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The share of U.S. homebuyers looking to move to a different metro area declined for the third straight month in November, dropping to 23.9%. That’s the lowest share in a year and a half, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. It’s down from 24.1% a year earlier–a tiny drop, but the first annual decline in Redfin’s records–and down from a record high of 26% over the summer. Overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage. There were 4% fewer Redfin.com users looking to move to a new metro in November than a year ago, compared with a 3% year-over-year drop for Redfin.com users searching within their home metro. The slightly bigger drop for house hunters looking to relocate explains why migrants are making up a smaller share of overall home…
There are dozens of old sayings that apply in today’s market, you can pick from any of all that you like: Everything works, nothing doesn’t. The harder you work, the luckier you get. If you do what you always have done, you will get what you have always gotten; but if you don’t like what you are starting to get, stop doing what you are doing! Those that succeed are willing to do the things that those that fail will not! You must do what the others won’t, so you can have the things that the others can’t! The common ground is that they all hold true to a very simple reality; if you don’t do the work, you can’t receive the reward! Think about it. For the last few years loans fell from the sky. Purchases, refinances, it was all so easy. There were just so many opportunities…
Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.61 percent. “The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.” News Facts The 30-year FRM averaged 6.61 percent as of December 28, 2023, down from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent. The 15-year FRM averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 5.68 percent. The PMMS® is focused on conventional, conforming, fully amortizing home…
How has the business year started for your company? Spring is already starting to wind down, and that means it is a good time to take assessment. Whether you are meeting expectations, a little behind, or exceeding your dreams, everybody wants that extra customer. But, especially in a field as competitive as real estate, how do you get it? Terri Murphy knows that you need to prove your worth to customers, if you really want to achieve success.
As the year goes on, are you measuring progress? Terri Murphy knows it is important to measure progress, but not to get caught up in perfection. And, she has three very important tips, as you attempt to make this an exceptional year. Clearly define three top goals, which, if accomplished by this time next year, will make you feel super successful. Decide what it will take to have a high-performance year by focusing on…
Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of Realtors®. Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022). “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.” According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.95% as…
Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom. The number of affordable homes for sale also dropped to the lowest level on record. There were 352,500 affordable listings in 2023, down 40.9% from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general—listings overall fell 21.2% year over year—it’s also due to the fact that elevated mortgage rates and stubbornly high prices made the listings hitting the market more expensive. Mortgage rates have fallen…
How can you be sure your messages are really getting heard? Noted business consultant, Michael Hammer, once said, “The number one problem in communications today is the illusion that it has taken place!” You may find that no matter what you do or how you do it, just sending messaging in any format does not guarantee you will actually get through to actually connect. In a “normal” world, people are constantly barraged with multiple interruptions on every level, whether it is their being notified on their phone, an instant message, and even their watch! It’s these constant notifications that fracture not only their time, but steal their attention away from your attempts to communicate. The challenge is: What else can you do to be heard? In this unprecedented time of physical “distancing” there is remarkable creativity that is born from being restricted. It is proving that what we really want,…
Short-term headwinds include high supply and moderating economic growth, but long-term outlook remains positive Freddie Mac (OTCQB: FMCC) released its 2024 Multifamily Outlook projecting the year ahead will bring positive growth despite continued headwinds for the multifamily industry, and that the long-term forecast for the asset class remains positive. The Outlook indicates an elevated multifamily supply pipeline, with peak completions predicted in 2024, will moderate potential rent gains, which are expected to be positive in the year ahead, although below longer-run averages. The Outlook also forecasts 2024 vacancy rates will be modestly higher than average but notes a more stable interest rate environment could help spur transaction volume in 2024, with demand for rentals driven by prevailing demographic trends and expensive for-sale housing. “The economy appears to be on track for a soft landing, although it may be bumpy throughout next year,” said Sara Hoffmann, director of Multifamily Research at Freddie…
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Numbers can be funny things to deal with, but regardless of what you think, you do need to pay attention to them as well as look into the logic they share. I bring this up in wake of those that are telling me that more and more of their real estate agents and coworkers are taking part time jobs because business has slowed down. While you can’t paint with a broad brush when talking about our industry because so much is hyper-local, we should just ask a few questions about some of the reasons behind these actions, and if the path taken makes any sense. • How much is the total business off in your market, and is your loss of business proportional to that decline? • Since we are largely a commission-based business, it is fair to say that while unit volumes may be down, transactional values are higher,…
As she Shares Her Extraordinary Journey And How She Continues To Promote Women And Support Women In Law A bit about Judge Janice Holder: Janice Holder began her legal career in Pittsburgh, Pennsylvania, as a judicial clerk for the Honorable Herbert P. Sorg, Chief Judge of the United States District Court for the Western District of Pennsylvania. At the conclusion of her clerkship in 1977, she entered into private practice in Pittsburgh. She served as the solicitor for the Borough of McDonald, Pennsylvania, her hometown, for one year before moving to Memphis, Tennessee, where she practiced law for ten years.Janice was elected judge of the Circuit Court of Shelby County, Tennessee, in 1990. In 1993, she was appointed the coordinating judge of the silicone gel breast implant cases in West Tennessee by the Tennessee Supreme Court. She served as a member of the National Conference of Chief Justices Mass Tort Litigation Committee and the…
To create the next great product or service, it has been standard practice to ask the customer questions like: “What do you want? What do you need? What will make your life easier?” These simple inquiries should lead to a simple answer. It is then our responsibility as businesses and organizations to respond with products, services, or processes that meet customers’ needs while increasing our margins and market share. This has been the process of the past and has worked for generations, but does it truly work in today’s accelerated, technology-driven business environment?
In my many years as a strategic advisor and futurist, I have concluded that asking the customer what they want is no longer reliable. First, customers are telling others in your industry the exact same information, which leads to a high level of competition. Unfortunately, a professional footrace to a perceived finish line is not beneficial to anyone, especially the customer. Second,…
We have about a week or so left to put together and close deals in 2023. Everyone should be beating the bushes and shaking the trees to take advantage of the opportunities available and the ability to exercise your speed advantage to help those who really need to get things done before the year ends. It is also a great time to keep having all of those conversations that can continue to show your abilities as others around you have to sit on the sidelines and wait for 2024! A solid week in the bond market and rates continue to improve slowly but surely. We saw a continuation of weaking jobs numbers this week as the ADP numbers were significantly below expectations and if supported by today’s initial and continuing claims numbers will set the stage for Friday’s BLS jobs report for November. I expect that the economy is showing…
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