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As profits fall 50%, Anywhere says commission splits could change
Source: The Real Deal --- A challenging housing market halved Anywhere’s third-quarter profits compared to last year, and company executives said on an earnings call they think the market will get slower yet. That could mean more layoffs and lower commission splits...
The Reason Home Prices Are Finally Dropping
Source: Slate --- This article is from Full Stack Economics, a newsletter about the economy, technology, and public policy. In March 2021, a woman in the D.C. area put her house on the market and got 88 bids—including 76 all-cash offers and 15 from people who hadn’t...
Zillow lays off 300 employees in latest workforce shift
Source: Tech Crunch --- Zillow has laid off about 300 employees as it is shifting focus toward technology-related positions in the company, TechCrunch has learned from sources and confirmed with the company over e-mail. The Seattle-headquartered online real estate...
Here’s Where the World’s Largest Commercial Real Estate Owner Sees Promise
Source: CoStar --- Kathleen McCarthy took to the stage at the opening of the Urban Land Institute's annual fall meeting Tuesday to outline her property preferences as co-head of Blackstone Real Estate. But she spent a portion of her talk focusing on an issue more...
How to Convert a House to a Vacation Rental
Source: U.S. News --- Vacation rentals have surged in popularity in recent years. In fact, 2021 was the best year in Airbnb’s history. Bookings were up almost 50% compared with 2019, and new hosts alone earned nearly $2 billion across the past year. If you’re a...
Where do the wealthy invest? Luxury real estate is the safest investment one can make, says new Coldwell Banker Global Luxury report
Source: PR Newswire --- MADISON, N.J., Oct. 24, 2022 /PRNewswire/ -- A recent report indicates that real estate remains in a strong position for the remainder of 2022 and heading into 2023 as more affluent consumers are turning to real estate to diversify their...
Fed Seen Aggressively Hiking to 5%, Triggering Global Recession
Source: Bloomberg --- Federal Reserve officials will maintain their resolutely hawkish stance next week, laying the groundwork for interest rates reaching 5% by March 2023, moves that seem likely to lead to a US and global recession, economists surveyed by Bloomberg...
Here are the N.J. towns where the housing market may be cooling the most
Source: NJ.com --- The housing market is cooling. Interest rates have risen 4 percentage points since August 2021 when they were 2.7%. Inflation is at about 8.3%, making everything from groceries to gasoline more expensive. And home prices have risen 28% in the past...
Home prices are finally falling. But how low will they go?
Source: KSL News --- The US housing market is in the midst of a major shift. After two years of stratospheric price appreciation, home prices have peaked and are on their way back down. “Good news for home buyers, sellers are dropping their home prices” But what...
Paying Cash for Your Home Is a Bad Idea for These 4 Reasons
Source: The Motley Fool --- After rock-bottom interest rates during the first phase of the COVID-19 pandemic, the mortgage chickens have finally come home to roost. In October 2021, the average U.S. mortgage interest rate for a 30-year fixed-rate mortgage was just...
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