Mon.Feb 06, 2023

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A Tale of 2 Housing Markets: Why Some Homes Still Cause Heated Bidding Wars While Others Sit Unsold

Realtor.com

Illustration by Realtor.com; Photos: Getty Images (2) Homebuyers who are closely watching the correction in the real estate market might believe now is a good time to pounce. After all, homes are sitting on the market for longer, those maddening bidding wars have dried up, and wild offers over the asking price are things of the past, right? Well, not exactly.

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Housing Market Tracker: Inventory and purchase applications data fall together

Housing Wire

Despite mortgage rates briefly falling below the 6% threshold, both housing inventory and mortgage demand fell last week. Let’s dive into the trend lines of the housing market. First, here is a quick housing market rundown from last week : Purchase application data was negative 10% week to week — but still positive for the year Housing inventory decreased by 8,664 units, a more extensive inventory decline than we saw in the prior week The 10-year yield had a wild week, and mortgage rates d

Marketing 443
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The Top Reasons for Selling Your House

Keeping Current Matters

Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.

Mortgages 207
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Borrowers opt for permanent rate buydowns amid affordability challenges

Housing Wire

Home prices growth and mortgage rates have come down from the peaks in 2022, but affordability still remains a challenge. In turn, borrowers who are entering the market are leaning heavily toward buying down their first lien interest rates by paying points up front. In the third week of January, 57% of all borrowers who locked in rates paid at least a half-point, 44% paid at least a full point and nearly a quarter lowered their mortgage rates with buydowns of two points or more, according to Bl

Equity 381
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3 Real Estate Office Hacks to Help Kickstart the Busy Season

Ready to better your Back Office? Dive into the secrets to a powerhouse back office with Brokermint expert, Jessica Souza. In this free download, she shares her 3 transformative hacks designed to clean house, get everyone on the same page, and set yourself up for success. From optimizing agent profiles to ensuring flawless transactions and boosting agent retention, these strategies are your ticket to a seamless operation.

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Why LEED-certified residences are so rare — but growing in popularity

Inman

It’s no surprise that for today’s eco-conscious buyers, LEED-certified residences represent a prize like no other. However, for now, such homes are a rarity. Here’s a closer look at why that’s the case, and why it could be changing.

Agents 154
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MBA urges removal of DTI-based LLPA

Housing Wire

The Mortgage Bankers Association (MBA) urged the Federal Housing Finance Agency (FHFA) to remove the addition of a debt-to-income loan level pricing adjustment (LLPA) in Fannie Mae and Freddie Mac ‘s pricing framework. In January, the FHFA made a series of changes to LLPA fees with a revamped LLPA matrix that differentiates pricing by loan purpose, with grids for purchase loans, limited cash-out refi loans, cash-out refinance loans.

Loans 369

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UWM names Andrew Hubacker its new CFO

Housing Wire

Michigan-based United Wholesale Mortgage (UWM) has named Andrew Hubacker as its chief financial officer, the company announced on Monday. Hubacker joined the mortgage lender in October 2020 as chief accounting officer. He became an interim principal financial officer in July 2022 following the death of Timothy Forrester. Forrester served as UWM’s CFO for 10 years.

Principal 355
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Tiny-home startup’s production delays raise investor eyebrows

Inman

Tiny-homebuilding startup Boxabl has received $140 million in funding since its founding in 2017 and now has a waiting list of 160,000 tiny-home orders. How long will investors wait for homes to be delivered?

Investor 136
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Opinion: Why fintech “disruption” doesn’t work in mortgage servicing

Housing Wire

America’s $13.3 trillion mortgage servicing sector shouldn’t be “disrupted” by financial technology, it should be reimagined with fintech. Most new-to-mortgage fintech folks who overuse the word “disruptor” will start by asking, “What are your requirements?” but that’s the wrong question. The right questions — asked by the right servicing fintech experts — clarify how to improve operational, customer service and compliance models.

Mortgages 302
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What to look for when partnering with a team

Inman

Whether you are on the hiring side or on the candidate side of the table, here are a few things to keep in mind when looking to partner with an agent or team.

