Do you know the primary differences between a fixed and adjustable rate mortgage? When interest rates are on the rise an adjustable rate becomes far more popular.
While interest rates tend to be lower with an adjustable mortgage, they can move up quickly when the adjustment period comes up.
See everything you need to know including the pros and cons about these mortgages at Active Rain.
Young people take out the lion's share of mortgages because they’re of prime homebuying age, gaining financial stability and growing families. Plus, they’re less likely than older people to pay cash.
AZ Mountain Lake Realty's insight:
Redfin Data Shows Shift in Homeownership Trends; Gen Z and Millennials Take Out Most Mortgages in 2023
A recent analysis by Redfin reveals a significant trend in the US housing market- young Americans are driving mortgage activity.
According to the data, nearly 40% (39.7%) of all new mortgages went to homebuyers under the age of 35 in 2023. Gen-Z and millennials are the primary force behind homeownership in the country.
Discover ListingSplit.com's simple pricing for real estate agents. Enjoy unlimited listings, compliance with MLS regulations, and a mobile-friendly experience.
IF NAR's settlement is accepted, the universal co broke is going to go away in NAR-affiliated MLSs. NAR announced that they will be removing the field in August and some MLSs have even begun the removal process, meaning you will no longer be able to cobroke directly through local MLSs. NAR's team has carefully worded their press releases to look favorable and keep you a member, but they typically leave out the following key details:
The co broke changes and buyer/broker agency changes apply to NAR members and affiliated boards.
Co-broking is legal in all 50 states and is governed by state license law, not NAR association rules.
In a buyer's market, co broking is essential to sell homes... and some parts of the country are already in a buyer's market
Without Universal Co Broke, Listing agents will have to talk to and send out co broke agreements with anyone and everybody who wants to look at a property. This is a lot of extra work for listing agents .
On today’s episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about the reports to keep an eye on this week, especially the labor data, and how those will affect mortgage rates.
Compensation offers moved off MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on an MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect August 17, 2024.
Written agreements for MLS Participants acting for buyers: While NAR has been advocating for the use of written agreements for years, in this settlement we have agreed to require MLS Participants working with buyers to enter into written agreements with their buyers before touring a home. This change will go into effect August 17, 2024.
Redfin has existed for 20 years. It has yet to be a profitable enterprise. Even during 2021, that most extraordinary of boom years, the company lost $109.6 million. There are a few reasons for this (a poorly-timed acquisition in rentals, an extraordinary investment in technology over the years), but the heart of the matter is […]
AZ Mountain Lake Realty's insight:
: Unleashed Redfin is also now a non-Realtor Redfin. They’re requiring their agents to leave NAR. I didn’t think Redfin’s breakup with NAR was a huge deal when it was announced, but if Redfin succeeds here, and does indeed recruit large numbers of serious agents, the impact will be significant.
Would you like to learn more about Single Member LLCs and talk to someone? Schedule a free consultation here: https://aba.link/n7g
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The recent auction of land near TSMC's facility in Phoenix has drawn significant attention due to its potential impact on the local economy. New York-based Mack Real Estate Group successfully purchased the land from the Arizona State Land Department for $56.28 million. This acquisition is part of a larger $7 billion development plan that promises to bring approximately 50,000 jobs to the area.
The development project, situated close to the Taiwan Semiconductor Manufacturing Company (TSMC) plant, aims to capitalize on the burgeoning semiconductor industry in the region. TSMC, one of the world's largest semiconductor manufacturers, has been expanding its footprint in Phoenix, which has in turn spurred interest and investment from various real estate and development companies.
This influx of jobs and investment is expected to have a substantial impact on the local economy, driving growth in housing, retail, and services to support the new workforce. The development is poised to transform the area into a major tech and business hub, further enhancing Phoenix's reputation as a center for high-tech industry.
The strategic location near TSMC is a key factor in the development's potential success. As TSMC continues to grow and require more resources, the surrounding area will likely see increased demand for commercial and residential real estate, making it an attractive opportunity for developers and investors.
