Though home prices across much of the U.S. are coming down, strong demand remains for houses that are priced to their market, agents say. "If homes are priced right, they will still sell almost immediately, and I think our market will remain relatively vibrant even as rates go up this year," says Mark Hite of Real Estate Partners in Tennessee.
Real estate professionals play an important role in helping sellers and buyers adjust expectations in a cooling housing market. "During this time of transition, sellers are learning the importance of associating themselves with an agent who can help them set a realistic asking price and then help them negotiate both price and conditions for the best possible outcome," writes Sarah Scattini, president of the Reno/Sparks Association of REALTORS®.
Data tracked by the Black Knight mortgage analytics firm shows that price appreciation has slowed across the U.S. housing market, though prices remain above 2021 levels. Supply and demand metrics still favor higher prices, even as higher interest rates and inflation deter some buyers.
Rental costs are still rising, but at a slightly lower rate than seen in recent months, with Jay Lybik of the CoStar Group data firm characterizing the change as a rapid retreat for the market. Cities that saw a surge in demand are retreating fastest, data show.
Fannie Mae Chief Information Officer Ramon Richards says the mortgage financer is in the middle of a business and technology transformation, striving to reinvent "our talent, processes, technology environment, and the way we deliver new solutions." Agile development has been key in all aspects, including collaboration, employee empowerment and testing and learning, Richards says.
More than 4 million apartment units will be needed in the next 13 years to address a national shortage in housing, with the current shortage standing at 600,000, according to a study by the National Multifamily Housing Council and the National Apartment Association. "Whether it is a multifamily residence, duplex or single-family home, we need a massive supply of new for sale and rental homes—including millions of new apartments by 2035," said Doug Bibby, president and CEO of the housing council.
A long-running legal dispute between an individual borrower and a firm trading as Reverse Mortgage Solutions appears to have ended with the 4th Circuit Court of Appeals ruling in favor of the lender. Under the terms of the Truth in Lending Act, the borrower argued they were not obliged to return such proceeds of the loan as they had received, as a notice of rescission had been issued, but the court overruled this argument.
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.
SmartBrief Publishes More Than 200 Free Industry Newsletters - Browse Our Portfolio