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Posted On Thursday, 11 July 2024 12:45 Written by
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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.89 percent.

"Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” said Sam Khater, Freddie Mac’s Chief Economist. “We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”

News Facts

  • The 30-year FRM averaged 6.89 percent as of July 11, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.96 percent.
  • The 15-year FRM averaged 6.17 percent, down from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 6.30 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website |

Posted On Thursday, 11 July 2024 09:44 Written by

A successful business requires more than just having a great product, service, or strategic plan. It requires obtaining and retaining the best individuals who can turn that product idea and plan into reality!

You need an amazing team alongside you with the skills and foresight to propel your company into the future. But naturally, you know that every other organization in our economy is also striving for the same thing. With that being said, how do you make sure that your valued employees stay by your side?

Believe it or not, the answer is not always money!

First, realize that hiring the best and retaining the best are two completely different concepts. Hiring qualified employees is very much a surface-level endeavor. You are vetting candidates to determine if their qualifications are a right fit for your business and the various tasks needing completion while they are vetting you to see if your company is a right fit for them. 

Though after they are hired, this is when the real challenge begins. It is your turn to uphold your end of the agreement, showing them why they should stay and contribute their highly valued skills to your organization.

In my decades of advising organizations on building the ideal team to reach and sustain significance in their industries, I have found that obtaining qualified candidates is not the difficult part. The difficult part is getting those employees to stay. I have also found that the key to retaining top talent is to foster an Anticipatory culture, one that will take on the challenges that arise as well as what the future will hold. You need to have a strategy that aligns employee Futureview® with that of the organization.

How Organizations Do It Wrong

As mentioned above, money and benefits are important, but they are not everything. I realize this may seem unusual, especially as the economy fluctuates and cost of living goes up. Regardless, this statement is true.

Yes, promotions and rewards make employees feel valued and confident that they can rely on your organization for financial stability. But are you rewarding the right behaviors? Are you rewarding true knowledge creation and wisdom or are you promoting knowledge silos, where employees hoard wisdom to reinforce their employability elsewhere?

Many organizations often fall into the trap of focusing on short-term achievements and individual accolades rather than fostering a long-term collaborative and innovative culture. In this type of climate, employees become more focused on personal gains rather than the overall success of their team. As information silos, you will find that when they do not achieve those individual, short-term gains, they leave as quickly as possible.

Generally, this knowledge hoarding is due to a lack of trust with your organization and its culture. An uncertain future and uncertain leadership promote the idea that employees should only look out for themselves instead of viewing themselves as part of the bigger picture of the organization. This can be because they do not trust that the doors will still be open tomorrow due to the fact that the organization seems to have no unified direction, nor does it value their input.

How do you as a hiring manager or business leader ensure your top talent keeps their contributions at your organization?

1. Foster an Aligned Futureview®

Futureview is a term I coined over 30 years ago in reference to the vivid mental picture we each hold of our future existence. It is not the same as a goal, plan, or ambition. It is not what we hope to achieve but what we actually see when we think of our future, for better or for worse.

Everyone has a Futureview®, whether we realize it or not, but it is becoming aware of our Futureview® that puts a tremendous tool in our strategic arsenal. It dictates the actions we will take as well as the actions we forgo, allowing us to take control of our future and determine our own realities.

As a business leader, it is your job to first realize your own Futureview® and then to foster an organization-wide Futureview® that is united. Whether because of lack of trust or lack of pay aside, high-value employees leave because their Futureview® does not include your organization. On the positive side, they will stay because it does!

The first step in retaining those employees is to realize what your Futureview® is for your organization. If you do not have a vivid picture of where the organization will be in the future, then how will employees know their role in that future? How will employees trust they will have a job in a year, a month, a week, or even tomorrow?

The second step here is to align your employee’s Futureview® with yours. You need to ensure that they see the same future that you do but that they also see their place in that future, being an integral part of it.

2. Give Employees Purpose

Compensation is a large part of the hiring process. But money comes and goes. Instead, a bigger purpose in life is insurmountable.

Employees need to feel that their work contributes value to the organization. They need to know that they are working for a reason, contributing to the overall benefit of the organization and that those contributions mean something.

Here are some steps in helping give your employees a more profound sense of purpose:

■  The organization’s vision, message, and goals are often abstract concepts to employees, something they look at once during the hiring process. Be sure to regularly and clearly communicate how their individual skills are contributing to the overall success of the organization. 
■  Each employee delivers results, regardless of their job, so be sure to share those results with them and how their job impacted overall performance. 
■  Encourage employees to think in an Anticipatory fashionEncourage employees to look at both Hard Trends and Soft Trends to foresee future disruptions and utilize their own skill sets to transform them into opportunities. ■  This both creates a common language between employees – building a common community – and encourages them to play a vital role in the company’s future.

3. Reward the Correct Behaviors

Many organizations reward counterproductive behaviors. They reward knowledge silos and an every-person-for-themselves mentality, often without knowing it. This leads to high employee turnover rates as a result of pursuing personal accolades instead of organizational contributions.

