Thu.May 23, 2024

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The average retail mortgage lender lost $645 per loan in Q1 2024 — but that’s actually a good thing

Housing Wire

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association ’s (MBA) newest quarterly performance report. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” Marina Wals

Loans 382
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Mortgage rates fall below 7% for the first time in 6 weeks

Real Estate News

Buyers may be able to take advantage of lower rates and increasing inventory, but many are still priced out, dampening sales.

Mortgages 293
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Home prices stay elevated as inventory lags: Redfin 

Housing Wire

The median U.S. home sale price reached a record $387,600 in the four weeks ending May 19, marking a 4% year-over-year increase, according to data released Thursday by Redfin. The pricing surge comes despite a marginal dip in weekly average mortgage rates , which fell from a five-month high of 7.22% to 7.02% at the beginning of May, according to Freddie Mac.

Sales 380
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People on the Move: RE/MAX Results founder retires after 4-decade career

Real Estate News

John Collopy steps down from the multibillion-dollar franchise; Suzanne Bushard named president. Plus, new leadership at Offerpad and Move Concierge.

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The 4 Most Impactful Actions to Take in Real Estate in 2024

Strategic real estate professionals know that the name of the game right now is to stay informed, adaptable, and ready to make confident decisions. In this free download, Inside Real Estate CEO, Joe Skousen, shares what he believes are the top 4 most impactful actions in real estate right now. We've been actively engaging with industry experts, analyzing data, and listening intently to the experiences of our agents on the ground.

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New York regulator encourages property insurers to offer free loss mitigation

Housing Wire

The New York Department of Financial Services (NYDFS) announced on Thursday the publication of a policy recommendation that encourages property insurers to offer free loss-mitigation options for policyholders that would ultimately reduce premium costs. NYDFS Superintendent Adrienne Harris cited the acceleration of climate-related disasters and property damage that has stressed the property insurance industry and marketplace, pushing some insurers out of areas they deem to carry too much risk and

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Why MLSs shouldn’t shy away from concessions fields

Real Estate News

As multiple listing services work to comply with new rules, some worry about liability risks — but including concessions could be a competitive advantage.

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Questions You May Have About Selling Your House

Keeping Current Matters

There’s no denying mortgage rates are having a big impact on today’s housing market.

Mortgages 262
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Peter Knag joins Offerpad as CFO

Housing Wire

After nearly a year of searching, iBuyer Offerpad has a new chief financial officer. The firm announced Thursday that it has pegged Peter Knag for the role, effective June 5. “I am excited to join at such a dynamic time for the company,” Knag said in a statement. “I look forward to working with the talented team to continue to grow and diversify Offerpad’s platform offerings and drive efficiency, scale and profitability in the business.” Knag has an extensive resume, having served in sever

Principal 329
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US inventory rises to highest level since 2022 as new-home sales fall

Inman

Newly built homes available on the market rose to 480,000, representing a supply of 9.1 months at the current sales rate, up from an 8.5 month supply in March, according to U.S. Census Bureau data.

Sales 180
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Newsweek turns eye toward reverse mortgage pros and cons

Housing Wire

A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. This is according to a look at the reverse mortgage product category published by Newsweek. As part of its recently launched “ Newsweek Vault ” subsite, which vets financial products and provides analysis from sources judged to be financial experts, the publication assembled a series of pros and cons about re

Mortgages 304
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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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Equity Angels names first 4 startups for its advisory services

Inman

Equity Angels was launched in early 2024 by 2018 Inman Person of the Year Kenya Burrell-VanWormer, chief growth officer at NEO, and Katherine Winston, founding member and head of marketing at Plunk.

Equity 169
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Special Assessment Taxes vs. Property Taxes: How Do They Differ

RIS Media

Special assessment and property taxes are crucial to a city or town’s revenue system. They fund local services and infrastructure improvements. My comparative analysis will clarify their differences and guide property owners on their impact. In this article, you will learn the following: What special assessment taxes and property taxes ar How these taxes differ… The post Special Assessment Taxes vs.

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The No. 1 skill you need to convert leads into clients

Inman

Truly engaging is an essential component in providing stellar service from first contact to the closing table. Author and trainer Bernice Ross provides a step-by-step approach to evaluating your skills.

Closing 165
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12 Questions to Ask Tenant References

Bigger Pockets

Getting the right tenants is crucial for having a seamless landlord experience. Here are 12 questions to ask tenant references to ensure they're a good fit.

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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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Email sequencing is the latest upgrade for Nimble CRM

Inman

Nimble, a software company that specializes in customer relationship management for “soloprenuers” and small business teams, has shipped a new feature to its customer accounts — email sequencing.

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What Legacy Brokerages Need to Do to Prevent Their Demise

RIS Media

The real estate industry is undergoing a seismic shift as traditional brick-and-mortar brokerages lose ground to modern, digitally-driven competitors. As real estate strategist Mike DelPrete points out, 2023 transactions were down 19% compared to the previous year. Still, tech-centric firms like eXp Realty, Compass and Keller Williams outperformed the market.

Brokerage 115
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5 totally fixable reasons smart real estate agents underperform

Inman

Want to make great strides in your business? Jimmy Burgess believes that the answers you seek to a successful real estate practice may be simpler than you think.

