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There are more homes for sale as spring approaches, and house hunters are hitting the pavement. Home touring activity is rising, and mortgage-purchase applications are up 11% this week. New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the biggest increase in nearly three years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The boost in new listings helped bring the total number of homes for sale up 1.7%. Following eight months of declines, February is the first month the number of homes for sale has increased on an annual basis. This week’s pricing data also brings a few glimmers of hope for house hunters. Asking prices of new listings posted their smallest increase in roughly two months; additionally, 5.5% of home sellers dropped their asking price, on average, the highest share of any February since at least…
The National Association of Realtors® thanked President Biden on Thursday for raising awareness of the affordable housing crisis during his State of the Union address. The following is a statement from 2024 NAR President Kevin Sears: “The lack of affordable housing supply is hurting the middle class and depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide.
NAR first sounded the alarm on this issue with original research showing a nationwide shortage of 5.5 million affordable housing units. We commend President Biden’s commitment to an all-of-government approach to solve this problem. NAR has proposed and advocated for many of these proposals, which together would make serious headway toward fixing this crisis. Tax incentives can help close the affordable housing gap, and we are especially grateful for the President’s willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this…
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.88 percent. “Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”
News Facts The 30-year FRM averaged 6.88 percent as of March 7, 2024, down from last week when it averaged 6.94 percent. A year ago at this time, the 30-year FRM averaged 6.73 percent. The 15-year FRM averaged 6.22 percent, down from last week when it averaged 6.26 percent. A year ago at…
Third-party perspective and comparing one’s self to others is how we as human beings maintain a frame of reference regarding a goal we are working toward. Also known as “benchmarking,” this process of comparative analysis may benefit you as a Formula 1 race car driver or a marathon runner, but it in no way helps you reach the significance many business leaders or entrepreneurs hope to achieve. What I have come to find in the decades I have helped business leaders, CEOs, and entrepreneurs is that the act of benchmarking in business is a hindrance, as it does not give you and your organization that motivation to push harder. Instead, what happens time and again is a business leader looks at their competitor’s product, service, or process and consciously or often unconsciously ends up mimicking it!
Why does this happen, and how can you as a leader resist the urge to benchmark…
![54% of Mortgage Offers Went to Millennial Homebuyers in 2023 [New LendingTree Report]](/media/k2/items/cache/18af2cf0b3ad0526d3a94c161a7568f6_S.jpg)
Though it may sometimes seem as if millennials are destined to rent or live in their parents’ basements forever, members of the generation are among the most influential in the housing market. To highlight where millennials are looking to buy, LendingTree analyzed mortgage offers given to users of our online shopping platform across the nation’s 50 largest metropolitan areas in 2023. We found that millennials received at least 50% of mortgage offers made in most of the country’s largest metros. Here's what else we found. Across the nation’s 50 largest metros, 53.85% of mortgage offers in 2023 went to millennials. Millennials received more than 50% of all offered mortgages in 35 of the nation’s 50 largest metros. Millennials made up the largest share of potential homebuyers in San Jose, Calif., San Francisco and Boston. In San Jose, 64.75% of mortgages in 2023 were offered to millennials. Millennials in Las Vegas, Phoenix and Tampa, Fla.,…
You only have two options when it comes to the future of technology in marketing: First, which is unfortunately appealing to many, you can hunker down, sticking to the old marketing tactics to drive sales. In doing so, you decide to let others deal with advancements in digital technology while you sit on the sidelines and see what happens. This strategy seems safe because others are taking the risks, not you. But the issue here is that simultaneously, your competition and their marketing team is taking calculated risks based on Hard Trend future certainties, and while doing so, they are also reaping the benefits and advancing into the future. Not only will your brand sit idly by, but your sales will stagnate.
