Fewer Homeowners Are Listing as Spring Market Ends With a Whimper, Not a Bang
New listings of U.S. homes for sale fell 1.7% from a week earlier during the week ending June 21 to their lowest level since February. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. The total number of homes for sale dipped 0.4% week over week. This data is seasonally adjusted. Prospective home sellers are backing off partly because they notice soft homebuying demand. Pending home sales fell 0.1% week over week, a small dip but the third straight w...
The Largest Housing Affordability Bill In a Generation Passes Congress
The 21st Century ROAD to Housing Act, which recently cleared a major hurdle by passing the Senate with overwhelming bipartisan support, is one of the most substantial federal housing overhauls in decades. The bill tackles the housing crisis by targeting the root cause: the lack of available housing inventory. For everyday consumers, buyers, and renters, the impact is divided into several major areas: 1. Cracking Down on Institutional Investors The most highly publicized consumer protection ...
America Answers: First-Time Homebuyers
America Answers: First-Time Homebuyers Jeff Foxworthy used to do a skit, "You might be a redneck if…" so I thought I'd liberate the bit to talk about first-time homebuyers. Because a lot of what you think you know about who qualifies and what it takes might be more appropriate to your situation than you realize. You might be a first-time homebuyer if you think "pre-approval" means the bank smiled at you. You might be a first-time homebuyer if you believe you need 20% down, a perfect credit s...
U.S. Home-Price Growth Accelerated in May, Fueled by April’s Brief Mortgage-Rate Reprieve
U.S. home prices increased 0.3% month over month in May on a seasonally adjusted basis, the fastest growth rate since January. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. Prices rose 2.5% from a year earlier, the fastest year-over-year growth in six months. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in single-family home prices. The RHPI measures ho...
46% of Home Sellers Gave Concessions to Buyers in May, the Highest Share on Record For That Month
Home sellers gave concessions to buyers in 46.2% of U.S. home sales in May, up from 43.1% a year earlier and the highest share for that month in our records. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. Seller concessions are at a record high for spring because it’s a buyer’s market, with 47% more home sellers than buyers in the U.S. Mortgage rates and home prices are still historically high, and many would-be homebuyers are backing away due ...
Hampton Roads Real Estate Market Shows Resilience
While the real estate market in Hampton Roads remained mostly flat for the month of May when compared to the same month last year, settled sales increased month-over-month by 297 closings, or 13.6%, when comparing May to April. For the month, settled sales and the median selling price (MSP) increased by less than 2% year-over-year, while pending sales were up 5.9% and active listings were up by 4.5%. "Locally we’re seeing year-over-year resilience, especially in selling prices," said John Ch...
Negotiating Tip 38: Breaking The Stalemate
Have multiple options available for use. Hitting the Wall It's not uncommon when negotiating that the parties move as far as they can and then seem to hit the wall. It's normally not just one party hitting the wall; it's often both. That's when each side becomes entrenched in its respective positions. They each adopt the posture that negotiations can only proceed if the other party moves. It's interesting to note that the capability to move is rarely the issue; instead, it is the unwillingness...
America Answers: Continuing Education
America Answers: Continuing Education Over the past twenty-four years, six renewals, two broker licenses (personal and corporate) I’ve done over 270 hours of continuing education. Which is a self-congratulating way of saying I have sat through enough ethics courses to recognize that the scenarios never change, but the laws sometimes do—which is one of the main points of CE—and I’m doing them again. California requires 45 hours of state-approved CE every four years for real estate licen...
What Does Artificial Intelligence (AI) Have to Say About Your Business?
Artificial Intelligence (AI) is rapidly emerging as a significant and increasingly influential resource for consumers across numerous industries. As AI technology continues to advance and integrate into our daily lives, it raises an important question: Have you considered what AI systems might be communicating about you or your small business? Understanding how artificial intelligence perceives and processes information related to your professional endeavors can provide valuable insights into yo...
