Rick Arvielo

Will be Interesting to see how this impacts the market. I expect added sellers concessions will absorb this buyers cost with most offers.

Read this story, which also has a video, about the latest trends in new build homes.

Pending Home Sales (signed contracts on existing homes) rose 0.6% from July to August, rebounding from their lowest level in a year. "...we have yet to see the full impact of sharply lower mortgage rates on buyer demand," said Scott Brixon of Highway. NAR’s Chief Economist, Lawrence Yun, noted that the slight move higher in activity “reflects a modest improvement in housing affordability." #homesales #realestate #realtor #housingmarket #housingmarketupdate #pendinghomesales

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EFFECTIVE AUGUST 17th: NAR’s Upcoming Industry Changes. As the National Association of REALTORS® (NAR) plan to implement practice changes this Saturday, what can you expect? Here’s how you can prepare for NAR’s upcoming industry changes: http://spr.ly/6043lzqb5

Housing markets are currently seeing various shifts, and one significant topic is the performance of 15-year fixed mortgage rates. Based on recent statistics, these rates present a stable yet crucial option for home buyers opting for a shorter repayment duration. For those looking to optimize their houses and pay off their debts sooner, understanding these mortgage parameters is essential. I recall a recent conversation with a client who was hesitant about whether to choose a 15-year over a 30-year fixed mortgage. We explored how a 15-year mortgage can save substantial amounts in interest over the life of the loan — potential savings that can make a significant impact over time. It ultimately led them to make an informed decision aligning with their financial goals. Considering these elements, I encourage every potential homebuyer and real estate professional to reflect on: Are you exploring the longevity of your mortgage options to ensure you're making the best investment for your future? 📊 Current market insights note that more buyers are considering shorter mortgages, allowing for greater equity quicker. Have you looked into your options today? Let’s dive deeper into your mortgage strategy — success in real estate starts with the right choices upfront! #MortgageTips #HomeBuying #InterestRates #RealEstate #MortgageRates #FinancialStrategy #Homeownership #EquityBuilding

Earlier this month, FHA published an FAQ related to seller-paid commissions and the NAR settlement stating under FHA’s existing policy, sellers can pay the buyer-side real estate commissions / fees and they will not be included in the 6% interested party contribution limits so long as it is common and customary in the current market and all other requirements are met. Freddie Mac and Fannie Mae released similar statements on April 15 related to conventional loans stating property sellers are permitted to make financing concessions toward the Borrower’s Closing Costs in maximum amounts between 2% and 9% of the property value. Fees or costs customarily paid by the property seller according to local convention are not subject to these financing concessions limits. Buyer agent fees have historically been fees customarily paid by the property seller or property seller’s real estate agent, and, as such, they are currently excluded from these financing concession limits. This offers more opportunities for your borrowers as it relates to seller-paid closing costs. While this information remains valid today, we will need to continue to monitor the marketplace for what will be defined as common and customary once the NAR settlement is approved by the courts which is tentatively set for July 15, 2024.  We will keep you updated as we receive additional announcements. Contact me to learn more: https://lnkd.in/eKdRr4J5 #cfmortgage

EFFECTIVE AUGUST 17th: NAR’s Upcoming Industry Changes. As the National Association of REALTORS® (NAR) plan to implement practice changes this Saturday, what can you expect? Here’s how you can prepare for NAR’s upcoming industry changes: http://spr.ly/6043lzS8l

How To Sell A California Mortgage Note Contact me to discuss the latest scoop in real estate! #firsttimehomebuyer #investment #homebuying #lowinterestrate #Mortgage #MortgageBroker #HomeLoans #HomeFinancing #Refinance #MortgageAdvice

EFFECTIVE AUGUST 17th: NAR’s Upcoming Industry Changes. As the National Association of REALTORS® (NAR) plan to implement practice changes this Saturday, what can you expect? Here’s how you can prepare for NAR’s upcoming industry changes: http://spr.ly/6047lMgAt

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2. New rules have had little impact on commissions; Commissions paid to buyer’s agents have remained essentially unchanged since the new rules on commissions went into effect on August 17th. That’s from Redfin’s analysis of buyer’s agent commissions for October home sales which have already closed or are scheduled to close by the end of the month. Here are the key takeaways from Redfin’s report: The average buyer’s agent commission for homes sold in October was 2.34%, down just 0.01 percentage point (pp) from the 2.35% for homes sold in August when the new rules took effect. Buyer’s agent commissions have fallen 17 basis points since January 2023, when they averaged 2.51%. Interestingly, buyer’s agent commissions for homes listed under $500,000 rose from an average of 2.41% in August to 2.43% in October.