Total mortgage application volume for refinancings and home purchases tumbled last week, plunging 7.4 percent from the previous week, the Mortgage Bankers Association reported Wednesday. Rising mortgage rates were the likely culprit, as they increased by the largest amounts since November 2016.“Rates continued to increase last week, given increasing evidence that the Fed and other central banks are more likely to raise rates,” says Michael Fr
Real estate professionals see a lot of dumb reasons why home buyers ultimately end up losing out on a deal. Practitioners recently shared some of the more common mistakes with realtor.com®, including ways to correct the situation:1. Shopping outside their price range.“It sounds obvious, but some home buyers just have trouble sticking to a budget,” says Benny Kang, a real estate professional in Irvine, Calif. Shopping online may increase the
Increase a property's emotional appealShould you shoot a video for your listing? The answer is simple: yes, yes, yes! Peter Lormier of PLG Estates explains why every real estate agent should be doing video.There’s a statistic going around that says that 90 percent of sellers want video listings and only 10 percent of agents actually do them.So what are the benefits of doing a video?People searching on their phones stop for well-done, prof
More builders might soon be looking to hire agents to get an edge over the competitionKey Takeaways Builders and agents who come together provide a higher level of service for buyer clients who want an exceptional experience from build to buy. The success of the New Home Advisor position at Inspire might prompt more builders to hire agents in an adviser capacity.Realty agent Whitney O’Reilly has a new role, and it’s one she thinks other licen
Stick to the fundamentals even when business is solidKey Takeaways Staying true to the core elements of your business, being consistent on social media and networking will ensure a long and steady career.The current real estate market is thriving: Sales are high, and home prices are increasing.According to the National Association of Realtors (NAR), existing-home sales were at a seasonally adjusted annual rate of 5.57 million in April 2017, a 1.
The latest technological movements may spare some industries. But not real estate.Chris Dixon, a general partner at venture capital firm Andreessen Horowitz, recently outlined eight tech trends in an interview at TechCrunch Disrupt NY 2015. All of them are shaking up real estate.Here’s how:1. Virtual realityOnline 3-D representations that let prospective buyers virtually saunter around homes are spreading like wildfire. They’re cons
Placeholder page suggests internet giant will add agents to its professional services marketplaceKey Takeaways The service would mark the entry of yet another internet behemoth into the real estate marketing space.Amazon appears to be preparing to offer consumers the option to hire real estate agents through its professional services marketplace, likely in exchange for referral fees.The service would mark the entry of yet another internet behemot
The tiny home movement—homes that often fall within the 100- to 400-square-foot range—is becoming more trendy as owners are drawn to the homes’ minimalism and sliced costs. But buyers may not want to count on cutting their savings by purchasing a tiny home.A tiny home usually has more costs up front. If you build it yourself, the average cost is about $23,000, according to The Tiny Life. This usually doesn’t include the land price
It’s officially the season for buyers hunting down the perfect summer vacation home spot. ATTOM Data Solutions analyzed the cities where at least one in every 12 buyers is looking for a second home and ranked them based on air quality, comfortable summer temperatures, low crime, appreciating home values, and reasonable home prices.The top bargain markets for summer vacation homes were found in four states: Tennessee, North Carolina, Florida,
As home prices rise, fewer homeowners are underwater, or owing more on their mortgage than their home is currently worth. In the first quarter of 2017, 350,000 borrowers regained equity, which dropped the total number of underwater owners to 1.8 million, according to the latest Mortgage Monitor Report from Black Knight Financial Services, a real estate data firm.The population of underwater homeowners has dropped by nearly 1 million borrowers sin
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