DIRS.INFO The most relevant business & tech news

☆ Buyers of newly built homes can face a property tax surprise. Here’s why
▼ + stars: | 2024-04-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

With new builds, property taxes can change dramatically after purchase because initial rates are often based on estimates. Why property taxes can jump for new buildsWhen lenders qualify someone for a home purchase, they factor in the principal, the interest payment on the mortgage, homeowner's insurance and property taxes. Instead, mortgage lenders will often use an older tax rate from the area or an estimated tax rate to calculate the owner's monthly payment. watch nowInitially, the homeowner will typically pay the estimated property tax rate into escrow. Depending on the local tax assessment cycle, the county office will eventually assess the value of the new house to determine the actual property tax rate.

Persons: homebuyers, Melissa Cohn, Brian Nevins, Cohn Organizations: Getty, National Association of Realtors, William, Mortgage, Bay Equity

☆ 11 U.S. cities where you need to earn over $200,000 to buy a typical home
▼ + stars: | 2024-04-09 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

You'll need to earn just over six figures to buy a typical home in the U.S. right now. San Jose is by far the most priciest place to buy a home, even among 10 other metro areas where qualifying income exceeds $200,000. Some of the wealthiest people in the U.S. live in cities like San Jose, San Francisco and Anaheim. In contrast to California's most expensive markets, the qualifying income needed to buy a typical home in the U.S. overall is $103,835. It's even cheaper in the Midwest and the South, where the qualifying income is $74,967 and $95,511, respectively.

Persons: NAR's Organizations: National Association of Realtors, Thousand Oaks, San, Housing Finance Agency, CNBC Locations: U.S, California, San Jose, Jose, Sunnyvale, Santa Clara , California, Anaheim, Santa Ana, Irvine , California, Francisco, Oakland, Hayward , California, Honolulu, Hawaii, Salinas , California, Diego, Carlsbad , California, Oxnard, Ventura , California, San Luis Obispo, Paso Robles , California, Angeles, Long, Glendale , California, Boulder , Colorado, Naples, Marco Island, Florida, San Francisco, Atherton, Midwest

Average 30-year mortgage rates increased to 6.82% last week, according to Freddie Mac. Though it's possible mortgage rates won't ever go that low again, they are expected to drop a bit this year. 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 average 30-year fixed mortgage rate was 6.82% last week, according to Freddie Mac. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, you'll, it's Organizations: National Association of Realtors, Mortgage Bankers Association, Zillow, Federal Reserve Locations: Chevron

☆ Justice Department Says It Will Reopen Inquiry Into Realtor Trade Group
▼ + stars: | 2024-04-05 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

The Justice Department will reopen an antitrust investigation into the National Association of Realtors, an influential trade group that has held sway over the residential real estate industry for decades. The investigation will focus on whether the group’s rules inflate the cost of selling a home. about broker commissions and how real estate listings are marketed. Pending federal court approval, N.A.R. will pay $418 million in damages and will significantly change its rules on agent commissions and the databases, overseen by N.A.R.

Organizations: Department, National Association of Realtors, U.S ., Appeals, District of Columbia, N.A.R

☆ Baltimore’s economy has been humming. Then a bridge collapsed
▼ + stars: | 2024-04-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation. That’s well below the national rate of 3.9% in February and ranks 43rd out of 389 regions across the country with more than one million residents. Low inflationThe US economy is still dealing with high inflation, but that’s not much of a problem for the Baltimore metro. Inflation in Baltimore slowed dramatically last year from April to June, falling to a 2.8% annual rise from April’s 5.3%. Like across the country, rising energy prices have recently pushed up overall inflation in the Baltimore metro.

Persons: Francis Scott Key, Prince, it’ll, Matt Rourke, Matt Jaffe, “, ” Jaffe, that’s, That’s, ” Christina DePasquale, Johns, Freddie Mac Organizations: Washington CNN, CNN, Towson, Labor Department, Washington D.C, U.S, Baltimore, Johns Hopkins Carey Business School, National Association of Realtors, NAR, Fed Locations: Baltimore, Port, Baltimore County, Columbia, Boston, Orlando, Atlanta, Washington, Dundalk, Md

☆ The 7 biggest home-staging mistakes people make when trying to sell their house
▼ + stars: | 2024-04-02 | by ( Erin Mcdowell | Samantha Grindell | ) www.businessinsider.com time to read: +1 min

Staged homes sell 88% faster and for 20% more than non-staged homes, a report found. Interior designer Dan Mazzarini and home stager Meridith Baer shared common home-staging mistakes. Business Insider spoke to Dan Mazzarini, an interior designer and the creative director at BHDM Design , and Meridith Baer, the owner of Los Angeles-based luxury home-staging company Meridith Baer Home, about the biggest mistakes people make when staging. AdvertisementA 2023 report by Realtor.com also found that staged homes sell 88% faster and for an average of 20% more than non-staged homes. Here are the biggest home-staging mistakes people make when trying to sell their house.

