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06.03.24

Written by Chase Majerus

National Homeownership Month

Welcome to This Week Today, your newsletter about real estate and finance, written and curated for YOU!

June is National Homeownership Month! We believe that highlighting the benefits of owning a home and promoting accessibility for all Americans is important because every family deserves the chance to build generational wealth and lasting memories. We here at This Week Today and Synergy One Lending support consumers through this significant financial decision, offering guidance and trusted advice from our incredible loan officers.

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S1L Home Equity Loan

Use Your Home For The Best Future Gains

A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.

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NAR Membership Slims Down

NAR reported 1,509,195 members at the end of April, a 2.96% decrease from the 1,554,604 members at the end of 2023 but higher than the numbers in February and March 2024. The drop-off comes as major rule changes are implemented from the Sitzer/Burnett commission lawsuit settlement and deals with fewer market opportunities due to low existing-home sales inventory.

NAR reported 1,509,195 members at the end of April, a 2.96% decrease from the 1,554,604 members at the end of 2023 but higher than the numbers in February and March 2024. The drop-off comes as major rule changes are implemented from the Sitzer/Burnett commission lawsuit settlement and deals with fewer market opportunities due to low existing-home sales inventory.

Analysts and economists predict a significant decline in NAR membership over the next few years due to rule changes, with estimates suggesting that 60% to 80% of Realtors could leave the industry.

I hear you asking, “If I don’t work in the industry, wwwhhyyy does any of this matter to me?” Great question!

  • A decline in NAR membership could mean fewer Realtors are available to assist consumers with buying or selling homes. This might affect the level of service and expertise available in the market.
  • The rule changes and potential “decoupling” of buyer and seller commissions could alter the cost dynamics of buying and selling homes. Consumers might see changes in how commissions are charged and who pays them, which could impact overall transaction costs.
  • As Realtor numbers decline, the competitive landscape of the real estate market may change. Fewer agents could lead to less competition and potentially higher fees or altered service models.
  • Quite possibly the most important answer: Changes in Realtor membership and rules reflect broader trends in the housing market, such as affordability issues and inventory shortages. Understanding these trends can help consumers make more informed decisions about timing their home purchases or sales.

    • Read the full HousingWire here

    Major Manor

    Kevin McCallister's DEATH TRAP

    The famed house from holiday classic film, Home Alone, (located at 671 Lincoln Avenue in Winnetka, Illinoiis) is on the market for $5.25 million! Yes, that house. The one that has you wondering, “what in the world does his dad do for a living that earns him enough money to own THAT house??”

    If you’re unfamiliar with this house, let’s take a tour:

    • 9,000 square feet, last purchased in 2012 for $1.58 million
    • 5 bedrooms, 6 bathrooms, 2 living rooms, a modern kitchen, a three-car garage
    • A screened-in porch with a fireplace, a basketball court, and a movie theater with “Home Alone” memorabilia

    Watch the house tour here!

    Social Space

    Our Top Social Links of the week

    Video:
    $43 million home. That’s it. That’s the video – Watch here!

    Video:
    “Put my house to bed”… do you guys do this too? – Watch here!

    Read:
    The Golden Handcuffs of Homeownership… what do you think about that? (check the comments) – Read here!

    Read:
    You can buy an ENTIRE TOWN for $6.6 million! – Read here!

    Financial Fitness

    Are people REALLY rate shopping?

    mindset among real estate industry professionals that potential homebuyers are constantly shopping for a better rate.

    To separate those numbers by generation, baby boomers are the least likely to compare mortgage offers, with only 28% doing so, while 62% of millennials shopped around for their mortgages. And among those who compared multiple mortgage offers, 45% found the lowest offer from a lender other than the first one they approached, potentially saving substantial amounts over the loan’s lifetime (see stats from article here).

    Our advice? Use financial fitness to your advantage. Have money saved. Do what you can to increase your credit score. Understand the value of your assets. Keep your debts low. All of these things can be managed and better understood by using the right financial management app.

    The best app our there is called S1 Finfit, and its the only app that’s dedicated to helping people like you become homeowners by getting financially fit.

    Check out S1 Finfit today if you’re serious about getting financially fit!

    S1 FinFit App

    Digital financial assistant at your fingertips

    S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

    Download the app on the appropriate app store with the links below!

    Apple App Store Icon
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    Vlog

    Is it time to admit that the Fed WON'T be cutting rates?

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    Question of the year: when is the Fed gonna cut rates? (Are they gonna cut rates this year?)

    We want to hear from YOU what month you think the Fed’s gonna cut rates!

    Remember, The Fed is looking at inflation, which has improved year over year, month over month has been improving, albeit sticky. The labor market, which would finally started to see some cracks. We’ve seen the 10 year treasury come down from almost 5% to now in the 4.30% range.

    On of our loan officers, James Carmody (San Diego, CA) says, “As we record this in the middle of May, I am personally in the camp of a September rate cut ’cause then that’d show up in the market in October. Right before we walk into the polling booth, not gonna get conspiracy theory on you, but I think there’s some play there.”

    Let us know what month you think the Fed is gonna cut this year, or if you think we’re nuts and they’re not gonna cut in 2024.

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