Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.61 percent. “The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.” News Facts The 30-year FRM averaged 6.61 percent as of December 28, 2023, down from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent. The 15-year FRM averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 5.68 percent. The PMMS® is focused on conventional, conforming, fully amortizing home…
Posted On Saturday, 30 December 2023 07:11 Written by
How has the business year started for your company? Spring is already starting to wind down, and that means it is a good time to take assessment. Whether you are meeting expectations, a little behind, or exceeding your dreams, everybody wants that extra customer. But, especially in a field as competitive as real estate, how do you get it? Terri Murphy knows that you need to prove your worth to customers, if you really want to achieve success.
As the year goes on, are you measuring progress? Terri Murphy knows it is important to measure progress, but not to get caught up in perfection. And, she has three very important tips, as you attempt to make this an exceptional year. Clearly define three top goals, which, if accomplished by this time next year, will make you feel super successful. Decide what it will take to have a high-performance year by focusing on…
Posted On Thursday, 28 December 2023 00:00 Written by
Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of Realtors®. Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022). “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.” According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.95% as…
Posted On Tuesday, 26 December 2023 06:34 Written by
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
Page 13 of 58

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.