Meet the Member: Brian Crowder

  • Where do you live and who do you work for?

High Point, North Carolina and I work for Hylton Crowder & Associates

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54% of Homes Sold Above List Price in May: Redfin

Originally published on June 17, 2021, by Erin Osgood for Redfin.

Over Half of Homes Sold Above List Price in May for the First Time On Record

Home prices were up 24%, a record high due to the dip in home prices at the start of the pandemic a year earlier

SEATTLE, June 17, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — The national median home-sale price hit a record high of $377,200 in May, up a record 26% year over year, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. The housing market also set new records for home-selling speeds and competition, but seasonally adjusted home sales and new listings flattened from April. Leading indicators of housing market activity are also declining into June, according to the latest weekly data, signalling that the pace of the market may be slowing.

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Mortgage Rates Move Slightly

Originally published  on June 10, 2021, by Freddie Mac.

MCLEAN, Va., June 10, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.96 percent.

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Appraisal Report Language is Key

Originally published in 2021 

Carefully crafted language, both specific and standard, is key in appraisal reports. One insured appraiser recently avoided a potentially costly lawsuit by including well-thought-out language that addressed issues related to large rural properties.

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Residential Construction Loan Volume Moves Higher

Originally published on June 7, 2021, by Robert Dietz for the National Association of Home Builders.

Ending a period of volume decline that began at the end of 2019, the volume of residential construction lending posted an increase during the first quarter of 2021. Nonetheless, overall residential construction loan volume ended the year lower due to accelerated sales growth, which reduced outstanding loans at a faster rate.

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Hotel Profits Improve as Recovery Spreads

Originally published on  b

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Student Housing Outperforming Other Asset Classes Post-COVID

Originally published on June 8, 2021, by Tom Acitelli for The Commercial Observer.

Call it another benefit of education. 

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Proposed Changes to the Real Property Appraiser Qualifications Criteria

The Appraisal Qualifications Board (AQB) is evaluating changes that would make virtual education delivery a permanent option for continuing education. The AQB released a second exposure draft for qualification criteria on June 3. Distance Education Requirements, Section III D (page 4) defines synchronous education and allows for synchronous education to be used in the same manner as on-site classroom courses. The AQB is accepting commits on the exposure draft until July 30. To submit comments, please visit: https://www.surveymonkey.com/r/AQBComments. You may also send comments to [email protected].

Recap: Q2 Chapter Business Meeting

On Thursday, June 10th, 40+ members gathered virtually to celebrate our newly designated member, Cindy M. Pickup, MAI, AI-GRS, who earned her MAI and AI-GRS designations, vote to dissolve the International Relations Committee, and hear committee updates about what the Chapter has done so far this year and what lies ahead for the summer and fall!

 

Education Highlights & CompStak Webinar Recap

Members and nonmembers were busy in Q1 & Q2 taking a variety of residential and commercial courses before this cycle’s CE deadline which was the end of May. The Chapter held over 10 successful virtual education courses in addition to hosting a webinar lead by our annual sponsor, CompStak, who showcased their platform and gave an exclusive look at their brand-new analytics dashboard that highlights the latest CRE trends and deals in the market. Education for the Fall and Winter is coming soon. Watch the website and your email for announcements!

Welcome New NCAI Members

We’d like to welcome our newest members who joined in Spring 2021!

  • Kyle Leon Bynes
  • Andrew Cypcar
  • Candy Getz
  • C. Megan Gregory
  • Allen Peyson Hunt, III
  • Lori Mitchell
  • Alexis Nelson
  • Cindy M. Pickup, MAI, AI-GRS
  • Jessica P. Rouse
  • James Stotler
  • Jackson Tate!     

Home Prices Reach New High as Low Inventory Drives Growth

Originally published on June 3, 2021 by Rachel Conner for Realtor.com.

Realtor.com® Housing Report: Home Prices Reach New High at $380,000 in May

Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021
-- Lack of available homes for sale push U.S. median listing price up 15.2% year-over-year
-- The number of homes for sale ended the month 50.9% lower than last year
-- Larger metros offer buyers lower price gains and larger growth in newly listed homes
-- Nationally, homes are selling more than a full month faster than last year and 19 days faster than the typical time on the market from 2017 to 2019
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Investors Spend More Money on Research Buildings

Originally published on June 2, 2021, by John Gittelsohn for Bloomberg.

