Rising supply has led to rising vacancies, motivating landlords to lower asking rents, which fell 1% from a year earlier. The median U.S. asking rent fell 0.8% year over year in December to $1,964, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the third consecutive decline, following a 2.1% annual drop in November—which was the largest since 2020—and a 0.3% dip in October. December rents were little changed from the prior month (-0.2%). The rental market has lost steam largely due to a jump in supply fueled by a building boom in recent years. That has left many landlords struggling to fill vacancies, motivating some of them to drop asking rents. Some landlords are also offering one-time concessions like a free month’s rent or reduced parking costs to attract renters. This means the prices renters are paying in total are likely coming down faster…
Posted On Sunday, 14 January 2024 06:56 Written by
The share of homeowners with relatively low rates has fallen because some have given up on waiting to move until rates nosedive, and everyone who has purchased a home in the last year did so when rates were above 6% Nationwide, 88.5% of U.S. homeowners with mortgages have an interest rate below 6%, down from a record high of 92.8% in mid-2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That means more than 88.5% of homeowners with mortgages have a rate below the current weekly average of 6.66%, prompting many to stay put instead of selling and buying another home at a higher rate—a phenomenon called the “lock-in effect.”
But for most people, it’s not realistic to stay put forever. The share of homeowners with a rate below 6% has fallen from its record high partly because some homeowners are opting to…
Posted On Friday, 12 January 2024 06:42 Written by
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.66 percent. “Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”
News Facts The 30-year FRM averaged 6.66 percent as of January 11, 2024, up from last week when it averaged 6.62 percent. A year ago at this time, the 30-year FRM averaged 6.33 percent. The 15-year FRM averaged 5.87 percent,…
Posted On Thursday, 11 January 2024 13:30 Written by
Everyone who emails has one. The question is “Are we planning, strategizing, researching and executing effectively?” If we are not, that means our campaign is being implemented with insufficient forethought, as we wing our way through internet (email) communications. The effort deserves better. Many times we are tempted to gain the attention of others by exploiting Facebook, Instagram, LinkedIn and Twitter. While they can be excellent, be aware of the fact that your most valuable marketing asset is YOUR OWN EMAIL LIST! Remember the words of Hubspot’s CEO… “The Currency of the Future is your Database!” Be an enthusiastic student of marketing options, especially what you can do online today. New online strategies continue to emerge broadening our horizons and stretching our thinking. Some suggestions: Try new tactics; Monitor results; Track trends; Stay on the leading edge; Commit to execute; Make it a robust profit center!
You may…
Posted On Thursday, 11 January 2024 00:00 Written by
To create the next great product or service, it has been standard practice to ask the customer questions like: “What do you want? What do you need? What will make your life easier?” These simple inquiries should lead to a simple answer. It is then our responsibility as businesses and organizations to respond with products, services, or processes that meet customers’ needs while increasing our margins and market share. This has been the process of the past and has worked for generations, but does it truly work in today’s accelerated, technology-driven business environment?
In my many years as a strategic advisor and futurist, I have concluded that asking the customer what they want is no longer reliable. First, customers are telling others in your industry the exact same information, which leads to a high level of competition. Unfortunately, a professional footrace to a perceived finish line is not beneficial to anyone, especially the customer. Second,…
Posted On Tuesday, 09 January 2024 00:00 Written by
In 2024, economic results will likely remain mixed. While a total collapse is unlikely and a recession may be avoidable, some Americans will still struggle to make ends meet in the face of relatively high rates and higher-than-ideal inflation. Here are LendingTree's predictions for the state of housing, jobs and the economy in 2024.
Potential economic positives in 2024: The housing market likely won’t crash this year Inflation will likely come down Across the board, rates should level off, if not eventually fall Wage growth will continue to outpace inflation We may avoid a recession  Potential economic negatives in 2024: The housing market will remain prohibitively expensive for many Home sellers could face challenges Savings will stay depressed Total debt will stay high You can find our full 2024 housing and economic predictions here:  https://www.lendingtree.com/home/mortgage/housing-economy-expectations-study/ LendingTree's Senior Economist, Jacob Channel, added: "Like any year, 2024 will doubtlessly be harder for some…
Posted On Sunday, 07 January 2024 07:00 Written by
For nearly three decades, Rick’s led more than 1,000 classes and workshops guiding real estate companies and teams to superior agent attraction, agent recruiting, agent retention, and systems surrounding all 3 throughout the U.S. and Canada. He is also a Master Coach with Workman Success Systems. Most of Rick’s coaching clients are top producing Teams, and in most cases, they also own real estate offices or franchises. He’s produced a daily inspirational video blog and presented keynote addresses to thousands of professionals from all industries and walks of life. Rick Geha began his real estate career at age of 22 while finishing a degree in Biology at Cal State Hayward and working in his family’s restaurant. By 1987, he had jumped in full-time and soon became the #1 agent at a local agency named Good Real Estate. By 1993, his passion quickly evolved to influence and leadership earning Rick a…
Posted On Thursday, 04 January 2024 00:00 Written by
You all know that I am very committed to business planning and scheduling. Knowing what you are trying to accomplish and then plotting the course and scheduling the work is a foundational part of what I share with my clients. It is so important that not only you have a plan and a schedule to execute, but being very specific in what you are trying to do and the results you are expecting are critical. Too many people in our business don’t plan at all, they just prognosticate and then hope it all works out. As I have said before, “Hope is NOT a strategy for success!” Mortgage professionals have a very bad habit of just throwing numbers out there into the universe like, “I’m going to do ten deals a month”, or “I want to close $50M in loans.” But very rarely do they break it down as to…
Posted On Wednesday, 03 January 2024 00:00 Written by
The share of U.S. homebuyers looking to move to a different metro area declined for the third straight month in November, dropping to 23.9%. That’s the lowest share in a year and a half, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. It’s down from 24.1% a year earlier–a tiny drop, but the first annual decline in Redfin’s records–and down from a record high of 26% over the summer. Overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage. There were 4% fewer Redfin.com users looking to move to a new metro in November than a year ago, compared with a 3% year-over-year drop for Redfin.com users searching within their home metro. The slightly bigger drop for house hunters looking to relocate explains why migrants are making up a smaller share of overall home…
Posted On Monday, 01 January 2024 00:28 Written by
Page 4 of 51

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.