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More home sellers on the East Coast are getting in on the commission lawsuit action.

Plaintiffs in Florida and Pennsylvania filed lawsuits on Monday, accusing real estate industry players of allegedly colluding to artificially inflate real estate agent commissions. Both lawsuits are seeking class-action status.

Similar to the other commission lawsuits, the latest two take aim at the National Association of Realtors’ Participation Rule, which requires the listing broker to make a blanket offer of compensation to the buyer’s broker to list the property on the MLS.

The Florida commission lawsuit was filed by Parker Holding Group, a Panama City-based firm that sold homes in March and August 2021, in Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County.

Defendants in the lawsuit include the Florida Association of Realtors, the nation’s largest state Realtor group with 238,000 members, and 16 large local brokerages, with agent counts ranging from 655 to nearly 4,000. Brokerages named in the suit include The Keyes Company, LPT Realty, Charles Rutenberg Realty, Charles Rutenberg Realty-Orlando, United Realty Group, The K Company Realty, Florida Homes Realty & Mortgage, Dalton Wade, Avanti Way Realty, MVP Realty Associates, Florida Realty of Miami, Lifestyle International Realty, Watson Realty, Premiere Plus Realty, Future Home Realty and Michael Saunders & Company.

Like the other commission lawsuits, the Parker suit alleges that the defendants colluded “to impose, implement, and enforce anticompetitive restraints that cause home sellers in Florida to pay inflated commissions in connection with the sale of their homes.”

Because this is a state lawsuit, the complaint claims the alleged behavior is in violation of the Florida Antitrust Act of 1980 and the Florida Deceptive and Unfair Trade Practices Act, and not the Federal Sherman Antitrust Act.

The complaint names local Realtor associations, MLSs and the brokerages’ employees and agents as co-conspirators, accusing them of using their control over the state’s Realtor association-affiliated MLSs to impose rules from NAR that allegedly promote anticompetitive practices.

“In a raw demonstration of market power, the Florida Realtor MLSs overturn the natural order of a rational price system where home sellers and home buyers each separately bargain and pay for the services provided to each of them,” the complaint alleges.

The proposed class for the suit includes all Florida citizens who have sold a property through one of the state’s Realtor association-affiliated MLSs and paid a buyer broker commission between Dec. 4, 2019 and the present.

The plaintiffs are demanding a jury trial, treble damages, coverage of the cost of the suit and a permanent injunction “to permanently enjoin and restrain Defendants from establishing the same or similar rules, policies, or practices as those challenged in this action in the future.”

In an email, Florida Realtors’ general counsel Juana Watkins wrote that the group denies these allegations.

“Florida Realtors will defend against this action,” Watkins wrote. “Florida Realtors® stands by the value of the professional expertise that its members provide to their clients. Going forward, Florida Realtors® does not comment on pending litigation.”

Juan Baixeras, the broker/owner of family-run Florida Realty of Miami, said he is hopeful that the state Realtor association will help him out and offer guidance.

“These allegations are absurd. It’s just law firms trying to cash in on the previous success of the other lawsuit,” he wrote in an email. “We have never fixed prices. Our commission has always been negotiable. We are a 100% commission office, we get paid a flat fee of $355 no matter what commission comes in. So, price fixing commissions would not help us at all, we would still make $355.”

Another commission lawsuit in Pennsylvania was filed by Homesellers Spring Way Center, John and Nancy Moratis and Nancy Wehrheim in U.S. District Court for the Western District of Pennsylvania. Defendants in the suit include West Penn MLS, a local broker-owned MLS that is not affiliated with NAR, and eight local brokerages, including Berkshire Hathaway HomeServices The Preferred Realty, NRT Philadelphia LLC, Piatt Sotheby’s International Realty, NextHome PPM Realty, NextHome Dynamic, Realty One Group Gold Standard, Realty One Group Platinum and Realty One Group Horizon.

Despite not being affiliated with a Realtor association, West Penn MLS has adopted a rule similar to NAR’s Participation Rule.

The complaint alleges that the rule is anticompetitive because “it compels the seller to compensate the broker representing the purchaser even though that broker should be working for the purchaser, not the seller; it mandates a ‘blanket offer,’ meaning that the same compensation must be offered to every buyer’s broker, regardless of skill, experience, or the services provided; and it has the effect of encouraging ‘steering’ by buyer-brokers, because it incentivizes them to direct their clients to properties with higher commission offers.”

The Center suit complaint cites the Sitzer/Burnett case, stating that the defendants’ alleged practices “are not unique; rather, they are part and parcel of nation-wide collusion within the real estate industry to maintain inflated commissions.”

The lawsuit also names co-conspirators, including “local and state Realtor associations,” as well as “other brokerages within that geographic area.”

The proposed class for the lawsuit includes all home sellers who used a listing agent or broker affiliated with or employed by one of the brokerage defendants in the sale of a home listed on the West Penn MLS, and who paid a commission to the buyer’s broker.

This suit also demands a jury trial, treble damages, coverage of the cost of the suit and a permanent injunction “enjoining Defendants from (1) requiring that sellers pay the buyer broker and (2) continuing to restrict competition among residential real estate brokers in the manner set forth above,” according to court records.

The two new commission lawsuits are just the latest in an ever-growing pile of copycat cases that have been filed since late October when a Missouri jury found the real estate industry liable for colluding to artificially inflate agent commissions in the Sitzer/Burnett trial. A motion for injunctive relief has yet to be filed in that lawsuit and a final ruling from the judge is not expected until spring 2024.

Editor’s note: HousingWire reached out to all of the defendants in the latest lawsuits for comment and will update this story as comments are returned.

Source: housingwire.com

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In our latest real estate tech entrepreneur interview, we’re speaking with Glenn Orgin from Richr (a recent addition to the Geek Estate Mastermind).

