Housing Wire

MAY 13, 2024

“Soaring prices pushed down demand for vacation homes last year, both for cash buyers and those getting a mortgage — but the latter pulled back even more because high rates exacerbated high prices,” Heather Mahmood-Corley, a Phoenix-based Redfin Premier agent, said in the report. Mortgage originations for second homes fell in all major U.S.

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Housing Wire

MAY 1, 2024

Lutz’s attorneys wrote that this has “led to higher home prices paid by buyers.” The class for the suit is nationwide and encompasses all persons who purchased a home in the U.S. that was listed on a NAR-affiliated MLS between Dec. 1, 1996, and the present. “

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Housing Wire

MARCH 20, 2024

Those too young to remember the wild west of real estate believe that real estate commissions have always been evenly split between seller’s and buyer’s agents, with each receiving a portion of the sale price. This misconception obscures the reality that, historically, buyers lacked formal representation.

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Debt-to-income ratio Agents Equity Closing costs 479

Housing Wire

MARCH 25, 2024

Although not all of the questions were answered during the call, Keller Williams said it would be publishing a list of Frequently Asked Questions to address all queries. There is simply a new NAR rule that applies to all NAR member and NAR MLSs that does not allow cooperative compensation to be offered on the MLS.”

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Purchase and sale agreement Agents Seller concession MLS 441

Housing Wire

APRIL 25, 2024

The number of buyers who are bringing all cash to the transactions has been on the rise. Some of these all-cash buyers are investors, but the majority are repeat homebuyers who are able to roll equity from a home sale into their next purchase. Luxury buyers have also been resilient, Sturtevant added.

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Housing Wire

MAY 3, 2024

Earlier this week, Zillow launched a new “touring agreement,” a nonexclusive contract for buyers and agents to use for home tours. This agreement must be signed prior to an agent taking a buyer to tour a home. This agreement must be signed prior to an agent taking a buyer to tour a home.

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Housing Wire

FEBRUARY 16, 2024

The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states. According to the DOJ, when a seller makes an offer of compensation to the buyer broker, the buyer broker does not need to compete on their compensation price in order to attract clients.

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Housing Wire

MARCH 4, 2024

But now it’s March, and mortgage rates are the highest they’ve been all year, the economy continues to report strong numbers so the Fed is growing less likely to cut rates soon. We know that these higher mortgage rates are deterring buyers, and inventory is building. And we can absolutely see the impact on home buyers.

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Mortgages Sales Marketing As-is 485

Housing Wire

FEBRUARY 22, 2024

The Cleveland -based retail mortgage lender unveiled CCM CashPlus to help buyers gain an edge in the bidding process by turning preapprovals into cash offers. The product is limited to conventional loans, primary residences and buyers who are represented by a real estate agent. “In CashPlus has no appraisal or financing contingencies.

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Loans Mortgages Finance Agents 409

Housing Wire

APRIL 1, 2024

The recent settlement involving the National Association of Realtors and major real estate firms revolves around the practice of “broker cooperation,” where agents representing sellers share commissions with agents representing buyers. The DOJ believes that by eliminating it, affordability will improve for all. That is highly unlikely.

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Housing Wire

APRIL 3, 2024

The Community Home Lenders of America (CHLA) this week submitted a letter to the Federal Housing Administration (FHA) that urges the agency to “provide comparable down payment treatment for FHA borrowers, regardless of whether or not the seller is willing to pay the home buyer broker commission,” according to an announcement by the organization.

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Housing Wire

MARCH 22, 2024

Based on NAR’s settlement, agents working with buyers will need a signed buyer representation agreement starting in mid-July, pending final court approval of the settlement. Bills Clarke said this is exactly how agents already work with sellers, so it shouldn’t be a big deal to implement buyer agreements into a business. “We

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Realty Biz

JUNE 15, 2022

The results of a new Zillow survey published last week show that 50% of home buyers say the process left them in tears, with Gen Zers and millennials — many of whom are first-time home buyers – far more likely to cry at least once during their home-buying journey. in April 2022 went for over the asking price, up from 37% a year ago.

