Real Estate News by RealEstateNews.com
WEBThe view from California: A 10% jump in home sales next year. Home prices also will increase, with the median at more than $900,000, C.A.R. predicts. But the recent drop in mortgage rates may help would-be buyers.
Mortgage rates jump following strong jobs report
WEB3 days ago · A surprisingly strong jobs report sent mortgage rates higher Friday, potentially reversing a trend of stabilizing rates — and increasing borrowing costs for buyers who were finally getting a leg up in the housing market as the homebuying season begins to wind down.. Total nonfarm employment rose by 254,000 in September, significantly higher than August's revised increase of 159,000 ...
Buyers are getting ‘a leg up’ for the first time in years
WEB4 days ago · The 15-year mortgage rate averaged 5.25%, up from last week's 5.16%. While rates remain relatively low, Mortgage News Daily has noted an upward trend over the past few days, putting the average 30-year rate at 6.26% for Oct. 3. The recent rise can be attributed to a number of factors, said Sam Khater, Freddie Mac's chief economist.
A double dose of good news for housing affordability
WEBSeptember 30, 2024. 3 minutes. A couple of new studies found that affordability is getting better for home buyers — in ways that signal "further relief" ahead as well as a changing definition of starter homes. First American's Home Price Index found that annual affordability improved 4.1% for buyers in August, the first time that's happened ...
Now is the moment to innovate, but tech alone won’t do it
WEB3 days ago · Now is the moment to innovate, but tech alone won’t do it. “We need people who are more ambitious,” real estate leaders were told at this week’s T3 Tech Summit. And they need to be ready to go deeper with AI. Home sales are at historic lows, brokerages are struggling with profitability, and the NAR settlement has changed the rules for ...
Tech Bytes: Agent safety platform wins; DropOffer, Rayse rollouts
WEB10 hours ago · Tether RE, a real estate agent safety and productivity platform, took home top honors at the 2024 T3 Technology Summit Pitch Battle in New Orleans on Oct. 8. The competition, which gave competing companies the chance to demonstrate their products, saw Tether RE stand out for its focus on agent safety. "Safety is …
Buyers backing out of deals in record numbers as market shifts
WEBJul 24, 2024 · More buyers are backing out. According to the Redfin report, roughly 56,000 home purchase contracts were canceled last month, which Redfin says is more than any other June on record. And the main issue, Redfin researchers and agents suggest, is housing affordability and the steep costs to purchase. "Buyers are …
eXp paying $34 million to settle commissions case
WEB6 hours ago · 2 minutes. eXp has become the latest brokerage to settle the buyer agent commissions lawsuits — a $34 million deal that pushes the settlement fund total even further over $1 billion. The agreement, revealed in an Oct. 1 filing with the SEC, "resolves all claims in the Lawsuits and similar claims on a nationwide basis against the Company."
Mortgage interest rates soar above 7%, reaching new 2024 high
WEBApr 18, 2024 · The 30-year fixed-rate mortgage averaged 7.1% this week, according to the latest Freddie Mac survey. It's the first time average rates have exceeded 7% in 2024, and a significant increase from a year ago when rates averaged 6.39%. The 15-year fixed-rate mortgage averaged 6.39% this week, up from 5.76% a year ago.
More sellers are cutting prices as home sales slow
WEBMay 31, 2024 · As mortgage rates move back above 7% and inventory continues to build, homes are sitting on the market longer, prompting sellers to lower their asking price. A new Redfin report found that the share of homes with price cuts over the past month reached 6.4% — the highest level in 18 months, corresponding with a …