Who are you, and what do you do?

I’m the founder and CEO of Richr. Richr empowers sellers and buyers to be independent of real estate brokers, by helping them keep more equity when they sell or buy real estate. Richr is the first proptech company that lists homes on the multiple listing service for free and allows buyers to get 100% credit back of the buyers’ compensation. I had an epiphany that the only way to innovate and disrupt real estate is by providing the same tools and databases that real estate agents use and turn them over to home sellers and buyers for free. In giving back more equity to our clients, we hope to build a community where homeowners can leverage their number one asset and use it to generate more income.

Selling and buying real estate has relatively remained unchanged, no service provides a one-stop shop solution in the market place, and real estate brokers traditionally take 6% in commission fees. With Richr, home sellers can list their home in under 5 minutes on the multiple listing service without having to talk with a real estate broker, for free. Our vision is to provide a transaction automation platform where every part of the home sale process takes place and where buyers and sellers meet one another without having to search.

What are you most excited about right now?

Currently, there are pressures from the department of justice and a couple of class action lawsuits on the multiple listing services to make it more affordable for sellers to access their databases without having to offer a buyers’ compensation. If multiple listings services allow sellers to market their homes with no offer to pay a buyers commission, then we may see real estate agents fees democratized. Real estate agents would need to offer their services at more competitive prices to potential clients in the hope of winning their business on both the sell and buy side of the transaction.

What’s next for you?

We are stress-testing some growth hacks so that we can acquire and scale Richr to the rest of Florida and then New York. We are looking forward to growing our team and bringing on new team members who are up for the challenge and journey to disrupt real estate. If you’re up for it and or curious, then get in touch.

What’s a cause you’re passionate about and why?

Helping the youth has always been something that I care for, and I like to raise funds from time to time to support organizations like OUR Rescue that help fight human trafficking and sex trafficking victims among children. I like paying it forward whenever I can.

Thanks to Glenn for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com

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Compliance, CRM, LOS, Servicing, Workflow, Internal Audit Products; Non-QM and Jumbo News

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Compliance, CRM, LOS, Servicing, Workflow, Internal Audit Products; Non-QM and Jumbo News

By:
Rob Chrisman

Tue, Dec 5 2023, 11:33 AM

My cat Myrtle doesn’t have a lot of rizz, and there are those that will argue that no cat has any charisma whatsoever. But plenty of marketing people do, or can create it, and even if you’re not in marketing, there are some clever marketing people out there. Creative minds as well, and if you’re looking for a Christmas present, here are the “best inventions of 2023” per Time Magazine. There is also cleverness and creativeness in the modular home manufacturing industry, probably far outpacing the ability of state and local government to issue permits. Meanwhile, lenders are facing a winter trying to figure out if they are in the “Survive until ‘25” camp or the “Grow more in ‘24” mindset? The credit industry is reeling as lenders grapple with soft versus hard pulls, renegotiating pricing, and bundled deals. And for some reason LO comp continues to be unsettled: dual comp, MLOs as real estate agents, transferring pipeline data when changing jobs, different fee structures within the same state, and so on. (Today’s podcast can be found here, and this week’s is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products, nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics, unite the people, systems, and stages of the mortgage process. Hear an interview with Mayer Brown LLP’s Holly Spencer Bunting on RESPA happenings and how the industry can get to better regulation.)

Lender and Broker Products, and Services

Out with the old; in with the new! One of the things we most look forward to in December (besides the holidays, of course!) is the opportunity to envision and plan for a great future. We’ve curated a killer panel of industry execs who will share best practices and their favorite secrets to help you usher in 2024 at the highest possible note. TrustEngine’s Dave Savage hosts Dustin Owen of Waterstone Mortgage and Brian Covey of Revolution Mortgage in “Chaos to Clarity”, a sure-to-be deliciously juicy webinar that will inspire and energize you to end 2023 with a bang and move powerfully into the new year. Register now to save your seat!

What’s an internal audit anyway and do you need one? An internal audit acts as a third line of defense for your mortgage operation. It provides comprehensive assurance based on the highest level of independence and objectivity to evaluate the effectiveness of management’s internal controls. This function should advise your mortgage operation on plans to achieve the company’s strategic, operational, financial and compliance goals. An effective internal audit should go far beyond just checking a compliance box; it should be an integral part of protecting your company. If you want to ensure you’re adhering to regulatory requirements and demonstrating good faith business practices, a Richey May internal audit is a good fit. If you’re looking to be Fannie Mae approved in the future or want to maintain your approved status, it’s required. If you’re unsure whether you need an internal audit, ask one of Richey May’s experts today or learn more here.

“Is it a challenge getting what was promised out of your current subservicer? New regulations are always moving the compliance goal posts and your customers are craving the newest technology and high-quality customer experience to meet their needs. After all, aren’t those the reasons you contracted with them? Perhaps it’s time for a change. Come meet Servbank at the MBA Servicing Solutions 2023 and let us show you how our cutting-edge, fully transparent and award-winning servicing platform (SIME), combined with our family of caring Customer Care reps, will protect your company from regulatory misses and keep your customers loyal by delivering a superior experience every time. If your current subservicer promised to make life easier for you, but continues to miss the mark, now is the time to partner with Servbank, the nation’s only fintech bank subservicer, who can meet your unique needs. Stop by booth #601, or schedule a meeting with Servbank.”

Right in time for the holidays, Floify has launched Floify Broker Edition, a one-stop lending platform that makes it easy for brokers to manage loans in one place. Wrapped in Floify’s famously sleek interface, Floify Broker Edition is packed with magical features that save precious time and money, such as automated mortgage call reporting, dual AUS functionality, and PPE and wholesaler integrations. Just like Santa’s elves, automated workflows advance loans behind the scenes so brokers can spend more time spreading the joy of homeownership and less time pushing paper. Treat yourself (and your borrowers!) this holiday season with a lending platform that’s a joy to use. Experience the magic of Floify Broker Edition firsthand and book a demo today.

