Friday, September 23, 2022 / by Dave Magua
Where I live in South Florida, six of the 10 homes in our tiny plaza have been rebuilt, modified or improved. Our utilities are being under-grounded, a park is being restored and new streets are being laid.
We are not unique. The entire country experienced a housing boom that set off a neighborhood infrastructure metamorphosis.
Measured by the number of cranes, the skyline expresses a collective promise of the future.
Now the housing market has suddenly flipped upside down.
Listings are piling up. A year ago, our little village had 39 homes for sale; 242 are on the market today.
Slammed by the doubling of mortgage rates, buyers withdrew and agents became skittish, as the great real estate party came to an end.
But the benefits of the boom are going to stay with us for many years to come. New homes were built, roads repaved, utilities upgraded, old houses improved and streets re-landscaped.
Homeownership triggers investment. Unlike buying a caN ...
Tuesday, September 20, 2022 / by Dave Magua
After outpacing the competition, market conditions have finally caught up with the iBuyer, forcing it to prove that its model still works — even in a downturn.
Opendoor’s buy-to-sale premium — the difference between the purchase and resale price of its homes — has reached a record, negative low
Why it matters: For the first time in its existence, Opendoor is entering territory, where, in aggregate, it is selling homes for less than their purchase price.
• This certainly puts the company (and business model) under pressure, and is reminiscent of the situation faced by Zillow last year.
Go back: Opendoor outperformed Zillow during the dark days of 2021 (when Zillow Offers imploded); its buy-to-sale premium never dipped below zero percent.
• At the time, this demonstrated that Opendoor’s pricing operation was a powerful competitive advantage.
Monday, September 19, 2022 / by Dave Magua
With all but a handfull of states now allowing remote online notarization, title and settlement services provider Amrock is ready to give its clients the ability to close a home loan on a smart phone from anywhere in the world.
Amrock’s parent, Rocket Companies, already allows borrowers to apply loans from Rocket Mortgage and lock their rate from a smart phone.
Proprietary technology Amrock has developed to electronically close (eClose) mortgage transactions, “represents the final step in Rocket Companies’ creation of a seamless, end-to-end real estate experience clients can use to go from application to closing on the iPhone or Android phone they use every day,” the company said.
Having launched a pilot program in April, Amrock is now providing mobile remote online notarization (RON) eClosings for borrowers who are refinancing, wherever state laws allow the practice.
Amrock plans to roll out mobile RON capabilities for purchase mortgages in those stateR ...
Thursday, September 15, 2022 / by Dave Magua
Boca Raton, FL
Thu Sep 15 2022 This week the median list price for Boca Raton, FL is $1,187,500 with the market action index hovering around 36. This is less than last month's market action index of 38. Inventory has decreased to 598. Click here to stay informed with the Boca Raton market!
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
Never miss important changes in the Boca Raton ...
Wednesday, September 14, 2022 / by Dave Magua
As the market continues to shift and ambles closer to a buyer’s market, some buyers currently in contract are developing a severe case of buyer’s remorse. Doubtful of their purchase and questioning the timing, some are looking for any excuse possible to bail out of the contract.
Just a few short months ago, most offers we received had most if not all contingencies removed. Fast forward to today, and homes are now going into contract with all contingencies in play. This effectively means that if anything happens to the loan, the property appraises undervalue or something detrimental is discovered during the inspection period; then the buyer has a right to cancel and get their deposit returned (rules and procedures vary from state to state).
The recent uptick in canceled contracts reveals that buyers with tepid toes have begun actively looking for valid ways to terminate their purchase. Here is our list of top 15 potential deal-breakers:
1. Apprais ...