The National Association of Realtors® thanked President Biden on Thursday for raising awareness of the affordable housing crisis during his State of the Union address.

The following is a statement from 2024 NAR President Kevin Sears:

“The lack of affordable housing supply is hurting the middle class and depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide.

NAR first sounded the alarm on this issue with original research showing a nationwide shortage of 5.5 million affordable housing units. We commend President Biden’s commitment to an all-of-government approach to solve this problem. NAR has proposed and advocated for many of these proposals, which together would make serious headway toward fixing this crisis. 

Tax incentives can help close the affordable housing gap, and we are especially grateful for the President’s willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this crisis--from tax incentives to zoning reforms to expanded financing. 

NAR shares concerns of other housing industry groups that other Administration measures, especially in the area of rental housing, run the risk of reducing the supply of affordable rental housing if onerous regulations drive small property owners from the market and discourage future investment. The Administration’s increasing focus on housing production, however, signals a positive turn, as the housing shortage is the root of our affordability crisis. 

NAR http://www.flyin.realtor/">compiled and endorsed a suite of policy and legislative proposals to help increase housing supply, including support for the More Homes on the Market Act and the Neighborhood Homes Investment Act, among others.

Our 1.5 million members stand ready to assist the President and Congress in any way possible to bring this relief to the American people.”

Read NAR’s full policy proposals to address housing supply at FlyIn.Realtor.

FlyIn.Realtor.

  

 

Posted On Friday, 08 March 2024 15:24 Written by

When you talk options, be sure your clients know the true cost of their choices. I have had a number of conversations recently where my clients have won deals because they put the client in a position to succeed by sharing the true cost of their choices. We spoke a few months ago as we approached the end of the year and I suggested you drive the conversation around getting into a home prior to the beginning of the year, and the increase in demand that often creates. Some shared, others didn’t. Those that did are seeing their clients in homes that they secured at prices that are significantly lower than they would be right now, as well as the cost of that home a few more months from now. It’s simple, supply/demand is in favor of the seller. When sellers are in control, the cost to buy is higher and the competition is greater. As we approach the spring market, the demand will only grow higher, and so will prices. If we just use 5% appreciation rates, a $300K home costs $1,250 more in a month from now. A $400K house costs almost $1,700 more each month. How much has waiting cost someone that chose to wait from November until now? $5,000? $10,000? More?

The same case can be made for looking at the choices people have made when it comes to their outstanding debts. The largest overlook people make is the cost of that car they just had to buy! Maybe it’s the cost of two cars? But does the client realize the true cost of that choice? Do they know that at a 7% interest rate that every $100 in car payment reduces the amount of mortgage you can qualify for by more than $15,000? So, when we look at $500, $600, $700 a month or more in car payments, is that choice worth $75,000, $90,000, or over $100,000 in mortgage value? The same holds true for boats, RV’s, campers, credit cards, and other installment debt. Knowing the true cost can be life changing. Providing that information allows your client to understand their choices and how one choice can impact another. It also shows that as a true professional, you are sharing information that allows your client to make informed choices.

While people might not always make the best choices, they tend to make better choices when they are aware of all their options and how those choices impact other opportunities! As always, if you have questions or comments, it’sThis email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 11 March 2024 00:00 Written by

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.88 percent.

“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”

News Facts

  • The 30-year FRM averaged 6.88 percent as of March 7, 2024, down from last week when it averaged 6.94 percent. A year ago at this time, the 30-year FRM averaged 6.73 percent.
  • The 15-year FRM averaged 6.22 percent, down from last week when it averaged 6.26 percent. A year ago at this time, the 15-year FRM averaged 5.95 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, 07 March 2024 09:02 Written by

Though it may sometimes seem as if millennials are destined to rent or live in their parents’ basements forever, members of the generation are among the most influential in the housing market.

To highlight where millennials are looking to buy, LendingTree analyzed mortgage offers given to users of our online shopping platform across the nation’s 50 largest metropolitan areas in 2023. We found that millennials received at least 50% of mortgage offers made in most of the country’s largest metros. Here's what else we found. 