Take advantage of more opportunities by adjusting your business to match the market. Recently, lenders who could quickly scale their home equity products were able to capitalize on the increased demand. Are you maximizing home equity lending in your system of record? Encompass® by ICE Mortgage Technology® is the only solution on the market that can be easily configured without any development efforts to support a user’s unique products and workflows for each of their channels, including retail, consumer direct, HELOC, wholesale and correspondent. This means you can quickly react to market changes and manage your business in your own way. Click here to read our recent blog that shares strategies to maximize your home equity lending business and how Encompass makes it easy.

A borrower’s servicing experience is only as good as the back-office environment that supports it, which is only as good as the technology that powers it. That’s why ICE is actively moving servicing forward through digitizing the consumer experience and streamlining back-office operations. The mortgage technology experts at ICE understand that effective servicing solutions are built from the “outside in”, designing with the customer in mind and working until the same level of convenience is brought to those working behind the scenes. Read the new blog from Sandra Madigan, Chief Digital Officer at ICE Mortgage Technology, to see how ICE is engineering with empathy, and helping people achieve and maintain the dream of homeownership.

In Naples, people hurl plates, appliances and even furniture out of their windows on New Year’s Eve to symbolize making room for the new. If your LOS has been causing you strife, take a cue from the Neapolitans and chuck it out the window. Dark Matter Technologies is here to help you usher in a more prosperous 2024 with its Empower LOS. A fully cloud-based system, Empower brings your tech ecosystem together in one place and intelligently orchestrates delightful borrower experiences and efficient loan production. Schedule a demo with the Dark Matter team to learn how Empower can elevate your business in the year ahead.

Two things come to mind when looking for strategies to help LOs today. First, understand home buyers in the context of uncertainty in the market today. Get back to basics of why homeownership still makes sense: pride of ownership, building equity for the future, and a better environment for their family to live and grow. Next, be able to articulate good solid strategies to make home buying more affordable, both down payment strategies and ARMs to lower payments. It’s also important to understand buyer’s bias against ARMs and counter with common sense arguments. Usherpa, the #1 ranked mortgage CRM in customer satisfaction and loyalty, is offering these FREE printable handouts with informational scripts to use when talking with your homebuyers and valuable resources you can easily send them about ARMs.

ActiveComply is thrilled to introduce a brand-new product, WebCompass™, to discover and manage your websites for branding, compliance, and accessibility. The same power as SocialShield™ for Social Media but now for website and brand compliance. With WebCompass™ you can discover and monitor company and employee websites & web pages, protect your brand with website content scans and compliance tracking, uncover rogue or unauthorized websites, and streamline reporting demands during regulatory examinations. Sign up today for a demo and the first 25 customers will receive a discount. ActiveComply cloud-based solutions help highly regulated industries confidently manage their social media and website compliance and virtual inspections.

Non-QM, DSCR, Jumbo Broker and Correspondent Program News

Can we continue our same ad please: Long-term Rental or Vacation Rental? Visio Lending is the nation’s leader in Non-QM Investor DSCR loans for buy and hold SFR rentals with nearly a decade of experience and over $2.5 billion in originations. No-DTI, 30-year terms, rate buy downs, free 45-day rate locks; I/O and Sub-1 DSCR options available. Through our top-notch Broker Program, brokers are able to earn up to 2 points YSP, and 5 points total. Visio Brokers can count on a designated Account Executive and in-house processing.

PRMG offers several Non-QM resources such as product matrices, job aids, trainings, calculators, worksheets, and other information to assist with using Non-QM loan products. Access the TPO Non-QM Resources page for detailed information.

Angel Oak Mortgage Solutions announced the release of its Blended Rate Calculator, providing borrowers with a quick and straightforward tool to estimate potential loan scenarios.

In tandem with its Angel Oak Mortgage Closed End Second Loans program, the Blended rate calculator helps you show borrowers what their 1st and 2nd payments, as well as LTV and blended rates, will be for both mortgages. This tool enables borrowers to easily assess how they can tap into their home’s equity while retaining their first mortgage.

PHH Mortgage announced new products for Non-Agency offering as of November 28th. Go to the company library to view the information.

A Jumbo option designed to empower homebuyers in high-value markets to secure their dream homes. Explore the advantages of Plaza’s new Jumbo Champion loan program, featuring top-notch pricing, loan amounts up to $3 million, and eligibility for FICO scores starting from 720.

LendSure Mortgage Corp., a Non-QM wholesale lender, announced the launch of its new Profit & Loss (P&L) Loan Program offering “a simplified and user-friendly process for business owners seeking capital in a complex financial landscape.” LendSure’s P&L Loan Program is designed to cater to business owners and self-employed investors with fluctuating seasonal income or cash businesses. It eliminates the need for a self-employment questionnaire, simplifying and speeding up the application process and making it more convenient for borrowers to secure financing. “We aim to empower business owners, redefining industry standards and facilitating their path to financial success… The program offers two tiers of loan amounts, giving borrowers the choice to provide only P&L statements for loan amounts up to $1,000,000 or supply two months of bank statements with P&L statements for loan amounts up to $1,500,000. This flexibility enhances the broker-customer relationship by providing a straightforward, efficient solution for business owners. Reach out to LendSure for more information.

First time home buyer/ first time investors now have a chance to buy an investment property with no income. Hometown Equity Mortgage offers a Bridge for First time home buyers; up to 75 percent LTV on a purchase, no ratio DSCR product, NO VOR/VOM, allowed to live rent free. FICO down to 650, Flexible guidelines, 12-24 month I/O with no prepay or EPO.

