Pending home sales in February grew 1.6%, according to the National Association of Realtors®. The Midwest and South posted monthly gains in transactions while the Northeast and West recorded losses. All four U.S. regions registered year-over-year decreases. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 75.6 in February. Year over year, pending transactions were down 7.0%. An index of 100 is equal to the level of contract activity in 2001.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said NAR Chief Economist Lawrence Yun. “Ongoing job gains are clearly increasing demand along with more inventory.” Pending Home Sales Regional Breakdown The Northeast PHSI decreased 0.3% from last month to 63.4, a decline of 9.0% from February 2023. The Midwest index soared 10.6% to…
Posted On Thursday, 28 March 2024 08:02 Written by
Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices and mortgage rates. One sliver of hope: Affordability of starter homes is slowly improving after hitting a low point at the end of 2023. Homebuyers must earn $75,849 annually to afford the typical U.S. starter home as of February, up 8.2% ($5,767) from a year earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The monthly housing payment for the typical U.S. starter home was $1,896 in February, also up 8.2% from a year earlier. The income necessary to buy starter homes is increasing from a year ago due to rising prices and mortgage rates: The typical starter home sold for $240,000 in February, up 3.4% year over year, and the average 30-year fixed mortgage rate was 6.78%, up from…
Posted On Thursday, 28 March 2024 05:27 Written by
The advantage of Zero-Based thinking is that you are starting with a clean slate! There should be few pre-conceived notions with your primary focus on how to best go to market and take great care of your customers based on what’s going on today (and the days, weeks and months forthcoming). 
Three opening action items to participate in are recommended: 1. A new SWOT Analysis – SWOT Analyses (An assessment of current Strengths, Weaknesses, Opportunities, and Threats) can be very revealing. It is suggested that you have several of your smartest people participating in this exercise. Incidentally, if you do one every year, it should look different every year. This speaks well of the concept of constant fine-tuning of your business strategies and actions rather than doing what you have always done! 2. Have in-depth discussions with your top 5 customers. Identify the agendas of the top 2-3 people…
Posted On Thursday, 28 March 2024 00:00 Written by
Dr. Nido Qubein, President of High Point University empowers leaders through his extraordinary insights with exceptional strategies to overcome adversity in this time of challenge. His message shares how to discover the opportunities in a challenge, inspiring leaders to take charge of their organizations even during a pandemic. Dr. Nido Qubein came to the United States as a teenager with little knowledge of English and only $50 in his pocket. His journey has been an amazing success story. The Biography Channel and CNBC aired his life story titled "A Life of Success and Significance." As an educator, he is president of High Point University, an undergraduate and graduate institution with 5,200 students from 40 countries and 50 states. He has authored two dozen multilingual books and audio programs distributed worldwide. As a business leader, he is executive chairman of the Great Harvest Bread Company with 220 stores in 43 states. He serves…
Posted On Wednesday, 27 March 2024 00:00 Written by
The world population today is a little less than 8 billion people, and this number will only increase in the coming years — A definite Hard Trend future certainty. It is estimated by industry experts that by the year 2050, the population will reach around 9.7 billion people. Along with this increase in population comes an increased demand for basic human necessities, such as food, clean water, clothing, and shelter. And connected to all these basic human necessities is the need for more energy and energy storage solutions. What do we need to produce more food? Energy to run farm equipment. What do we need to supply clean water? Energy to run a water treatment plant. What does producing more clothing require? You guessed it — Additional manufacturing plants that again require energy.
Population and the need for energy go hand in hand, and like all trends, this presents an interesting…
Posted On Tuesday, 26 March 2024 00:00 Written by
First let me start out by saying I am not an attorney and all the views here are my own opinions based on the public information and conversations I have had with those in the industry. The recent settlement between NAR and the DOJ contains many items that will need to be addressed and dealt with, all before July 2024 if we are to believe the initial reports. That said, there is more information to cover than we can possibly review in a short blog post, but here are some of the highlights I have spotted and will cover more deeply in future posts. •  This settlement only covers members of NAR and those companies that have completed LESS than two billion dollars in transactions. •  Since not all agents and companies are members of NAR, they are NOT covered by this agreement, but they likely will be affected by it…
Posted On Monday, 25 March 2024 00:00 Written by
According to the latest LendingTree survey of nearly 2,000 Americans, 6 in 10 live in a region with their preferred climate. Of those who don’t, 20% say they’re eyeing a move to their preferred climate in the next year. Here's a closer look at our findings.
61% of Americans reside in a region with their ideal climate, with Westerners (72%) and Southerners (67%) the most content. For 37% of Americans, this was by design, meaning they factored in climate when deciding where to live. Among those who don’t live in their ideal climate, 36% cite proximity to family and 26% cite cost of living as what’s keeping them away.  1 in 5 of those who don’t live in their preferred climate plan to move there in the next year, including a third of Gen Zers. However, 29% of Americans have previously moved for a better climate to later realize they…
Posted On Sunday, 24 March 2024 14:29 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 6.87 percent. “After decreasing for a couple of weeks, mortgage rates are once again on the upswing,” said Sam Khater, Freddie Mac’s Chief Economist. “As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.” News Facts The 30-year FRM averaged 6.87 percent as of March 21, 2024, up from last week when it averaged 6.74 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent. The 15-year FRM averaged 6.21 percent, up from last…
Posted On Friday, 22 March 2024 08:34 Written by
Hard Trends have three distinct categories — demographics, regulation, and technology — each of which help you find certainty in an uncertain world. While all are vital, demographics are quickly taking precedence, and one in specific will greatly impact business in the near future. In my recent Opportunity Hour: Conversations with the Masters, I interviewed Jason Dorsey, a behavioral researcher and Anticipatory Leader who has led more than a hundred groundbreaking behavioral research studies globally. His passion is uncovering hidden behavioral trends that other Anticipatory Leaders can use to drive measurable results. In authoring his newest bestselling book, titled Zconomy: How Gen Z Will Change the Future of Business — and What to Do About It, Jason reveals the ways in which business leaders can adapt to the dynamic nature of a generation that is unlike all the others currently in the workforce. Together, he and I unboxed common characteristics of Gen Z…
Posted On Thursday, 21 March 2024 00:00 Written by
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