(Bloomberg)—Even as the remote-work era clouds the future for offices, one segment of the business is drawing cash from investors including Blackstone Group Inc. and KKR & Co.

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FHFA Extends Multifamily COVID-19 Forbearance to Owners Offering Tenant Protection

Originally published on June 3, 2021, for the Federal Housing Finance Agency (FHFA).

Washington, D.C. — Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. This is the third extension of the programs, which were set to expire June 30, 2021.

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Biden Administration Looks at Appraisals as Part of Effort to Reduce Wealth Gap

Originally published on June 1, 2021, by the White House.

One hundred years ago, the thriving Black community of Greenwood in Tulsa, Oklahoma, known as “Black Wall Street,” was ruthlessly attacked by a violent white supremacist mob. An estimated 300 Black Americans were killed and another 10,000 were left destitute and homeless.

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Mortgage Rates Up as Market Sees Rising Labor Expenses, Inventory Shortage: Report

Originally published on May 20, 2021 by Freddie Mac.

MCLEAN, Va., May 20, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.00 percent.

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Economy to Improve this Summer as Inflation Rises, Home Sales are Constrained: Fannie Mae

Originally published on May 19, 2021. by Fannie Mae.

Lack of Listings and Increasing Supply Constraints Continue to Limit Existing and New Home Sales

WASHINGTON, DC – Expectations for full-year 2021 economic growth were revised upward in May to 7.0 percent, a modest improvement from last month’s projection of 6.8 percent, attributable primarily to stronger-than-expected first-quarter real GDP growth and an improved near-term outlook for consumer spending, according to the May 2021 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) GroupThe additional strength in consumer spending was previously projected to occur later in 2021 or early 2022, but recent incoming data increasingly points to eagerness on the part of consumers amid continued progress mobilizing COVID-19 vaccinations and waning virus-related restrictions. With stronger growth expected in the current year, the ESR Group slightly downgraded its expectations for 2022 real GDP growth by 0.2 percentage points to 2.8 percent. Despite expectations that the economy will continue to grow over the forecast horizon, downside risks to the forecast are increasing and include supply chain disruptions, labor scarcity, and rising inflationary pressure.

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ULI Forecast Sees Increased Improvement in Outlook for U.S. Economy

Originally published on May 17, 2021, by  William Maher for UrbanLand Magazine.

Real estate economists predict markedly improved U.S. economic and property market conditions over the next three years, 2021 to 2023, compared with the forecast of six months ago, according to the spring ULI Real Estate Economic Forecast.

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Spread Between Retail and Industrial Property Rents Continues to Compress, JLL Reports

Originally published on May 20, 2021. by Michael Tucker for Mortgage Bankers Association.

JLL, Chicago, reported the spread between retail property rents and industrial property rents is compressing as home deliveries speed up and e-commerce steals more and more market share from brick-and-mortar retailers.

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Younger Generations Become Pandemic Homebuyers: Report

Originally published on May 26, 2021, by George Ratiu for Realtor.com.

Pandemic Homebuyers Are Happy With Their Homes

  • One-in-four recent homeowners purchased because of the pandemic
  • Majority of recent buyers bid at or above the asking price
  • 70% of recent homebuyers feel good about purchasing decision
  • 75% of recent homebuyers are happy with their homes
  • Over 70% of recent homebuyers are happy with their communities and neighborhoods
  • Three-in-four recent buyers bought a home that fits their needs
  • Over half of recent buyers found homes suited for remote work

The past year has seen a noticeable seesaw in real estate activity, as markets traversed the challenges of the COVID pandemic. Housing started in 2020 with a significant shortage of new homes and an inventory of existing ones. As 4.7 million millennials turned 30 and embraced homeownership, the demand for homes was driving prices higher at a healthy clip. The mid-March 2020 quarantines put a stop to most transactions, leading to a sharp drop in activity until June. As the lockdowns were lifted, Americans reacted to the trifecta of social distancing, remote work, and dropping mortgage rates by rushing out of downtowns and into suburbs, as well as smaller cities and towns across the country. People focused on communities with a higher quality of life, larger homes, and a more affordable cost of living.

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