To keep high-value employees at your organization, the key is to reward behaviors that contribute to the overall good of the organization. You must teach employees that their contributions are helping build an irreplicable shared knowledge base between departments – that their skills are valued throughout the organization and that their specific knowledge matters.

Consider these steps in that process:

■  Encourage employees to share their expertise across departments. Knowledge does not benefit just one department!
■  Rewards do not just include compensation. They also include recognition, feedback, and collaboration.

Recognizing the individual achievements of high-value employees while exhibiting to them how their contributions affect the health of the organization they are part of is easier than most realize. In many cases, all it takes is both communication and collaboration with your staff to make sure their Futureview® aligns with yours. Be sure to encourage an Anticipatory mindset as well to build a productive and successful future in the most effective way!

Posted On Tuesday, 16 July 2024 00:00 Written by
Posted On Wednesday, 10 July 2024 12:29
Posted On Wednesday, 10 July 2024 12:05

Asking rents fell a record 12% year over year in Jacksonville last month, and also declined in Tampa, Orlando and Miami. Austin, TX posted a record drop, too.

The median apartment asking rent in America rose 0.7% year over year in June to $1,654, the biggest gain in over a year and the highest median price since October 2022. That’s according to a new report from Redfin (, the technology-powered real estate brokerage.

Florida is bucking the national trend. The Sunshine State’s four most populous metro areas are seeing rent prices decline. Jacksonville’s median asking rent fell 12.4% year over year in June—the metro’s biggest drop in records dating back to 2019. Tampa posted a 6% decline—also the largest on record. In Orlando and Miami, rent prices fell 4.8% and 3.8%, respectively.

Rents are also falling fast in Austin, TX. The median asking rent in the Texas capital decreased a record 12.6% from a year earlier in June—the largest decline among the 33 metros for which Redfin has rent-price data.

Both Florida and Texas built a lot of apartments during the pandemic moving frenzy in an effort to meet surging demand, and now, many property owners are lowering prices to compete for tenants.

Austin issued more multifamily building permits per 10,000 people than anywhere else in the country in 2021-2023, and Jacksonville came in third place, a separate Redfin analysis found. While construction has slowed in many parts of Florida and Texas (and across the country as a whole), metros in the two states continue to top the list of largest building permitters.

“It’s a good time to hunt for bargains if you’re a renter in Florida or Austin,” said Redfin Senior Economist Sheharyar Bokhari. “With so much supply on the market, renters may be able to get concessions like free parking or discounted rent. But renters in Florida should be aware that landlords are grappling with surging home insurance costs, and they may ultimately ask tenants to foot the bill via higher rents.”

Rents may also be falling in these areas because they overheated during the pandemic—causing many residents to get priced out—and are still coming back down to earth. In Tampa, for example, rents surged as much as 37.8% year over year in 2022—more than double the nationwide gain at the time.

Rent Prices Are Inching Up Nationally as Tough Homebuying Market Buoys Rental Demand—But Rising Inventory Is Limiting Price Growth

Demand from young renters, many of whom are opting to continue renting rather than face an increasingly unaffordable homebuying market, is bolstering rent prices nationwide. But so far, price growth has been limited because there are still a lot of new apartments hitting the market to meet that demand. When supply is on the rise, landlords typically don’t have a lot of leeway to jack up prices because they’re working to fill vacancies.

Apartment builders have pumped the brakes on the number of projects they’re starting—multifamily building starts have fallen below their 10-year historical average—but completions are still near their record high because there were so many construction projects kicked off during the pandemic that are just now being finished.

As a result, newly built U.S. apartments are filling up at the slowest pace since 2020, and the apartment vacancy rate stands at 7.8%, up slightly from 7.4% at the start of 2023 and 7% at the start of 2022.

Rents Are Up More Than 12% in Virginia Beach and Cincinnati

In Virginia Beach, VA, the median apartment asking rent rose 12.9% year over year in June—the biggest jump among the 33 metros Redfin analyzed. Next came Cincinnati (12.2%), Washington, D.C. (11.9%), Chicago (11.3%) and Baltimore (10.7%).

Rent prices are rising in many Midwest and Northeast metros because those regions haven’t been building as many apartments as the Sun Belt. The Midwest is also the most affordable region to live in, which helps bolster demand at a time when housing affordability is strained across most of the U.S.

The biggest asking-rent declines were in Austin (-12.6%), Jacksonville (-12.4%), San Diego (-11.4%), San Francisco (-6.1%) and Tampa (-6%).

