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More than forty years being associated inside the mortgage and real estate communities has taught me a great deal. Working with some of the best professionals in these areas across the country can also remind me that the more things change, the more they stay the same. I have preached here before the value of situational awareness and that the true value of any professional is providing options for their clients and sharing multiple ways of getting things done. A recent conversation with one of my clients brought back the exact same scenario I had with a client more than 30 years ago and helped me understand very deeply about how much value we can bring to the table if we just look at all the details and provide objective options! Quite simply, the story goes like this; a couple want to sell a house and buy another one that…
Home prices rose 0.5% month over month in January, on par with December’s gain, as the drop in mortgage rates at the end of last year gave buyers a bit more purchasing power U.S. home prices climbed 0.5% from a month earlier in January, matching the 0.5% gain seen in both December and November, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a year-over-year basis, prices rose 6.7%—the largest increase in a year. This is according to the January Redfin Home Price Index (RHPI), covering the three months ending Jan. 31, 2024. Read the full RHPI methodology here.
“Price growth held steady last month because many of the home purchases that closed in January were negotiated at the end of last year, when mortgage rates posted the biggest drop since 2008. The decline in rates gave buyers more purchasing power, and for…
Are you one of those who can't do enough? Want to do more than enough? Over the top? You know, the type of person who will scan the universe to get the best present for a friend, settle only for the flowers that are the absolute favorites for your best friend, make the perfect meal for your love interest, excel at work, over the top on party details? Are you one of “those”? We love you anyway… When we love someone whether it’s a BFF, a love interest, our pets, our family – whatever is the object of our focus, our attention (or obsession) – you have to wonder if we are a bit over the top and if so, is that good or bad? Maybe…
As an example, some of us are relentless at being organized and (you know who you are) the masters of organization, planning,…
![Existing-Home Sales Rose 3.1% in January [NAR]](/media/k2/items/cache/d2af3a14b3e10d7ed9eb1f44e27b82d5_S.jpg)
– Existing-home sales grew in January, according to the National Association of Realtors®. Among the four major U.S. regions, sales accelerated in the Midwest, South and West, and remained steady in the Northeast. Year-over-year, sales improved in the West, and decreased in the Northeast, Midwest and South. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023). “While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.” Total housing inventory[ii] registered at the end of January was 1.01 million units, up…
In an era of budget, time, and labor constraints, is it possible to sell your ideas and concepts (which often require money, time, and labor to implement) to the CEO, CFO, board of directors, or whoever is in charge of the final decision? The answer is yes! You can sell your ideas up; it simply depends on how you frame the opportunity. First things first: When you’re selling your ideas up, don’t talk about the idea itself. While that may sound strange, it’s the primary sales rule that most people break. Yes, you love your ideas and think they’re great, but not everyone loves the same things as you. And when you’re selling your ideas to others, you can’t focus on your preferences. Rather, you have to focus on the other person. Here’s how you do that.
Tune into the Pain of the Person You’re Talking To Forget about yourself…
![65% of Mortgage Offers Went to First-Time Homebuyers in 2023 [New LendingTree Report]](/media/k2/items/cache/e7b59c06e5b33284e627d8fa9aea1d29_S.jpg)
With mortgage rates and home prices as high as they’ve been, many would-be buyers stayed out of the housing market in 2023. But the latest LendingTree data shows that of those who remained active in the market, first-timers were much more common than those who already owned a home. Through a nationwide analysis of mortgage offers given to users of the LendingTree platform in 2023, we found that nearly 2 out of 3 went to first-time buyers. Here's what else we found.
Nationwide, 65.25% of mortgage offers made on the LendingTree platform in 2023 went to those who identified as first-time homebuyers. The states where the highest shares of mortgage offers are given to first-time buyers are New York, California and New Jersey. 77.30% of offers in New York went to first-time buyers. The shares were 73.15% and 72.22% in California and New Jersey. The states where the lowest shares of…
As a real estate agent, we frequently focus on what niche we will work, but have you ever given any thought to who your ideal client actually is? If you’re of the mindset that you have to take every client that contacts you, you may be wasting a lot of your time and precious energy on clients who really aren’t a great fit for you.
