Homebuyers Have Tactics to Lower Frustration and Stress
Move-up buyers have unique challenges, and more may be landing with iBuyers because they can fairly easily buy one home and sell another home on the same day.
IRS Wants You to Confirm Your Bank ID? Don’t Do It
The IRS has gotten a record level of phishing complaints about stimulus payment offers sent via enticing and believable fake emails – the hallmark of an effective scam.
Most At-Risk Owners Have Enough Equity to Avoid Foreclosure
Foreclosure listings will likely only come from owners in trouble before the pandemic because the amount of equity owners can access has risen 40% year-to-year. Of U.S. homeowners in forbearance, 98% have at least 10% home equity; during the Great Recession it was only 40%.
Fed: Median-Income Buyers Can’t Afford Median-Priced Homes
Atlanta Fed: The affordability index hit 92.2 – and any number below 100 means housing is generally unaffordable. If interest rates rise, that number will probably go lower.
Real Estate Firms, COVID and Returning to the Office
As in firms nationwide, real estate companies vary greatly in return-to-the-office policies. A handful mandate vaccines for everyone; others say they never closed.
Mortgage Rates Oddly Stable, 30-Year 2.88% This Week
The economy appears balanced if mortgage rates are an accurate reflection. This week’s average 30-year, fixed-rate loan rose only slightly from last week’s 2.87%.
Transaction Check: NFIP Flood Rates to Change on Oct. 1
Buyers who close after Oct. 1 and need flood insurance should understand upcoming flood insurance changes. The new rating system is property-specific and not yet published, but 12% of Fla. homes will see at least a $120 yearly increase. Buyers may be able to assume a seller’s policy and rates, however.
Ransomware, Data Theft, Hacking? Consider Cyber Insurance
Cyber insurance is tricky because it focuses on intangible data. How do you value that and then insure potential risk? But in today’s world, it’s worth considering.
Sea-Level Rise Could Impact Homes 20 Miles from Water
While ocean-view homes seem most at-risk for rising seas, coastal metros that rely on canals and water management can find that flood waters have no place to go.
Buyers Writing a Love Letter? Give Them a Reason Not To
NAR is still warning Realtors about the dangers of “love letters” that some buyers write to sellers. In some cases, they create a potential fair housing violation.