High demand for appraisals is delaying the underwriting process



Home appraisers are struggling to keep up with a sudden surge in home buying and refinancing. As a result, turnaround times for appraisals are increasing, causing delays in the underwriting process, HousingWire reported this week. HousingWire said a survey of lenders showed that many are being quoted two to three weeks for an appraisal, which […]

Tenant groups become increasingly militant to prevent evictions



With moratoriums on evictions throughout the country starting to expire, tenant groups are stepping in to try and save people from losing their homes. Tenant organizers in South Central Los Angeles last week quickly organized a protest after a local landlord removed one resident’s belongings following their eviction. The landlord had changed the locks on […]

New York can now revoke licenses from real estate pros that discriminate



New York Governor Andrew Cuomo on Monday signed into law new legislation that makes it possible for the state to revoke real estate licenses from agents and brokers who violate anti-discrimination laws. Cuomo said New York has “zero tolerance” for discrimination of any kind and that the “sheer scope and breadth of the unscrupulous and […]

Redfin says 45% of home offers this year made ‘sight-unseen’



Buyers feel more comfortable shopping for homes online thanks to innovations such as virtual tours, and growing numbers are even making an offer on a home without seeing it in person. Redfin said last week that the trend of “sight unseen” offers is reaching record highs, with 45% of buyers who purchased a home in […]

Renters are moving towards the suburbs, Zillow says



While the for-sale market has shaken off the early impact of the coronavirus pandemic and resumed its torrid pre-pandemic pace, rent growth hit the brakes this spring. Rent prices in urban areas have slowed more than those in suburban areas, new Zillow data shows, a possible signal that renters’ preferred location is tilting toward the […]

Buyers are sweetening the deal by waiving contingencies



With home buyers facing tougher competition this year amid ongoing housing shortages, some are trying to gain an edge by waiving contingencies to make their offers look more enticing. Redfin said this week that almost 20% of successful offers submitted by its agents in June in select U.S. markets waived the inspection contingency, compared to […]

Listing prices hit record high in July



The ongoing coronavirus pandemic has done little to stem interest in the housing market. Home prices across the U.S. continue to accelerate, and last month they moved into uncharted territory as the national median listing price reached $349,000 in July – a record high. That’s according to Realtor.com’s latest Monthly Housing Trends report, which noted […]

Instgram Reels video app to launch in August



Tech-savvy real estate professionals will be interested to learn that Facebook is launching a new app to take on TikTok. The app is called Instagram Reels, and like TikTok will be a video platform that enables users to create short, interactive clips with musical soundtracks. A large number of real estate pros already use social […]

Study: New York real estate agents earn the most



Real estate professionals are making more money, according to a recent study by the National Association of Realtors. The study shows that the median gross income of affiliated realtors in 2019 was $49,000, up from just $41,800 the year before. Meanwhile, those with 16 years or more experience tend to make a lot more than […]

Fed votes to keep interest rates at near zero again



The Federal Reserve this week voted to keep its benchmark interest rate at close to zero. The move should help ensure the cost of home loans remains down, long enough for the economy to begin its recovery from the COVID-19 pandemic, experts said. The Fed also said it’s extending its credit and lending initiatives until […]