The recent changes to real estate commission rules, which took effect on August 17, 2024, significantly alter how commissions are structured in real estate transactions. Historically, home sellers were required to pay commissions for both their listing agents and the buyer’s agents, typically resulting in total commission rates of around 5-6%. However, due to a recent settlement involving the National Association of Realtors (NAR), this requirement has been removed, allowing for more flexibility and competition in commission negotiations.
Click Read More below for Key Changes with the new law and Video to help better explain the potential impact.
Barbara discusses the outlook for the real estate market and why she believes prices will ‘go through the roof’ if interest rates drop. Corcoran also advises that if you want to buy a house, the time is “right now.” As people wait for rates to fall before entering the market, she warns that the optimal time will see “everybody in the market,” and she questions, “Why would you wait for that?”
Click Read More below for two great Barbara Corcoran videos.
The NAR settled a lawsuit without acknowledging they or the membership had done anything wrong. The lawyers, real estate disruptors, and the buyers who brought the suit have done more to confuse the process than help anyone other than themselves. It’s not a win for buyers or sellers. The major news outlets continue to misinterpret what this settlement means.
This post will help explain how the lawsuit will impact the real estate industry. There are two excellent videos here plus some opinions on the potential possibility of a tidal wave of dual agency transactions. Click Read More below for the whole post.
Mortgage rates have fallen for nine consecutive weeks and are expected to drop further although many think it’s unlikely that rates will drop below 6%.
The Federal Reserve’s campaign to lower inflation through rate hikes had a significant impact on the housing market. Now that inflation is easing, and interest rates are falling, it’s likely buyers who have been sitting on the sidelines might get back in the game.
The big question for 2024 is will there be a notable increase in inventory? The general consensus among real estate professionals is optimistic as you’ll see in the video included in this post. All expectations are for an increase in inventory. But, truthfully, only time will tell. All indicators at this stage look good without any significant unforeseen disruptions.
Click Read More below for Market Update, last year’s sale’s statistics, and a very timely Altos Research video.
You may be wondering why a real estate blog would post something about Martin Luther King. Many people are not aware of how much Martin Luther King helped the lives of home buyers, sellers, and real estate agents.
Martin Luther King’s death gave Congress the last push needed to pass the Fair Housing Act in 1968. The Fair Housing Act was put into place to ban racial discrimination in housing. You cannot be refused the rental or purchase of a house based on your race.
It didn’t happen overnight. Believe it or not, it still can and does come up. In 2020 the National Association of Realtors passed a ban on all Pocket Listings. Pocket listings are listings held off the market by a real estate agent who shares that information with whomever they so choose. Studies have shown that the last people to hear about Pocket Listings were people of color.
A large number of homes are sold off the market. Sometimes the agent with the pocket listing double-ended the sale. The ban on Pocket Listings began on January 1, 2020. Implementation of this new law began on May 1, 2020. There are a few scenarios where the sale of an off-market property is probably ok. Such as the sale of a property within a family, or a buyer and seller that have already come to an agreement and request a real estate professional to help conduct the sale. If you’re not sure what may or may not be legal in this regard you may need to consult with an attorney.
As professionals, we’re tasked with making people aware that discrimination based on race is not acceptable. We must refuse to work with anyone that wants to do so. I’m proud to be a part of this ongoing history.
Today, January 15, 2024, we celebrate the life of Martin Luther King.
Click Read More below for more information.
California home prices are holding steady as high interest rates test the housing market according to the California Association of Realtors.
Persistently high mortgage rates continue to test California’s housing market as home sales fell for the fourth consecutive month in September, while the median price rose from the year-ago level for the third straight month to record its largest year over year gain in more than a year.
The President of the California Association of Realtors Jennifer Branchini says, “With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today’s interest rates. More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from.
Click Read More below for more information and video.
The American Institute of Architects, Santa Barbara is proud to announce its 14th annual ArchitecTours. This year’s tour features projects in various communities near downtown Santa Barbara. The projects include newly completed residences on the Mesa, as well as mid-century and cottage-style accessory dwelling units. In addition, tour-goers will also have the chance to visit multi-unit senior and veteran housing projects, Drift Hotel, and SB Biergarten. The spaces demonstrate the beauty of Santa Barbara’s signature indoor-outdoor lifestyle and the diversity of our local communities.
Click Read More below for more information for this weekend’s ArchitecTour!
It is here where the anchor drops. A one-of-a-kind masterpiece designed and rebuilt by a father (engineer) and son (carpenter)...
106 Homes sold in August 2023 down from 133 homes sold this time last year. Low inventory continues to drive sales. 40% of homes sold in southern Santa Barbara were “all cash.” Although the market has softened slightly here in September there’s a strong possibility that the market will pick up as we head into October and November.
Click Read More below for more statistics, graphs, charts, and video.
Buyers and sellers’ sentiments remained virtually unchanged in August 2023 as housing market participants waited for more signals on what the Fed’s next move will be.
With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated. As costs of borrowing continue to rise consumers might be tapped out. It’s possible that the economy will show signs of slowing later this year, and if that happens, the Central Bank will have no choice but to cut rates starting the first quarter of 2024. Mortgage rates might begin declining in the fourth quarter of this year and possibly improve next year.
The decline is expected, and if that occurs, will most likely be gradual.
Click Read More below for some very insightful videos into the current real estate housing market.
