NAR Helps White House Brainstorm Inventory Solutions Raising the alarm about the nation’s housing supply crisis, Leslie Rouda Smith, president of the National Association of REALTORS®, told policymakers at a White House meeting Wednesday that the U.S. is short 5.5 million homes to meet the needs of its population—and that’s creating new affordability challenges for …
Category: News
Sep 22
Existing-Home Sales Slip Again
Existing-Home Sales Slip Again Existing-home sales slipped further in August as economists blame the “housing recession” mostly on higher mortgage rates, though home prices continue rising, according to newly released data from the National Association of REALTORS®. But while existing-home sales, which reflect transactions for single-family homes, townhomes, condos, and co-ops, fell a modest 0.4% …
Sep 22
Builders Aim to Win Buyers Back
Builders Aim to Win Buyers Back Even as demand for new homes fizzles—about a quarter of homebuilders are reducing their prices to attract more buyers as foot traffic falls—single-family construction jumped 3.4% in August, the Commerce Department reported Tuesday. Economists are calling it a “surprising bounce back” after five consecutive months of declines. Still, builder …
Sep 21
Skeptical Over iBuyers, But Still Curious?
Skeptical Over iBuyers, But Still Curious? Sixty-six percent of homeowners recently surveyed say they don’t believe iBuyers yield higher sales prices than traditional sales. However, a nearly equal number say they would consider using an iBuyer due to the flexible options for selling, a new survey from Clever Real Estate finds. The number of iBuyer …
Sep 21
Housing Stock Prompts Remodeling Boom
Housing Stock Prompts Remodeling Boom The median age of a home in the U.S. is 39 years old. The aging housing stock signals a growing remodeling market ahead, according to a new report from the National Association of Home Builders. As homes age, they need repairs or updated components such as appliances. Homeowners may add …
Sep 20
Mentorship Program Helps Agents Discover New Niches
Mentorship Program Helps Agents Discover New Niches As the housing market slows, real estate pros may find it’s a perfect opportunity to explore new niches and expand their business opportunities. They’re finding that NAR Spire, the National Association of REALTORS®’ mentorship program, may provide guidance and encouragement. The program, which kicked off last year, aims …
Sep 19
Mortgage Rates Top 6% for First Time Since 2008
Mortgage Rates Top 6% for First Time Since 2008 The interest rate for the 30-year fixed-rate mortgage crossed a major threshold this week, hitting 6.02%—the first time it has broken 6% since 2008, Freddie Mac reported Thursday. Volatile mortgage rates are sending shockwaves through the housing market and unnerving home buyers who are concerned about …
Sep 16
REALTORS® Are Donating More Money, Time to Charity
REALTORS® Are Donating More Money, Time to Charity REALTORS® are building deep connections within their communities, giving more money and devoting more time to support numerous causes from neighborhood cleanups to fundraising for those in need. Eighty-three percent of the nation’s 1.5 million REALTORS® cite community involvement as an important component of their business plan, …
Sep 15
Buyers Should Shop Around for a Mortgage as Rates Rise
Buyers Should Shop Around for a Mortgage as Rates Rise As mortgage rates surge and remain volatile, it’s becoming increasingly necessary for home buyers to shop around for a loan to find savings. According to Freddie Mac, borrowers potentially could save an average of $1,500 over the life of a loan by gathering one additional rate …
Sep 14
Could Solving the Housing Shortage Help Close the Racial Gap, Too?
Could Solving the Housing Shortage Help Close the Racial Gap, Too? The nation’s housing shortage has also fueled a housing inequity problem, Bryan Greene, vice president of policy advocacy for the National Association of REALTORS®, writes in an essay included in a new report, “Housing Underproduction in the U.S.” To close the widening racial gap …
Sep 13
Background, Credit Checks Are Fertile Ground for Lawsuits
Background, Credit Checks Are Fertile Ground for Lawsuits Property managers and other real estate professionals routinely conduct background and credit checks in the course of business. Be vigilant: You could be sued for not adhering to federal and state regulations when gathering and sharing sensitive consumer data. The latest “Window to the Law” video from …
Sep 12
Mortgage Rates Rise Again, Nearing Affordability Threshold
Mortgage Rates Rise Again, Nearing Affordability Threshold Mortgage rates continued inching up this week, nearing a threshold that would bring the average American household to a financial tipping point, warns Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®. The 30-year fixed-rate mortgage jumped to an average of 5.66%, Freddie …