Agents 138
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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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PrimeLending taps Kim Dybvad to rebuild Mid-America division after poaching

Housing Wire

Home lender PrimeLending has promoted Kim Dybvad to lead its Mid-America division, months after the workforce quit en masse and joined a competitor. Dybvad, who joined the company in 2013 and is now a vice president, will be responsible for loan origination production in the Ohio, Indiana, Illinois, Michigan, Wisconsin and Kentucky markets. “Kim exhibits the very best attributes of a PrimeLending servant leader – passion, drive, tremendous industry knowledge and empathy,” said Karen Blakeslee, e

Banks 297
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12 secret and unusual places to recruit amazing talent

Inman

Good talent is out there. By taking a different approach to agent and staff recruitment, you can find amazing additions to your team or brokerage.

Brokerage 144
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Rocket Mortgage will fight UWM’s ‘ultimatum’ with its wallet

Housing Wire

Rocket Pro TPO , the wholesale arm of Rocket Mortgage , wants to court brokers from its competitor United Wholesale Mortgage even if it means covering legal costs to bring them over. “Starting today, we stand behind brokers who want to use Rocket or Fairway [Independent Mortgage Corporation] , but fear Mat Ishbia’s lawyers ,” Mike Fawaz, EVP of Rocket Pro TPO said at the lender’s Ignite Live sales event with brokers on Monday.

Mortgages 293
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At Inman Connect New York, these sponsors share takeaways

Inman

Our partners are a critical part of those experiences, and value the opportunity to reach these power-players. We asked them for their impressions and takeaways from the event.

Agents 122
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Accelerating Real Estate Sales Pipelines to Streamline Buyer Journeys

Navigated 360° tours, like YourVRTours, advance pipelines by engaging clients further along the sales funnel. These immersive experiences provide comprehensive property insights, increasing buyer intent and readiness. By embracing navigated tours, agents can optimize property exposure, better qualify leads, and streamline the sales process. Stay ahead in the ever-evolving real estate landscape with innovative technology that elevates buyer journeys and progresses pipelines more effectively.

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All in the Family: Multi-Generational Home Buying

NAR: Economic Outlook

All in the Family: Multi-Generational Home Buying Multi-generational buying is back near an all-time high at 14%. This is up from 11% in the 2021 report.

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The Aging Housing Stock

Eye on Housing

The median age of owner-occupied homes is 40 years, according to the latest data from the 2021 American Community Survey[1]. The U.S. owner-occupied housing stock is aging rapidly especially after the Great Recession, as the residential construction continues to fall behind in the number of new homes built. With a lack of sufficient supply of new construction, the aging housing.

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How to grow your agent-to-agent network in 2023

Inman

These strategies work, whether you are establishing, growing or maintaining your real estate agent referral network.

Agents 139
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New and Notable Luxury Homes for Sale Over $10 Million | February 2023

Sotheby's International Real Estate

From a Mediterranean-style villa in Palm Beach Islands, Florida, to a mountaintop home in Lugano, Switzerland, these are this month’s four featured notable properties for sale over $10 million. Palm Beach Gardens, Florida Lynda Smith, Ariel Hortman | ONE Sotheby’s International Realty This Mediterranean-style villa features a gracious two-story entry with a grand sweeping stairway, high ceilings throughout, and stunning design details.

Sales 108
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Maximizing Your Online Presence: Tips for Real Estate Agents on Social Media

Speaker: Sarah Santa Ana, Real Estate Coach, Move4Free Realty

Networking is one of the crucial elements in every real estate organization's success. Both agents and real estate companies need to maintain robust networking links. This is why social media is essential for any real estate professional! Social media enables you to stay in touch with your present clients, maintain connections with your past clients, and engage potential customers and investors.

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Outperform Your Competition With These 10 Prospecting Essentials

Realtors Property Resource

Master these critical prospecting strategies to help you stand out from the competition, increase success, and close more deals. The post Outperform Your Competition With These 10 Prospecting Essentials appeared first on Realtors Property Resource (RPR).

Closing 105
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New-Listing Update

BubbleInfo

The action on the new listing has been good so far. The hot listings usually have a views-to-saves ratio of 10:1, and mine is 29:1 above. Even though the house has a fantastic view, buyers don’t want a project, and it emphasizes how important staging is today.

Staging 105
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UWM rolls out ‘one-time-close’ new construction loan in time for spring

Inman

Homebuyers can put as little as 5 percent down when taking out a new construction loan, with one closing and an optional float-down to secure a lower interest rate, according to United Wholesale Mortgage.

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Inventory Watch

BubbleInfo

The new listings are trickling in but no flood yet – and it’s never been so unlikely that a flood is coming. There are a few more active listings sitting around unsold, but last year was unusual in how fast homes were selling this early in the season.