HighTech Lending Wholesale is now offering Jumbo Reverse Mortgages the Platinum Reverse which comes in three variations: Maximum LTV Fixed Rate, Adjustable Rate with a Line of Credit, and Reduced LTV with a lower Fixed Rate. The minimum age for the Platinum is 55 in most states, but some require the borrower to be 60 or 62.

Capital Markets

First Community Mortgage has named Jeff Pancer to the new position of Executive Vice President, Capital Markets. Congratulations!

Markets finally paused recent optimism that has been riding on the assumption that the Fed will lower interest rates in 2024. Until yesterday, that optimism had fueled rallies in both stocks and bonds over the past few weeks, with investors continuing to overlook Fed rhetoric and bet on deep interest rate cuts next year. Fed Chair Powell on Friday reiterated that it is too early to consider cutting rates, and that the Federal Open Market Committee plans to keep policy restrictive for some time. Despite his stance, markets are still at odds with the Fed, pricing in the first rate cut as early as March and 125 basis points of rate cuts in total for 2024. Remember, sticky inflation can prevent the Fed from cutting.

The Fed is widely expected to leave rates unchanged for the third consecutive FOMC meeting next week, in what would be no change for the fourth out of the past five meetings. However, the post-meeting statement will likely continue to indicate that additional tightening is possible. The fear is that the Fed declaring victory too early while the economy is growing, and the labor market is tight is a risk if inflation spikes back up. The Fed has entered its blackout period ahead of the meeting, so we won’t get any more chatter from FOMC members until after the meeting. Additionally, there will be no Treasury note or bond auctions this week. This week will be dominated by the jobs report on Friday where expectations are for an improvement from October’s report: an increase of 180,000 jobs in November and no change in unemployment.

Today’s economic calendar has a lot of non-market moving releases: Redbook same store sales for the week ending December 2, final November S&P Global services PMI, expected to decline slightly, ISM non-manufacturing PMI for November, expected to tick up, and JOLTS job opening for October, supposedly sliding to 9.35 million from 9.55 million in September. We begin the day with Agency MBS prices better by .125-.250, the 10-year yielding 4.23 after closing yesterday at 4.29 percent, and the 2-year yield down to 4.52 as investors continue to believe, perhaps mistakenly, that the Fed is not only done raising rates but will come around to cutting them.

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Source: mortgagenewsdaily.com

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Lately, some mortgage lenders have pitched “buy now, refinance for free” offers to get more home buyers to take the plunge.

The thinking is mortgage rates will be lower in the near future. And when that time comes, you won’t have to pay any lender fees.

This can even sway the decision to buy a home, assuming you’re on the fence about renting vs. buying because it feels too expensive today.

These offers sound like a win-win for the home buyer, as they’ll get a lower interest rate and avoid potentially thousands in closing costs.

But there are quite a few issues with this line of thinking that are worth discussing.

Nobody Knows If Mortgage Rates Will Rise or Fall

Last I checked, mortgage rate predictions have been a tough game. Prior to early 2022, mortgage rates defied the forecasts.

While most expected them to rise, they hit fresh all-time lows and stayed at those levels for much longer than expected.

Then the Fed announced an end to it Quantitative Easing (QE) program and the start of Quantitative Tightening (QT), which sent shockwaves through the mortgage market.

Accompanied by 11 Fed rate hikes, the 30-year fixed surged from around 3% in January 2022 to as high as 8% in October 2023.

Once again, no one expected this, and most predictions called for improvements in 2023 after a rough 2022.

Instead, mortgage rates climbed even higher, leading to the lowest mortgage demand in decades.

People stopped buying homes and virtually nobody refinanced their mortgage. Even worse, existing owners won’t sell because they don’t want to lose their ultra-low interest rate.

This so-called mortgage rate lock-in effect has stifled inventory, which was already low to begin with.

It also partially explains why home prices remain so high, in spite of much more expensive mortgage rates. There’s no supply.

To entice buyers, some real estate agents and mortgage lenders have pitched the phrase, marry the house, date the rate.

The logic is you can still buy your forever home today, while mortgage rates are high. But refinance that pesky high mortgage rate once they fall again.

Problem is they haven’t fallen. And those predictions didn’t pan out. At least not yet.

Speaking of, take a look at the 2024 mortgage rate predictions if you think they’ll be of any use.

Mortgage Rates Are About 1% Below Their Recent Peak

Over the past month and change, the 30-year fixed has come down about one percentage point.

It surpassed 8% in mid-October before falling precipitously, thanks to favorable economic data.

Several reports hinted at possible weakness in the economy, pushing bond yields down from their recent highs while mortgage rates followed.

At the same time, the Fed is expected to cut rates several times in 2024 as the economy cools.

The thought is inflation has peaked, and restrictive monetary policy can ease somewhat.

This is all good news for mortgage rates, which tend to fall when inflation is low, or when the economy is showing signs of weakness.

But there’s still no guarantee mortgage rates will come down. Nor is there a guarantee they’ll fall by an amount necessary to make a refinance worthwhile.

I don’t subscribe to a refinance rule of thumb, but generally you’d want an interest rate at least 1% below your current rate for it to be worth it.

Once you factor in the closing costs, you’ll need to realize some decent monthly payment savings to make it worthwhile. And to break even on those upfront costs.

These Refinance for Free Later Deals Have Some Issues

  • Will mortgage rates fall enough in the future to make the refinance work?
  • Will this lender still be in business and agree to the terms of the deal?
  • Will anything change that limits your ability to refinance (credit score, property value, etc.)
  • What if a different lender has a lower rate in the future?
  • Could this type of offer pressure you into buying a home today if you’re unsure or not ready?

To make a refinance more compelling, or at least easier to pencil, some mortgage lenders are offering a free one in the future if you use them for a home purchase loan.

