An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

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How brokers can help today’s unique borrower

The average borrower has drastically changed throughout the years. More borrowers are self-employed, work remotely and have multiple streams of income. Learn about the tools to assist any borrower quickly and effectively.

Experts on how AI makes a difference in the mortgage process

Today’s HousingWire Daily features a roundtable discussion on “Humans versus really smart machines” and what the right mix looks like to gain efficiencies in the mortgage loan manufacturing process.

Mortgage

Is this housing market affordable for the average shopper?

Four strategies agents have used successfully

HW+ couple buying a home

Crazy. Horrible. Grueling. These are the words real estate agents use when asked to describe the current state of the market and what it’s like to buy a home today. Buyers are facing unprecedented challenges, they say, due to a confluence of housing market conditions:

  • Pricing. Redfin reported earlier this month that the national median home-sale price hit a record high of $377,200 in May, up a record 26% year over year. Over half of homes — 54% — sold above their list price in May for the first time on record.
  • Bidding wars. Redfin also reported this month that seven in 10 buyers — 70.4% — faced bidding wars in May. That’s down slightly from the prior month, but it still indicates that house hunters are facing unprecedented levels of competition as demand skyrockets.
  • Lack of inventory. Real estate agents cited a lack of inventory as the main hurdle preventing their clients from completing a transaction, according to the National Association of Realtors. Due to the pandemic, homeowners have been reluctant to list their homes, so available homes — in any condition — get snapped up quickly.

Donna Deaton, managing vice president of Re/Max Victory + Affiliates in Cincinnati, who has 19 years of experience, sums up the current buyers’ market as follows: “It’s absolutely horrible,” she said. “We don’t have any inventory. If you’re an FHA or VA buyer, you don’t stand a chance. If it’s a new property on the housing market in an ideal location and move-in ready, it’s a cash buyer or a minimum 20% down buyer. Most of the buyers in this area are putting offers in with no appraisal gap — willing to take care of anything that doesn’t appraise — and no inspections, which makes me cringe.”

So, what does this mean for buyers? Should they give up?

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