Sellers can't be greedy anymore As escalating mortgage rates and home prices shrink the pool of buyers, help your sellers understand why they'll likely need to readjust their expectations. Full Story: REALTOR® Magazine (6/21)
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Adapting business buildings grows residential stock Los Angeles is among major cities finding success by converting distressed office and industrial buildings into residential real estate, a move that is "breathing in new life into these underutilized buildings," says Roberto Vazquez of Omgivning, an adaptive reuse project company. "It not only helped convert the [downtown] area from being run down and dilapidated, it beautified it and gave a sense of purpose and belonging for the residents here," Vazquez says. Full Story: The Globe and Mail (Toronto) (tiered subscription model) (6/22)
Secret rooms, hidden treasures keep showings interesting Real estate professionals share stories of finding secret rooms during a showing, including one case in Amagansett, N.Y., in which agent Dylan Eckardt found a hidden marijuana cultivation room. Broker Kay Moon recounts the discovery of a large golden Buddha statue locked away inside the closet of a 700-square-foot New York apartment. Full Story: The Wall Street Journal (6/22)
Technology & Innovations
Technology streamlines processes for Homepoint associates Chris Murphy of Homepoint talks about the use of artificial intelligence-driven models and machine learning to help serve brokers amid ongoing market fluctuations. Machine learning, for example, enables the wholesale mortgage lender to optimize loan assignments to associates. Full Story: Forbes (tiered subscription model) (6/22)
For investors, affordable housing buy-in makes dollars, sense Many investors say they plan to keep affordable housing in their portfolio for the long term, citing tax benefits and good returns. "The durability of cash flows—along with impact—is the most compelling case for investing in the asset class," says Warren Horvath, senior vice president for CBRE. Full Story: WealthManagement (6/22)
Legislation & Regulation
Facebook changing real estate ad system after settling lawsuit Meta has reached a settlement with the Justice Department, agreeing to change algorithms in Facebook's advertising system that allegedly violate the Fair Housing Act. The government says that housing advertising within Facebook discriminated against users based on factors such as gender, disability status and race. Full Story: The Washington Times (6/22)
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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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