7 most popular bathroom upgrades Homeowners are spending a median of $9,000 on bathroom renovations, which is 13% higher than last year, a new study finds. These are their favorite trends. Full Story: REALTOR® Magazine (9/7)
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Best Practices in Sales & Marketing
6 steps for creating a virtual tour for real estate Virtual tours in real estate have become increasingly popular, with 61% of home buyers rating virtual tours the most helpful technology in the buying process. Anyone can create a high-quality virtual home tour with a camera and software such as Klapty and Matterport. Full Story: Forbes (tiered subscription model) (8/31)
Real Estate Trends
Report: Single-family homes won't see big price drop The multifamily housing market continues to be strong, but the single-family sector is holding steady, according to a new report from Marcus & Millichap. "The number of home listings nationwide in July remained nearly 35% shy of the same month's average between 2015-2019," according to the report. "Low inventory will fortify the sector from a significant price collapse." Full Story: GlobeSt (free registration) (9/6)
The housing market is not in recession, expert says Despite housing sales falling in response to rising interest rates, the nation's housing market is not in a recession, according to University of Pennsylvania Professor Fernando Ferreira. The current state of the housing market is primarily due to a mismatch of supply and demand, so cities should loosen regulations on construction to bolster more homebuilding. Full Story: Knowledge@Wharton (9/6)
Mortgage demand drops as interest rates rise in August The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week, up from 5.8% the week before, according to the Mortgage Bankers Association. "Recent economic data will likely prevent any significant decline in mortgage rates in the near term, but the strong job market depicted in the August data should support housing demand," says Mike Fratantoni, MBA senior vice president and chief economist. Full Story: CNBC (9/7)
Technology & Innovations
Tech is helping small operators get into rental market The rental housing industry is ripe for entrepreneurs, especially with the new technology that makes property management and marketing easier for small operations, writes Jon Ziglar, CEO of Rent. The rise of omnichannel platforms combine a lot of rental functions and advertising into one place, allowing for more engagement of potential renters, he says. Full Story: Entrepreneur (9/2)
Business Wellness
Carl Carter: Life since my mother's murder The son of slain Arkansas real estate agent Beverly Carter opens up about her death and how it awakened his drive to ensure every practitioner comes home safe. Full Story: REALTOR® Magazine (9/1)
Fair & Equitable Housing
Developers seek ways to push affordable housing projects Inflation and rising interest rates are creating challenges and delays for affordable housing projects, as developers are finding it difficult to secure financing. However, recent action by the Treasury Department could unlock more funding for these projects, and some developers are looking for ways to cut costs. Full Story: The Wall Street Journal (9/3)
How to create a more diverse underwriting portfolio To improve diversity in real estate underwriting, look at a borrower's character and vision for the investment instead of relying on the property's location, says Susan Naftulin, co-founder of Rehab Financial Group. "Inclusive lending doesn't take a reimagining of the underwriting process but rather requires a much more human and personalized approach," Naftulin writes. Full Story: Forbes (tiered subscription model) (9/6)
The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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