Ever feel like you’re drowning in a sea of real estate news and data?
We get it. That’s why BAM started the Hot Sheet with Byron Lazine—your daily dose of real estate news to keep you afloat.
But, let’s face it, with your busy schedule, it’s not always feasible to watch the show at 9:30 am EST. So if you weren’t able to tune in this week, don’t worry. We’ve got you covered with this weekly recap.
Black Knight’s Appraisal Alternative
Black Knight is one of six vendors that Fannie Mae has approved to support its new valuation option: value acceptance plus property data.
New options from Fannie Mae have the potential to ease up the appraisal process. As long as valuations remain accurate, this could save time and money during the transaction process.
If it continues in this direction, where appraisals become easier—and it doesn’t impact the valuations when banks are lending…we could see a quicker process for buyers.
Watch the full breakdown of Black Knight’as appraisal alternative here.
Housing Market Affordability
Affordability in the housing market, along with low inventory, is the biggest issue in the industry. Today’s market has reached affordability levels not seen since 2008.
A recent Lance Lambert article breaks down housing market affordability, along with mortgage rate predictions from nine experts. The predictions for year-end mortgage rates varied significantly, with a range of 5.25% to 7.4%. However, despite these differences, the industry agrees on one thing – affordability issues that need to be addressed in the housing market.
Watch the breakdown of housing market affordability here.
What Consumers Want in an Agent
Byron went deep on a BAM article that outlines what consumers want in an agent, based on findings from NAR’s Generational Trends Report.
The survey details what buyers and sellers from every generation look for and value in an agent—and some of the results were surprising. Take some time to review the full report so you can be armed with data to help you stand out to consumers in your market.
Watch the full breakdown of what consumers want in an agent here.
Commissions Lawsuit Granted Class Action Status
On Wednesday, a federal judge granted class action status to home sellers in the Moehrl v. NAR lawsuit. The suit accuses NAR, Anywhere (formerly Realogy), HomeServices of America, RE/MAX and Keller Williams of inflating seller costs through commission sharing.
The results of the decision could impact past, current and future real estate transactions—and may change how real estate agents are compensated.
Byron shared what could happen to real estate agents in the future:
Watch the full breakdown of the commissions lawsuit here.
Rent Growth Slows
Rent growth dropped back to pre-pandemic levels. In March, rent growth was up just 2.6% from a year earlier, the smallest gain since April 2021. This is slightly below the 2.8% average rent growth from before the pandemic.
In addition, vacancy rates are starting to rise to normal levels—a sign that inventory from multi-family builders is coming to the market. As more apartments and rentals come the market, vacancy rates will continue to rise, possibly lowering rent growth even further. Since rental prices have a significant impact on inflation, slowing rental growth may help these numbers.
Watch the full breakdown of rent growth here.
For more industry news, look back at this week’s Hot Sheet episodes.