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Inspection contingency Finance Inspection Staging 72

Housing Wire

APRIL 15, 2024

Buyer agent fees have historically been fees customarily paid by the property seller or property seller’s real estate agent, and, as such, they are currently excluded from these financing concession limits,” according to the statement from Freddie Mac. Next, we hope Fannie will provide a similar framework for buyers.

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Agents Seller concession VA loan Finance 530

Housing Wire

FEBRUARY 22, 2024

Worst-case scenario, the broker representing the buyer will have to negotiate their own fee with their client and the seller can no longer be compelled to make a blanket offer of compensation in order to list on the MLS,” Murray said. “The They have gone through all of this and it will end up being punitive to buyers.

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Industrial MLS FHA loan Agents 421

Housing Wire

MAY 8, 2024

This matters because inventory was already heading toward all-time lows before COVID-19. Since most sellers are buyers, inventory should be stable if demand is stable. All of these factors set the stage for what happened next. On top of more legitimate buyers, we fixed the credit markets, meaning housing credit looks fantastic.

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Staging Loans Mortgages Sales 505

Housing Wire

APRIL 23, 2024

Additionally, all fields displaying broker compensation on MLSs must be eliminated, and there is a blanket ban on the requirement that agents subscribe to MLSs in the first place in order to offer or accept compensation for their work.

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MLS Agents Industrial As-is 479

Housing Wire

MAY 10, 2024

A prospective buyer would still need to come up with $120,000 to close the gap. If the buyer has a 20% down payment, or $80,000, they would still need an additional $40,000 to seal the deal. Assumable mortgages enable qualified buyers to take over a seller’s mortgage terms, including the existing balance and interest rate.

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Mortgages VA loan Loans Lending 421

Housing Wire

APRIL 5, 2024

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Millennials comprised 75% of this demographic, with older millennials and Generation X (ages 44 to 58) accounting for 44% and 24% of first-time buyers.

Pre-approval 457

Pre-approval Marketing New Construction Construction 457

Housing Wire

MAY 3, 2024

As the spring selling season kicks off, many educated sellers know that buyers are experiencing spring fever and are tired of sitting on the fence watching home prices increase. Serious buyers showed discernment as they know inventory is growing. Difficult inspections have been on the rise over the last few months. With only 1.3

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Pre-approval Lending Inspection Equity 416

Housing Wire

APRIL 3, 2024

Like all of the publicly traded brokerages, Zillow Group saw its stock prices slide, dropping 13.4% Zillow is mostly known for its practice of selling buyer agent leads through its Premier Agent program, while Homes.com has touted its “your listing, your lead” model, which focuses on seller agents.

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Housing Wire

MAY 2, 2024

My agents are well trained and prepared as we use a Buyer Broker Agreement and have buyers offset any [brokerage compensation] that the sellers do not pay. According to one independent broker in California, there will be a “increase in dual agency with buyers going direct to listing agents.”

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Brokerage Agents Residential Sales 420

Housing Wire

MARCH 28, 2024

At the moment, IPCs “include concessions from the seller to the buyer for items that are traditionally paid by the buyer such as loan closing costs or rate buy-downs,” but as buyer agents are customarily paid by the listing agent, their fees are excluded from caps on the IPCs. Sellers or buyers can pay the buyer’s agent’s fees.

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Housing Wire

NOVEMBER 10, 2023

In September, all-cash purchases represented one-third of the U.S. It’s the highest share of all-cash transactions recorded since 2014. Cleveland posted the highest share of all-cash purchases in September, reaching 49.2% of all transactions. In those cities, the typical buyer put down 25% of the purchase price.

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FHA loan VA loan Mortgages Loans 441

Housing Wire

APRIL 30, 2024

Home prices were near an all-time high in February. home prices are at or near all-time highs,” Brian D. Our 10- and 20-City Composite indices are currently at all-time highs. On a seasonal adjusted basis, our National, 10- and 20- City Composite indices continue to break through previous all-time highs set last year.”

