Buying a condominium may become easier in the near future, thanks to recent changes in the Federal Housing Administration (FHA) mortgage program. The new FHA mortgage rules, applying specifically to condominiums, became effective August, 2016 with the passage of Bill H.R. 3700.
The U.S. Census Bureau reports that home ownership fell to a 51-year low during the second quarter of 2016. The homeownership rate, which defines owner-occupied households, shrank to 62.9%, the lowest level since 1965.
On September 7, 2016, the California Supreme Court will be hearing oral arguments on a case that could have ramifications for how real estate agents work not only in California, but across the country. Hiroshi Horiike v Coldwell Banker Residential Brokerage Company et. al. calls into question the representation owed by real estate agents and brokers to the parties of a dual agency transaction.
The National Association of Exclusive Buyer Agents (NAEBA) announces that it has released a new Code of Ethics and Standards of Practice, rules by which its members must abide. Because NAEBA members only work with buyers and never sellers, the organization is able to make its standards more stringent than other organizations of real estate agents.
Recent actions by the staff of state and local REALTOR® organizations are leaving members of the National Association of Exclusive Buyer Agents (NAEBA), nearly all of whom are also members of their local REALTOR® organizations, concerned about consumer protection in real estate. Like many trade organizations, the National Association of REALTORS’® goal is to improve business for its members.
The National Association of Exclusive Buyer Agents (NAEBA), a nonprofit organization made up of real estate brokerages who only represent buyers, offers a Certified Exclusive Buyer Agent (CEBA) credentialing program. This credential is one of the most difficult to obtain in the real estate industry.
In a recent Realty Times article, Bob Hunt, Director of the California Association of REALTORS®, penned an article entitled, “Dual Agency Can Be a Good Thing.” In it, he argues that real estate transactions are different; that those negotiations are about getting the deal done rather than about one side winning or losing. Because of that, it’s OK for the REALTOR® to be the servant of two masters, working for the buyer and the seller simultaneously.
If a recent survey of the membership of the National Association of Exclusive Buyer Agents (NAEBA) is correct, home buyers will face increasing challenges in 2016. Most Exclusive Buyer Agents (EBAs), regardless of which U.S. market in which they do business, predict that inventory will remain low. According to one NAEBA member Exclusive Buyer Agent, “The big challenge in our market will be the shortage of inventory,” and another adds, “Low inventory and crushing demand mean most sales will be bidding wars.”
The home buying season is heating up right on cue as spring arrives. Finally, you can leave the cozy comfort of internet searching and get out and tour actual homes in the fresh air and sunshine.
If you’ve found your way to this blog post you are at least somewhat aware of the risks and hazards of buying a home. Or being sold one, to be more accurate. That is why you are checking out Exclusive Buyer Agents in the first place.