  • Across the nation’s 50 largest metros, 53.85% of mortgage offers in 2023 went to millennials. Millennials received more than 50% of all offered mortgages in 35 of the nation’s 50 largest metros.
  • Millennials made up the largest share of potential homebuyers in San Jose, Calif., San Francisco and Boston. In San Jose, 64.75% of mortgages in 2023 were offered to millennials. 
  • Millennials in Las Vegas, Phoenix and Tampa, Fla., made up the smallest share of potential buyers — though still substantial. In Las Vegas, 40.76% of mortgage offers in 2023 went to millennials.
  • Offered loan amounts were largest in San Jose, San Francisco and Los Angeles. Loan amounts in these three metros in 2023 were $785,391, $731,062 and $627,322, respectively. Conversely, at $242,220, $268,484 and $268,900, average loan amounts offered in Buffalo, N.Y., Cleveland and Louisville, Ky., were the smallest. 

You can check out our full report here: https://www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:

"Even though they typically aren’t as financially well off as members of older generations are, this doesn’t mean that most millennials are destitute. On the contrary, despite the very real economic challenges that many members of the generation have to face, millennials are still making significant financial headway in various arenas, including homeownership."

Posted On Wednesday, 06 March 2024 06:50 Written by

Cyber attacks have been an ongoing challenge for individuals and businesses over the years. Previously, they manifested through emails, Trojan horses, and various forms of malware that, upon infiltrating your computer via the internet, replicated themselves and replaced code within functional programs. Today, this threat continues to persist, posing a constant danger to both individuals and businesses.

But as digital technology has evolved at unprecedented rates, so too have cyber attacks and their complexities. Recently, I discussed how Ransomware has impacted many industries — most recently, the manufacturing industry. Ransomware attacks are a Hard Trend that is not slowing down anytime soon, as cyber criminals infiltrate organizational software and lock away vital information the company requires to operate.

Frankly, it is unfortunate that when these cyber criminals demand compensation, or ransom, to return the information, including sensitive customer and client information as well as valuable data, many organizations simply buckle and pay without ever fixing the problem.

And as a result, yet another attack is sure to follow. Soon, the organization is a crisis manager that never actually manages the crisis!

Ransomware attacks cost organizations millions of dollars, but worse, they reduce client trust in the organization — valuable equity in the longevity of an organization that far outmatches simple cash-in and cash-out. Suddenly, future profits are at risk as much as current profits!

I want those future gains to be bountiful for you, your team, and your organization as a whole. And without question, I know that the best defense in cybersecurity and Ransomware is an effective offense, all of which stems from proactivity and a well-developed sense of anticipation that complements an Anticipatory mindset!

Persistent Cybersecurity Threats to Stay Vigilant Against Today

Now, you may be thinking, “A cyberattack could never happen to my business. We are too small of a business to be of interest to cyber criminals.” Or perhaps you are comfortable with the status quo, thinking, “Our current IT system has protected us for years and will continue to do so.”

That way of thinking will quickly cause a downfall in this digitally transformative world! Focusing on what has happened previously instead of looking to the future on where Ransomware is headed is dangerous.

This would be like a sports team believing that their strategy from years ago could still win a championship against a team that has a strategy for today’s game. We all know what the result of this would be.

Cyber threats intrude on every industry and have been increasing at unprecedented rates since 2020, when Ransomware started making headlines. Now that there is less of a focus on Ransomware, many are tabling the threat and moving on.

Let me present you with a few current statistics according to a 2023 study completed by cyber insurance company Corvus Insurance:

•  Ransomware attacks are up 95% since 2022
•  Attacks on law practices are up 70%
•  Threats to government agencies increased by 95% through 2023
•  There is a 60% uptick in Ransomware attacks against the manufacturing industry
•  Ransomware attacks are up 142% in the oil and gas industries
•  50% of transportation and logistics companies reported attacks

If these trends continue, and trust me when I say that you can count on this as a Hard Trend, there will likely be an attack every two seconds by the year 2031!

The focus may be on lost monetary funds; however, these threats are far more debilitating. In March of 2023, the Minneapolis Public School District was hit by the hacker group Medusa, who leaked over 300,000 confidential files of employees and students. Additionally, Lehigh Valley Health Network was hacked and is facing multiple lawsuits due to the loss of sensitive patient data that violated HIPAA laws.

