The NAR settlement is altering commission practices, requiring written buyer agreements, and mandating compliance with new MLS rules. I'm going to cover how this impacts sellers, buyers, and then home prices. Sellers: Negotiating commissions has always been part of the real estate process, but it's gaining unprecedented public attention following recent developments. My approach centers on a...
Last week, Federal Reserve Chair Jerome Powell made some concerning statements about potential bank failures tied to the struggling commercial real estate sector, causing a stir in the financial community. Investors are reacting in various ways, some seeking shelter while others look for opportunities. The rise of remote work is reshaping urban land use, putting pressure on office and retail...
The United States is currently facing a significant housing affordability crisis, shaped by a variety of contributing factors. While high mortgage rates are a noticeable hurdle, they're not the sole obstacle to home accessibility. The issue is multifaceted, involving elements beyond just the cost of borrowing. Consider the scenario in 2020: families earning $59,000 annually could feasibly take on a new...
A recent study by Zillow on home sales in 2023 reveals that listing your home in the early weeks of June could net you a 2.3% higher sale price. This marks a shift from 2019, with the optimal listing period moving to June, likely influenced by mortgage rates. The prime listing window varies across the U.S., starting in late February in San Francisco and extending to early July in New York and...
In a significant move to address the nation's housing crisis, President Joe Biden, in his State of the Union address, unveiled comprehensive proposals aimed at enhancing housing affordability and supply. Recognizing the hurdles facing first-time homebuyers and those looking to sell their starter homes, Biden's plan introduces a $10,000 tax credit, designed to stimulate market movement and assist over 3.5...
In January, the number of total foreclosure filings rose by 10% from the previous month and increased by 5% compared to the same period last year, as reported by Attom, a provider of property data. There's also evidence suggesting that wider economic trends are starting to impact foreclosure activities more significantly. Rob Barber, the CEO of Attom, mentioned in a report that various external...
We're back with our Daytona Beach Housing Update. My biggest takeaway is the increase in number of days on market. 160 days is a very long time. Sure the list price is 28% higher but that is standard for Volusia County. You would think Winter for Daytona Beach would be a hot time for listings. That certainly wasn't the case this Winter. Looking forward to tracking this during the Spring. Daytona...
We're back with our Ormond Beach Housing Update. My biggest takeaway is the list price is finally decreasing. Sellers are making adjustments to the average sales price when all last year they were roughly 40% too high. Sellers becoming realistic with buyers needs leads to a very healthy real estate market. Ormond Beach Housing Update January 2024 February 2023 February...
We're back with our Port Orange Housing Update. My biggest takeaway is the days on market is stabilizing with 90 days on market. If you're a seller you should expect to sit on market without an offer for 45-60 days. Big change from 2022 where the average days on market were 55. Port Orange Housing Update January 2024 February 2023 February 2024 Percentage Difference Number of...
We're back with our New Smyrna Beach Housing Update. My biggest takeaway is the increase in average sales price. I believe it's an outlier of a month that had a few big closings. The median sale price was down 15% from last year. New Smyrna Beach Housing Update January 2023 February 2023 February 2024 Percentage Difference Number of...