Existing-home sales receded in April, according to the National Association of Realtors®. All four major U.S. regions posted month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023). “Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun. Total housing inventory[ii] registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in…
Posted On Wednesday, 22 May 2024 07:21 Written by
Awareness about emotional and mental health challenges is crucial for reducing the stigma involved. Many professionals, including realtors, secretly struggle with depression, anxiety and a host of other issues. The stress and pressure in the real estate industry can amplify these problems. Fluctuations in market conditions, for instance, can contribute to the stress realtors face. Overdoing it in sales or even not having the proper focus to drive sales can result in burnout. Deals that fail or clients who are unsatisfied can impact realtors’ sense of self. Self esteem and resilience are needed in the field to succeed. Setbacks are a big part of real estate. Overcoming them is expected and almost necessary to excel.  Furthermore, real estate agents often work independently, which can lead to feelings of isolation. Loneliness is a real thing. It can negatively impact day-to-day job demands. To make matters worse, dealing with unhappy or insatiable…
Posted On Tuesday, 21 May 2024 06:13 Written by
For a limited time only, Chase is increasing their Closing Guarantee program from $5K to $20K. Chase promises their clients that they’ll close the loan on or before the contract closing date or pay the buyer $20,000.  The grant can be used to discount underwriting fees paid at mortgage closing or pay down interest rate and down payment. This special time offer is available until July 27, 2024.  Chase wanted to honor spring homebuying season in an extra special way this year, knowing how challenging the housing market has been. They also have a whole en-suite of offerings and tools to help prospective homeowners.  The housing affordability crisis—with high interest rates, high homes prices, and low supply—has been widely reported. To help homebuyers address these challenges, Chase Home Lending is focused on providing financial resources and homebuyer education, including increasing its Closing Guarantee from $5,000 to $20,000.   “Current market…
Posted On Sunday, 19 May 2024 04:25 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 7.02 percent. “Mortgage rates decreased for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.” News Facts The 30-year FRM averaged 7.02 percent as of May 16, 2024, down from last week when it averaged 7.09 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent. The 15-year FRM averaged 6.28 percent, down from last week when it averaged 6.38 percent. A year ago at this time, the 15-year FRM averaged 5.75 percent. The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for…
Posted On Friday, 17 May 2024 06:49 Written by
I am a big believer in business planning and success scheduling. My entire coaching philosophy is rooted in these two prime building blocks. While your annual business plan can create a structure and vision for the entire year, I like to work in three mini-90-day plans that help allow for local market trends and aspects of business that is also based on seasonal awareness. The first 90-day plan runs from about the third week of January through the April 15th tax filing deadline. The second 90-day plan runs from your local calendar from about two weeks before the schools let out for the year in your area, until about three weeks after they return back to school. This really depends on your local area because these times really deviate significantly around the country. Some kids get out in May and return early August; while others get out in late June and…
Posted On Monday, 20 May 2024 00:00 Written by
Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers. rates down, which could bring back some homebuyers and sellers. SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) —Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Pending home sales also posted a week-over-week decline, unusual for early May. Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year. The housing market slumped because of…
Posted On Thursday, 16 May 2024 05:41 Written by
Despite low buyer demand, home prices remain steep throughout the U.S. Owing to this, many homeowners have seen the amount of equity they’ve built into their houses increase. When a homeowner utilizes the LendingTree marketplace to shop around for a home equity loan lender, they select one of five reasons for why they’re seeking the money. By analyzing borrowers’ home equity loan requests in the first quarter of 2024, we determined why homeowners across the 50 states are thinking about tapping into their home equity. Here's what we found. Across the 50 states, 40.58% of those seeking a home equity loan cited paying for home improvements as their primary reason. 33.78% of homeowners considered tapping their home’s equity to help consolidate debt. This was the second most commonly cited reason among LendingTree users. However, in some states like Wyoming, Idaho and South Dakota, it was the most commonly cited.  Using a…
Posted On Wednesday, 15 May 2024 07:01 Written by
The median down payment in the U.S. last quarter was $26,000, an average of 13.6% down, according to a new down payment trends report from Realtor.com, published this morning.  The analysis of down payment trends at the national, state and top-100 metro levels found that while down payments fell from the all-time-high in Q3 2023, down payments climbed annually – up 3 percentage points and roughly $12,000 from Q1 2023 – as homeshoppers contended with higher mortgage rates and home prices and a restricted home supply. Despite the drop from the historical peak, down payments remain well above pre-pandemic levels –  larger percent down on today’s typically higher priced homes means buyers paid 87.8% more as a down payment in Q1 2024 ($26,400) compared to Q1 2020 ($14,000).  Here are the key takeaways:  In Q1 2024, down payments reached an average 13.6% down, or $26,000, the highest first quarter average…
Posted On Tuesday, 14 May 2024 06:21 Written by
In my Anticipatory Leader Program, I talk about being Anticipatory in how you approach your business future, identifying disruption before it has the opportunity to disrupt. However, an Anticipatory Mindset is a key strategic tool that can be applied to all areas of life, including the conversations we have both at work and in our personal lives. I recently had the benefit of speaking with Phil Jones, who is a leading expert on the power of language for influence and persuasion. We discussed the art of structuring conversations and word choices. This is to promote safe spaces where information can be shared with trust and, in turn, innovation can thrive. In fact, Phil and I had such a great conversation, I am able to write even more about what we discussed in yet another article! My first article was about eliminating friction and creating a gray space of curiosity to facilitate more…
Posted On Tuesday, 14 May 2024 00:00 Written by
The issue is REAL! The reality is becoming more and more apparent. Debt is a national problem, and it’s going to get far worse before it gets better! The main culprit is the federal government. NOBODY has more debt on the planet than the United States of America. That debt continues to pressure the markets as the ability to borrow larger and larger sums of money gets more and more expensive. Nobody wants to acknowledge it, but it does impact our everyday lives more than you think it does. The other issue we have is that consumers are piling up debt faster than ever! We are not only setting records for outstanding debt; but consumers are relying on more and more debt to simply cover what they feel are their basic costs of living. Especially young people, who seem to think $1,000+ cell phones and $500+ car payments, and $150…
Posted On Monday, 13 May 2024 00:00 Written by
High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May—but last week’s encouraging economic news drove mortgage rates down a bit The median U.S. monthly housing payment hit an all-time high of $2,894 during the four weeks ending May 5, up 14% from a year earlier, and home prices rose 4.5% to their own record high. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The supply of homes for sale lost momentum, with prospective sellers jittery about high rates. New listings rose 9% year over year, the smallest increase in three months (with the exception of the four weeks ending March 31, when there was an artificially small decline due to Easter). There were fewer new listings during the four-week period ending May 5 than any comparable period on record except 2020 and 2023.…
Posted On Thursday, 09 May 2024 13:32 Written by
Selling homes isn’t just about the property itself—it's also how you present it. Imagine equipping your arsenal with sales collateral that not only illuminates key features but clinches deals faster. What kind of materials are we talking about? We're talking about those dynamic, well-crafted sales collateral that engages potential buyers and sets the stage for a swift close. These aren't your standard brochures; think curated content that resonates with today’s market expectations.  Let’s unveil the various types of sales collateral that could transform your real estate hustle into a powerhouse of efficiency and allure.  1.  Virtual Tours  Imagine a tool that whisks buyers through homes without stepping foot inside. Virtual tours are precisely that—a digital passkey into your listings. They allow clients to explore every nook and corner at their own pace, evoking a sense of ownership before the actual viewings.  But it's more than just convenience; these tours can…
Posted On Saturday, 11 May 2024 07:43
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