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Yun discussed economic issues and trends, provided forecast at 2024 REALTORS® Legislative Meetings National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023) and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024) – with further gains in eight of the next 10 years – during the “Residential Economic Issues & Trends Forum” at NAR’s 2024 REALTORS® Legislative Meetings. Yun also explained that rents will calm down further, which will hold down the consumer price index (CPI) and make the Federal Reserve cut interest rates. Yun said that based on April’s employment data, there are six million more jobs compared to the pre-Covid highs, and jobs are boosting home prices. “More jobs mean more home sales and higher housing demand,” said Yun. “You need…
Roughly 1 in 5 new mortgages went to low-income homebuyers in 2023, down from 23% in 2020. Meanwhile, high-income buyers have gained share because they’re more prepared to weather the storm of high home prices and mortgage rates Roughly one in five (20.6%) new mortgages issued last year went to low-income Americans, bringing that group’s piece of the homebuying pie back down to where it was in 2018. That is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Low-income earners gained ground at the start of the pandemic, taking out 23.2% of all new mortgages in 2020, but that progress has since been erased because high home prices and elevated mortgage rates have eroded affordability. The small bit of progress that Americans earning very low incomes made on taking out mortgages at the start of the pandemic has also been erased. Just under 6% of…
The FED didn’t cut rates and some seemed surprised. Inflation is still an issue, and some seem surprised. Stagflation is now a strong possibility, but some seem surprised. The Treasury department is struggling how to continue to borrow money to feed the debt, but some seem surprised. Housing prices and rents continue to rise, but some seem surprised. Credit card debt keeps setting new records, and yet some seem surprised. Job creation keeps growing, but we have fewer full-time workers than we had prior to covid and some seem surprised. There has yet to be any ruling from the judge dealing with the NAR settlement, and yet some seem surprised. It is very important that each of us stay connected to information we can trust so we don’t get surprised! More information that can move the market happens this morning with initial and continuing jobless claims, and Friday morning we…
![The Pool of People Taking Out Mortgages In America Is Becoming Less White [Redfin Report]](/media/k2/items/cache/48b22f1ae4ad89df53ab78947a2d7b4e_S.jpg)
People of color are taking out a rising share of mortgages because an increasing share of them are of prime homebuying age, and because America is becoming more diverse. They’ve also seen larger income gains than white people in recent years. The share of U.S. mortgages taken out by white homebuyers has declined over the last five years, while the share taken out by Hispanic, Black and Asian homebuyers has ticked up. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The report is based on a Redfin analysis of 2018-2023 Home Mortgage Disclosure Act (HMDA) data covering mortgage originations for primary homes. This analysis does not cover originations for investment properties or second homes. Just under two-thirds (62.2%) of new mortgages issued in 2023 went to white homebuyers. While that’s a far higher share than any other group, it’s down from 64% in 2022…
![58% of Renters Have Disliked a Landlord, One-Third Say They’ve Experienced Rent Discrimination [New LendingTree Survey]](/media/k2/items/cache/3d246aed101aa670f2dbf75cd00b8192_S.jpg)
LendingTree surveyed 2,000 people and found that common causes of friction between landlords and renters include maintenance issues, poor communication and a lack of professionalism. We also found that a third of renters say they’ve been discriminated against based on factors like race and age. Here's a closer look at our findings. 58% of renters say they’ve had at least one landlord they didn’t like, with 1 in 4 (25%) disliking their current one. Among those who disliked a landlord, the bad blood was mainly due to maintenance (68%) and communication issues (53%) or a lack of respect or professionalism (42%). 31% of renters say a landlord has entered their home without permission, while 21% have had a legal dispute with theirs. Almost half (48%) would rather rent from an individual than a corporation, with 49% of renters believing it’s cheaper. Additionally, 57% of renters think the government should limit how many homes…
The South Leads the Way in Affordable Inventory Growth According to the Realtor.com® April housing data, the national required household income to purchase the median priced home rose to $116,000, up $5,900 from a year ago, after accounting for the cost of tax and insurance. For hopeful buyers in California’s major metros of Los Angeles, San Diego, San Francisco and San Jose the household income required to purchase the median-priced home is over double the national figure. April 2024 Housing Metrics – National Metric Change over Apr 2023 Change over Apr 2019 Median listing price +0% (to $430,000) +36.5% Active listings +30.4% -35.4% New listings +12.1% -21.8% Median days on market +1 days (to 47 days) -7 days Share of active listings with price reductions +3.2 percentage points (to 15.5%) +1.0 percentage points “California is a fascinating market not only because the income-required figures are an eye-popping quarter of a…
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.22 percent. “The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season,” said Sam Khater, Freddie Mac’s Chief Economist. “On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.” News Facts The 30-year FRM averaged 7.22 percent as of May 2, 2024, up from last week when it averaged 7.17 percent. A year ago at this time, the 30-year FRM averaged 6.39…
If you are in business, you have to make money. That’s not a question; it’s a fact. It is also a future certainty. Whether digital or physical, so long as currency exists, you will need to work to make it, use it to pay for things and save it for the stability of your business and employees. After all, a popular quote in business books and often referenced by Kevin O’Leary on TV’s Shark Tank is, “If a business doesn’t make you money, it’s a hobby.”