Think about it: If your niche is urban lofts, and someone in the suburbs wants to move farther out of the city, do you think you’ll be able to serve them well? Probably not, as that’s not your specialty. Well, the same rules apply to the type of person you chose to work with. If you’re a no-nonsense kind of person, do you really want to work with that client who seems to be followed by a swirl of gossip and drama, and…
Have you experienced receiving a phone call from an unfamiliar number? Nowadays, it may seem like a rhetorical question because most of us have encountered such situations. The prevalence of spam calls on our mobile devices has made it a common occurrence.
Personally, I receive these phone calls at least every few days. I often wonder about their origin and how on Earth they got my number. How about when you scroll through social media or a website, and you come across an ad for something you checked out a few days ago. It’s an item you’re genuinely interested in, but you can’t help but wonder how or why the ad is being served to you. This instance, along with the strange capability of Google and other software being able to read your mind by showing you ads for things you searched for momentarily weeks prior, are all…
I spoke a little bit last week about conversions and how tracking your conversion rates can really help you dial in your business. Far too often people are focused solely on lead generation, which is important, but they fail to track those leads through their system and use that data to improve their total conversion rates. So, this week I wanted to explore this just a little bit and give you some information to think about including in your business. Here are the main items you want to track to help you improve your conversions, as well as understanding the net result of your leads from all referral sources. Referral source Initial contact Credit Pull/Preliminary document collection Preapproval Contract Closed In general, you want to track all of your leads and come to a total number for your overall conversions. However, you also want to be sure you use referral…
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Redfin reports new listings dropped for the first time since June and pending sales growth slowed; stagnating mortgage rates and the biggest home-price jump in over a year caused the market to lose momentum New listings dropped 1.2% month over month on a seasonally adjusted basis, the first decline since June, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. They were up 2.7% from a year earlier, but that marks a deceleration from December’s 4.2% gain. Active listings (the total number of homes for sale) fell 0.3% from a month earlier on a seasonally adjusted basis—the first decline in six months—and were down 4.4% year over year. Pending home sales also lost momentum in January, rising 1.1% from a month earlier on a seasonally adjusted basis—a marked slowdown from December’s 5.1% jump. Still, pending sales were at the highest level since September 2022 and rose…
Home prices posted their biggest annual increase in 15 months and mortgage rates rose above 7% this week. The median U.S. home-sale price rose 6.1% year over year during the four weeks ending February 11, the biggest increase since October 2022. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Mortgage rates are rising, too, exacerbating high prices to drive costs up: Daily average rates are sitting above 7%, up from 6.6% at the beginning of the month. High costs are one factor keeping would-be homebuyers on the sidelines. Pending home sales are down 7.3% year over year, one of the biggest declines in over four months, and Redfin’s Homebuyer Demand Index–a seasonally adjusted measure of requests for tours and other homebuying services from Redfin agents–is down 18%. In addition to high housing costs, several seasonal factors kept some house hunters at home this past…
MCLEAN, Va., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.77 percent. "On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”
News Facts The 30-year FRM averaged 6.77 percent as of February 15, 2024, up from last week when it averaged 6.64 percent. A year ago at this time, the 30-year FRM averaged 6.32 percent. The 15-year FRM averaged 6.12 percent, up from last…
Overall, investor home purchases dropped 11% from a year earlier, the smallest decline since they began falling in 2022 Real estate investors bought 26.1% of low-priced U.S. homes that sold in the fourth quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share on record and is up from 24% a year earlier. By comparison, investors purchased 13.6% of mid-priced homes that sold (vs 14.3% a year earlier) and 15.9% of high-priced homes that sold (vs 15.4% a year earlier). Investors are drawn to affordable homes for the same reason as other homebuyers: They cost less, which is especially attractive when home prices and borrowing costs remain elevated. And when housing affordability is this strained, there could be more potential for value increases in the lower price tier, meaning more potential for building equity. For its analysis, Redfin determined the three price…
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