In those cases, trust was breached and negatively impacted the future progress of these organizations.

Cyber criminals utilizing the advancement of technology to their advantage is just as much of a Hard Trend as those leveraging it for the good of their organization and industry. However, allowing these cyber criminals to do this is a Soft Trend. We can change the course of this!

Exponential Thinking Can Improve Cybersecurity

Because no industry is safe, it is no longer acceptable to sit back and let our IT departments operate as they always have. To keep employees, clients, and valuable data safe, it is paramount that we look to the future to anticipate the disruption that cyber crime and various Ransomware attacks will become and plan ahead before it ever has the opportunity to disrupt and destroy your future gains!

There may be no way to foresee exactly when a cyber attack will threaten your organization, but with my Anticipatory Leader System, the goal is to pre-solve any problems that may lead to a Ransomware attack or other cyber threat! We want to be prepared for when it inevitably happens so we are not trying to implement agility in the wake of an attack after the fact.

Because I encourage exponential thinking with regard to disruptive digital technology, I want you to use this same level of cognition regarding Ransomware and cyber threats.

For example, Artificial Intelligence (AI) has been around for years but came to the mainstream with the introduction of ChatGPT in late 2022. Now, there are countless other AI applications out there, and cyber criminals are already using this technology to write virus-ridden code and streamline cyber attacks on various industries.

You cannot stop these individuals from utilizing AI for bad, but likewise, they cannot stop you from utilizing it to do good! Ask yourself:

•  How can you also use AI to improve your cybersecurity?
•  Can you leverage it to find holes in your system and create a better defense net?
•  Can you implement AI or hire an organization to implement it as a way to outsmart any tech trying to breach a firewall?

Of course you can! It is just about finding the right application and the right team, and beginning with an Anticipatory mindset.

Posted On Tuesday, 12 March 2024 00:00 Written by

More sellers are listing their homes, but 7% mortgage rates and still-high home prices are pushing down sales

New listings of U.S. homes for sale rose 13% year over year during the four weeks ending February 25, the biggest increase in nearly three years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Total inventory is also improving: Active listings are flat from a year ago, marking the first time in nine months the total number of homes for sale hasn’t declined.

That’s welcome news for homebuyers, who have been battling the dual challenges of low inventory and high mortgage rates for over a year. But while today’s buyers have a few more homes to choose from, they’re still facing historically high housing costs. The typical homebuyer’s mortgage payment is $2,671, just $47 shy of last October’s record high.

High costs pushed pending sales down 8%, the biggest decline in five months, and mortgage-purchase applications declined for the fourth straight week. But more house hunters are searching as more homes hit the market. Redfin’s Homebuyer Demand Index–a measure of requests for tours and other services from Redfin agents–is up 10% from a month ago to its highest level since last September. Pending sales could improve in the next few months if rates don’t increase further and new listings continue to rise.

“House hunters are out there, and competition picks up every time mortgage rates decline a bit,” said Brynn Rea, a Redfin Premier agent in Spokane, WA. “I’m telling buyers who can afford it to look now while they have more breathing room and less competition. They have a good chance of negotiating the price down or getting some concessions from the seller, which could make up for getting a 7% mortgage rate instead of 6%.”

Leading indicators

Indicators of homebuying demand and activity

 

Value (if applicable)

Recent change

Year-over-year change

Source

Daily average 30-year fixed mortgage rate

7.15% (Feb. 28)

Up from 6.92% a month earlier

Up from 6.78%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.9% (week ending Feb. 22)

Up from 6.77% a week earlier

Up from 6.5%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

 

Down 5% from a week earlier (as of week ending Feb. 23)

Down 12%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)

 

Up 8% from a week earlier; up 10% from a month earlier (as of week ending Feb. 25)

Down 9%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Google searches for “home for sale”

 

Up 7% from a month earlier (as of Feb. 24)

Down 8%

Google Trends

Touring activity

 

Up 12% from the start of the year (as of Feb. 25)

At this time last year, it was up 14% from the start of 2023

ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending February 25, 2024

Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.

