We have a lot of things to cover this week, and we must start with Accountants! By now, you have an entire list of accountants you have worked with in the past and now is the time to connect and have the conversation about tax extension filings and the opportunities in a declining rate market!

Next, we must address the declining rate market and realize that rates are not as low as they are likely to go, and without a proper plan, you may just chase away opportunities rather than create them. Set up your “Buckets of Benefit” so you have a prepared call list when rates hit certain trigger points as they go lower. You MUST remember that this is done by phone, NEVER by email, social media, or even text messages, PHONE! Remember, preparation is critical and speed paramount!

Preapproval updates are always important but be sure you let your clients know about improved purchasing power as their payment now can get them more money. So, in addition to improving their credit scores, saving money, and looking for houses that fit their needs, they need to be reminded that while interest rates may be heading lower, home prices are still going higher, so get your house locked up and you can always refinance later down the road! You also need to look back at older preapprovals or those that may have given up. They wanted to own a home; they probably still do!

Thursday brings us initial and continuing claims numbers and Friday we will see the August Jobs Report. All of these have the potential to move the markets. The last 90-day block is just beginning for you or just about to start depending on your market. You MUST have a plan to take advantage of the opportunities that are and will become available. We also look forward to our annual Business Planning process that will begin in October, so much to do and so much to gain!

As always, if you have questions or comments, or would like to schedule a business planning event for your team, your branch, or your company; you just need to email me at This email address is being protected from spambots. You need JavaScript enabled to view it. and we can talk about your situation and how I might be able to help.

Pending home sales are falling despite declining housing payments because some homebuyers are hoping mortgage rates fall further before they make a move, and others are waiting for clarity on the new NAR rules

The median U.S. monthly housing payment fell to $2,534 during the four weeks ending September 1, the lowest level since January and down nearly $300 from April's all-time high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing payments are falling because even though home prices remain near record highs, weekly average mortgage rates have dropped to their lowest level in a year and a half.

But declining housing payments have yet to improve home sales. Pending homes sales fell 8.4% year over year, the biggest decline in nearly a year. Some would-be homebuyers are on the sidelines because they’re still priced out of the market, and are waiting for mortgage rates to fall further. Redfin agents are also reporting that some buyers are waiting for more clarity on what the new NAR rules mean for real estate agent fees, and others are waiting to buy until after the presidential election.

“There is demand for desirable, move-in ready listings, but some house hunters are in a holding pattern because the industry is in flux,” said Van Welborn, a Redfin Premier agent in Phoenix. “Some buyers are waiting to see how the NAR rules shake out before they get serious. Others believe rates will come down more substantially after the Fed cuts interest rates later this month, and they’re waiting for that to happen before they buy.”

Mortgage rates may not come down much more than they already have. That’s because markets have already priced in interest-rate cuts from the Fed, starting in September and going through 2025. If the cuts are smaller and slower than expected, mortgage rates would rise from where they are today. If the Fed cuts faster than expected, mortgage rates are likely to decline further. If rates do fall substantially more than they already have, that could push up demand, competition and home prices.

There are some signals that more prospective buyers are touring homes and prepping to purchase, even if they’re not yet buying. Mortgage-purchase applications are up 3% week over week. Redfin’s Homebuyer Demand Index–a measure of tours and other buying services from Redfin agents–is up 4% from a month ago, and is near its highest level since May.

The supply of homes for sale is increasing modestly. New listings of homes for sale are up 3.7% year over year, on par with increases over the last few months, and total listings are up 16.6%. Total supply is rising partly because some homeowners who had been locked in by their relatively low mortgage rates are selling now that rates have come down a bit. Also, sluggish homebuyer demand is causing unsold listings to pile up.

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Key housing-market data

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-housing-payments-dropping-sales-declining

IRVINE, Calif., September 5, 2024 – What if you could see your home’s future value after making the right improvements? For the first time, presale renovation leader Revive is making this possible by offering free access to its AI-powered property valuation tools, empowering sellers and real estate professionals alike.

The Revive Vision AI platform, which features its proprietary After Renovation Value tool (think Zillow’s Zestimate, but it shows the maximum potential value of your home if it were updated to be in optimal market-ready condition), and its tech-leading neighborhood property conditions analysis, are AI-powered by computer vision and machine learning.

"Making Revive Vision AI available to anyone marks a new era in property valuation, where agents and consumers alike can access real-time, data-driven insights to make informed decisions to maximize the value of a home,” said Dalip Jaggi, co-founder and COO of Revive, and long-time OC Startup Council member and supporter.

He pointed out that Revive’s platform-leading AI-powered computer vision and machine learning technology not only estimates current value but also reveals a property's untapped potential, helping sellers to ensure they never leave money on the table again.

According to Jaggi, Revive Vision AI provides two more real estate market benefits: unlocking housing inventory as it provides sellers with clear, actionable insights for maximizing their home's value and preventing financial loss as it helps sellers make informed renovation decisions before listing, ensuring they capture the full market value.

Key Features of Revive Vision AI:

Rigorous testing by top real estate professionals: The Revive Vision AI platform has undergone months of testing to ensure accuracy and reliability.

Free access to advanced AI tools: Previously available only to registered real estate agents, Revive Vision AI is now freely accessible to all agents and consumers, including prospective sellers.

Advanced valuation insights: Leverages computer vision and machine learning to provide instantaneous, accurate insights into both the current and potential market value of properties.

After Renovation Value (ARV) estimations: Reveals what a home can be worth with strategic improvements, offering detailed steps to maximize value.

Comparative accuracy: Enhanced ability to compare properties with top local comparables, focusing on key features impacting market value.

Actionable reports: Instantly generates insightful property reports to inform strategic selling and renovation decisions, offering two types of complimentary reports:

Incomplete Report: Provides basic insights from an address without requiring photos.

Complete Report: Offers in-depth analysis using photos and detailed neighborhood comparisons.

Mobile-Friendly Access: Available from any device – phone, tablet, laptop, or desktop.

With Revive Vision AI now in the hands of both agents and consumers, collaboration is elevated. Together, homeowners and agents can explore how strategic presale renovations can elevate a home's market value, ensuring that sellers avoid leaving money on the table and achieve the best possible outcome.

Consumers and real estate agents can explore a property's full potential with Revive Vision AI, accessible at revivevision.ai.

About Revive

Revive Real Estate partners with real estate professionals to provide the funding, guidance, and contractors needed to get strategic presale renovations done fast and for maximum value. Discover more at www.revive.realestate.