NAR’s $418 Million Settlement: Where Are We Now?

By NICOLE MURRAY The National Association of Realtors agreed to a settlement in March that is expected to permanently shift the real estate industry. Buyers will be expected to enter into written compensation agreements with their real estate agents and it will be optional for sellers to pay for the buyer’s agent commission. In addition, those commissions will no longer be marketed on the Multiple Listing Service. Preliminary approval of the agreement has been granted by a judge with a final approval hearing set for November, and industry experts are expecting these changes to roll out this summer. It’s hard to predict how long it will take for the market to adjust. Real estate agents and lenders who recently spoke…

Economist Patrick Gourley Talks About Prices, Rates, And The Realtors Settlement

Photo Credit: University of New Haven As the spring selling season continues, there are growing concerns about the state of the housing market. Mortgage rates remain high, inventory is low, and a new Gallup poll shows 76% of Americans they surveyed think it’s a bad time to buy a home. Writer Nicole Murray spoke with Patrick Gourley, an associate professor of economics at the University of New Haven in West Haven, Connecticut. He explained how the government’s response to the Covid pandemic helped create this problem, said that mortgage rates are unlikely to go down anytime soon, and talked about what the National Association of Realtors settlement means for the industry. You can listen to the conversation here: Murray: Let’s…

Real Estate Professionals React To NAR’s $418 Million Settlement

By NICOLE MURRAY People who make their living helping homebuyers and sellers have spent the last two weeks figuring out what the $418 million settlement deal announced by the National Association of Realtors means for them and their clients. If approved by a judge, under the settlement buyers will be expected to enter into written compensation agreements with their real estate agents starting in mid-July. Sellers may pay a buyer’s agent commission as part of the negotiation process. They can also opt to pay just their agent. This represents a departure from the current model, where sellers typically pay for their agent, as well as the buyer’s agent, through cooperative compensation. The Mortgage Note spoke with real estate industry professionals…

Stepping Into Spring: Hear From Real Estate Professionals And Buyers

Spring is here and the home selling season is getting underway. Writer Nicole Murray spoke with real estate professionals and recent buyers to see what they think about the current market for our latest podcast. If you would like to participate in future episodes, please email us at [email protected]. Read articles featuring the guests: To Buy Or Not To Buy? Homeowners Offer Insights Avoid The Doom And Gloom: How To Survive To 2025 Sign up for our free newsletter.…

Are You Ready To Fall In Love With A Home?

By KIMBERLEY HAAS This Valentine’s Day, if you are ready to get off the sidelines and into the housing market, you are likely not alone in your quest to find a place you love. Potential buyers are coming out of the woodwork and touring homes, according to Redfin’s Homebuyer Demand Index, which measures requests for tours and other buying services from Redfin agents. And although that hasn’t translated into home sales yet, they expect this increase in tours to convert into an improvement in pending sales over the next few months. Dana Anderson, a data journalist at Redfin, explained that more buyers are touring homes now because mortgage rates are holding steady at below 7% and some of these people…

To Buy Or Not To Buy? Homeowners Offer Insights

By NICOLE MURRAY As more people consider jumping into the housing market this year, what do they need to know? The Mortgage Note set out to answer this question, talking to industry leaders and three people who recently purchased a home to get their opinions. Kevin Wu, who bought his first home in 2020, started looking at potential properties with his fiancé just as the real estate market started to transform. The couple looked at almost 15 houses and found their forever home when interest rates were 3.3% in a rather unique experience. “The home we bought was under contract with an approved offer but for whatever reason, they allowed us to look and even place an offer,” said Wu.…

Avoid The Doom And Gloom: How To Survive To 2025

By NICOLE MURRAY A number of real estate industry professionals experienced a painfully slow 2023 and it is predicted this trend will continue in 2024. With high interest rates and low inventory expected, people are encouraged to use this year to prepare for an explosive 2025. The Mortgage Note spoke with industry professionals to see what they expect and what tactics they plan on utilizing to be successful until the inevitable market boom everyone eagerly awaits. “2024 is going to be another stubborn year for originators,” says Jason Perkins, president of CRM company Bonzo. “We might get some relief with rates, but tight inventory and rising home prices will continue to be a burden for potential homebuyers for quite some…

Holiday Listings Are More Common Than You Think – Here’s How To Stand Out

By NICOLE MURRAY The holiday season can be a tricky time of year in the real estate industry. For many agents, business slows down because people generally don’t want to sell, buy, or move during peak celebrations.    But whether it be a new job or a life update, buying and selling during the holiday season happens more than one would think.    The Mortgage Note spoke with real estate industry professionals across the country to discuss the pros and cons of listing during the holiday season and what to know if you do.    To start, there is less inventory on the market and therefore less competition for those who decide to sell. Shant Banosian, EVP of sales at Guaranteed Rate, said…

A Gift Doesn’t Cut It Anymore: Holiday Marketing Tactics For A Successful Season

By NICOLE MURRAY The goal with any holiday marketing plan is to create connections and remain top of mind with the hopes of gaining future business, but how can professionals do that during one of the most chaotic times of the year? Industry leaders say it’s important to start by realizing that one of the most predictable marketing tactics seen amongst real estate agents and loan officers is to send gifts to previous and current clients. While Rob Jensen, broker/owner of the Rob Jensen Company, has seen many successful agents utilize this tactic, he warns that the time and money spent may go unnoticed and offer no return on investment. “Gifting during the holidays is the least memorable time for…

Reaching Customers: Tips For Social Media Success In Today’s Real Estate Market

By NICOLE MURRAY Social media has transformed operations in every industry, including real estate. The power now lies within the hands of the consumer because they can browse through listings, educate themselves about mortgage rates, and research real estate agents before speaking with professionals. As a result, industry leaders are using platforms like Facebook, Twitter, and TikTok to reach new clients and show off properties. Some have found success, while others complain the effort is not worth the amount of business it generates. Mike Leipart, managing partner of the worldwide Agency Development Group, says that social media can be financially beneficial for brokers and real estate agents if it’s used well. He points out that it is a low-cost and…