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Nationwide, investor purchases fell 30% year over year to the lowest third-quarter level in seven years, as rising mortgage rates, high home prices and a lackluster rental market made investing less attractive Investor purchases of U.S. homes dropped 29.7% year over year in the third quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Investors purchased 48,667 homes—the lowest level of any third quarter since 2016. By comparison, overall home purchases fell 22.2% to 305,219—the lowest third-quarter level since 2012. The seven metros where investor purchases declined fastest are all in the Sun Belt. Atlanta saw the steepest decline (-49.7%), followed by Charlotte, NC (-49.6%), Jacksonville, FL (-48.2%), Phoenix (-47.4%), Las Vegas (-43.3%), Orlando, FL (-42.6%) and Tampa, FL (-41.3%). This is according to a Redfin analysis of county records across 39 of the most populous U.S. metropolitan areas. The national figures in the report…
Mortgage-purchase applications are up 3% week over week as homebuyers act on a few pieces of buyer-friendly news: Mortgage rates have dropped from 8% to 7.4% in the last few weeks, there are more homes for sale than there have been all year, and price drops are at a record high. Mortgage rates are falling quickly, dropping from a two-decade high of 8% to 7.4% in the last three weeks, giving homebuyers an opportunity to lock in a lower rate. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. A series of macro-economic events and indicators helped bring rates down last week: The Fed decided against another interest-rate hike, the Treasury announced plans to issue less long-term debt than expected and the job market is growing slower than expected. Buyers should consider locking in a mortgage rate now Redfin economists recommend that serious homebuyers consider…
Companies are founded with innovation. Smaller start-ups pop up because they have an idea that no one in the market has done before, or a way to improve the industry they enter. It is no secret that many new businesses do not last because they stick with that initial revolutionary idea, living in the present success they have found with no new ideas to bring to the table in this ever-changing world. Essentially, they create a business “cash cow,” and milk it until the milk runs dry!
The business world is always changing as a direct result of customers’ evolving needs. The only way for organizations to be successful is to be Anticipatory. Instead of focusing solely on the “now,” they must focus on the “next,” taking the leap on their next big innovations for their organizations while moving forward with the industry. What is the difference between the “now” and the “next”? Instead of focusing…
A HUGE ruling in the lawsuit against how real estate commissions are split between a listing agent and the buyer’s agent may have a monumental impact on the future of real estate. Last Tuesday, a jury ruled in favor of the plaintiffs and set damages initially at $1.78 TRILLION DOLLARS! While we all know that NAR doesn’t have that kind of money, it will likely have to find a number to satisfy the plaintiffs. It also will be interesting to see if the Judge eliminates the “Cooperative Compensation Rule” as part of this case because if he does, it will change the way real estate commissions work in a big way. As you know, the listing agent and the home seller have a commission agreement for a set percentage of the total sale. In that agreement, it spells out how much of that commission will be shared with the buyer’s…
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When most businesses think of innovation, they think of what I would consider to be transformational innovation. What I am referring to is the big advancements that revolutionized organizations and whole industries, such as the founding of social media giant Facebook (now Meta), the first electric vehicle, or moments like the iPod making its debut at Apple. These are the innovations that entrepreneurs and leaders dream of, picturing a scenario where their ROI is tremendous, they make differences in the world, and they ultimately leave competitors in the dust.
But while focusing on this transformational innovation is certainly one strategy to have, the reality is that a one-time breakthrough only has so much staying power, even if it is as powerful as those aforementioned examples. If you catch lightning in a bottle, as they say, using it to try to stay ahead of the competition truly leaves you missing a large part…
New builds are taking up a growing share of the pie as builders attract buyers with concessions, and surging mortgage rates prevent existing homeowners from selling Nationwide, 30.6% of U.S. single-family homes for sale in the third quarter were new construction, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share of any third quarter on record and up from 28.9% one year earlier and 25% two years earlier. Newly built homes have taken up a growing share of for-sale housing inventory partly because homebuilding has increased and partly because the number of existing homeowners putting their houses up for sale has decreased as mortgage rates have surged to a 23-year high of roughly 8%. High mortgage rates have pushed a lot of buyers to the sidelines, but many of the buyers who are in the market are opting for new construction homes…
Time is exactly the same for all of us. Some just make better use of their time than others! Many people are often confused by terms like “busy”, thinking that being busy is a good thing. Well, there is a HUGE difference in being “busy” and being productive! They are NOT the same thing, not by a mile. The major difference is that “busy” people tend to have little to no structure in their day and their lives seem to just merge one day into another. They create no differentiation from day to day, so they all just seem to run together. Also true, is that “busy” people tend to be highly reactive and bounce from one “urgent” issue after another. But unless you are working in the emergency room of a hospital, very few people find any real satisfaction being in a reactive mode all the time. The simple…
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New listings have posted their first annual increase since July 2022 as some sellers tire of waiting for mortgage rates to come down and others worry that prices will decline New listings of homes for sale rose 0.3% from a year earlier during the four weeks ending October 22—a small increase, but the first since July 2022. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.. More homeowners are putting their homes on the market as mortgage rates remain elevated near 8%. Some sellers are accepting that rates are unlikely to meaningfully decline anytime soon and finally parting with their relatively low rates, while others are nervous tepid demand could cause home prices to fall if they wait any longer. It’s also worth noting that new listings were falling fast at this time last year as mortgage rates rose. Buyers are welcoming even a small…
New listings inched up as some homeowners opted to cash out, fearing that elevated mortgage rates could drive a drop in home prices New listings climbed 1.4% month over month in September, the largest increase since February 2022 on a seasonally adjusted basis, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s a glimmer of relief for homebuyers, who for months have been waiting for more homes to hit the market. “A lot of Americans are sitting on piles of money in their homes, and some are opting to cash out even if it means giving up their low mortgage rate; they’re worried there’s a possibility home prices will fall if rates remain elevated. We expect rates to remain high for the foreseeable future,” said Redfin Chief Economist Daryl Fairweather. “But we also expect prices to stay high into next year. Housing supply is so…
Attracting and retaining the best employees are two completely different concepts. Hiring the best is usually a streamlined process of seeking out the most qualified and skilled individuals and getting them to view your organization as a positive workplace to be in. But after hiring is complete, it is their turn to interview you, in a way. They finally get to see what is behind the front door at your organization. Hiring the best employee for the job is one thing, but retaining the best employee for the job is a whole other arena in the business world. Yes, each of these instances may be difficult, but it is arguable that retention has become the bigger of the challenges.
The Great Resignation of 2020 During the COVID-19 pandemic of 2020, we experienced what is now known as “the Great Resignation.” On the surface, thousands upon thousands of employees left their jobs for various reasons. But one of the most…
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