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Sales Mortgages Marketing 479

Housing Wire

MARCH 12, 2024

While rising interest rates affected all homebuyers, this impact was more pronounced among Hispanic households, many of whom are first-time buyers with lower median incomes and who live in higher priced markets,” according to NAHREP. That’s encouraged the ITIN buyers to come down and start buying.” About 29.5%

FHA loan 458

FHA loan Loans Finance Lending 458

Housing Wire

MAY 1, 2024

During the first quarter of 2024, Zillow recorded revenue growth across all sectors of its business, including a 31% annual jump in its rentals revenue to $97 million and a 19% year-over-year increase in its mortgage revenue to $31 million. Eighty-percent of all real estate transactions across the U.S. Of the approximately 1.5

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Industrial Technology Agents Finance 435

Housing Wire

JANUARY 29, 2024

When it comes to home staging, there are two homeowner camps: those who think it’s a waste of money and don’t want to pay more to make their home more attractive to buyers and those who realize the worth and are willing to make the investment needed. Simply put, cutting corners on staging is a risky move that risks prolonged market presence.

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Staging Agents Sales As-is 432

Housing Wire

MARCH 29, 2024

Wang claims that he found the properties on his own via searches on Zillow and StreetEasy , but when he expressed interest in submitting offers, listing agents refused to engage because he was an unrepresented buyer. Wang is demanding damages and a jury trial.

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Purchase and sale agreement MLS Agents Residential 441

Housing Wire

DECEMBER 12, 2023

Like the other commission lawsuits, the Grace suit takes aim at NAR’s Participation Rule, which requires listing agents to make a blanket offer of compensation to the buyer’s broker in order to list the property on the MLS. The National Association of REALTORS will respond to this complaint in court.”

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MLS Brokerage Agents Industrial 450

Housing Wire

DECEMBER 8, 2023

You know what you do, but how do you explain it in such a way that a buyer understands your value, the required agency forms and everything involved to make it to the closing table? Ultimately, every homebuyer prospect, every contract and every negotiation is different, but your value should be consistent for all situations and clients.

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Proof of funds Inspection contingency Inspection MLS 432

Housing Wire

MARCH 18, 2024

They wish that there was more guidance or framework of what all of this will look like in practice.” We’ve spent the last six months wrapping our heads around it all,” Smith said. If the seller is willing to have that discussion, then you and your buyer can see what they would be willing to cover.” More off-MLS listings?

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Industrial Brokerage MLS Agents 421

Housing Wire

APRIL 18, 2024

From NAR : The median existing home price for all housing types in March was $393,500, an increase of 4.8% All four U.S. Supply being near all-time lows is one thing, but existing home sales aren’t crashing like they did in 2022. from the previous year ($375,300). regions registered price gains. million units, up 4.7%

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Housing Wire

MARCH 27, 2024

These are all untrue and offensive words that come up when searching “Realtors” or “Real estate agents.” But even with all the negative nouns used to describe some real estate agents, the majority of real estate agents are professional and valuable. Buyer representation agreements shouldn’t scare anyone. Con artists.

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Purchase and sale agreement Agents MLS Brokerage 331

Housing Wire

FEBRUARY 13, 2024

Breaking down the data geographically, Florida accounted for 40% of all MPC sales on the top 50 list. With multiple builders offering an array of home types and floor plans, buyers can find homes that fit their life stage. The thoughtful design and selection of community amenities contribute to the appeal for buyers.”

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Housing Wire

FEBRUARY 27, 2024

At the 2024 Keller Williams Family Reunion event in Las Vegas, co-founder and executive chairman Gary Keller took the stage on Tuesday and spoke to a room full of real estate agents about the importance of buyer agency agreements within the context of the ongoing antitrust lawsuits. You are being accused of not being transparent. “If

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Agents Staging Industrial As-is 421

Housing Wire

MARCH 15, 2024

In addition to the $418 million settlement amount, which will be paid into a court-controlled trust over a four-year period, NAR has also agreed to abolish all rules allowing seller’s agents to set compensation for buyer’s agents. It also agreed to prohibit broker compensation appearing in the MLS fields.

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Industrial MLS Brokerage Agents 450