Agents 157
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Landmarks Approves Modern Build for Long-Empty Cranberry Street Site

Brownstoner

Historic Cranberry Street in Brooklyn Heights, which boasts some of the borough’s oldest houses, will see a long-empty lot filled by a unique and modern four-story brick house after the city’s Landmarks Preservation Commission approved designs at Tuesday’s meeting. Plans for a new building at 27 Cranberry Street have been long… Read More > The post Landmarks Approves Modern Build for Long-Empty Cranberry Street Site appeared first on Brownstoner.

Design 115
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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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Broker Spotlight: Deborah Penny, eXp Realty of California

Inman

Find out how this California broker was inspired to start a career in real estate because of the great agents she worked with as a client.

Agents 169
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Mortgage Rates Drop Below 7%

RIS Media

Calling it an “unexpected windfall” of both lower rates and increased inventory of new and existing homes, Freddie Mac’s data showed the 30-year fixed-rate mortgage (FRM) averaging 6.94% this week, down from 7.02% last week and marking its third-straight week of declines. The data is tracked weekly in Freddie Mac’s Primary Mortgage Market Survey® (PMMS®),… The post Mortgage Rates Drop Below 7% appeared first on RISMedia.

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HAR partnership caps RentSpree’s busy spring

Inman

RentSpree distributes its product to empower residential agents in their work with clients who may not yet be ready to buy, and to provide them software advantages to offer investor clients or to use in their own rental portfolios.

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Interest Rate Predictions for Next 2 Years: Expert Forecast

Marco Santarelli

If you're buying a house, refinancing a mortgage, or just keeping an eye on your wallet, understanding the Federal Reserve's interest rate decisions is crucial. These rates affect everything from borrowing costs for cars and homes to the returns you see on your savings accounts. So, where are interest rates headed over the next two years? Buckle up, because we're about to dive in!

Mortgages 111
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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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Where to build light rail in South Lake Union? The pros and cons

Seattle Times Real Estate

Should the SLU Station go beneath Seventh Avenue and Harrison Street, the original site mapped last decade? Or should it shift 2½ blocks west to Fifth and Harrison, in the shadow of MoPOP?

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Mortgage Mix: FHA Requiring ‘Cyber Incident’ Reports; Homeowner Equity Hits New Record

RIS Media

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon. -Leadership at Fannie Mae is highlighting the use of AI as a possible way to “get out of repurchases altogether,” according to National Mortgage News. At a Mortgage Bankers Association (MBA) conference last week, executives… The post Mortgage Mix: FHA Requiring ‘Cyber Incident’ Reports; Homeowner Equity Hits New Record appeared first on RISMe

Equity 104
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Housing Market Predictions: 8 of Next 10 Years Poised for Gains

Marco Santarelli

The U.S. housing market is expected to rise in 8 out of 10 years! Is it a good time to buy ? Expert says YES! Let's delve into his insights and explore what it means for you. The housing market has been on a bit of a rollercoaster ride lately. While some worry the dream of homeownership is fading, industry leader Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), offers a positive outlook for the next decade.

Marketing 105
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The Insider: Watercolor Tones, Work by Local Makers Warm New Heights Condo

Brownstoner

Got a project to propose for The Insider? Contact Cara at caramia447 [at] gmail [dot] com When a couple with two young kids bought an apartment on a high floor of a brand new luxury building, they realized that exactly none of the furnishings from their very different previous home -- a rented… Read More > The post The Insider: Watercolor Tones, Work by Local Makers Warm New Heights Condo appeared first on Brownstoner.

Branding 104
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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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A Look Back at the 2023 Rookie of the Year Regional Winners: Part 2

RIS Media

RISMedia’s Rookie of the Year contest is back, honoring agents who are new to the business yet achieving extraordinary results. Now is the time to nominate a 2024 Real Estate Rookie of the Year! Nominations may be submitted here. Deadline ends 11:59 p.m. on Wednesday, June 5. RISMedia’s Rookie of the Year program, sponsored by… The post A Look Back at the 2023 Rookie of the Year Regional Winners: Part 2 appeared first on RISMedia.

Agents 101
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6 Reasons You Should Work with an Agent Who Has a Great Sense of Humor When Buying a House

Lighter Side of Real Estate

Searching for and successfully buying a home can be a long, sometimes stressful process, so working with an agent who has a sense of humor is such a bonus. That’s not to say your agent needs to be a stand-up comedian! A sense of humor comes in many different forms, so don’t think you need an agent who can whip out puns, or have you rolling on the floor with one-liners.

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Daily Links: Supportive Housing to Replace Historic Fort Greene Church

Brownstoner

In the News New York Begins a New Wave of Evictions From Migrant Shelters [NYT] What to Do With a Tiny Outdoor Space and a Budget to Match [NYT] Petite Crevette: 35 Years of Rebellious Restaurant Survival [Eagle] Volunteers Build Bee Hotels at Under the K Bridge Park [Eagle] A Laboratory of Elixirs Opens in… Read More > The post Daily Links: Supportive Housing to Replace Historic Fort Greene Church appeared first on Brownstoner.

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New Single-Family Sales Drop 4.7% in April; Mortgage Rates Remain High

RIS Media

Across the U.S., sales of single-family homes declined 4.7% to a seasonally adjusted rate of 634,000 in April, and overall sales were down 7.7% year-over-year, too, according to data released by the U.S. Census Bureau. Delving deeper, the median sales prices of new homes sold in April was $433,500, down 1.4% from March, though still… The post New Single-Family Sales Drop 4.7% in April; Mortgage Rates Remain High appeared first on RISMedia.

Sales 100
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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.