But of course, there is a second option. This option is much more beneficial to your bottom line and is the key to being the disruptor instead of the disrupted. Instead…
As mortgage professionals, we must deal with many things in our day-to-day business. Some of these things are controllable, some are not. One of the issues that we all have to deal with is market volatility. When the market moves, it can create a great deal of stress for us, our team, our referral partners, and of course, our clients. Interest rates can be a very emotional subject. People hate paying more, but also, fear things they don’t understand. So here are a few things we can look at to help ourselves, as well as our clients and referral partners, be aware of that may cause movement in the rate markets. • FED Meetings – ten times a year and they set the market for short term bank rates. They don’t have to raise or lower rates to impact the market, it can just be what they say they intend to…
More sellers are listing their homes, but 7% mortgage rates and still-high home prices are pushing down sales New listings of U.S. homes for sale rose 13% year over year during the four weeks ending February 25, the biggest increase in nearly three years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Total inventory is also improving: Active listings are flat from a year ago, marking the first time in nine months the total number of homes for sale hasn’t declined.
That’s welcome news for homebuyers, who have been battling the dual challenges of low inventory and high mortgage rates for over a year. But while today’s buyers have a few more homes to choose from, they’re still facing historically high housing costs. The typical homebuyer’s mortgage payment is $2,671, just $47 shy of last October’s record high. High costs pushed pending sales…
Meet Tim Holmes, creator of Nurkl Toys, who is on a mission to help kids stay creative! In his recent video, Tim showcases how sticks can be transformed into endless possibilities for kids to enjoy. Check out the video!
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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.94 percent. "Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again,” said Sam Khater, Freddie Mac’s Chief Economist. “The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.” News Facts The 30-year FRM averaged 6.94 percent as of February 29, 2024, up from last week when it averaged 6.90 percent. A year ago at this time, the 30-year FRM averaged 6.65 percent. The 15-year FRM averaged 6.26 percent, down from last week when it averaged 6.29 percent.…
Being Anticipatory as a leader or an organization is not necessarily a sole act of seeing the future, although paying attention to Hard Trend future certainties and seeing disruptions of any kind before they occur may make it seem so. An Anticipatory mindset that embodies an entire organization or specific leader within an organization means they have also embraced the reality that change is always occurring. Anticipation gives the right individual the opportunity to get in front of that change and turn it into a transformation within their industry and the world! The beauty of my Anticipatory Organization® Model is that any and every organization in any and every industry can leverage it to their advantage. To do so, it helps to first read about how certain organizations changed their mindset before creating positive disruptions and transformations in and outside of their operation. Their level of pushing the envelope all relates in some way or…
![64% of Homebuyers/Sellers Have Successfully Negotiated Real Estate Agent Fees [New LendingTree Report]](/media/k2/items/cache/a469d7f069dcee0a43dc46583431ed5f_S.jpg)
Lending Tree's latest survey found that nearly two-thirds of homebuyers or sellers who asked their real estate agent for a lower commission fee were successful. Here's what else they found. While just 31% of homebuyers or sellers have attempted to negotiate real estate agent commission fees when buying or selling, 64% of those who asked successfully reduced theirs. Additionally, 36% say they weren’t aware negotiating was an option but would have tried if they were. Overall, 84% of Americans believe real estate agents should be flexible with their commission. Among homebuyers or sellers, 48% admit they don’t know what percent commission their agent received in their last transaction. 44% of those who do know say their agent received between 3.00% to 4.99% in their last transaction, while 30% say it was 5.00% or higher. 64% of Americans believe a real estate agent is at least somewhat necessary when buying or selling. However, 44%…
Human beings are meant to be creative. Year after year, entrepreneurs and employees alike are constantly driven to transform the world around them into something new, useful, and impactful in both their careers and personal lives. One problem we witness too often in society is the treatment of creativity and business innovation as mutually exclusive occurrences. Trust me when I say they are directly connected far more than the average person realizes. Most notably, older organizations are the ones that place creativity in one column and positive disruptions via innovation in another. The fact that many Americans work for organizations that have been around for many decades makes this divide between creativity and innovation all the more concerning. For example, Citibank started as the City Bank of New York in 1812, making them over 200 years old!
The Test of Time Older organizations, especially those as old as…
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