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ON THE
HOUSE
03.20.24
We Learned a Lot
Thank you for letting me take the week off! The entire Synergy One Lending team was at a big sales rally for a good part of the week. We learned a lot, and it was great seeing my teammates that are from other parts of the country. I shared some cool industry insights on my Instagram stories throughout the event, so BE SURE TO FOLLOW ME ON MY NEW INSTAGRAM! It’s full of great info and I’d love to follow you back!
First, let’s talk about how the National Association of Realtors just had an “oopsie” moment with a massive settlement that’s got everyone talking. It’s like watching a soap opera, but with houses and legal documents! We’re also going to touch on the Fed, who is deciding on rate cuts, which could be game-changing for mortgage rates.
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Industry Insights
What the National Association of Realtors' Settlement Means for Consumers & Real Estate Brokers
Recap:A landmark $418 million settlement with the National Association of Realtors is poised to revolutionize the American real estate market, potentially reducing costs for homebuyers and altering the role of real estate brokers. This comes after a federal court ruling against the NAR’s longstanding practice of fixed commissions, deemed as collusion.
New rules, awaiting court approval, will eliminate the standard 6% commission and require explicit agreements between buyers and brokers. These changes could lower fees and change the buying process, though they may also introduce more complexity and challenges, especially for first-time buyers.
My Take:I feel that it will continue to encourage the real professionals to gain market share and add more value. Homeowners will have more transparency. Buying and selling a home is complicated with a lot of parties involved. I do not see this as some fear with buyer’s agents being taken out of the equation. There will always be a need for buyer’s representation.
Read more here:
www.nbcnews.com
The Fed is meeting this week
Here's what experts are saying about the odds of a rate cut
Recap:It’s a big one! The Fed is meeting this week to discuss rate cuts.
Americans are feeling the pinch from higher loan costs due to two years of interest rate hikes by the Federal Reserve. Although there’s speculation about rate cuts, Wall Street forecasters don’t expect the Fed to reduce rates until possibly June 12, keeping them steady in the upcoming March and May meetings.
The Fed is cautious about cutting rates too soon, fearing a resurgence of inflation, despite inflation cooling from its peak last year. This means borrowing costs for things like credit cards and mortgages will remain high, but savers may benefit from better returns on savings accounts and CDs.
My Take:I see no cut or hike this month. I feel short term rates will hold with a bias to the downside.
Read more here:
www.cbsnews.com
Video
The Importance of a GREAT Agent
Having a great real estate agent can make a world of difference when looking for the home that’s right for you.
Key qualities to look for:
- Excellent communication that matches your preferred style—whether it’s through text, email, phone calls, face-to-face, or Zoom meetings
- Strong negotiation skills. A proficient negotiator with a proven track record can significantly influence your buying experience and success
Recommendations from trusted sources and verifying the agent’s ability to meet these key requirements can greatly enhance your prospects of success in acquiring a home that meets your needs and financial goals.
Watch this video to find out how I think a great real estate agent can help you land the home of your dreams!
Latest Newsletters
See our past posts about housing, realtor, and Mortage markets
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