In summary, Mack Real Estate Group's acquisition of the land and the subsequent $7 billion development plan are set to significantly boost Phoenix's economy by creating tens of thousands of jobs and fostering an environment conducive to technological and industrial growth.
The amount of homes listed for sale and then delisted – taken off the market without selling – is rocketing to all-time highs.
Why it matters: Rising delistings are a sign of a pricing imbalance, with asking prices higher than what buyers are willing to pay.
National delistings, as a percentage of total listings, are roughly double the normal rate, bucking seasonal trends, and accelerating rapidly.
It all starts with pricing – and new listings coming to market are being priced very high.
The median price per square foot on new listings is at record highs.
Another sign of a pricing imbalance are price drops, the number of which are also rising.
The percentage of active listings with price reductions is higher than it’s been for years, and is increasing.
And for the houses that are selling, it’s taking longer.
The median amount of days on market is slowly increasing and is higher than past years.
The bottom line: The surge of new listings coming to market are overpriced, leading to a rapidly increasing number of delistings and price drops.
This is the start of a price correction; sellers are bringing more inventory to market, but with “aspirational pricing” that buyers are not willing to pay.
The record number of pricing corrective measures will likely lead to an overall correction – lower prices – as supply and demand continues to rebalance.
Mike is a global real estate tech strategist, and a scholar-in-residence at the University of Colorado Boulder. He is internationally recognized as an expert and thought-leader in real estate tech. His evidence-based analysis is widely read by global leaders, and he is a sought-after strategy and new ventures consultant. His research and insights have featured in the New York Times, Wall Street Journal, Financial Times, and The Economist.
Progress towards the Fed’s 2% inflation target remains stalled while signed contracts on existing homes fell in April. Meanwhile, home prices continue to hit new highs this year. Read on for these stories and more:
-Inflation Not Heating Up But Not Cooling Off
-Pending Home Sales Plunge in April
-Home Price Gains Continue
-First Quarter GDP Weaker Than Initially Reported
-Initial Jobless Claims Tick Slightly Higher
Inflation Not Heating Up But Not Cooling Off
April’s Personal Consumption Expenditures (PCE) showed that headline inflation rose 0.3% from March, with the year-over-year reading holding steady at 2.7%. Core PCE, the Fed’s preferred method which strips out volatile food and energy prices, also rose by 0.2% monthly. The year-over-year reading remained at 2.8%, stalling progress toward the Fed’s 2% target.
What’s the bottom line? The Fed has been working hard to tame inflation, hiking its benchmark Fed Funds Rate (which is the overnight borrowing rate for banks) eleven times between March 2022 and July 2023. These hikes were designed to slow the economy by making borrowing more expensive and lowering the demand for goods, so pricing pressure and inflation would shrink.
The Fed has held rates steady since last September because inflation had been making good progress lower late last year before stalling more recently. Fed members have emphasized that they do not expect to cut rates until they’re confident that inflation is moving sustainably towards their 2% target.
However, a sharp rise in the unemployment rate (which has been in a narrow range between 3.7% and 3.9% since last August) could also impact the Fed’s timing for rate cuts, given their dual mandate of price stability and maximum employment. The unemployment rate for May will be reported this Friday.
Pending Home Sales Plunge in April
Pending Home Sales fell 7.7% from March to April per the National Association of REALTORS (NAR), coming in well below estimates of a modest decline. Sales were also 7.4% lower than they were a year earlier. This report measures signed contracts on existing homes, making it an important forward-looking indicator for closings on these homes as measured in the Existing Home Sales report.
What’s the bottom line? The Pending Home Sales index took a big turn lower in April after a strong reading in March, with NAR’s Chief Economist, Lawrence Yun, explaining, "The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market."
Home Price Gains Continue
The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices nationwide rose 0.3% from February to March after seasonal adjustment. Home values in March were also 6.5% higher than a year earlier, unchanged from the previous report.
The Federal Housing Finance Agency’s (FHFA) House Price Index also reported a 0.1% jump in home prices from February to March, with prices 6.7% higher than the previous year. Note that FHFA does not include cash buyers or jumbo loans, and these factors account for some of the differences in the two reports.
