adplus-dvertising
Connect with us

Real eState

Former ‘Million Dollar Listing Miami’ star reveals the ‘game changer’ in US real estate heading into 2023

Published

 on

Real estate has proved to be a “tricky” market to navigate, but one industry expert argues mortgage rates trending downward at the close of 2022 will be the “game changer” heading into 2023.

“One thing that I really will say that’s the game changer in real estate are mortgage rates,” DeBianchi Real Estate’s Sam DeBianchi, who starred on Million Dollar Listing Miami’s only season, said on “Mornings with Maria” Tuesday.

“The higher these rates are, the more people want in a home. So they want the new home. They want the home with all the bells and whistles. They don’t want the fixer-uppers, and they want to have everything built into that mortgage.”

300x250x1

The U.S. Census Bureau reported a 5.8% increase in new home sales in November, and DeBianchi says this may only increase in 2023 as the current mortgage rates prompt buyers to look for new homes rather than renting or purchasing fixer-uppers.

“Rates have really transformed the buying landscape because now buyers don’t want the fixer-upper, they don’t want to come out of pocket. They’re saying, ‘well, if I’m going to have to pay 6%, then I want everything to that.’ And that’s really the focus.”

Sam DeBianchi Real Estate Mortgage Rates

DeBicanchi Real Estate’s Sam DeBianchi argues mortgage rates are the “game changer” in the “tricky” housing market heading into 2023. (FOX Business)

The October S&P Case-Shiller report released Tuesday morning showed home prices declined across the country for the fourth consecutive month, lending to the increase in home sales.

“As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be a headwind for home prices,” Craig J. Lazzara, Managing Director at S&P DJI, said in the report. “Given the continuing prospects for a challenging macroeconomic environment, prices may well continue to weaken.”

DeBianchi echoed this analysis, arguing that while home prices may see a decrease, mortgage rates are still a bigger factor for buyers.

“It’s predicted next year that the median price point will be 385,800 for an existing home, not a new home, but an existing home. And obviously, as rates go up, it’s really putting a lot of people on the sidelines.”

Despite the recent drop in rates over the past six weeks, year-over-year mortgage rates have seen a dramatic increase over the past year. Last week the 30-year fixed rate averaged 6.27%, down from 6.31% the week prior, but more than double the rate of the 2021 30-year FRM at 3.05%.

The 15-year fixed-rate mortgage averaged 5.69% up from two weeks ago when it averaged 5.54%. A year ago, the 15-year FRM averaged 2.30%.

DeBianchi explained many buyers are opting to purchase a house to reap the benefits and look to refinance in the future, but low inventory remains an issue.

“It’s supply and demand; inventory is so tight. So there’s still not a lot out there to really pull these prices down.”

Still, the real estate expert urged, people are gravitating towards homeownership.

“What I am seeing are [sic] that buyers are saying, ‘you know what? There’s not a lot of inventory out there. Rents are still very much sky-high. So I’m going to go ahead and buy this house now.'”

for sale sign in front of building

A For Sale sign is displayed in front of a house in Washington, DC, on March 14, 2022. (STEFANI REYNOLDS/AFP via Getty Images / Getty Images)

Debianchi referred to many homeowners as being “over-leveraged,” which she explained will eventually cause more properties and homes to hit the market and dramatically expand the inventory for buyers.

“So there’s money to be made. Don’t get greedy. But I do think that there are quite a few over-leveraged people and we’re going to see those properties hit the market. Is it going to be a crash? No, but at least we’ll have that many more homes and opportunities for people to buy.”

While the end of 2022 saw a significant increase in the purchases of new homes, there was a drop-off of 7.7% in November for existing home sales.

DeBianchi attributes the trend of new home purchases to buyers wanting more bang for their buck considering the inflated price tag and significantly larger mortgage rates compared to this time last year.

“It’s a tricky market. I think that with rates coming down, that’s going to be the game changer.”

FOX Business’ Jay Spoehel and Megan Henney contributed to this report.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

Vancouver duplex owners deny scuttling $1.8-million real estate sale – Vancouver Sun

Published

 on


Maria and Panagiotis Pappas, who own a home at 3257 West 2nd Avenue, filed a lawsuit against their neighbours, Jordan Mark Bower and Maureen Culver Elworthy.