It seems like a no-brainer. Why not take them up on the deal, right? Well, there are myriad issues with these types of offers.

For one, you have to use the same lender twice. And you have to use the lender offering the free refinance deal to begin with.

So their “refinance for free” deal might stop you from shopping your rate with other banks, lenders, brokers, etc.

The next problem is this lender might not even be in business once it comes time to refinance. Trust me, many lenders have closed their doors as business has dried up.

And if you do use them again in the future, you’ll need to hope they have the lowest rate compared to other lenders. What are the chances of that?

Then there is the pesky issue of mortgage rates. Remember, nobody is very good at predicting them.

Sure, they could drop. But they might not. Or they may not fall enough to make the refinance worthwhile.

At the same time, you’ll need to qualify for the refinance. What if home prices fall between now and then, and you’ve got negative equity to deal with?

Or something else comes up that limits your ability to refinance? Perhaps a lower FICO score, a gap in employment, etc.

Ultimately, you’re probably better off going with the lowest combination of rate and fees you come across today.

And if and when the time comes to refinance in the future, do the same exact thing. Look for the best deal in front of you.

There are simply too many variables and unknowns to bank on a free refinance in the future.

Source: thetruthaboutmortgage.com

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If making a move to or within Wisconsin is in your near future, there are some cities to consider at all price points. Here are the 10 cheapest places to live in Wisconsin.

Wisconsin average rent prices

While some cities throughout Wisconsin have experienced a significant increase in rent over the past year, fortunately, most cities have kept their rent increases below double-digit percentages and some rent prices reduced immensely. In fact, Wisconsin as a whole has seen a monthly rent decrease in the last year. Luckily, the average one-bedroom apartment is $1,151 — down 5.7 percent since last year.

The cheapest cities in Wisconsin for renters

Budget-conscious renters can expect to pay between $726 to $1,028 for a one-bedroom apartment in the top 10 cheapest cities in Wisconsin.

If living in one of the most hospitable Midwest states is on your agenda, here are the 10 cheapest cities to live in Wisconsin, based on current one-bedroom rent prices.

10. Waterford

Photo Source: Explore Waterford / Facebook
  • Average 1-BR rent price: $1,028
  • Average rent change in the past year: 0 percent

Situated between Milwaukee and Lake Geneva in the southeastern part of Wisconsin is Waterford, a city that includes 1,100 acres of navigable water to enjoy by canoe or kayak. The family-friendly community actively hosts farmer’s markets, golf outings, corn hole tournaments and more to residents.

If you want to live in a tight-knit and community-oriented city, complete with a downtown Heritage District, Waterford is worth exploring.

Find apartments to rent in Waterford
Buy a house in Waterford

9. Marshfield

Photo Source: Visit Marshfield / Facebook
  • Average 1-BR rent price: $975
  • Average rent change in the past year: 8.9 percent

For those who want a bit of a suburban feel but easy access to cities like Stevens Point, Marshfield provides residents with a great healthcare system through the Marshfield Clinic Health System, strong elementary and high schools and great “Main Street” shopping along Central Avenue, too.

The city even has its own free zoo — the Wildwood Park and Zoo.

Find apartments for rent in Marshfield
Buy a house in Marshfield

8. Kronenwetter

Photo source: Village of Kronenwetter, WI / Facebook
  • Average 1-BR rent price: $971
  • Average rent change in the past year: N/A

Next on our list of the cheapest places to live in Wisconsin is one that’s really a village in Central Wisconsin called Kronenwetter. The town of Kronenwetter gets its name from Sebastian Kronenwetter — a state legislator and prominent pioneer resident of Marathon County.

Residents enjoy several parks and recreation centers throughout the area and the village serves two public school districts: one that serves students in the northern half of the village and one for the southern half.

The active village residents help plan events ranging from movies under the stars in nearby parks to farmers markets.

Find apartments for rent in Kronenwetter
Buy a house in Kronenwetter

7. Waukesha

Photo source: The City of Waukesha / Facebook
  • Average 1-BR rent price: $970
  • Average rent change in the past year: -2.5 percent

The city of Waukesha is a rich mix of neighborhoods, offering residents excellent schools, a variety of shopping choices, a diverse industrial base, an active arts community and beautiful parks and recreational amenities.

Just 18 miles west of Milwaukee, Waukesha has an urban suburb feel filled with young professionals and families attracted to the strong school system, parks and restaurants.

Find apartments for rent in Waukesha
Buy a house in Waukesha

6. De Pere

Photo source: De Pere Parks, Rec & Forestry / Facebook
  • Average 1-BR rent price: $894
  • Average rent change in the past year: 9 percent

Whether you love to go on long walks or hikes, runs, cycling or in-line skating, there is a trail for you to enjoy in De Pere since it has three separate trail systems of almost eight miles to enjoy year-round.

Here, swimmers can enjoy either the VFW Aquatic Facility or Legion Pool. Additionally, in De Pere, art lovers will appreciate the rich public art throughout the city. Moreover, this suburb of Green Bay has its own unique homes and restaurants, schools and shops.

Find apartments for rent in De Pere
Buy a house in De Pere

5. Fond Du Lac

Photo source: Fond du Lac County Historical Society / Facebook
  • Average 1-BR rent price: $789
  • Average rent change in the past year: -1.4 percent

A family-friendly community with a strong sense of history, Fond du Lac residents enjoy several amenities including a public library and active sporting centers with year-round programming. With all that said, Fond du Lac is a perfect city to call home.

The Fond du Lac County Historical Society helps connect residents to the town’s local history and there are plenty of restaurants and bars for locals and visitors to enjoy.

Find apartments for rent in Fond du Lac
Buy a house in Fond du Lac

4. Hales Corner

Photo source: Hales Corners Recreation Department / Facebook
  • Average 1-BR rent price: $785
  • Average rent change in the past year: -7.70 percent

Located just over 10 miles from Milwaukee, Hales Corner in the state’s southeastern part has a small suburban feel where it’s easy to meet and get to know your neighbors.