What’s the bottom line? March’s report “boasts another all-time high” for home prices, confirmed S&P DJI’s Head of Commodities, Brian D. Luke. “On a seasonal adjusted basis, national home prices have reached their ninth all-time high within the past year, with all 20 metropolitan markets posting positive annual gains for the fourth consecutive month, indicating widespread and sustained growth in the housing sector.”
These indexes show that homeownership remains a fantastic opportunity for families to create wealth through appreciation gains.
First Quarter GDP Weaker Than Initially Reported
The U.S. economy grew more slowly than previously thought during the first quarter, per the Bureau of Economic Analysis, as their second estimate of Gross Domestic Product (GDP) for that period showed 1.3% growth. This was down from the 1.6% pace that was initially reported and well below the 3.4% growth seen in the fourth quarter of last year.
Note this data is subject to one more revision when the final reading is released on June 27.
What’s the bottom line? GDP functions as a scorecard for the country’s economic health, so signs of a slowdown are a concern. They also coincide with the Fed’s latest Beige Book survey of regional Fed bank districts, which showed that “overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks.”
Initial Jobless Claims Tick Slightly Higher
Initial Jobless Claims rose by 3,000 in the latest week, with 219,000 people filing new unemployment claims. There were also 1.791 million people still receiving benefits after filing their initial claim, as Continuing Claims increased by 4,000.
What’s the bottom line? With the Job Openings and Labor Turnover Summary (JOLTS) report showing that the pace of hiring has slowed over the past year, it will be important to see if an uptick in unemployment claims continues. As noted above, Fed members are closely watching for signs of labor sector softening as they weigh the timing for rate cuts this year.
Family Hack of the Week
June is National Mango Month and these Mango Pops courtesy of Delish make for a refreshing and delicious treat. Yields 9.
In a blender, combine 2 10-ounce bags frozen mango, 1/2 cup orange juice, and 1/4 cup lime juice and blend until smooth. Spray a 9-by-5-inch loaf pan with cooking spray (to help the plastic wrap stick in place) and line all sides with plastic wrap. Pour the mango mixture into the loaf pan and cover with foil.
Make evenly spaced holes in the foil with a paring knife for the popsicle sticks. Insert a stick into each hole and freeze until completely frozen, around 4 hours. Using the plastic wrap, remove popsicles from loaf pan to a work surface. Remove the plastic wrap, cut popsicles into individual pieces, and serve frozen.
What to Look for This Week
We’ll see more appreciation data from CoreLogic on Tuesday, and then labor sector news will dominate the headlines. Look for updates on job openings Tuesday, private payrolls Wednesday, unemployment claims Thursday, and nonfarm payrolls and the unemployment rate Friday.
Technical Picture
Mortgage Bonds were able to break above their 25-day and 200-day Moving Averages on Friday, ending the week battling with their next ceiling at the 50-day Moving Average. If Bonds can break above this level, it will act as support and there is room for further improvement until reaching the 100.427 Fibonacci level. The 10-year has broken beneath its 25-day Moving Average. The next test is the floor at the 50-day Moving Average, which has been a tough level to get underneath.
When embarking on building a new home or a significant remodel, there are several "nice to haves" that can enhance both the functionality and enjoyment of your living space. Here are some ideas to consider: 1. It’s about timing! The time is when the walls are exposed. 2. Some things can’t be added (without insane cost) 3. Think about what your rooms / garage / basement might be used for in the future 4. Think about outdoor activities and yard work 5. Hose bibbs 6. Electrical outlet 7. Extra window or door 8. Ceiling fan ready rooms - dual switches 9. Additional light fixtures 10. Other
Remember, while these "nice to haves" can enhance your living experience, it's essential to prioritize your needs and budget accordingly during the planning and construction process.
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Welcome to 6820 W Columbine Drive, Peoria, AZ 85381. This delightful 3-bedroom, 2-bathroom home offers a perfect blend of comfort and style in a highly sought-after neighborhood.