Persons: Dan Mazzarini, Meridith Baer, —, Realtor.com Organizations: Service, Business, National Association of Realtors Locations: Interior, Los Angeles

☆ I'm buying a house in 2024. Here's why I'm sticking with a traditional fixed-rate mortgage despite the trendier options promising to save me money.
▼ + stars: | 2024-03-31 | by ( Cork Gaines | ) www.businessinsider.com time to read: +8 min

Despite enticing alternatives, a fixed-rate mortgage remains the best option for us. With mortgage interest rates still close to 7%, alternative mortgages like adjustable-rate loans and mortgages with shorter maturities are gaining in popularity. AdvertisementThe beauty of the fixed-rate mortgage is that it offers certainty in an uncertain world. Any gain somebody might get with a lower interest rate might be offset by paying more for the house. So, we will be sticking with a fixed-rate mortgage and shopping around for the best rate.

Persons: —, Sarah Alvarez, Alvarez, Brandon Bell, Freddie Mac Organizations: Service, William, Mortgage, Business, ARM, Treasury, Street Journal, FG, National Association of Realtors Locations: Austin , Texas

☆ The Realtors settlement is already changing the way some Americans buy and sell homes
▼ + stars: | 2024-03-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes. If approved by a judge, the settlement comes with new rules for Realtors. Potential for lower homebuying costsThe new rules could help lower home prices, experts say. Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price. But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.

Persons: homebuyers, ”, Debra Dobbs, Jeremy Cannon, Cannon, ” Cannon, “, Matt Hanley, ” Hanley, “ I’m, Hanley isn’t, Hanley, “ We’ve, ‘ Let’s, ’ ”, Mariya Letdin, Letdin, ” Letdin Organizations: CNN, National Association of Realtors, Realtors, ”, NAR, Florida State University Locations: Chicago, Corona , California, Minnesota

☆ The housing market is thawing as an increasing number of 'mortgage lock' homes go up for sale, JPMorgan says
▼ + stars: | 2024-03-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market looks to be gradually approaching a recovery. A growing number of mortgage-locked homes are going up for sale, JPMorgan said. AdvertisementThe housing market looks like it's starting to thaw, thanks to a growing number of mortgage-locked sellers who are opting to put their homes on the market anyway, according to JPMorgan Asset Management. Homeowners could now be more willing to dip into the housing market, as many are realizing high mortgage rates aren't going away anytime soon, real estate economists have said. Researchers from the Federal Housing Finance Agency recently warned that the mortgage lock-in effect could linger for years to come, barring a sudden drop in mortgage rates.

Persons: —, Stephanie Aliaga, Aliaga Organizations: JPMorgan, Service, Asset Management, National Association of Realtors, Homeowners, Fed, Buyers, Federal Housing Finance Agency

☆ The Homeowners Who Beat the National Association of Realtors
▼ + stars: | 2024-03-27 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

When Rhonda Burnett went to sell a home in 2016, she knew she would have to pay a commission to her real estate agent. Ms. Burnett was instructed to select one, and she picked 6 percent. “I shop sales,” Ms. Burnett, 70, said with a laugh. She spent three decades as a stay-at-home mother while her husband, Scott Burnett, 72, worked for a waste management company and spent 20 years working as a local legislator. But when I asked her if I could negotiate, she said, ‘No, you really can’t.’”

Persons: Rhonda Burnett, Scott Burnett, Burnett, “, Ms, “ I’m, ‘, ’ Locations: Kansas, Hyde, Kansas City

☆ 15 cities where the median home price is under $200,000
▼ + stars: | 2024-03-25 | by ( Erin Mcdowell | Madison Hall | ) www.businessinsider.com time to read: +2 min

Home prices in many cities are climbing, but there are still affordable cities to be found. Recently released data by the NAR shows cities with median home prices under $200,000. The average sale price of existing single-family homes is $384,500 in the United States. The NAR released a report in February that tracked the median sales price of existing single-family homes in cities across the country. Here are 15 cities where you can still buy a single-family home for under $200,000.

Persons: —, WalletHub, they're Organizations: NAR, Service, National Association of Realtors, Business Locations: Jackson , Missouri, Montgomery , Alabama, United States, New York, Los Angeles

☆ Could First-Time Home Buyers Lose Out Under New Commission Rules?
▼ + stars: | 2024-03-25 | by ( Ronda Kaysen | Rukmini Callimachi | ) www.nytimes.com time to read: +1 min

With a landmark legal settlement poised to upend a decades-old norm that has dictated who pays real estate agents and how much, economists, agents and lenders are beginning to worry that the burden could now be on first-time home buyers. Buyers may soon have to pay out of pocket for something that had always been baked into the price. “First-time home buyers are usually the people who don’t have much cash and experience — and that experience matters,” said Daryl Fairweather, the chief economist of Redfin, the online brokerage that cut ties with the National Association of Realtors last year. The lawsuit was initially brought by home sellers in Missouri who accused N.A.R. of artificially inflating home prices by coupling commissions paid to sellers’ and buyers’ agents.

Persons: ”, Daryl Fairweather, Buyers, N.A.R Organizations: Redfin, National Association of Realtors Locations: Missouri

☆ Consumer advocates — and even some Realtors — hail NAR settlement: 'We've opened up the entire industry to competition'
▼ + stars: | 2024-03-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Now, a landmark settlement with the National Association of Realtors is poised to upend this model. According to consumer advocates, and even some Realtors, it's a win for homebuyers and sellers. And in the months following Covid-19 pandemic reopenings, the hottest U.S. real estate markets were tipped squarely in favor of sellers. It's the same amount of money, but now the buyer gets money instead of a buyer agent, and they can decide what to do with it." What's more, greater competition for clients is likely to result in lower costs across the board, said Ryan Tomasello, a real estate industry analyst with the Keefe, Bruyette & Woods financial firm.

Persons: it's, Mariya Letdin, Letdin, they'll, Doug Miller, Miller, Ryan Tomasello, Keefe, Tomasello, Phil Crescenzo Jr, Crescenzo Organizations: National Association of Realtors, Realtors, homebuyers, Florida State University's College of Business, NBC News, U.S, NAR, Nation One Mortgage Corp Locations: Alhambra , California, Minnesota, Woods

☆ Should you sell your home now or wait for the Realtor settlement this summer?
▼ + stars: | 2024-03-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

The settlement will eliminate the long-standing standard 6% commission paid by the seller, which could ultimately make it cheaper to sell your home post-settlement. The case for getting in on spring homebuying seasonThe settlement could present a major downside to homebuyers. Under the current system, the buyer’s agent’s commission is baked into the total they pay for a home. On top of that, they may be able to avoid having to pay the buyer’s agent’s commission. But in his view, the NAR settlement shouldn’t be a major consideration when it comes to timing.

Persons: it’s, Phil Crescenzo Jr, There’s, he’s, ” Mike Downer, Mike Downer, he’d Organizations: New, New York CNN, National Association of Realtors, Nation One Mortgage Corporation, Buyers, NAR, Coldwell Banker Locations: New York, Naples , Florida

☆ Here’s why the Fed doesn’t see a US recession in coming years
▼ + stars: | 2024-03-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

“The economy is strong, the labor market is strong and inflation has come way down,” Fed Chair Jerome Powell said Wednesday. Fed officials continue to expect three rate cuts this year but the days of ultra-low interest rates are long gone. Up NextMonday: The Chicago Fed releases its National Activity Index for February. The US Commerce Department releases February data on sales of new single-family homes. The US Commerce Department releases February data on household spending, income and the Fed’s preferred inflation gauge.

Persons: Goldman Sachs, Jerome Powell, Mike Skordeles, Skordeles, ” Stephanie Lang, Homrich Berg, ”, Clare Duffy, Reddit, Read, Lisa Cook, Christopher Waller Organizations: Washington CNN, Fed, Truist Advisory Services, CNN, Atlanta Fed, Employers, New York Stock Exchange, Trading, IPOs, Chicago Fed, US Commerce Department, McCormick, GameStop, Global, Board, Wednesday, Walgreens Boots Alliance, US Labor Department, University of Michigan, National Association of Realtors

☆ Opinion: Trump’s image is on the line
▼ + stars: | 2024-03-24 | by ( Richard Galant | ) edition.cnn.com time to read: +20 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. … Deals are my art form.”Having a lot of money distinguished him from other presidential candidates, Trump contended. ‘I don’t need anybody’s money,’ Trump said in his June 2015 presidential campaign announcement.”“Now Trump needs money, a lot of it. In July 2006, she met Trump at a celebrity golf tournament and says that the two had sex that weekend. “Whatever the Fifth Circuit and Supreme Court decide next, the question for President Joe Biden is what to do now,” wrote Lawrence Downes.

Persons: Charles Dickens, “ David Copperfield, Micawber, ” Micawber, “, Dickens, Donald Trump, Letitia James, Trump, he’ll, ”, Tony Schwartz, I’ve, Frida Ghitis, ’ Trump, … Dana Summers, Joe Biden’s, Julian Zelizer, Biden’s, ” Bill Bramhall, Stormy Daniels, Peacock, Ana Marie Cox, Daniels, she’s, Peter Navarro, He’s, Mike Johnson, Kevin McCarthy, House Republicans —, Matt Gaetz ’, Marjorie Taylor Greene, Johnson, Clay Jones, Paul Sracic, Fareed Zakaria, Biden, Peter Bergen, Bashar al, Assad, ” Bergen, Vladimir Putin, Richard Aboulafia, ” David Horsey, Joann, Lynda Gorov, it’s, ” Kate Middleton’s, Princess, Wales, Sara Stewart, Kate, that’s, she’ll, Joe Biden, Lawrence Downes, “ Biden, Greg, Abbott, ’, ” Downes, Trump’s, Jared Kushner, Kushner, Donald Trump’s, Aseel Mousa, Drew Sheneman, Max Besbris, ” Besbris, Linda Thomas, Greenfield, Thomas, Eleanor Roosevelt, ‘, ” Don’t, Grace Elizabeth Hale, Elizabeth Yuko, Avi Weiss, Jennifer Jones, Jill Filipovic, Christine Blasey Ford Derrick Johnson, Peter Rutland, Holly Thomas, Lily Allen, Mary Ziegler, Lanhee Chen, Steve Garvey, Adam Schiff, Patricia Grisafi, Caitlin Clark Walt Handelsman, Caitlin Clark, Amy Bass, Kamilla Cardoso, UCLA’s Kiki Rice, ’ ” Clark, Bass, Pete ’ Maravich, Court, Serena Williams, Clark, Maravich …, — Organizations: CNN, New, Trump, Agency, Twitter, Save, Maga Inc, Biden, Content Agency Trump, House Republicans, Rep, Ohio GOP, Russia ISIS, ISIS, Boeing, Airbus, Crafts, Boys, BBC Studios, Circuit, Texas Gov, Abbott, of Justice, Texans, Harvard, National Association of Realtors, United Nations, “, University of Iowa, ESPN, Iowa Hawkeyes, NCAA Division Locations: Save America, New York, Baton Rouge , Louisiana, Ohio, Russia, Moscow, Iraq, Syria, Syrian, “, Iran, Afghanistan, ”, Ukrainian, Windsor, ” Texas, Texas, Gaza, Southern, Rafah, Egypt, Israel, Gaza City, Al, Grace Elizabeth Hale : Mississippi, ‘, California

Mortgage rates have been elevated over the last couple of months. Thirty-year mortgage rates have averaged 6.50% in March, just two basis points below where they were in February. Forecasters at the Mortgage Bankers Association, Fannie Mae, the National Association of Realtors, and elsewhere have been predicting that mortgage rates will start trending lower soon. The sooner the Fed can start cutting rates, the sooner mortgage rates will start to fall. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Fannie Mae, they've, you'll Organizations: Mortgage Bankers Association, National Association of Realtors, Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Could real estate go the way of the travel industry? Not just yet
▼ + stars: | 2024-03-23 | by ( John Towfighi | ) edition.cnn.com time to read: +5 min

Sites like Redfin and Zillow provide a way for buyers and brokers to connect online, but the role of real estate agents in closing purchases has persisted. “Ultimately, people will understand what real estate agents really do, especially on the buy side,” Piskorski said. But even with the possibility of major changes, Hale said, one thing will almost certainly remain the same for real estate agents. Currently, the framework of real estate solely emphasizes the buy and sell transaction, said John Bodrozic, co-founder of HomeZada, a real estate tech company. Yet what ultimately differentiates a travel agent from a real estate agent is the value and risk associated with the purchase.