 

Four weeks ending February 25, 2024

Year-over-year change

Notes

Median sale price

$365,888

5.4%

Biggest increase since Oct. 2022 (with the exception of the 4 weeks ending Feb. 11, when there was a 5.5% increase)

Median asking price

$396,975

5.5%

 

Median monthly mortgage payment

$2,671 at a 6.9% mortgage rate

7.7%

Down less than $50 from all-time high set in October 2023

Pending sales

75,947

-7.7%

Biggest decline since Oct. 2022

New listings

79,354

12.9%

Biggest increase since June 2021

Active listings

763,254

Unchanged

First time active listings haven’t posted a YoY decline since June 2023

Months of supply

3.9 months

+0.2 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions

Share of homes off market in two weeks

37.9%

Up from 36%

 

Median days on market

48

-3 days

 

Share of homes sold above list price

23.6%

Up from 22%

 

Share of homes with a price drop

5.8%

+1.6 pts.

 

Average sale-to-list price ratio

98.4%

+0.4 pts.

 

Metro-level highlights: Four weeks ending February 25, 2024

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

 

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Notes

Median sale price

Newark, NJ (15.5%)

San Diego, CA (15.3%)

Montgomery County, PA (14.5%)

Pittsburgh (13.9%)

Anaheim, CA (13.5%)

San Antonio, TX (-5%)

Detroit (-0.4%)

Declined in 2 metros

Pending sales

Austin, TX (5.7%)

Milwaukee (3.7%)

Minneapolis (2.6%)

Cleveland (1.2%)

Pittsburgh (0.6%)

Cincinnati (0.6%)

San Antonio, TX (-29.8%)

New Brunswick, NJ (-19.4%)

Warren, MI (-18.3%)

Atlanta (-16%)

Houston (-15.6%)

Increased in 6 metros

New listings

Dallas (35.5%)

Jacksonville, FL (34.3%)

Austin, TX (31.6%)

Fort Worth, TX (29.8%)

Miami (25.7%)

Atlanta (-5.8%)

Newark, NJ (-5.4%)

Milwaukee (-4.6%)

Providence, RI (-4.3%)

Chicago (-1.5%)

Warren, MI (-0.9%)

Declined in 6 metros

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-increase-pending-sales-decline/

Posted On Sunday, 03 March 2024 07:47 Written by

Meet Tim Holmes, creator of Nurkl Toys, who is on a mission to help kids stay creative! In his recent video, Tim showcases how sticks can be transformed into endless possibilities for kids to enjoy. Check out the video!

 

 

Posted On Friday, 01 March 2024 13:09 Written by

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.94 percent.

"Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again,” said Sam Khater, Freddie Mac’s Chief Economist. “The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.”

News Facts

  • The 30-year FRM averaged 6.94 percent as of February 29, 2024, up from last week when it averaged 6.90 percent. A year ago at this time, the 30-year FRM averaged 6.65 percent.
  • The 15-year FRM averaged 6.26 percent, down from last week when it averaged 6.29 percent. A year ago at this time, the 15-year FRM averaged 5.89 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 Friday, 01 March 2024 09:47 Written by

You only have two options when it comes to the future of technology in marketing:

First, which is unfortunately appealing to many, you can hunker down, sticking to the old marketing tactics to drive sales. In doing so, you decide to let others deal with advancements in digital technology while you sit on the sidelines and see what happens. This strategy seems safe because others are taking the risks, not you.

But the issue here is that simultaneously, your competition and their marketing team is taking calculated risks based on Hard Trend future certainties, and while doing so, they are also reaping the benefits and advancing into the future. Not only will your brand sit idly by, but your sales will stagnate. 

But of course, there is a second option. This option is much more beneficial to your bottom line and is the key to being the disruptor instead of the disrupted.

Instead of letting others take a risk that seems dangerous, look at the future of marketing with an Anticipatory mindset and think critically about how new technologies can advance marketing strategy and, thus, drive sales in exponential ways with exponential thinking about those future certainties! 

The Future Is Predictable — Something Marketers Must See

Our world is full of uncertainty regardless of how you view the future. Shifting to an Anticipatory mindset is not about stopping the unknown from heading our way — it is about leveraging the countless things that we can be certain about.

And for those in marketing, today’s world of digital transformation means staying ahead of technological advancements and learning to leverage them now. This is far more crucial than most realize, allowing those who work in marketing to help their organization avoid disruption to their business model and, most importantly, sales.