However, money should not be the stand-alone measurement for how you weigh out the success of your business. It doesn’t matter if you are a small- to medium-sized business or a massive corporation, chasing money alone will only strand you on a plateau of worry. But if you need to make money, why shouldn’t you classify “success” as “making a lot of it”? What else can be…
So which one are you? The woman who tends to relentlessly buckle up and do it herself or the type of woman that is comfortable asking and allowing others to help? For women in leadership, delegation is a key skill and a necessary component for a successful career. If you find yourself stressed, overwhelmed, or feel as though your business has taken over your life, then it may be the right time to sharpen those delegation skills. Many of us identify as the first example, and while that may be admired as being self-sufficient and independent with an “I don’t owe anybody anything” kind of strategy (sound Italian to you?), it is not the savviest way to get through life and there are a couple of reasons for that. For the woman whose battle cry is “buckle-up butter cup” the typical thought process is “no whining, just do it and get ‘er done!”…
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Austin, Texas (-4.7%), Memphis, Tenn. (-4.4%), St. Louis (-4.0%), Atlanta (-3.7%), Miami (-3.6%), and Phoenix (-3.2%) lead the nation with the largest rent drops Rents declined in March for the eighth consecutive month, with year-over-year prices dropping by -0.3% and declines seen across all unit sizes, according to the Realtor.com® Rental Report released today. Even so, the median rent of $1,722 was only $36 less than the peak seen in August 2022 and was $313 more than in March 2019, before the pandemic, pointing to a resilient rental market. Top 10 markets with the largest yearly rent price declines include: Austin-Round Rock, Texas (-4.70%); Memphis, Tenn.-Ms.-Ark.(-4.40%); St. Louis, Mo.-Ill. (-4.00%); Atlanta-Sandy Springs-Roswell, Ga (-3.70%); Miami-Fort Lauderdale-West Palm Beach, Fla. (-3.60%); Phoenix-Mesa-Scottsdale, Ariz. (-3.20%); Nashville-Davidson–Murfreesboro–Franklin, Tenn. (-2.90%); Orlando-Kissimmee-Sanford, Fla (-2.80%); Tampa-St. Petersburg-Clearwater, Fla. (-2.50%); and Cleveland-Elyria, Oho (-2.50%). “Rising shelter costs have been a major driver of overall inflation, a top…
One of the key components of coaching is to be sure that my clients are well scheduled and prepared for things they know are coming. Planning for summer is often overlooked but can make a huge difference in your business. You need to look and prepare for events that are going to take place so you can choose to be prepared for them and make them productive for you! Here are the seven things I think everyone in our industry should be prepared for: 1. Mother’s Day in May 2. Memorial Day in May 3. End of your local school year 4. Father’s Day in June 5. 4th of July 6. Your personal and team’s summer schedule 7. VACATIONS! Not all of these are going to be important to everyone in every location. Some have more significance to some people than others. Only you can determine the importance of any or…
Imagine starting a multimillion-dollar company only to have it crumble due to cybercrime. This isn’t a plot from a thriller movie—it’s a harsh reality many face. Cyber threats are increasingly sophisticated, leveraging the very tools meant to simplify our lives to exploit vulnerabilities. From phishing scams that mimic trusted contacts to ransomware attacks that can shut down entire supply chains, no one is immune. The weaponization of artificial intelligence presents a particularly alarming trend. AI can accelerate the rate of attacks, automate malicious activities, and craft deceptive content that can fool even the most vigilant among us. This evolution demands that we not only stay updated with the latest in cybersecurity but also engage actively in educating everyone within our spheres of influence. https://www.burrus.com/become-anticipatory In our rapidly evolving digital age, the importance of robust cybersecurity measures cannot be overstated. Join me live on April 30th when I sit down with…
The number of homes for sale in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March—more than anywhere else in the country. And in McAllen, TX, supply jumped 25%. On the west coast of Florida, housing supply is surging, sellers are cutting their asking prices and the time it takes to sell a home is soaring—all at a faster rate than anywhere else in the U.S. The story is similar in parts of Texas. That is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Here’s how these trends showed up in U.S. housing-market data for March, which covers 85 major metropolitan areas: SUPPLY: Of the 10 metro areas that posted the largest year-over-year increases in supply, six are in Florida and two are in Texas. Cape Coral, FL saw the biggest jump in homes for sale (51%), followed…
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