300x250x1

Article content

The owners of one half of a Vancouver duplex who are being sued by the owners of the other half of the property deny a claim that they scuttled a $1.8-million real estate sale following a “toxic” dispute over common property.

Advertisement 2

Article content

Late last year, Maria and Panagiotis Pappas, who own a home at 3257 West 2nd Ave., filed a lawsuit against their neighbours, Jordan Mark Bower and Maureen Culver Elworthy, who own 3255 West 2nd Ave., the other half of the duplex.

Article content

The plaintiffs said that they had been living with their neighbours for more than a year with no discussion of legal or property issues until January 2021.

A dispute arose when Bower and Elworthy proposed what the plaintiffs are calling a “complete” redrawing of all common property space on the ground-floor outdoor areas of the home.

The plaintiffs say they consider the proposals to be completely one-sided and beneficial to the defendants.

As a result, say the plaintiffs, they offered to simply sell their property and move to allow Bower and Elworthy to negotiate with new owners as to any changes of common property.

Advertisement 3

Article content

They say that after putting their home up for sale, they received an offer on Oct. 8 for $1.85 million.

The offer was partly contingent on the buyers receiving confirmation from the defendants that a civil resolution tribunal case that had been filed against the plaintiffs would be, or already was, discontinued, says the plaintiff’s lawsuit.

The plaintiffs alleged that Bower and Elworthy displayed a “confrontational” attitude with the buyers, and as a result, the sale collapsed.

But in a response to the lawsuit, the defendants say that the proceedings concern what they consider to be the plaintiffs’ unauthorized use of common property in violation of the bylaws of the strata corporation.

The two properties are collectively a strata corporation, although the corporation has never complied with strata laws and there have never been annual general meetings. There is no budget or council meetings, according to the plaintiffs’ lawsuit.

Advertisement 4

Article content

Bower and Elworthy say in their response that the first discussion of property issues occurred in April 2019 when they tried to perform a home inspection.

They say they attempted to negotiate with the plaintiffs to find an amicable solution to the issues, but were ultimately unsuccessful and as a result commenced proceedings in the civil resolution tribunal.

Bower and Elworthy deny that the plaintiffs were selling their home in a bid to get away from them and were instead selling it for financial reasons.

They deny that they were unreasonable or confrontational with the prospective buyer, or that they caused the offer to be withdrawn or the contract to collapse.

“At no time did the defendants seek to scuttle the contract. At all material times, the defendants negotiated in good faith with the prospective buyer and had only communicated with the prospective buyer because the plaintiffs (through their realtor) requested them to.”

Advertisement 5

Article content

The defendants say it was their desire that the contract between the prospective buyer and the plaintiffs be completed.

“In furtherance of that desire, the defendants spent many hours communicating with the prospective buyer and obtained legal advice to assist with reaching a solution so that the bylaw violation could be addressed and the (civil tribunal) claim withdrawn.”

kfraser@postmedia.com


More news, fewer ads: Our in-depth journalism is possible thanks to the support of our subscribers. For just $3.50 per week, you can get unlimited, ad-lite access to The Vancouver Sun, The Province, National Post and 13 other Canadian news sites. Support us by subscribing today: The Vancouver Sun | The Province.

Advertisement 1

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

Ottawa Valley real estate ends on a high in a dismal year – Ottawa.CityNews.ca

Published

 on


The 2022 real estate year in the Ottawa Valley ended with a little bump in what can best be described as a year to forget if you are a realtor or an individual searching for that perfect home at a reasonably affordable price. 

The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totalled 83 units in December 2022. This was a substantial decline of 21 percent from December 2021 but still came in around average levels for this time of year.  

The year started off slow and never really gained any momentum during the 12 months, a trend that the rest of Canada was mired in for the first eight months of the year.  

300x250x1

In its final report of the year, the Canadian Real Estate Association (CREA) reported the national slower than usual real estate sales in the first half of the year was caused by a number of factors.  

“In 2022, we saw one of the biggest single-year shifts on record in Canadian housing activity, from record highs last winter to just below the 10-year average to end the year,” said Jill Oudil, chair of CREA. “That said, the market’s adjustment to higher rates may be mostly in the rear-view mirror at this point. That could start to bring buyers back off the sidelines this spring.   

