By Glenn Roberts Jr., Sunday, September 12, 2004. Editor's note: Real estate brokers are feeling pressure on profits from all sides. Business and insurance costs are up, top-producers want higher commission splits and new technology, and new competition in the brokerage space is lowering the average commission on a home sale. In this three-part series, we dive into the economics of real estate brokerage, find out what brokers are thinking and what they're doing to protect their stake. more...
By Bradley Inman, Sunday, September 12, 2004. LONDON–Time for a confession. As a young man, I wrote sports articles in the Midwest. Then for two decades, I dished out rather serious tomes about housing markets, architecture, urban planning and technology. My only drift from somber reporting was chronicling comic events at the National Association of Realtors. Now for my secret desire: putting pen to paper on sex, sleaze and weirdness. Today, I was inspired after three days of giggling at the news in the London tabloids – sleazy reporting at its best. more...
By Inman News, Sunday, September 12, 2004. A remote and abandoned mining town on the shores of a fiord in British Columbia, Canada – which has about 90 houses and duplexes, seven apartment buildings with a total of about 200 units, a shopping center, two recreation centers, a hospital, large works yard and a local dock – is up for grabs. The entire 322-acre site is expected to fetch an offer in the $7 million range, according to an announcement today by a marketing company and a realty company in British Columbia. more...
By Inman News, Sunday, September 12, 2004. Countrywide Financial Corp. recently released its operational data for the month of August, showing that loan fundings reached $31 billion, an increase of 5 percent over the previous month. That total, however, represents a 24 percent decline from August 2003, mainly attributable to a substantially lower level of refinance activity industrywide, according to Countrywide. Year-to-date funding volume now totals $237 billion for the company. more...
By Inman News, Sunday, September 12, 2004. Home sales in the Greater Nashville, Tenn., housing market rose 8.6 percent in August from the same month a year ago, according to data released by the Greater Nashville Association of Realtors. There were 3,558 home closings reported for the month of August, compared to 3,275 closings reported for the same month last year. In comparing year-to-date closings for the Greater Nashville area, there were 24,604 closings in 2004. That's up 17 percent from the 20,909 closings reported through August of last year, and 2003 was the best year for home sales on record. more...
By Inman News, Sunday, September 12, 2004. Long-term mortgage interest rates dropped Friday, and the benchmark 10-year Treasury bond yield slipped to 4.18 percent. The 30-year fixed-rate average fell to 5.37 percent, and the 15-year fixed-rate slipped to 4.78 percent. The 1-year adjustable was unchanged at 3.21 percent. The 30-year Treasury bond yield decreased to 4.97 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. more...
By Robert Bruss, Sunday, September 12, 2004.
DEAR BOB: About five years ago, I stupidly added my adult daughter to the title of my home as a joint tenant with right of survivorship. At the time, I was in poor health and she was taking care of me. Well, I recovered and am now in excellent health for age 68. But my daughter and I have had a "falling out." She won't speak to me. When I recently contacted her to sign a quit claim deed so I can sell my home to use the money to go into a life care home, she refused to sign. She claims she is entitled to 50 percent of my home's sales proceeds. more...
By Jack Guttentag, Sunday, September 12, 2004.
"What is homeowner's insurance?" It is insurance that protects a homeowner against loss from fire and other hazards that may impair the value of their home. "Is homeowners insurance a settlement cost that must be paid upfront?" Yes, it appears on the Good Faith Estimate as an estimated amount, and the actual amount is shown on the HUD1, which is the closing document that lists all settlement costs. It is not a mortgage cost, but lenders require that their "minimum insurance requirements" be met before they will fund a loan. more...
By Dian Hymer, Sunday, September 12, 2004.
Home sellers have a full array of options available to them when they list their home for sale. They can pay a minimal fee to have their home listed on the Multiple Listing Service, and do the rest themselves. Or they can pay 5 percent to 6 percent of the sale price to a full service broker who handles all aspects of the marketing and sale of the home. In other words, you get what you pay for, or you should. Here's what you should expect if you opt for full service brokerage. more...
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