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☆ Real-Estate Agents Face a Reckoning As Housing Market, Home Sales Slow
▼ + stars: | 2023-04-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Just as the housing market goes through booms and busts, so do the ranks of real-estate agents. This has left real-estate agents fighting over a dwindling pool of listings. That makes the job of a local real-estate agent trickier and more nuanced than it was a year ago. "What makes a good real-estate agent and what makes a successful real-estate agent have almost no crossover." She joined a women's support group for real-estate agents on Facebook, where she found many others were experiencing similar challenges.

☆ Home prices see largest decline since 2012 as banking crisis hits demand: 'There's this fear that everything will crash'
▼ + stars: | 2023-04-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"That killed the buyer momentum that had been building, and brought us right back to where we were last year when mortgage rates shot up. For example, prices in Boise surged a record 40.9% in May 2021 amid low mortgage rates, the remote-work trend, and relative affordability. But since then, mortgage rates have soared amid Federal Reserve rate hikes. While they have come off last year's peak of 7%, the 30-year-fixed mortgage rate averaged 6.54% in March, up from 4.17% a year earlier. Meanwhile, the higher mortgage rates are keeping buyers and sellers on the sidelines, and March saw new listings drop 23.3% year over year, Redfin said.

☆ Today's homebuyers have their mortgage rate tipping point, and it's artificially low
▼ + stars: | 2023-04-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Today's homebuyers are exceptionally sensitive to mortgage rates with house prices so high — and they've found their tipping point. After years of government intervention following the great recession and the first years of the Covid-19 pandemic that kept mortgage rates artificially low, today's buyers have a skewed view of what "normal" mortgage rates are. In addition, 62% of buyers said they believed that a "historically normal mortgage rate" was below 5.5%. "Today's homebuyers are extremely sensitive to fluctuating interest rates, and a significant drop in mortgage rates would likely make the market more competitive." Nearly two-thirds of respondents said they've had to reduce their housing budgets due to the current level of mortgage rates.

Williams told Insider she never said she wanted to be put first on their joint taxes. "The sad part of women being the breadwinner is that they're not necessarily freed from a lot of these gender dynamics and considerations," N'Jie Konte told Insider. Laws told Insider it was the only year she and her husband ever filed joint taxes. Laws' husband was listed first on their deed and real estate documents. They put it under his account," Patterson told Insider.

☆ As Gen Z flounders at work and millennials struggle to buy a house, boomers are enjoying a golden moment
▼ + stars: | 2023-04-09 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

This week's dispatchThe Metals Company; Greenpeace; Luis Alvarez/Getty Images; Karl Hendon/Getty Images; Alyssa Powell/InsiderOptimists don't just dream — they do. Gen Zers and young millennials have soured on work just as much as everyone else — and that's bad news for companies everywhere. Also read:Tyler Le/InsiderOver the past few years, Lex Fridman has gone from an unknown academic researcher to a social-media celebrity and member of Elon Musk's inner circle. But recently, "The Lex Fridman Podcast" has become a haven for a growing and powerful sector looking to dismantle years of "wokeness." More on the rise of Lex Fridman.

☆ Mortgage rates fall for the fourth week in a row
▼ + stars: | 2023-04-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Homebuyers benefited from another week of falling mortgage rates, with the average rate dropping for the fourth week in a row, according to data from Freddie Mac released Thursday. The 30-year fixed-rate mortgage averaged 6.28% in the week ending April 6, down from 6.32% the week before. “Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates tend to move with the 10-year Treasury yield, which ticked up this week, but the spread between the two narrowed as mortgage rates moved down and the market continued to navigate ongoing economic uncertainty.”“Potential buyers continue to face elevated mortgage rates and home prices, making buying less accessible than a year ago,” said Jones. Pent-up housing demand is evident with every gain in affordability, whether it be softening prices or lower mortgage rates.”

☆ Homebuyers who fled to Miami hoping to escape high taxes are in for a rude awakening
▼ + stars: | 2023-04-06 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

New Yorkers moved to Miami in droves during the pandemic — fleeing high taxes in the Empire State. But property taxes in Miami were among the fastest rising in the US last year, a new report found. Overall, the South saw much higher property tax hikes than the Northeast, the data show. Florida's unique property tax lawsFor many people in Florida, this uptick came as a big surprise, Insider previously reported. So, even if their home values skyrocket as newcomers flock to the region, the higher tax bills may still be within their means.

☆ Boomers Are Buying up Homes, Blocking Millennials From Housing Market
▼ + stars: | 2023-04-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +9 min

The housing market is not a generation-versus-generation cage match. "So the fact that they are now trailing behind the baby boomer population just speaks to the difficulty of the housing market today." A lot has changed in the housing market since the NAR's survey period. In a housing market of "haves" and "have nots," equity-rich homeowners have the edge over hopeful first-time buyers. Millennials know that they have time on their side, since boomers will eventually age out of the market entirely.

Mortgage rates have been dropping for several weeks now, which is good news for homebuyers as the spring homebuying season picks up. "Mortgage rates have improved in recent weeks after the federal government guaranteed the status of most mortgages amidst uncertainty in the financial market. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.32%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.56%, a decrease from the prior week, according to Freddie Mac data.

Mortgage rates have fluctuated somewhat over the past couple of weeks but have overall been inching down. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

☆ Morning Bid: Dogged inflation shades rebound
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +4 min

But for most major stock and bond investments beyond the banking sector itself, the quarter remained a pretty upbeat one overall. "Inflation remains too high and recent indicators reinforce my view that there is more work to do," said Boston Fed chief Susan Collins. Futures markets are still broadly split on the chances of another Fed hike in May, but leaned a bit more on Friday to one more quarter point move. But core inflation, excluding energy and unprocessed food, ticked up as forecast to a new record high for the bloc at 7.5%. Germany said import price inflation fell to its lowest in two years at 2.8% in February.

