Today's Headlines - Realty Times
Posted On Monday, 15 May 2023 13:09 Written by
Posted On Monday, 15 May 2023 08:24 Written by

2020 and 2021 are over. Rates are no longer in the 2% range and property values are not climbing at 20%+ year over year. Loan opportunities are not falling from the sky, and sellers aren’t calling agents all day every day asking how much they could get for their house! Rents aren’t screaming higher faster than home prices, and all cash investors are picking up single family homes if the cash flow warrants the deal. Otherwise, if you want a deal, you must go out and get it because it won’t just come to you!

The funny part is many lenders and agents think we are still in pandemic mode. Nobody wants to go to the office and work. Once popular meetings for agents by local real estate boards have been reduced or eliminated in many parts of the country, how many people get out and engage the public and just talk real estate any longer? I have a friend that is a lender on the verge of retiring because he and his partners are “aging out” of business, and its not because they can’t do the job or they won’t do the work, it’s largely because people have forgotten that if you want business, you have to go out and share with people WHY now is the time to act!

People are either going back into the office or working from home, either way, it’s an opportunity to work from the right home, or find one closer to work! There is no housing bubble and while mortgage rates will likely go lower over the summer into the 5’s, we aren’t going to see 2% rates again in the foreseeable future, and 5% is better than 7 or 8%! But you have to go out and make the case for WHY it makes sense to act now.

The market is going to be owned in 2023 by those who get up, get out, and TALK TO PEOPLE! Call center lenders will continue to layoff and downsize. Internet real estate companies will struggle to find a profit if they can’t get out and make the case WHY it makes sense to sell what you have and buy what you want or need!

It won’t come to you! But you can go out and get it!

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Posted On Monday, 15 May 2023 00:00 Written by
Posted On Monday, 15 May 2023 00:00 Written by
Posted On Sunday, 14 May 2023 07:05 Written by
Posted On Friday, 12 May 2023 20:01
Posted On Friday, 12 May 2023 19:56

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Posted On Saturday, 13 May 2023 05:20 Written by
Posted On Thursday, 11 May 2023 19:54

National Association of Realtors® Chief Economist Lawrence Yun presented an overview of U.S. commercial real estate Tuesday as part of the 2023 REALTORS® Legislative Meetings. Yun emphasized challenges facing the commercial real estate market brought on by tightening lending policies among many small and regional banks, which have been a key source of commercial loans. Still, due to continuing U.S. job gains, net absorption has been mostly positive nationwide, Yun said, with the apartment, industrial and retail sectors helping to keep the industry relatively stable. 

“The performance of commercial real estate markets will vary across the country,” Yun projected during Tuesday’s Commercial Economic Issues and Trends Forum. “Markets with strong job gains will naturally hold on much better, while those with weaker job conditions will struggle to raise net occupancy.”

Yun said America’s apartment sector recorded 116,000 net positive absorptions in the past year, while the industrial and retail sectors added 361 million square feet and 64 million square feet, respectively, over the last 12 months. Office markets, however, saw a reduction in net absorption by 29 million square feet over the same period. 

“The national office market will continue to see rises in vacancy rates due to falling demand,” Yun added. “The apartment sector will record a modest uptick in vacancy due to robust new supply.”

With the impact of mortgage interest rates on the housing market in focus throughout the week at NAR’s conference in D.C., Yun addressed the implications of Fed decisions on nationwide commercial markets.

“The Federal Reserve’s aggressive rate hikes have damaged balance sheets for regional and local banks, an important source of commercial real estate loans,” he said.

Yun estimated that continual rises in rates will in part cause commercial real estate transaction volume to decline by 27% overall in 2023.

“The lack of capital, higher costs of financing and refinancing, and the weakening economy will contribute to a lower overall valuation of commercial real estate prices,” Yun said. “Weaker prices will mean opportunities for those with deeper pockets to get deals done in the months and years ahead.”

Yun added that appraisal values have fallen by an average of 15% from peaks in early 2022.

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

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Posted On Thursday, 11 May 2023 06:03 Written by
Posted On Thursday, 11 May 2023 04:52 Written by
Posted On Thursday, 11 May 2023 00:00 Written by
Posted On Wednesday, 10 May 2023 20:26

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