Why are pocket listings banned? Explaining the reasoning behind the National Association of Realtors (NAR) banning pocket listings. Q: You recently answered a question about a home seller paying the commission to an agent for a "pocket listing." You bypass the larger issue and the reason that so-called pocket listings are against the National Association [...]
Mortgage delinquency rates spike in 2020 due to COVID-19 pandemic. The latest loan insights show a 3.1 percent jump in overall delinquencies in just one year. Mortgage Delinquency Rates Spike in 2020 Due to COVID-19 Pandemic Having trouble paying your mortgage? If so, you’re not alone. Looking back in the early days of the pandemic, [...]
Do you need a closing attorney when buying a home? Closing attorneys facilitate real estate transactions but they can’t give legal advice on the deal. Q: I'm a little embarrassed to ask this question, but do I need to hire an attorney for closing? I'm a first-time homebuyer purchasing a new construction home and I [...]
Utility costs by state: what state has the highest average utility bills? How much electricity, natural gas, water, cable and internet costs in each state. If you’re thinking about moving to a different state to lower your cost of living, there are a lot of factors to consider. Typically, people look at the weather, school [...]
Does a quitclaim deed override a will? This reader wants to know which document is used to determine who inherits the property of a friend who passed. Q: My friend filled out a will before she married her last husband. She owned a house and when she married she did a quitclaim deed with her [...]
Housing market trends: top 10 hottest ZIP codes in 2020. Homes in these ZIP codes get the most page views and are off the market in less than 20 days. The housing market has been a bright spot amongst the chaos that has dominated 2020. And, there are some very valid reasons for that, including [...]
Affordable housing options in 2020: granny flats and garage apartments aren’t a thing of the past, they’re in high demand all over the U.S. Affordable housing options are scarce all over the country. Americans working full-time at minimum wage can’t afford a one-bedroom rental in 95 percent of U.S. counties, according to a report by [...]
What happens to the economy when the PPP runs out of money? This reader wants to know how another rise in unemployment will impact the economy. Q: I tried to call in to WGN radio when Ilyce was on a couple of weeks ago. Do you think unemployment will skyrocket when the Paycheck Protection Program [...]
COVID-19 housing impact: which homeowners are most vulnerable? New research spotlights housing markets that are most at-risk in the U.S. The COVID-19 pandemic is having an impact on many parts of the economy: Mortgage interest rates hit an all-time low last week (a 30-year fixed-rate loan can be had for an average of 2.98 percent) [...]
Do I have to pay a buyer’s agent commission? This home seller doesn’t feel like the buyer’s real estate agent has done anything to deserve commission. Q: I am a seller who has an agent that claims he has a buyer for my property. He wants to do a pocket listing. I am absolutely outraged [...]
