1. Below Market Mortgage Rate
Finding down payment assistance programs and the lowest rate can make or break the first-time buyers’ buying power for a part of the American Dream. Check out my post: Where To Find Below Market Mortgage Rates in 2 Steps
2. X Post of the Week
The Burial, a great movie I watched a few weeks ago. Call Jamie for your courtroom, Call Shawn for your living room!
Here’s the trailer: https://www.youtube.com/watch?v=ZOhIdaufd3Q
3. Oregon New Home Inventory Shortage Continues…
We’ve been having inventory shortages on residential real estate for the last 7+ years. The accumulative shortage effect is one of the major market issues that raised home prices significantly in the last several years. With the new permit numbers reduced, the home shortage appears to be continued. (source: Portland Business Journal)
4. 259,000-plus Oregonians Migrated To or From in 2021
Where did Oregonians moved to and who moved in from? Oregon welcomed 106,235 more residents from California, Washington, Arizona, Texas, Idaho, New York, Colorado, Utah, Florida, Ohio and said goodbye to 87,258 Oregonians to Washington, California, Arizona, Florida, Idaho, Colorado, Texas, Georgia, Indiana, Iowa. Overall, Oregon gained 18,977 residents. (source: Portland Business Journal)
5. Sitzer/Burnett vs. NAR Commission Case
Here’s my recent post with more details of the case. Here’s my additional thoughts:
- The original source of the seller’s gross profit was from the buyer’s purchase price (most amount out of the buyer’s mortgage). With predetermined amount of BAC (Buyer’s Agent Commission) was set aside with the agreement between the sellers and the seller’s agents before listing the property on the market, agreeing to use the current system of connecting buyers and sellers. So, in logical sense, the buyers actually deserve the awarded 1.8 billion dollars, not the sellers.
- As I mentioned in the earlier video, I haven’t charged 6% for a long time. I charged what I believed to be a fair amount to the sellers. Some sellers negotiated the fees and other sellers hired other agents. Every sellers have a choice of listing as For Sale By Owner as well.
- If I’m selling a property in Florida where I don’t know anything about the local data, transaction rules, legal processes… I’d definitely hire a great listing agent and agree to pay BAC because that’s what I believe to be the best currently available system, even with all my real estate knowledge from selling for about 15 years.
- If this law becomes legalized, I’d pay for my own buyer’s agent. Hopefully, the loan system also changes, so the buyers can add BAC into the loan amount. Currently, it is not allowed.