Leading the way for the slump in sales was the uncertainty of the Canadian mortgage rates and the pattern of following the American bank rate that was drastically increased over the latter part of the year.  

The Federal Reserve waged a war on inflation throughout 2022 and as a result the interest rate set by the Fed increased by a whopping 4.25 per cent during the 12 months. The high rate of inflation, the war in Ukraine, shortages of materials in the global supply chain all contributed to the massive increases. 

In Canada, the Bank of Canada often followed suit. In October the cost of borrowing to purchase a home was determined by the national rate which sat at 1.75 percent. By December 2022, it was 4.25 per cent.   

In Renfrew County, home sales were eight percent below the five-year average and six percent above the 10-year average for the month of December. On an annual basis home sales totalled 1,652 units over the course of 2022. This was a significant decrease of 25.9 percent from the same period in 2021. 

The average price of homes sold in December 2022 was $402,804, down sharply by 10.1 per cent from December 2021. 

The more comprehensive annual average price was $465,948, an increase of 14.2 per cent from all of 2021. 

The dollar value of all home sales in December 2022 was $33.4 million, a big reduction of 28.9% from the same month in 2021. 

The number of new listings increased by 8.2 per cent (five listings) from December 2021. There were 66 new residential listings in December 2022. 

New listings were 9.1 per cent below the five-year average and 21.7 per cent below the 10-year average for the month of December. 

Active residential listings numbered 226 units on the market at the end of December, more than double the levels from a year earlier, surging 113.2 per cent from the end of December 2021. 

Active listings were 20.3 per cent below the five-year average and 55.5 per cent below the 10-year average for the month of December. 

Months of inventory numbered 2.7 at the end of December 2022, up from the one month recorded at the end of December 2021 and below the long-run average of 7.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

8Twelve Enters into Mortgage Solution Agreement with Your Home Sold Guaranteed Realty – Financial Post

Published

 on


Article content

TORONTO, Jan. 30, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to Your Home Sold Guaranteed Realty (“YHSGR”), its agents and their clients.

8Twelve’s proprietary INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products.

Advertisement 2

Article content

Article content

At Your Home Sold Guaranteed Realty, we invest in our agents more than any brokerage you will find,” said Todd Walters, CEO and Co-Founder. “Partnering with 8Twelve fits our model perfectly because we consistently equip our agents with differentiating tools that help them to build their business and dominate in the industry. This partnership ensures that YHSRG realtors have the best tool to secure financing for their deals.”

YHSGR is the only real estate brokerage in North America to be licensed by the US and Canada’s #1 real estate Coach Craig Proctor. The distinction brings with it exclusive access to Craig Proctor’s proprietary business teachings and systems for YHSGR agents; systems that have been proven to create more millionaire agents than any other real estate trainer or coach.

Advertisement 3

Article content

“With rising interest rates and tighter lending requirements, Canadians now more than ever need to know all their home financing options,” said Akber Abbas, President & Chief Information Officer of 8Twelve.  “This agreement highlights the strength of our service offering in enabling large scale enterprises to deliver the best financing solutions to their clients.”

8Twelve is seeing increased interest and user success in its offering as companies are exploring more ways to help their clients.  8Twelve’s secure, smart technology is able to provide fast turnarounds and exceptional service levels to homebuyers as it strives to provide a mortgage solution for every borrower situation.

About Your Home Sold Guaranteed Realty
Your Home Sold Guaranteed Realty was founded with this vision: To Be the Best Place to Work, Buy, and Sell Real Estate! We are proud to be one of the fastest-growing real estate companies nationwide. If you’re looking to buy or sell a home, Your Home Sold Guaranteed Realty is there for you every step of the way. You can count on knowledgeable agents with PERFORMANCE GUARANTEES that are ready to handle every situation, giving you the peace of mind that you made the perfect choice in a Real Estate Agent and Company!

Advertisement 4

Article content

About 8Twelve Financial Technologies
8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).

Follow 8Twelve on:
FacebookTwitterLinkedin

Contact:
Rick McLaughlin
Email: rick@8twelve.mortgage 

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending