Home Prices Fall and Listings Soar: Could It Be a Great Time To Buy Despite High Mortgage Rates?

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As the housing market barrels toward the end of the year and all of its holiday trimmings, potential homebuyers are likely wondering what’s in store for the coming season.

Home shoppers looking for lower asking prices can officially check that off their wish list. November’s median home list price of $417,000 was much more wallet-friendly than June’s record high of $449,000, according to a recent report from Realtor.com®.

Yet the volatile real estate landscape is not quite ready to bring only glad tidings. High mortgage rates—which, as of Wednesday, hover at 6.58% for a 30-year fixed-rate loan—are a stark reminder that many buyers might still struggle on the affordability front.

“Even though prices are down month to month, they’re still up by double digits from a year ago,” says Danielle Hale, chief economist of Realtor.com.  “And with mortgage rates also up, buying a home is more expensive than last year.”

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What do the clients of tomorrow need (and how can your brokerage offer it)?

You and your brokerage must always look ahead, stay nimble and anticipate the needs and expectations of tomorrow’s clients.

Broker Spotlight: Leslie Guiley, Side Inc.

This week the spotlight shines on Leslie Guiley, managing broker of Side Inc. Arizona. Find out how she got her start and grew her business not just once but twice.

Bidding on a Brooklyn Brownstone, With a Baby on the Way. Which One Did They Buy?

He had his eye on architectural details and rental revenue. She wanted a close-knit community and a space with room for the grand piano that started their relationship. Here’s what they found.

Strong leadership isn’t mistake-free. How leaders need to be in 2023

Strong leadership isn’t about never making mistakes, Livian CEO Adam Hergenrother writes. Here are the dos and don'ts that leaders should heed as we head into the new year.

Counties at greatest risk for housing market declines: Report

The data does not suggest a steep drop in home prices is imminent, according to the report, but shows that different areas are facing lower and more elevated levels of risk as the U.S. economy remains in an uncertain area.

A $1M Contemporary Home Designed for Musicians Sets the Tempo in Ohio

Realtor.com

A harmonious home built for musicians is on the market in Oberlin, OH. You can scoop it up for $1 million.

The spectacular style of the two-bedroom dwelling was the talk of the town when it was custom-built in 2004 for a married musician couple.

The eye-popping property has again created a buzz now that it has come up for sale.

Highlights include a magnificent open performance area, custom cabinetry from Ferrari, and the natural surroundings.









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Amen for Affordability! A Former New York Church Is Available for $359K

Realtor.com

For a buyer on the hunt for a divine dwelling, we’ve found an opportunity in upstate New York. This building on a corner lot in the small town of Guilford is simply heavenly.

The 1,784-square-foot structure began its life as a church, was then transformed into a restaurant, and is now a single-family home.

On the market for $359,000, the converted chapel awaits its next owner.

“This [building] replaced an old wooden 1800s church that sat on the same foundation and burned down in the 1920s,” explains listing agent Jonathan Dokuchitz, with Keller Williams. “They rebuilt this church in the 1930s out of stone, because they wanted this one to last.”












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Redfin economist: ‘We’re going to have pain’ while high inflation lasts

Daryl Fairweather also said during her Yahoo Finance appearance that "demand is very weak" as both homebuyers and sellers take a breather from the housing market.

Built in 1730, a Classic Connecticut Farmhouse Is the Week’s Oldest Property

Realtor.com

A classic New England farmhouse in Union, CT, is the oldest property to hit the market this week on Realtor.com®.

The sprawling home on 10 acres could be used as a single-family residence or turned into a bed-and-breakfast. The four-bedroom home comes with a workshop and greenhouse, as well as a custom pool, hot tub, and barbecue area.

Other vintage gems on the market this week include an affordable saltbox in Connecticut, a well-preserved farmhouse in Maine, and a Spanish Colonial in Puerto Rico.

Scroll down for a full look at this week’s 10 oldest homes.











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First Community Mortgage recognized for ethical practices

Subsidiary of First Community Bank of Tennessee has also been recognized for its efforts to reach a diverse population of borrowers.

Local association’s revenue bump funds national ad campaign

Broward, Palm Beaches and St. Lucie Realtors' "Only a Realtor" commercials are a "local contribution to creating a national movement," the association says.

Here are the 10 best (and worst) cities for women in real estate

Women in real estate in Toledo make 136 percent of the earnings of men in real estate in the city — the fourth highest in the country, survey says. Women also hold a majority of real estate jobs in the city at 59 percent of all real estate jobs.

‘Fixer to Fabulous’ Is Back—With a Charming and New Kitchen Upgrade That’s Bound To Catch On

HGTV

Arkansas home renovators Dave and Jenny Marrs are back for Season 4 of “Fixer to Fabulous,” transforming ho-hum homes into one-of-a-kind gems.

In the season premiere episode, “Family Home With Aussie Flair,” the Marrses help Australian Olympic athlete Mike and his wife, Jennifer, convert a three-bedroom, three-bath 1980 home into a more modern residence that will serve their current and future needs.

After all, their three kids are not toddlers anymore, so their “playroom” requirements are a bit different. Meanwhile, the parents now want a suite of their own on the other side of the house from the kids, and Mike just needs a good space where he can prepare his cuppa (Aussie/British slang for a cup of tea).

As Dave and Jenny attempt to exceed expectations with a generous budget of $180,000, they come up with some pretty slick ideas, including one they claim they’ve never done before. Take a look for inspiration on what you might like to try around your own home, too.

Remodeled fireplace
New white oak flooring
Tea station
Secret game room
Movable homework/crafts island
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Airbnb partners with building owners to let renters act as hosts

Tenants can become short-term rental hosts for as much as half of the year under a new approach that connects renters with buildings that allow Airbnbs.

Keller Williams mortgage exec leaves after less than 2 years

Dave Smith joined Keller Williams in 2021. He presided over the firm's lending efforts during a period of increasing difficulty for the mortgage business.

All brokerages are entering the winter of real estate: Mike DelPrete

Now that earnings are in for the big box brokerages, the anticipated revenue decline is clear. But does it tell the whole story?

Conflicts of interest spoil your integrity

Today, conflicts of interest make top headline news daily and fuel the wrath of the DOJ and FTC. Greed is at the root of carelessly mixing business lines, which is why Brad Inman says separating ownership is often necessary to avoid conflicts. 

U.S. Pending Home Sales Drop for Fifth Straight Month in October

SAUL LOEB/AFP via Getty Images

The numbers: U.S. pending home sales fell 4.6% in October, the fifth straight monthly decline, the National Association of Realtors said Wednesday.

Economists polled by the Wall Street Journal expected pending home sales to fall 5.5%.

The index captures transactions where a contract has been signed, but the home sale has not yet closed.

Key details: On a year-on-year basis, pending home sales were down a sharp 37%.

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Christie’s International Real Estate launches Caribbean network

Christie's International Real Estate Caribbean Affiliates will serve as a "network within a network," establishing a central source for listings, market data, marketing and cooperation among the separate Christie's International Real Estate affiliates in the Caribbean.

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