2022 Real Estate News from Access Brokerage

(Don’t ignore the stories and articles from past years or from my 2021 Real Estate News posts – many stories from last year are applicable this year as well.)

JPMorgan Chase to cut hundreds of mortgage jobs

Housing market is cooling as an estimated 25% of home listings cut their asking prices: ‘We’re shifting from a real buying frenzy to much more normal conditions’https://www.marketwatch.com/story/housing-market-cools-as-an-estimated-25-of-home-listings-cut-their-asking-prices-were-shifting-from-a-real-buying-frenzy-to-much-more-normal-conditions-11655230463

Is it time to break up with your real estate agent?

The Fed plans to ‘reset’ the housing market—raising the likelihood of falling home prices

NAR Chief Economist Lawrence Yun Predicts Uncertainty for the Housing Market

2022 Housing Market Forecast Midyear Update: More Options for Home Shoppers

How the Fed’s rate hike will affect the housing market – Cool down and less volatile market

I’m the chief economist for the National Association of Realtors. Here are 6 things to know about the housing market now

Buyers fell out of market over getting outbid several times by cash offers…

Citing a five-month decline in pending home sales, as well as a drop in newly constructed single-family sales, Yun predicts the higher mortgage rates will slow the housing market.

your average monthly housing costs for the typical Georgia home would be $2,214 in 2022.

How much do you need to make to afford a house in Georgia this year? If you are spending the average 19% of your annual income on your home, then your annual household income would need to be around $139,831. According to a common financial adage, you can spend up to 30% of your income on housing. At that rate, you’d need an annual household income of about $90,000 to afford that same home. If you can afford to put more than 6% of your home’s value down as a down payment, it will help decrease your monthly costs considerably. Many home buyers try to put down 20% of their home’s value. Speak with a trusted financial advisor before making any major moves in the modern housing market.

Real estate agents got $3.9 billion in Covid relief PPP loans. The housing market boomed, but few repaid the loans.

Instant Reaction: Case-Shiller Index Shows Single-family Home Prices Up 20.6% in March 2022

Realogy Unveils New Name: ‘Anywhere’ – It includes Cartus, an employee relocation service; and major U.S. real estate names, such as Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Coldwell Banker Commercial, Corcoran, ERA, Ziprealty, and Sotheby’s International Realty. 

Citigroup recently published a report projecting the metaverse to have a $13 trillion total addressable market made up of 5 billion people by the year 2030.

The Weird Reason You Confide More in a Real Estate Agent Than Your Therapist—or Even Your Best Friend

NFT Technology & Digital Properties: The Next Frontiers in Real Estate Industry

Common Real Estate Myths That You Need To Know

Fannie Mae says a recession is likely to hit next year, and it could hit the housing market too

‘It’s possible we may see another increase soon.’ 5 economists and real estate pros predict what mortgage rates will look like the rest of 2022

Mortgage Fraud: Understanding and Avoiding It

LexisNexis Risk Solutions True Cost of Fraud Study: Real Estate Report Reveals Every $1 of Fraud Costs Depository Originators $5.34

Condo Prices are rising to record highs

Higher interest rates make it harder to afford a property as the cost of borrowing becomes more expensive. Still, Presti doesn’t expect that to affect prices at least in the near team because of the inventory levels.

HOAs and Legislators Consider Taking Action Against Real-Estate Investors

Disbarred real estate attorney Mitch Kossoff gets 4+ years in prison

Chief Economist For National Association Of Realtors Predicts Uncertainty For Housing Market

Some economists suggest that home sales this year could decline as much as 10% from 2021 levels.

Mortgage delinquency rate reaches lowest level since 2019 Q4

NAR Chief Economist Lawrence Yun Predicts Uncertainty for the Housing Market

While the sky may be the limit for a real estate professional’s salary, most agents don’t make six figures, however. The median annual earnings for a real estate sales agent were $48,340 in May 2021, according to the U.S. Bureau of Labor Statistics.

NEBRASKA SUPREME COURT: LIS PENDENS PROTECTS BUYER’S RIGHT TO ACQUIRE REAL ESTATE BY COURT ORDER

Leaks, termites, and cracked foundations: Skipping home inspections in a competitive market is tempting — and risky

Need an all-cash offer to win a bidding war? These 6 startups can help you buy your dream home. Juat be prepare to pay hefty fees to do any of this…there is NO FREE LUNCH.

Fannie Mae announces title insurance shake up

SURVEY: 43% OF SELLERS EXPECT THEIR HOME TO SELL OVER ASKING PRICE

The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” said Lawrence Yun, NAR’s chief economist. “Still, homes are selling rapidly, and home price gains remain in the double-digits.”
Still a low inventory of homes: With slower demand, the inventory of unsold existing homes increased to 950,000 as of the end of March. That would support 2.0 months at the monthly sales pace.

The Iowa Realty case was poorly argued…nervous lawyer and some Supreme Court Justices asked strange questions

General real estate legal news

According to some sources, even in cities with the highest percentage of iBuyer transactions, such as Phoenix or Atlanta, iBuyer transactions comprise something less than 5% of all sales. But it was a force to be reckoned with early in the pandemic, when the market was in a far different place. 

Real Estate Investing: Is House Flipping a Huge Waste of Time? – Some serious downsides like need for lots of cash or financing available, opportunity costs, tax bills, and losses.

A recent National Association of REALTORS® (NAR) study found that firms with only one office had a median brokerage sales volume of $4.5 million in 2020, while firms with four or more offices saw a median sales volume of $146.2 million.

The Pros and Cons of Waiting Out the Hot Housing Market

 research has shown that 71% of sellers are likely to consider selling their home to an iBuyer

What a real estate bubble would mean for homebuyers

Canada to ban foreigners from purchasing homes for 2 years as real estate market soars

Understanding a CMA in Real Estate is Crucial – Competitive Market Analysis of market value of home – Comparable properties or comps must be found to ensure the comparative market analysis report is as accurate as possible. These comps are homes that have sold recently, are close to the property in question, and have similar square footage. Other similarities, like the number of bedrooms and bathrooms and the home features, are also significant.

Marietta City Council eyes townhome moratorium – former apartment complexes…were nice when they went in, but after some years, it became so blighted a lot of our resources went there…

There were Baptists and Methodists and other denominations… now there are Zillowists who follow every word of their crap predictions…starting with their irrelevant Zestimates –

Who can inherit your property if you have no immediate heirs? The easiest way to do this is to write a will that specifically names the heir(s) to your estate. These heirs could be anyone you select – just get it down in writing legally.

Federal Reserve warns of “brewing U.S. housing bubble”

Rising mortgage rates not deterring spring homebuyers

Why not just give cash to the veteran to buy the house….then VA can work the loan afterwards?

The housing market’s key metric just took an ugly turn for homebuyers

Another idiotic government program…FinCEN Proposed Rule for Real Estate to Combat Money Laundering, Fraud

Real Estate Developers Pivot to Build-to-Rent

Cobb officials question East Cobb police and fire proposals

Almost a quarter of property managers intend to leave the industry and 60% say the biggest challenge is dealing with aggressive or abusive landlords or tenants.

Port St. Lucie resident discovers house put up for sale on Zillow without her knowledge

Mortgage rates just spiked the most in 9 years—and that should slow down home price growth

Mortgage and real estate news this week: Renewed homebuyer urgency and rising rates

These two stories are related – why did it take so long to sentence these criminals?

3-19-2021: Eleven plead guilty to running multi-year mortgage fraud scheme

1-24-2022: Atlanta Real Estate Agent Sentenced For Running Multi-Year Mortgage Fraud Scheme

Harbor Custom Development, Inc. Announces Acceptance of Bitcoin and 12 Other Digital Currencies for its Real Estate

Home Inspection Software Market Growth Rate Analysis, Forecast 2026 by Companies – Repsly, HomeGauge, ispecx, Shgi Corp, Inspectcheck.net, etc – Hey, there are lots of different software manufacturers…but wh0 has the best concise and useful software?

Insider Q&A: Realtors’ group Chief Economist Lawrence Yun

Buyers are moving into unfinished new homes (Real Story: Builders need closed home sales to meet their investor profiled sales numbers…not your benefit)

An agent should never make promises or guarantees about
the revenue potential or future value of any property marketed
for sale.

U.S. FORECLOSURE ACTIVITY DROPS TO AN ALL-TIME LOW IN 2021

CFPB Settles with AAG Over ‘Deceptive’ Home Estimates

Housing market: Homes in high demand despite rising mortgage rates

Real estate in the metaverse is booming. Is it really such a crazy idea? – Listen to my Podcast here: Podcast coming soon

Lumber Prices Likely to Remain Volatile

Real estate Q&A: I co-own a house with a friend. Is it better to leave my share in a will, or should I draft a deed?

Zip codes are for the post office, not real estate

HOME INSURANCE PREMIUMS ON THE RISE for 2022

Amazon to make $160 million long term loan to help support affordable housing….for Amazon slave labor.

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