Some homebuyers got cold feet as mortgage rates hit the highest level in over two decades and prices continued to rise, but buyer demand and new listings have stabilized following months of declines Residential real estate deals are falling through at the highest rate in almost a year as high mortgage rates give homebuyers sticker shock, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Nationwide, nearly 60,000 home-purchase agreements were canceled in August, equal to 15.7% of homes that went under contract that month. That’s up from 14.3% a year earlier and marks the highest percentage since October 2022, when mortgage rates surpassed 7% for the first time in two decades.
The average interest rate on a 30-year-fixed mortgage was 7.07% in August. At one point last month, it hit 7.23%—the highest since 2001—sending the typical homebuyer’s monthly payment up significantly from last…
Posted On Friday, 15 September 2023 06:26 Written by
According to Realtors® and Prospective Home Buyers Across Races and Ethnicities. The current real estate market’s high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors® and prospective home buyers across races and ethnicities cite as barriers to purchasing a home, according to two new reports from the National Association of Realtors®. In partnership with Morning Consult, NAR’s 2023 Experiences & Barriers of Prospective Home Buyers Across Races/Ethnicities report surveyed White, Hispanic/Latino(a), Black and Asian prospective home buyers about their experiences. NAR’s 2023 Experiences & Barriers of Prospective Home Buyers: Member Study surveyed Realtors® who focus on residential real estate regarding the latest buyer with whom they worked who has not yet purchased a home, and it compares findings with the consumer study. “Home buyers face the most difficult affordability conditions in nearly 40 years due to limited inventory and rising mortgage interest…
Posted On Thursday, 14 September 2023 06:37 Written by
“The true soldier fights, not because he hates what is in front of him, but because he loves what is behind him.” G.K. Chesterton  G. I. John decided many years ago when he started his military career that he was going to build wealth by buying real estate.  When John first started out, he bought a house in the city where he was stationed using a 100% veteran loan.  He put together a plan to get wealthy during his military career moving from station to station buying a house as his primary residence with each move and keeping the other homes for rental income. 
The challenge that threatened to shoot holes in his life plan was the fact that the more property he bought, the more specialized mortgage products he needed since his VA eligibility was limited to one or two properties. He needed an experienced mortgage loan…
Posted On Thursday, 14 September 2023 00:00 Written by
C-suite executives and leaders have a lot on their plates when it comes to successful management of their business or organization. They are in control of the organization’s image, a diverse team of individuals with diverse talents coming together to complete specific tasks, and the successful and timely implementation of multiple projects at any given time. That is a lot to be responsible for, but as we all know, change is the only constant in the business world. My Anticipatory Organization® Model notes that digital disruption is starting to alleviate some of the need to manage traditional tasks that managers and other business leaders have long managed before. With this transformation, the tasks of managers and business leaders alike are starting to change as well.
What some leaders overlook now is their actual role as managers — the management of perception and distraction. Perception and Distraction Affect Your Organization Perception refers…
Posted On Tuesday, 12 September 2023 00:00 Written by
September is upon us, and Labor Day is behind us; the only thing to do this week and that is to CALL ALL YOUR ACCOUNTANTS! Remember when I shared with you that you were supposed to be collecting accountants from everyone you spoke with when you did your 9’s and 10’s questions? We also talked about connecting with accountants and tax preparers when we reviewed tax returns that our customers supplied to us. Well, now is one of the two times each year we MUST put those efforts to good use!  The first full week of September for most accountants usually is the signal for them to reach out to all their clients they filed tax extensions for. Since those filings are due in October, now is when they begin the process of collecting documents and preparing those returns! Why is this so important to us? Well, it’s time to…
Posted On Monday, 11 September 2023 00:00 Written by
About half of Gen Zers and millennials who don’t plan to buy a home in the near future say it’s because homes are too expensive Nearly one of every five (18%) millennials and 12% of Gen Zers who replied to a recent housing survey believe they will never own a home, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Lack of affordability is the number-one barrier to homeownership for young Americans. Roughly half of Gen Z and millennial renters who believe they’re unlikely to purchase a home in the near future say the high price of homes on the market is blocking them from buying. That’s the most commonly cited barrier, and it’s followed by several other affordability-related reasons.
Nearly half (46%) of millennials and one-third (33%) of Gen Zers say their lack of ability to save for a down payment is a…
Posted On Friday, 08 September 2023 13:52 Written by
Thursday we got the new jobless claims and continuing claims numbers, and Friday we got the BLS Jobs Report for the month of August. The initial jobless claims and continuing claims number are always important, but they will serve to lay the foundation of the BLS Jobs Report that can really move the markets. For the past several FED meetings, the governors have pointed to the steady decline in initial claims and the growth of jobs in the market to show that the economy is still too robust to stop raising interest rates. Despite the fact that the BLS just released an important report stating that from April of 2022 to March of 2023, they have overstated the number of jobs by more than 300,000 jobs! That’s not a small number. In fact, when put into real terms, that is a miss of more than 9% on a monthly basis.…
Posted On Monday, 04 September 2023 00:00 Written by
Redfin reports that investor market share is down to 16% after hitting an all-time high of 20% in the first quarter of 2022 Investor home purchases fell 45% from a year earlier in the second quarter, outpacing the 31% drop in overall home sales, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48%. The decline comes as this year’s relatively cool housing and rental markets makes investing in homes less attractive than it was during the pandemic-driven homebuying frenzy of 2021 and early 2022. The drop in purchases has brought the total number of homes bought by investors below pre-pandemic levels. Real estate investors bought roughly 50,000 homes in the second quarter, the fewest of any second quarter in seven years, with the exception of the start of the…
Posted On Saturday, 02 September 2023 06:21 Written by
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