Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom. The number of affordable homes for sale also dropped to the lowest level on record. There were 352,500 affordable listings in 2023, down 40.9% from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general—listings overall fell 21.2% year over year—it’s also due to the fact that elevated mortgage rates and stubbornly high prices made the listings hitting the market more expensive. Mortgage rates have fallen…
Posted On Sunday, 24 December 2023 06:15 Written by
How can you be sure your messages are really getting heard? Noted business consultant, Michael Hammer, once said, “The number one problem in communications today is the illusion that it has taken place!” You may find that no matter what you do or how you do it, just sending messaging in any format does not guarantee you will actually get through to actually connect. In a “normal” world, people are constantly barraged with multiple interruptions on every level, whether it is their being notified on their phone, an instant message, and even their watch! It’s these constant notifications that fracture not only their time, but steal their attention away from your attempts to communicate.  The challenge is: What else can you do to be heard? In this unprecedented time of physical “distancing” there is remarkable creativity that is born from being restricted.  It is proving that what we really want,…
Posted On Thursday, 21 December 2023 00:00 Written by
Short-term headwinds include high supply and moderating economic growth, but long-term outlook remains positive Freddie Mac (OTCQB: FMCC) released its 2024 Multifamily Outlook projecting the year ahead will bring positive growth despite continued headwinds for the multifamily industry, and that the long-term forecast for the asset class remains positive. The Outlook indicates an elevated multifamily supply pipeline, with peak completions predicted in 2024, will moderate potential rent gains, which are expected to be positive in the year ahead, although below longer-run averages. The Outlook also forecasts 2024 vacancy rates will be modestly higher than average but notes a more stable interest rate environment could help spur transaction volume in 2024, with demand for rentals driven by prevailing demographic trends and expensive for-sale housing. “The economy appears to be on track for a soft landing, although it may be bumpy throughout next year,” said Sara Hoffmann, director of Multifamily Research at Freddie…
Posted On Wednesday, 20 December 2023 06:12 Written by
Numbers can be funny things to deal with, but regardless of what you think, you do need to pay attention to them as well as look into the logic they share. I bring this up in wake of those that are telling me that more and more of their real estate agents and coworkers are taking part time jobs because business has slowed down. While you can’t paint with a broad brush when talking about our industry because so much is hyper-local, we should just ask a few questions about some of the reasons behind these actions, and if the path taken makes any sense. • How much is the total business off in your market, and is your loss of business proportional to that decline? • Since we are largely a commission-based business, it is fair to say that while unit volumes may be down, transactional values are higher,…
Posted On Monday, 18 December 2023 00:00 Written by
As she Shares Her Extraordinary Journey And How She Continues To Promote Women And Support Women In Law A bit about Judge Janice Holder:  Janice Holder began her legal career in Pittsburgh, Pennsylvania, as a judicial clerk for the Honorable Herbert P. Sorg, Chief Judge of the United States District Court for the Western District of Pennsylvania.  At the conclusion of her clerkship in 1977, she entered into private practice in Pittsburgh. She served as the solicitor for the Borough of McDonald, Pennsylvania, her hometown, for one year before moving to Memphis, Tennessee, where she practiced law for ten years.Janice was elected judge of the Circuit Court of Shelby County, Tennessee, in 1990. In 1993, she was appointed the coordinating judge of the silicone gel breast implant cases in West Tennessee by the Tennessee Supreme Court. She served as a member of the National Conference of Chief Justices Mass Tort Litigation Committee and the…
Posted On Thursday, 14 December 2023 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, 12 December 2023 00:00 Written by
We have about a week or so left to put together and close deals in 2023. Everyone should be beating the bushes and shaking the trees to take advantage of the opportunities available and the ability to exercise your speed advantage to help those who really need to get things done before the year ends. It is also a great time to keep having all of those conversations that can continue to show your abilities as others around you have to sit on the sidelines and wait for 2024! A solid week in the bond market and rates continue to improve slowly but surely. We saw a continuation of weaking jobs numbers this week as the ADP numbers were significantly below expectations and if supported by today’s initial and continuing claims numbers will set the stage for Friday’s BLS jobs report for November. I expect that the economy is showing…
Posted On Monday, 11 December 2023 00:00 Written by
Prices are falling from a year ago in four Texas metros—Austin, San Antonio, Houston and Fort Worth—and in Portland, OR. Redfin predicts price declines will become more widespread in the new year. Homebuying is becoming more affordable as mortgage rates continue declining—the median U.S. housing payment was $2,561 during the four weeks ending December 3, down $177 from the record high they hit in October. This according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s spurring action from sidelined homebuyers and sellers. Mortgage-purchase applications are up 15% from the 28-year low they dropped to at the start of November. New listings are up 7% year over year, the biggest increase since August 2021, and the number of homeowners contacting Redfin for help selling their home is up by double digits from a year ago.
Mortgage rates are coming down because economic events are…
Posted On Friday, 08 December 2023 08:45 Written by
Buying a home is one of the largest investments someone will make in a lifetime.  Getting a mortgage is one of the biggest loans in the budget.   Take a little time to save yourself a lot of money.  Team up with the experts and use their experience to save yourself from a bad experience.  Taking a few extra minutes to prepare can give you big bragging rights on your real estate deal for years to come.
Here are some things to do as you set out to buy your home or get your mortgage. Determine your budget.  Set a timer for two to three hours, turn on your favorite tunes and start slogging through your last six months bank statements and credit card statements.  Keep a tally of how much you are spending on food, rent, utilities, gas, insurance and more. Remember those bills you only pay…
Posted On Thursday, 07 December 2023 00:00 Written by
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