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Rise of The Apps: Building Your Dream Tech Stack For Real Estate Success

Speaker: Trey Willard, Realtor/Team Leader at Keller Williams Realty, Inc.

In order to create continued success in today’s real estate market, realtors need to utilize an arsenal of technology that will increase their efficiency and presence on social media. Using technology to manage your prospects and tap into their needs through websites, social media, and other channels is critical for real estate success in 2022 and beyond.

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$1.3B Robyn + Rachel Group rejoins Sotheby’s after 1 year at Compass

Inman

Brokers Robyn Kimura Hsu and Rachel Schindler have rejoined Realogics Sotheby's International Realty. The four-person Robyn + Rachel Group has a lifetime sales volume of $1.3 billion.

Sales 101
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How ChatGPT Can Be a Great Marketing Tool for Agents

Realty Biz

The global advertising industry was worth $590.3 billion in 2021 and has grown since then. This includes everything from real estate ads and tech ads to digital marketing and more. This shows that advertising and marketing are very important and continue to get more popular. Agents spend much of their time marketing different things, and this can be a lot of work.

Agents 101
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Did Your Homeowners Insurance Rate Go Up Recently? Here’s Why and What to Do

HomeLight

Like many homeowners, you may have recently received an envelope or email informing you that your homeowners insurance rate has gone up. Perhaps you received such news with resignation, or perhaps you read the new premium with a knot in your gut. Instead, maybe you’re getting ready to buy a home and, after seeing headlines about rising homeowners rates, you’re worried — wondering how much a policy will cost for your new home and whether there are ways to save money without skimping on protection

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The pandemic spurred an ultra-luxury explosion in these markets

Real Trends

Ultra-luxury sales in 2022 were higher than pre-pandemic levels, according to a report by estate brokerage Compass. The report analyzed residential real estate transactions and sales volumes at $10 million and above across 53 markets in the U.S. The brokerage observed an “insatiable appetite for legacy properties” last year. Nearly 1,774 homes worth $10 million and above across those 53 markets traded for a total of $29.5 billion – an increase of 95.3% and 104.7%, respectively, from 2019.

Marketing 101
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5 Data Proven Ways Agents Can Do 18% More Business

Curious as to how you could do 18% more business? How about 14 more transaction sides per year? Check out this infographic with data from a RealTrends study to learn more.

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How Important Are Real Estate Reviews? 5 Things to Know

Realty Biz

Research from 2018 showed that only 11% of Americans trusted real estate agents. Much of this came down to people's lack of trust in how agents handle their work. The majority of people looking to buy a home have a certain level of distrust during this process. This is why real estate reviews can be so important for you to attract clients. There is plenty of research that shows the effectiveness of positive reviews.

Agents 97
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10 Best Markets for Buying a Home in 2023

Broke Agent Media

BAM Key Details: According to the Knock Buyer Seller Market Index report, continuing shifts in the U.S. housing market will increase the number of buyers’ markets from 13 to 34 by the end of 2023. Buyers who are flexible on when and where they buy a home stand the best chance at finding and purchasing a home they can afford in 2023. According to the Knock Buyer Seller Market Index report, continuing shifts in the U.S. housing market will increase the number of buyers’ markets from 13 to 34 by

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Why Investors Should Continue Buying Real Estate in 2023?

Marco Santarelli

Real estate investing has long been a popular way for individuals to increase their wealth and secure their financial future. Despite current high mortgage interest rates, many investors are still thinking about purchasing real estate in 2023. The housing market remains strong, driven by a growing population, low unemployment rates, and rising household incomes.

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Patrick Mahomes’ Real Estate Empire

Broke Agent Media

Patrick Mahomes, who’s preparing to lead his team against the Philadelphia Eagles in Super Bowl LVII, is a star quarterback many believe to be a legend in the making. He’s also a savvy real estate investor who’s wasted no time growing his multimillion-dollar real estate empire. While we wait patiently for Sunday, we’re diving into the impressive real estate portfolio owned by 27-year-old Patrick Mahomes. #1— Kansas City Condo (Image: Realtor.com ) Patrick Mahomes made his first real estate inve

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Real Estate Solutions: How to Crush Your Sales Goals and Fuel Your Pipeline

Speaker: Mary Maloney, Founder & Team Leader at Hometown Realty

The sales cycle in real estate is frequently measured at 3+ months. During this time, real estate agents frequently lose contact with clients and miss out on opportunities because they fail to follow up and provide value to the client. Top real estate agents are distinguished from developing agents by their ability to convert organic connections into sales opportunities.