"Economic uncertainty continues to bring mortgage rates down," Sam Khater, Freddie Mac's chief economist, said in a press release. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Mortgage rates have inched down and remain relatively low compared to the highs we saw in early March. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Mortgage rates fall for the third week in a row
▼ + stars: | 2023-03-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Homebuyers saw another week of falling mortgage rates, with the average rate dropping last week for the third week in a row, according to data from Freddie Mac released Thursday. “Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “Pent-up housing demand is evident with every gain in affordability, whether it be softening prices or lower mortgage rates,” said Jones. “The mortgage market has seen a partial revival in March, with the recent decline in mortgage rates boosting borrower demand,” said Bob Broeksmit CEO of the Mortgage Bankers Association.

☆ Buying a home is only going to get harder this spring as hopeful house hunters get thwarted by fewer options and still-high prices
▼ + stars: | 2023-03-28 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

But buyers won't have many homes to pick from, which can lead to competition that keeps prices high. Owners are reluctant to sell because they would have to give up locked-in low mortgage rates. Considering growing expectations that the Federal Reserve will stop, or even reverse, its benchmark rate hikes this year, mortgage rates may fall further in the weeks to come. Owners happy with their homes and low, locked-in mortgage rates, aren't moving much. More competition, or demand, for a smaller number of homes, or supply, usually keeps prices high.

☆ Home prices are in their longest slump since 2012. Here's what experts think happens next.
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US home prices just fell for the seventh consecutive month, Case-Shiller data showed Tuesday. Here's what economists are saying about the housing market outlook. Over the last year, the Federal Reserve's aggressive interest rate hiking campaign has helped lift mortgage rates sharply, weighing on affordability and demand. Here's what experts have said could come next for the housing market. "Long-term [the housing shortage] puts a floor under demand in this country for newly built homes," he told CNBC on Thursday.

☆ Housing market in tech hubs cooling faster than other parts of US - report
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Housing markets in tech hubs are cooling more rapidly than other parts of the United States amid a wave of layoffs in the technology sector and elevated mortgage rates, according to real estate broker Redfin Corp's (RDFN.O) report on Monday. Seattle, San Jose, Austin and Phoenix are among metros that have been affected the most as high mortgage rates, turmoil in the tech sector and unavailability of homes deter buyers, the report stated. Redfin agents report that uncertainty around the stability of the banking and tech industries is exacerbating nerves in some buyers and sellers. The New York metro area is likely to feel the impact of banking turmoil as many of its residents work in the financial sector, according to the report. "Banking instability could dampen homebuying demand in the area as finance workers worry about their industry," the report added.

Mortgage rates have been inching down over the past couple of weeks and are nearing 6%. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Mortgage rates decreased again this week and are now the lowest they've been in five weeks. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season." But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ The premium Americans are paying for a mortgage versus rent hasn't been this big since the housing bubble peaked 17 years ago
▼ + stars: | 2023-03-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The monthly payment for a newly purchased home at the end of 2022 was $1,176 more than apartment rent. That premium is the widest it has been since 2006, near the peak of the housing bubble. Expensive real estate prices and high interest rates are driving the gap been mortgages and rent. Limited housing inventory in the US has kept prices elevated, and the Fed's aggressive interest rate hiking campaign over the last year has made mortgage payments more costly. On Thursday, mortgage giant Freddie Mac reported that mortgage rates fell for a second consecutive week, offering some relief in affordability.

Mortgage rates dropped again this week, marking the second week in a row rates have decreased, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Two millennial founders share how they invest in real estate for financial stability while building their own businesses
▼ + stars: | 2023-03-24 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Real-estate investments can help business owners find financial stability if done correctly. Two founders revealed how they invest in real estate for extra income. Rowan didn't go on a homebuying spree, but is slowing adding to her real-estate investments. It's OK to start smallRowan said her slow approach to real-estate investing is attractive to millennials, who have a lower rate of homeownership compared to previous generations. "If you're investing $100, you're not going to make a huge return, but you're still going to make the same percentage as the person that invested $100,000," she previously told Insider.

Last year VCs invested $19.8 billion into these property-technology, or proptech, startups. We surveyed venture capitalists to identify the hottest proptech companies right now. Climatetech and AI-powered tools are major themes of the proptech industry in 2023, just as they are in the wider venture world. Insider asked more than 20 venture investors who focus on real-estate and construction technology to nominate the most exciting proptech startups in 2023. Here are the 26 buzziest proptech companies right now, presented in alphabetical order.

☆ Mortgage rates fall for a second week
▼ + stars: | 2023-03-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped again this week for the second week in a row amid lingering concerns about bank failures and uncertainty in the financial markets. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “Each downward tick in mortgage rates is met with increased buyer demand, as many eager home shoppers take advantage of the slightly lower cost of financing a home,” she said. “At the current price and mortgage rate level, the typical housing payment on a median-priced home is 43% higher than one year ago,” said Jones.

☆ Home prices are plummeting everywhere but the US. Blame America's favorite mortgage.
▼ + stars: | 2023-03-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

The US' reliance on the 30-year, fixed-rate mortgage is among the biggest reasons why. Per the report, Sweden and New Zealand housing prices both fell roughly 14% from their peaks, while Germany, South Korea, Canada, and Australia saw declines between 5 and 10%. But rising mortgage rates don't impact every country's housing market the same way. For fixed-rate borrowers, many of whom locked in their mortgages when interest rates were low, rising interest rates have no impact on their monthly mortgage payments. And if plummeting housing prices are a signal a country's economy is on the brink, then perhaps it isn't such great news for aspiring homebuyers after all.

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