Expect to find great brewpubs, greenery in the form of parks and hiking trails and even a botanical garden here. The Boerner Botanical Gardens features 11 specialty gardens — including a bog walk and rose garden, too.

A one-bedroom apartment in Hales Corner decreased by 7.7 percent since last year. Fortunately for renters here, it’s possible to find an apartment for less than $800 a month.

Find apartments for rent in Hales Corner
Buy a house in Hales Corner

3. Merrill

Photo source: City of Merrill, Wisconsin / Facebook
  • Average 1-BR rent price: $778
  • Average rent change in the past year: 17.3 percent

Nicknamed “The City of Parks,” thanks to its many parks located throughout Merrill, the city is also home to approximately 10,000 residents. Merrill is on the Wisconsin and Prairie rivers.

The active community hosts several year-round events for its residents, from a farmers market to parades. Since there are so many parks and nearby rivers to enjoy, there are plenty of opportunities for outdoor activities from fishing and kayaking to hiking and birding, too.

Merrill is also home to several businesses included Agra Industries, Church Mutual Insurance Company, Lincoln Wood Products and Merrill Manufacturing.

Find apartments for rent in Merrill

2. Racine

  • Average 1-BR rent price: $758
  • Average rent change in the past year: 1.20 percent

Located on the shore of Lake Michigan and just 22 miles south of Milwaukee, Racine takes advantage of its proximity to the lake with many opportunities to enjoy lakefront activities, whether it’s yoga or swimming at one of its popular beaches or canoeing or kayaking.

Art and architecture fans will appreciate having close access to the Racine Art Museum, home to the country’s largest contemporary crafts while visitors from all over the world make the trek to Racine to see the S.C. Johnson’s world-renowned architecture headquarters, designed by Frank Lloyd Wright.

And, of course, residents have bragging rights to kringle, the oval-shaped Danish pastry produced mostly in bakeries in Racine County. Furthermore, you can’t come to Racine without having a kringle or two.

Its downtown area is charming and filled with independent boutiques and restaurants. In addition to being home to S.C. Johnson, other businesses such as Twin Disc, Modine and In-Sink-Erator have locations in Racine.

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1. Wisconsin Rapids

Photo source: Wisconsin Rapids Downtown Farmers Market / Facebook
  • Average 1-BR rent price: $726
  • Average rent change in the past year: 13.1 percent

Most people don’t know cranberries grown in the United States come from Wisconsin, New Jersey, Massachusetts and Washington and the Wisconsin Rapids area is well-known as cranberry country.

Besides cranberries, Wisconsin Rapids is an attraction magnet. There is the award-winning Wisconsin Rapids Aqua Skiers, a show waterski team, the Wisconsin Rapids Municipal Zoo and even the Tri-City Curling Club, one of only 80 facilities in the country that offers training and competitions for locals and visitors to enjoy.

Additionally, Wisconsin Rapids is also known for its arts and cultural institutions. A downtown farmers market takes place twice a week from early June through end of September, as well as many unique shopping opportunities and family-operated restaurants, cafes, food trucks and taverns.

Luckily, there is no shortage of fun and activities in the Wisconsin Rapids area and more people flock to this area as a one-bedroom apartment increased in rent by more than 13 percent over the past year. Even with the double-digit increase, it’s possible to find a place for around $726 a month.

Find apartments for rent in Wisconsin Rapids
Buy a house in Wisconsin Rapids

The most expensive places to live in Wisconsin

It’s possible to find a one-bedroom apartment in Wisconsin for less than $1,500 a month. Even some of the most expensive places to live in Wisconsin, such as Saint Francis or Kenosha, offer a one-bedroom apartment for $1,469 and $1,436 respectively.

If budget is a concern, here are some of the most expensive places to live in Wisconsin.

Methodology

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of June 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.

We excluded cities with insufficient inventory from this report.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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Lately, new home sales have surged as existing housing supply continues to be hard to come by.

This is partially because mortgage rates more than doubled in less than two years, effectively locking in existing homeowners.

With many of these homeowners unwilling to budge, home builders have gained a lot more market share.

After all, they need to move their inventory, and there isn’t a borrower living in the property with a low interest rate to worry about.

To boost sales in spite of high rates, many builders have offered impressive mortgage rate deals that everyday lenders just can’t seem to match. Does this mean there’s no need to look anywhere else?

Most Home Builders Have Their Own Financing Department

Despite being in the business of building homes, many home builders also operate financing divisions.

This means they are also fully-fledged mortgage lenders with the ability to offer home loans on the properties they sell.

And several of them are quite large. For example, D.R. Horton’s DHI Mortgage is a top-25 mortgage lender in the nation. The same goes for Lennar Mortgage.

Both companies originate tens of billions of dollars in mortgages annually to their home buyer customers.

On top of this, they also operate title/escrow companies and insurance agencies. This means a prospective home buyer can do one-stop shopping.

Convenience aside, these builder lenders are also able to offer aggressive financing offers that outside lenders often can’t beat.

So if you’re buying a new home, why look anywhere else?

It’s Wise to Speak with More Than One Mortgage Lender

Even if your home builder doubles as a lender, it’s always prudent to get more than a single mortgage rate quote.

There are studies that prove those who obtain 2-3 quotes (or even more) wind up with a lower rate and monthly savings for years to come.

So even if the home builder’s lender is offering you a spectacular deal, it’s still beneficial to shop your rate.

Sure, you might speak with a third-party lender (or two) and find that they just can’t come close. But if you don’t take the time to do that, you won’t know what else is out there.

In addition, having other quotes in hand allows you to negotiate your mortgage rate with the home builder.