Persons: Tomasz Piskorski, ” Piskorski, Danielle Hale, ” Hale, Hale, “, John Bodrozic, Bodrozic, ”, Bobby Juncosa, Piskorski, ” Juncosa, Juncosa Organizations: CNN — Technology, National Association of Realtors, Columbia Business School, NAR, CNN, Buyers, ” Finance

☆ February home sales spike 9.5%, the largest monthly gain in a year, as supply improves
▼ + stars: | 2024-03-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 3.3% year over year, but it was the largest monthly gain since February 2023. Sales surged the most in the West, up 19.4%, and the South, up 16.4%. "Additional housing supply is helping to satisfy market demand," said Lawrence Yun, NAR's chief economist. Inventory rose 10.3% year over year to 1.07 million homes for sale at the end of February.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors . Housing, Mortgage News Daily Locations: West, California, Florida, Georgia

☆ What Does the Real Estate Shake-Up Mean for New Yorkers?
▼ + stars: | 2024-03-21 | by ( Anna Kodé | ) www.nytimes.com time to read: +1 min

Myriad questions remain — not least, how the settlement will impact U.S. home prices, how sales commissions will be determined, and who will pay them. But in New York City, where the primary real estate trade group is the Real Estate Board of New York (REBNY), most agents aren’t members of N.A.R. settlement may not directly affect New York City buyers and sellers, its impact is expected to ripple across the nation. settlement “may impact the New York City market,” and that they would be reviewing the N.A.R. settlement “and will provide an analysis to REBNY members shortly.”

Persons: REBNY, ” Organizations: National Association of Realtors, Real, Board, New Locations: New York City, New York

☆ Redfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paid
▼ + stars: | 2024-03-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRedfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paidCNBC’s Diana Olick and Redfin CEO Glenn Kelman joins 'Squawk Box' to discuss the legal settlement by the National Association of Realtors, the impact of the settlement on the home buying process, and more.

Persons: Diana Olick, Glenn Kelman Organizations: National Association of Realtors

☆ Premarket stocks: Why Zillow is worried about America’s housing market shakeup
▼ + stars: | 2024-03-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Zillow reported that it outperformed the residential real estate industry by 12 percentage points in 2023. That’s because one of the main ways Zillow makes money is through lead generation for real estate agents. “This shift in the structure of real estate transaction costs is too new to understand how it will impact housing market dynamics,” a spokesperson said. Zillow could make even more money if real estate agents offer their services piecemeal, he said. The takeawayThere’s a lot of disagreement between analysts about the future of Zillow and the real estate industry at large.

Persons: Zillow, ”, Dan Kurnos, it’s, Zillow’s, they’ll, who’s, Kurnos, ” Stephen Brobeck, “, It’s, Homes.com, William Blair Organizations: CNN Business, Bell, New York CNN, National Association of Realtors, Realtors, Benchmark Company, NAR, Zillow, Consumer Federation of America, CNN, Bank of America Locations: New York

☆ Ryan Serhant on NAR ruling: Greater transparency is important to bring our industry forward
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRyan Serhant on NAR ruling: Greater transparency is important to bring our industry forwardRyan Serhant, Serhant CEO, joins 'Squawk Box' to discuss the recent legal settlement by the National Association of Realtors, what the ruling means for home sellers and realtors going forward, and more.

Persons: Ryan Serhant Organizations: National Association of Realtors, realtors

☆ Agents need to better educate homebuyers on negotiating real estate commissions, says Erin Sykes
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAgents need to better educate homebuyers on negotiating real estate commissions, says Erin SykesErin Sykes, Chief Economist at Nest Seekers, discusses the National Association of Realtors' lawsuit settlmenet and what it means for the cost of buying a home.

Persons: Erin Sykes Erin Sykes Organizations: Agents, National Association of Realtors

☆ How Irish business is winning in the US: It’s not all butter and cheese
▼ + stars: | 2024-03-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Irish companies have to think about being in an Irish domestic market which is frankly, really small, or just going global straightaway. The US is particularly strong for Irish companies; the US economy has held up well. I think Irish companies are very adept at pivoting into what other other countries need and being part of the story. It seems like Irish companies are increasingly becoming job creators in the US. Glanbia Foods, an Irish company that manufactures American-style cheese, now produces one in four slices of cheese consumed in the US.

Persons: Bell, Leo Clancy, Joe Biden, we’ve, it’s, that’s, That’s, We’re, It’s, We’ve, Tesla, Elon Musk’s Tesla, Wells, Colin Langan, ” Langan, Elisabeth Buchwald Organizations: CNN Business, Bell, New York CNN, European Union and International Monetary Fund, Enterprise Ireland, Patrick’s, Entrepreneurship, Federal Reserve, Companies, UBS, Tesla, NAR, National Association of Realtors Locations: New York, Ireland, United States, Jefferson , Wisconsin, America, Irish, Europe, Washington, We’re, automaking, Wells Fargo

Search resuls for: "National Association of REALTORS"

25 mentions found