional. The appraisal includes an in-person inspection of the home and its condition along with comparable home sales in the market and within the neighborhood.
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.
Owning commercial property is a huge responsibility. Most building owners and multi-family real estate investors don’t realize that property management companies can completely relieve them of the day-to-day administration of property, prospects, and tenants. The ability to outsource oversight and stewardship of commercial property removes a considerable burden of responsibility, allowing CRE owners more time to focus on generating ROI on current and future investments.
McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Plus, we’re adding to our library each month so that you get the most current and relevant information to grow your real estate appraisal career. Do you already have an Unlimited Learning Membership ?
Vexed by work-from-home arrangements owing to the COVID-19 pandemic, homeowners are taking the long view and rethinking floor plans. The reality is, home offices are no longer a luxury. In the initial three weeks of public health lockdowns in March, according to Gallup , the percentage of employed Americans working from home doubled to 62%. Of these workers, three in five said they’d prefer to work from home when restrictions are lifted.
Appraising the value of a commercial real estate property is never an easy task. There are many things to consider, such as the current market price, rental rate, and how much the buyer is willing to pay. If this is your first time selling or leasing a property, there are many appraisal services in Toronto that can help you. Here are commonly used valuation methods to give you an idea of what a property appraiser might use: Value per Unit – This method generally applies to apartment buildi
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.
The backbone of any real estate appraisal is the highest and best use analysis. All properties have a highest and best use – and this is not always the current use. There are four qualifiers that help to determine the highest and best use of a property. The use of a property must be… Legally Permissible Physically Possible Financially Feasible Most Productive The goal of the real estate appraiser is to identify the use of the property that will be the absolutely most profitable use within
As a real estate agent, your income is determined by your ability to close the deal. Therefore, negotiation skills are essential. To successfully master the art of real estate negotiations, you’ll want to find the most creative and powerful strategies available. To help you out, we’ve put together a list of the eight best negotiation books for real estate agents.
Painter Kenneth Noland said, “Context is key – from that comes the understanding of everything.” Whether that is true in the world of art I could not tell you, but it is most certainly true in the world of economics. What are numbers but meaningless points? It is when those points are considered in the context of what has happened before and what we expect to happen in the future that they become imbued with meaning.
There is a wide spectrum of lease types in commercial real estate. To make it easier to communicate with others, it is not uncommon for complicated leases to be described using simple language. The ‘double net lease’ in commercial real estate is a term that describes a certain type of lease agreement, but it’s not always as simple as it might sound.
Title XI of the FIRREA requires all licensed and certified appraisers to successfully pass an examination that’s issued or endorsed by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation. That examination is known as the National Uniform Licensing and Certification Exam. Once you’ve completed your education requirements, you must pass the national exam as the final step toward earning your appraisal license.
United Wholesale Mortgage , the largest wholesale lending firm in the country, is joining the blank-check company craze and will make its public debut via an acquisition. The Detroit-headquartered UWM will merge with businessman Alec Gores’ special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the new UWM at $16.1 billion, the company said in a statement Wednesday morning.
The housing and mortgage markets have been the rare bright spots in an otherwise fragile economy brought forth by the ongoing COVID-19 pandemic. Mortgage origination volume this year is on track to be the highest in more than 15 years, led by a strong wave of refinances. Just how busy have lenders been? 2003 was the last time refinance activity was as high as the $1.75 trillion MBA is forecasting for 2020.
Let me be contrarian: Get ready, because mortgage rates are going to rise in 2021. Now before you respond, just read the rest as to why. The Mortgage Bankers Association in its most recent forecast sees two things that stand out. First, 2020 will prove itself to be the second biggest mortgage year in history. Topping $3 trillion will put it only behind 2003 in single family mortgage production history.
Despite mortgage rates rising slightly from a previously all-time low, mortgage applications gained 6.8% last week, according to a report from the Mortgage Bankers Association. The refinance index continued its upward climb, gaining 9% last week and jumping 86% higher than the same week one year ago. Refinances also nearly reached two thirds share of mortgage activity last week, increasing to 64.3% of total applications from 62.8% the week prior.
U.S. homeowners with mortgages witnessed a 6.6% year-over-year increase in their equity in the second quarter of 2020 – representing a cumulative gain of $620 billion for the nation and an average $9,800 hike in equity per homeowner, according to a new report by CoreLogic. Record-low mortgage rates and constricted sale inventory cast the perfect storm for home prices which rose 4.3% annually through June ultimately bolstering the increase in home equity, CoreLogic said in its home equity report.
Ginnie Mae , the government-owned corporation that securitizes loans backed by the Veterans Administration and the Federal Housing Administration , said it won’t accept adjustable-rate mortgages benchmarked to the London Interbank Offer Rate, or LIBOR, starting in January. For home equity conversion mortgages, known as reverse mortgages, the ban starts Jan. 1.
Just two months after its public debut , Rocket Companies is looking to bulk up its wholesale operation by sweetening the pot for mortgage brokers. The Detroit-based firm, which began 35 years ago as a mortgage broker shop in southeast Michigan, is rebranding Quicken Loan Mortgage Services to Rocket Pro TPO. Included in the rebranding is an entirely new, white-labeled broker-branded origination hub that will provide e-signature technology, visibility into loan status and the ability for applican
The Office of the Comptroller of the Currency said on Monday it had settled with three former Wells Fargo executives for their roles in the bank’s fake-account scandal. The settlements include a $925,000 penalty to former Community Bank Group Finance Officer Matthew Raphaelson, a $400,000 fine to the former Head of Community Bank Deposit Products Group Kenneth Zimmerman; and a $350,000 penalty to the former Head of Community Bank Human Resources Tracy Kidd, the OCC said in a statement.
The Federal Reserve approved a revamp of the anti-redlining rules known as the Community Reinvestment Act, or CRA, in a live-streamed meeting on Monday morning and gave 120 days for community and industry feedback. The move comes four months after Joseph Otting, head of the Office of the Comptroller of the Currency , stepped down a day after releasing his controversial reforms of CRA.
Call it what you want – a disruption, a revolution, a transformation or perhaps a thorn in your side, there is no denying the pandemic has stirred the housing industry in all its sectors. How companies adapt and pivot while fostering their teammates’ growth may very well decide who will be on the right and wrong side of history after the gloves – and masks – come off.
HousingWire recently spoke with Keith Murray, president and CEO of VRM Mortgage Services, about the importance of diversity in an organization and how VRM has continued to serve its clients in an unusual year. HousingWire: The term we keep hearing to describe 2020 is “unprecedented.” How has VRM continued to serve its clients in such unusual times? Keith Murray: VRM has always taken a community-first approach to serving the needs of our clients.
March 2020 is a month the real estate industry will never forget. In a moment’s notice the “nice to have” tasks on our to-do lists became the new crises du jour. Over the course of a few days, much of the private real estate sector transitioned from office buildings to home offices. The most prepared companies had pandemic and business continuity protocols in place.
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