Are we there yet? No, not just yet! For months now we have seen social media and the “experts” share their thoughts on why rates would be going down significantly. This has caused many in our industry to predict lower rates and talk about 5%, even 4% or lower rates to come. The issue with that is that while lower rates may be in the future, many have hung their hats on this and are now suffering the fact that mortgage rates have yet to make that move as they had expected. While rates are certainly lower than they were last fall, far too may people are thinking about rates that are still far below where we can actually deliver today, and this is causing some people to miss out on opportunities to have bought a home and locked in a PRICE, while maintaining the ability to refinance later if…
Posted On Monday, 18 March 2024 00:00 Written by
Housing supply is finally rebounding as sellers get used to elevated mortgage rates, but it’s not rebounding enough to curb home price growth. High housing costs mean many house hunters remain hesitant to commit. New listings jumped 3.8% month over month on a seasonally adjusted basis in February to the highest level since September 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. They were up 14.8% year over year, the largest annual gain since May 2021. Active listings, or the total supply of homes for sale, hit the highest level in a year. They climbed 0.8% from a month earlier on a seasonally adjusted basis, and were little changed (-0.1%) from a year earlier–the smallest annual decline in months. New listings rose fastest from a year earlier in Texas and active listings rose fastest in Florida–the two states that have been building the most…
Posted On Sunday, 17 March 2024 06:55 Written by
-- Freddie Mac  today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.74 percent. “The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.” News Facts The 30-year FRM averaged 6.74 percent as of March 14, 2024, down from last week when it averaged 6.88 percent. A year ago at this time, the 30-year FRM averaged 6.60 percent. The 15-year FRM averaged 6.16 percent, down from last week when it averaged 6.22 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent. {loadmoduleid…
Posted On Friday, 15 March 2024 10:24 Written by
New listings rose 13% from a year earlier, their biggest increase in nearly three years, but home prices and mortgage rates remain elevated The median U.S. monthly housing payment was $2,686 during the four weeks ending March 10, just $30 shy of last October’s all-time high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s due to a combination of still-high mortgage rates and rising prices. While mortgage rates came down slightly this past week after increasing for four straight weeks, they’re still near 7%, and sale prices are up 5% year over year nationwide. On a local level, prices increased in all 50 of the most populous U.S. metros, the first time that has happened since July 2022. High housing costs are still pricing out some would-be homebuyers, with pending sales down 6% from a year earlier. But more house hunters are wading into…
Posted On Thursday, 14 March 2024 06:43 Written by
There are two mindsets surrounding the concepts of transformation and change. First, there is fear that comes with transformation and change. The feeling of not having control over something in your personal or professional life can be daunting, because it leaves us feeling helpless. And the second mindset is an apathetic, hands-off one. This is where the concepts of transformation and change seem so insurmountable that we accept them passively. Neither of these mindsets are warranted, because the reality is transformation and change are two completely separate occurrences. One of these you can control in your professional and personal life, and the other is mitigated by controlling the first. As a result, neither transformation nor change should prompt fear or apathy to well up in your mind.
The Differences Between Transformation and Change As I have mentioned here and in the past to clients and readers alike, transformation and…
Posted On Thursday, 14 March 2024 00:00 Written by
The National Association of Hispanic Real Estate Professionals (NAHREP®) released the 2023 State of Hispanic Homeownership Report (SHHR) today, which examines the progress made in the last year toward the organization's mission of increasing sustainable Hispanic homeownership. the Hispanic homeownership rate grew to 49.5 percent, representing a significant milestone. Despite confronting what has been recognized as the most challenging housing market in terms of affordability on record, Latinos achieved a notable net gain of 377,000 owner-households, marking the largest single-year increase since 2005, spanning nearly two decades. Despite formidable obstacles such as soaring interest rates and dwindling housing inventory, resilience prevailed. Hispanic homebuyers demonstrated adaptability by relocating to more financially viable regions, leveraging co-borrowers in their financing arrangements, and capitalizing on specialized local programs, all contributing to realizing their homeownership aspirations. "The resilience and determination demonstrated by Latino homebuyers in 2023 are truly remarkable. Despite facing unprecedented market conditions, Latinos…
Posted On Tuesday, 12 March 2024 06:10 Written by
The Freddie Mac (OTCQB: FMCC) Multifamily Apartment Investment Market Index® (AIMI®) decreased in the fourth quarter of 2023, but increased over the full year, with the annual gain indicating that investment conditions were better in the fourth quarter compared with one year prior. With mortgage rates persistently high, AIMI fell nationally and in all 25 regional markets measured for the fourth quarter of 2023, as did net operating income (NOI) over the same period. Despite the fourth quarter dip, AIMI finished 2023 up for the year nationally and in the majority of regional markets.
“The end of 2023 was a tale of two directions for AIMI,” said Sara Hoffmann, senior director of Multifamily Research at Freddie Mac. “The index finished 2023 up overall for the year, but fourth quarter was down across the board. The market continues to adjust to the new reality of higher interest rates, which…
Posted On Tuesday, 12 March 2024 06:01 Written by
Cyber attacks have been an ongoing challenge for individuals and businesses over the years. Previously, they manifested through emails, Trojan horses, and various forms of malware that, upon infiltrating your computer via the internet, replicated themselves and replaced code within functional programs. Today, this threat continues to persist, posing a constant danger to both individuals and businesses.
But as digital technology has evolved at unprecedented rates, so too have cyber attacks and their complexities. Recently, I discussed how Ransomware has impacted many industries — most recently, the manufacturing industry. Ransomware attacks are a Hard Trend that is not slowing down anytime soon, as cyber criminals infiltrate organizational software and lock away vital information the company requires to operate. Frankly, it is unfortunate that when these cyber criminals demand compensation, or ransom, to return the information, including sensitive customer and client information as well as valuable data, many organizations simply buckle…
Posted On Tuesday, 12 March 2024 00:00 Written by
When you talk options, be sure your clients know the true cost of their choices. I have had a number of conversations recently where my clients have won deals because they put the client in a position to succeed by sharing the true cost of their choices. We spoke a few months ago as we approached the end of the year and I suggested you drive the conversation around getting into a home prior to the beginning of the year, and the increase in demand that often creates. Some shared, others didn’t. Those that did are seeing their clients in homes that they secured at prices that are significantly lower than they would be right now, as well as the cost of that home a few more months from now. It’s simple, supply/demand is in favor of the seller. When sellers are in control, the cost to buy is higher…
Posted On Monday, 11 March 2024 00:00 Written by
Page 1 of 53

Agent Resource

Limited time offer - 50% off - click here

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.