To view the full report, including charts, methodology and metro-level data, please visit:

Posted On Wednesday, 10 July 2024 10:45 Written by
Posted On Wednesday, 10 July 2024 10:33

26% of Realtors® Said Lack of Inventory and Housing Affordability Prevented Clients from Buying Homes in 2023 as Existing-Home Sales Fell to Lowest Level Since 1995

In 2023, when the volume of existing-home sales hit the lowest level since 1995, 26% of Realtors® named lack of inventory and housing affordability as the most important factors limiting potential clients from making a purchase, according to the National Association of Realtors®’">2024 Member Profile. This annual report analyzes members’ business activity and demographics from the prior year.

“2023 was a difficult year for Realtors® due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Realtors® faced competition at all angles – not only to represent clients but also to ensure their buyers’ offers were accepted amid tough real estate market conditions.”

Nearly two out of three Realtors® (65%) hold sales agent licenses, while 22% hold broker licenses and 17% hold broker associate licenses. Seventy-four percent of members specialize in residential brokerage. Like 2022, relocation, residential property management and commercial brokerage are members’ most common secondary specialty areas.

Members typically have 10 years of real estate experience, down from 11 years in 2022. Seventy-three percent of members are very certain they will remain in the real estate industry for at least two more years. Brokerage specialists had a lower sales volume ($2.5 million vs. $3.4 million), and the typical agent had fewer transactions (10 vs. 12) in 2023 compared to 2022.

The typical Realtor® earned 20% of their business from previous clients and customers, down from 27% last year. The most experienced members – those with 16 or more years of experience – reported a greater share of repeat business from clients or referrals (a median of 42% in 2023). Similar to 2022, members with two years of experience or less reported no repeat business in 2023. Overall, Realtors® earned a median of 21% of their business from referrals, a decrease from 24% in 2022. Referrals were also more common among members with 16 or more years of experience – a median of 29% – compared to no referrals for those with two years or less of experience.

The typical property manager managed 31 properties in 2023, down notably from 40 properties in 2022. The typical Realtor® worked 35 hours per week in 2023, slightly less than last year.

The median gross income for Realtors® decreased to $55,800 in 2023, down from $56,400 in 2022. Realtors® with 16 years or more experience had a median gross income of $92,500, up from $80,700 in 2022. Realtors®’ total expenses increased to $8,450 in 2023 from $8,210 in 2022.

A majority of Realtors® (53%) worked with an independent company and 88% were independent contractors at their firms – both figures nearly identical to 2022. The typical Realtor® had a median tenure of five years with their current firm, down from a median of six years in 2022. Eight percent of members reported working for a firm that was bought or merged in the past two years, down from 26% in 2022.

“Regardless of market conditions, agents who are Realtors® sought a career where they could be their own boss as an independent contractor, specialize in residential or commercial brokerage, and embrace new technologies to make transactions happen,” said Lautz.

Daily, most Realtors® use a smartphone with wireless email and internet capability (96%) and a laptop or desktop computer (91%). The smartphone features that members use most frequently daily are email (94%), social media apps (60%) and GPS (56%). Sixty-four percent of Realtors® use multiple listings software daily. Text messaging (94%) is the top method of communication for members with their clients, followed by telephone (91%) and email (89%).

More than two-thirds of members (72%) have their own website – 44% of which are provided by the member’s firm. For professional purposes, most members use Facebook (77%), Instagram (57%), and LinkedIn (55%).

Six percent of Realtors® use drones themselves as part of their business, and 46% have hired a professional drone operator. Four percent and 2% of members, respectively, use 3D/virtual tour and virtual staging technology daily. 

Sixty-five percent of all Realtors® were female in 2023, an increase from 62% last year. The median age of Realtors® was 55, down from 60 last year. Thirty-five percent were 60 years or older and 4% were less than 30.

Seventy-nine percent of Realtors® were White in 2023, down from 81% last year. Hispanics/Latinos accounted for 10% of Realtors®, followed by Black/African Americans (6%) and Asian/Pacific Islanders (4%). New members were more diverse than experienced members. Among those who had two years or less of experience, 40% were non-White.

Realtors®’ education level exceeded that of the general public. Ninety-two percent of members had some post-secondary education, with 34% completing a bachelor’s degree as their highest level of education. Seventy percent of members reported volunteering in their community – most commonly among members aged 40 to 49 years.

“Realtors® are hardworking people who advocate for homeownership and property rights in the communities they serve,” said NAR President Kevin Sears, broker-partner of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “Regardless of how you find a property, expert agents who are Realtors® help take the stress out of the homebuying process and navigate the most intricate and significant transaction many will ever complete.”

Survey Methodology

In March 2024, NAR emailed a 98-question survey to a random sample of 157,711 Realtors® and received 6,113 responses. The survey had an adjusted response rate of 3.9%. The confidence interval at a 95% level of confidence is +/- 1.25% based on a population of 1.5 million members. The association weighted responses to be representative of state-level NAR membership. Information about compensation, earnings, sales volume and number of transactions are characteristics of calendar year 2023, while all other data are representative of member characteristics in early 2024.

Posted On Wednesday, 10 July 2024 07:25 Written by
Posted On Tuesday, 09 July 2024 17:06
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