If the builder knows you haven’t looked elsewhere, they might not offer you their lowest rate. With other offers in hand, their deal might get better.

You can also learn a thing or two by speaking to different lenders, mortgage brokers, and so on.

This can make you a more confident home buyer who knows the ins and outs of the process better than someone being led by just one company.

Home Builder Mortgage Rates Are Typically Hard to Beat

Now, from what I’ve seen lately, home builder mortgage rates are hard to beat. They’re buying down their rates aggressively to draw in buyers.

They’re also doing this out of necessity because home prices are so high. This allows more borrowers to qualify for a mortgage and keep their DTI ratio below maximum thresholds.

Remember, they have to move their inventory. Otherwise it sits and costs them money. At the same time, they don’t want to lower their prices.

If they sell homes for less, it could hurt appraised values on subsequent home sales. So it’s more beneficial for them to offer you a lower mortgage rate instead.

This allows them to keep the purchase price intact, while providing you monthly payment relief.

It’s a win-win for both home buyer and home seller. And it makes it very difficult for outside lenders to compete.

They’re able to sell the home more easily and win the loan at the same time.

Lately, home builders have offered both temporary and permanent buydowns, or even a combination of both.

For example, I’ve seen home builder lenders offer 30-year fixed rates as low as 5.5%, with a temporary 2-1 buydown for the first two years.

This means a home buyer gets a rate of 3.5% in year one, 4.5% in year two, and 5.5% for the remainder of the loan term.

Chances are an unaffiliated mortgage lender just won’t be able to compete.

Consider Using Credits from a Home Seller to Buy Down Your Rate

One strategy you can employ if you don’t want to buy a new home is to ask for a credit from the seller.

Known as seller concessions, these can be used to buy down the mortgage rate to something that resembles what new home builders are offering.

Instead of asking for a home price reduction, you can use these credits to pay discount points, which in turn lower the mortgage rate.

This is essentially what the home builder lenders are doing, and there’s really no reason it can’t be done on an existing home.

If you want to go a step further, you could also ask for a credit fro the real estate agent as well.

This may allow you to snag a lower mortgage rate and reduce your closing costs at the same time.

In the end, you might have a deal that resembles that of the builder’s, but on an existing home.

While home builders like to refer to existing homes as “used homes,” they are often located in more desirable, central locations. And they might be bigger too.

As such, it can be in your best interest to purchase a used home as opposed to a newly-built one.

So if the financing is holding you back, the use of seller concessions can make the deal pencil.

There Are Other Advantages to Using the Builder’s Mortgage Lender Beyond Price

While I’ve mostly focused on price, or mortgage rates specifically, there are other perks to using the builder’s captive lender.

For one, they are affiliated businesses, so communication should be strong. There should be a direct line between builder and lender throughout the loan process.

They should know each other’s timelines and processes in and out, which ostensibly means fewer hiccups and issues.

Conversely, an outside lender could have difficulty getting in touch with the builder to check status. And this could result in unnecessary delays and problems.

Of course, that’s how it’s supposed to work. In reality, this might not be the case given the many mixed reviews I’ve come across from builder lenders.

Despite their close relationship with the builder, somehow lots of customers still walk away upset. But this could just boil down to home buying being very emotional in general.

And it could be even worse when using an outside lender if the two companies don’t cooperate well.

In summary, if buying a new home you’ll likely be pushed to use their in-house lender. You are not required to do so. You can use any lender, bank, credit union, or broker you choose.

But there are certainly perks, including mortgage rate specials (the #1 reason to use them) and perhaps the convenience of one-stop shopping.

However, even if you like what the builder’s lender has to offer, you should still take the time to speak with outside lenders and gather additional quotes.

Pros and Cons of Using the Home Builder’s Lender

The Pros

  • The convenience of one-stop shopping
  • Get your new home and mortgage all in one place
  • Affiliated lender might communicate better with the builder
  • Can offer special mortgage rates to home buyer customers
  • Mortgage process is short-lived, rate stays with you for decades potentially
  • Long rate locks that match the longer home buying/building process
  • Often operate their own title/escrow and insurance agencies as well

The Cons

  • Lots of mixed/negative reviews for home builder lenders
  • Mortgage rate specials are often limited to certain homes
  • May be enticed to buy in an area because the financing alone
  • May offer limited loan choices

Source: thetruthaboutmortgage.com

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He’s a wise-cracking country crooner who caught the heart of a ’90s pop icon.

Together, Blake Shelton and Gwen Stefani make up a beloved power couple that we just can’t get enough of. They may have seemed like an odd pair at first but there was NO DOUBT that their love was real.

How did this unlikely duo find each other? The two developed a friendship while working together at The Voice and bonded over their respective divorces in 2015.  Their romance culminated in 2021 with a beautiful wedding held at their ranch home in Oklahoma.

With massive acreage, the property was the perfect location for their intimate ceremony. According to reports, the two tied the knot in a small chapel Blake built for Gwen. This was also the place where the proposal happened.

Are you swooning yet? If not, you will, as the tale of Blake Shelton’s houses is one of love and devotion, and we’re 100% here for it.

Blake Shelton And Gwen Stefani got married at their Oklahoma ranch

The couple opted to do an intimate wedding in a simple chapel just a mile away from their mansion.

Gwen said “I do” in a stunning Vera Wang gown, while Blake wore a black tuxedo jacket paired with classic blue jeans.

Their home (and the chapel) sits on Shelton’s massive 1,400-acre estate, known as Ten Point Ranch.

Blake built a chapel on the grounds of his Oklahoma ranch. He did it himself with help. It’s really a tribute to their love.”

a source shared with Us Weekly.

They built a lakefront mansion on the Tishomingo estate, which is just a stone’s throw away from Shelton’s hometown of Ada. The singer also owns a bar, restaurant, and merchandise store in the area. 