Property Features:
Spacious Living Areas: The open-concept living room is filled with natural light, creating a warm and inviting atmosphere for both relaxation and entertaining.
Modern Kitchen: Featuring updated appliances, ample counter space, and a cozy breakfast nook, the kitchen is ideal for both casual meals and formal dining.
Master Suite: The generous master bedroom includes a walk-in closet and a private ensuite bathroom with a luxurious soaking tub and separate shower.
Additional Bedrooms: Two well-sized bedrooms provide plenty of space for family, guests, or a home office.
Outdoor Oasis: The expansive backyard is perfect for outdoor living with a covered patio, lush landscaping, and plenty of room for a pool or garden.
Two-Car Garage: Provides ample space for parking and additional storage.
Location Highlights:
Convenient Access: Easy access to major highways, making commuting a breeze.
Local Amenities: Close to shopping centers, restaurants, parks, and excellent schools.
Community Feel: Nestled in a friendly neighborhood with well-maintained streets and a strong sense of community.
Don't miss this opportunity to own a beautiful home in the heart of Peoria. Schedule a showing today and experience the charm and convenience of 6820 W Columbine Drive for yourself!
None of this is to say that NWMLS is screwed. They have made a pretty strong case for being left alone. Thanks to Washington’s changes to the law, they might even win the case unlike NAR and others. No one knows for sure.
Having said all that, I do think it fair to say that NWMLS has now drawn a target on its back. To do it now, in Hagens Berman’s backyard, before 2025 when we’ll know a lot more from the DOJ, takes cojones.
Brave. I hope it pays off for NWMLS. But hope is not a strategy. Please consult your own lawyers and advisors before doing anything yourself.
AZ Mountain Lake Realty's insight:
The plaintiff lawyers would argue that just because state law allows for compensation does not mean that NWMLS can use its market power to create a scheme wherein 97% of listing agents feel they have to pressure their clients to offer compensation, which is steering. Stats will play a major role. What percentage of NWMLS listings offer compensation? If they do offer it, what is the range of offers? Currently something like 97% of listings in NWMLS offer (optional) compensation, and 97% of those are clustered around 2.5% — the “customary” compensation before rule changes.
Our guest today is Brian Boero, co-founder of 1000WATT. We’re discussing the importance of branding and differentiation in the real estate and mortgage industry in a way that connects with your target audience.
The Clear Cooperation Policy is a rule implemented by the National Association of Realtors (NAR) in the United States to ensure greater transparency and fairness in the real estate market. Officially known as MLS Statement 8.0, it mandates that real estate brokers who are members of a Multiple Listing Service (MLS) must submit any listing they are marketing publicly to the MLS within one business day. Here are the key points of the policy:
Public Marketing: If a property is being marketed to the public in any way, it must be listed on the MLS. Public marketing includes:
Yard signs
Digital marketing on public-facing websites
Brokerage website displays (including IDX and VOW)
Digital communications marketing (email blasts)
Multi-brokerage listing sharing networks
Applications available to the general public
Submission Timeline: Listings must be submitted to the MLS within one business day of any public marketing.
Purpose: The goal of the policy is to promote fair housing opportunities by ensuring all MLS members have access to the same property listings. This helps maintain a competitive and transparent market, giving buyers and sellers broader exposure and better market data.
Exemptions: There are some exemptions to the policy, such as office exclusives. An office exclusive listing is one that is marketed within the listing brokerage firm and not publicly. These can be used for sellers who need privacy, such as celebrities or individuals with specific reasons for not wanting their property publicly advertised.
The Clear Cooperation Policy aims to benefit all parties involved in real estate transactions by promoting fairness, increasing transparency, and ensuring compliance with fair housing regulations
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Do you know the primary differences between a fixed and adjustable rate mortgage? When interest rates are on the rise an adjustable rate becomes far more popular.
While interest rates tend to be lower with an adjustable mortgage, they can move up quickly when the adjustment period comes up.
See everything you need to know including the pros and cons about these mortgages at Active Rain.