Technology is changing at an exponential rate, especially with the influx of Artificial Intelligence (AI) like ChatGPT and AdCreative.ai. But when you have the certainty that you know where customer expectations and preferences are headed as well as what the next technological advancement will be, you can leverage that information to pre-solve problems before they occur. 

In this case, marketers already know that AI and the applications involved will continue to grow. With that Hard Trend future certainty, you can have the confidence to make better decisions with your marketing efforts and how to leverage it to your advantage.

Speeding Up the Process

If we were to focus on the advancement of AI applications and their role in the marketing industry, one in the industry may still balk at a thought.

It all goes back to the fear of being displaced, right? Because a “computer can do it,” somehow a marketing professional becomes unnecessary or, worse, we start losing pay because our duties are getting simpler.

I want all those who work in marketing to understand that AI applications like ChatGPT, AdCreative.ai, and the like are not here to replace your job. Will AI get more efficient and digitally more intelligent and progress beyond the stage that it is currently sitting at now? Absolutely! But you have the power to grow with it, leverage it now, and be ahead of the curve in how it improves your marketing efforts, whether you work for an organization or work for a marketing company.

ChatGPT is like a wrench to a plumber. The plumber does not need to loosen bolts with their bare hands — they use a wrench to get the job done faster and more efficiently. Some bolts would be impossible to loosen without a wrench!

The same principle applies here. ChatGPT and other content creation software is a tool for the marketing industry. 

Be an Exponential Thinker as an Anticipatory Marketer

What this all goes back to is the concept of exponential thinking, just as I teach in my Anticipatory Leader System.

Exponential thinking very much involves recognizing a Hard Trend future certainty and adapting it to your advantage, seeing the different ways it can help develop your business or organization.

Aside from evolving with the times as a marketing professional working alongside AI as it grows, you should also think exponentially about it. How can the different AI applications applied to the marketing and advertising process be used to tell the story of your brand in ways you never thought of before? Can AI applications speed up the content creation process? Will it help you reignite that creative spark that some struggle with on a Monday morning?

Marketers and advertising professionals are artists at heart. And much like a musician with a piano, the tool of AI provides boundless creative opportunities to be innovative in exponential ways. The piano only has 88 keys, the guitar only has so many strings, and a singer has one voice. But the way in which human beings use those instruments exponentially makes for thousands of new songs every day around the world.

You have the Hard Trend in your hands. Now it needs to be adapted to you and your team, rather than you adapting to the technology. You are the artist, so take control with certainty!

Posted On Tuesday, 05 March 2024 00:00 Written by

Lending Tree's latest survey found that nearly two-thirds of homebuyers or sellers who asked their real estate agent for a lower commission fee were successful. Here's what else they found.

  • While just 31% of homebuyers or sellers have attempted to negotiate real estate agent commission fees when buying or selling, 64% of those who asked successfully reduced theirs. Additionally, 36% say they weren’t aware negotiating was an option but would have tried if they were. Overall, 84% of Americans believe real estate agents should be flexible with their commission.
  • Among homebuyers or sellers, 48% admit they don’t know what percent commission their agent received in their last transaction. 44% of those who do know say their agent received between 3.00% to 4.99% in their last transaction, while 30% say it was 5.00% or higher. 
  • 64% of Americans believe a real estate agent is at least somewhat necessary when buying or selling. However, 44% say they would attempt a real estate transaction without an agent. When asked if they think online tools and services have made agents less necessary in transactions, 64% agreed.
  • 11% of Americans said the buyer should be responsible for the entire commission, and 20% said the seller. Over a third (35%) of homebuyers or sellers say they’ve been asked to pay the other party’s real estate agent fees in a transaction — more commonly the buyer than the seller.

You can check out our full report here: https://www.lendingtree.com/home/mortgage/real-estate-survey/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say. 

"Remember, real estate agent fees aren’t necessarily set in stone. While most home buyers and sellers don’t attempt to negotiate fees, a majority of those who do have gotten their fees lowered. This goes to show how important it is to advocate for yourself during all stages of the homebuying/selling process. If you don’t ask for a better deal, you’re unlikely to get one."

Posted On Thursday, 29 February 2024 08:32 Written by
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