Measuring approximately 2,000 square feet, the gorgeous mansion on the ranch boasts a long driveway lined with rows of trees on each side.

The drive leads up to the abode, which features a large, wrap-around porch, dormer windows, and a landscaped front garden.

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There is also a semi-detached smaller stone house by the side, which could be a garage or a guesthouse. At the back, there is a large pool, covered patio areas, and a terraced garden.

They also own a 13,000 sq. ft. home in Los Angeles

While their Oklahoma ranch played a significant part in their love story, Gwen Stefani and Blake Shelton live in Encino, Los Angeles, where they own a 13,000-square-foot home in the hills.

The mansion, which was purchased in 2020 for $13.2 million, is the first home Gwen Stefani and Blake Shelton officially bought together — and now serves as their primary residence.

Located in a secluded hillside, the 13,000-square-foot home has three stories, multiple spacious bedrooms, and a four-car garage, offering plenty of space for the couple and the kids — Gwen has three children from her marriage to Bush frontman Gavin Rossdale.

With a multi-million price tag comes a bevy of lavish amenities, including a state-of-the-art Atmos private theater, an oversized pool with its own spa area, a wet bar, an outdoor kitchen, a large cabana, and vast outdoor grounds for entertaining guests and enjoying family time.

While the couple has kept their residences private, Gwen has been giving glimpses of her home life on her social media accounts.

Followers on TikTok were psyched to see the couple’s bedroom decked out in snakeskin print and decorated with a multi-color tribal-style four-poster bed. The Hollaback Girl singer has also been sharing several kitchen adventures on her account.

Blake built a Hawaiian-style lake house for Gwen and her family

Before they tied the knot, Blake already had several impressive homes in his real estate roster.

From modest houses in rural areas to huge mansions, the singer has made an effort to spend his millions wisely. Throughout the years of upgrading to bigger spaces, Blake has made it pretty clear that he will always be a country boy at heart.

But he’ll do anything to make his girl happy!

Before their Encino mansion purchase, Blake also had a resort-style home built for Gwen in a quaint town by Lake Texoma.

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The Hawaiian-themed home features an all-white exterior with blue doors and shutters. To complete the tropical feel, there are three tiki huts and a tiki bar by the pool area. Situated right by the water, there are stunning views of the lake from almost every room in the house.

The relaxing vibe of the resort home has been appreciated well by Gwen’s whole family, who have been used to living in the city.

In an interview with ET, Blake expressed his happiness over introducing country living to Gwen’s kids and family.

“They love it so much, her entire family. And when I say her family, I mean all of them. We have so much fun,” he said. “I don’t think you should be able to have that much fun. It’s probably not legal in California.”

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Source: fancypantshomes.com

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Set along the sun-kissed shores of Panama City Beach, Florida, a former celebrity residence resurfaced on the market after an extensive makeover — unveiling picture-perfect interiors, a beachfront location that dreams are made of, and a substantial appreciation in value.

Formerly owned by All-American & NFL linebacker-turned-Emmy-winning producer/actor Matt Battaglia, the property at 517 Beachside Gardens has undergone an extensive renovation, transforming it into a coastal masterpiece that blurs the line between luxury and paradise.

As the property graces the market once again, its allure is not just in its pristine design but in its substantial transformation of value.

Listed at a (somewhat) modest $6.95 million in 2019, this beachfront gem has now doubled in price, a testament to the irresistible combination of impeccable style and an enviable Gulf-front setting.

Photo credit: Array 30A Photography courtesy of Corcoran Reverie

And we’re here to take you on a tour of the $12,900,000 house, now listed for sale with Lesly Simon of Corcoran Reverie.

Key facts & figures

Situated on over an acre, the property boasts an impressive 197 feet of Gulf frontage, showcasing panoramic views of the famed turquoise-hued waters of the Emerald Coast and sugar-white sand.

  • Bedrooms: 7
  • Baths: 10
  • Square footage: 6,096 sq. ft.
  • Year built: 2019
  • Lot size: 1.49 acres
  • Amenities: private pool and sunning deck, oversized covered porch, sitting area with gas fire pit, and private beach walkover
  • Additional structures: a self-sufficient coach house with two additional bedroom suites, a fully equipped kitchen, and covered patio space
  • Listing price: $12,900,000
Photo credit: Array 30A Photography courtesy of Corcoran Reverie

Nestled within the exclusive Carillon Beach community, the residence spans over 6,000 square feet across three meticulously planned levels.

Thoughtful design and amenities

With a focus on seamless indoor-outdoor living, the Florida house was beautifully redone by Jennifer DiCerbo of The French Mix out of Lafayette, LA.

The first level features a spacious living area, wet bar, and direct access to the outdoor oasis, including a private pool, sunning deck, and a covered porch with a gas fire pit.

Three luxurious bedroom suites, a laundry area, and a powder room provide convenience and comfort on this level.

On the second level, the main living area, dining room, and gourmet kitchen open onto expansive wrap-around porches, totaling over 2,000 square feet of outdoor living space.

The kitchen is designed for entertaining, equipped with custom cabinetry, an oversized island, walk-in pantry, wet bar, and professional-grade appliances. Additionally, an office area and powder room are located on this floor.

Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie

The upper level and guest retreat

The topmost level features two main bedroom suites, each with a carefully curated design, direct porch access, walk-in wardrobes, and luxurious ensuites. A sitting area with a wet bar and a dedicated laundry center add to the convenience.

Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie
Photo credit: Array 30A Photography courtesy of Corcoran Reverie

Connected by a covered breezeway, the self-sufficient coach house provides two additional bedroom suites, a fully equipped kitchen, and covered patio space, offering a private retreat for guests.

Photo credit: Array 30A Photography courtesy of Corcoran Reverie

Part of the upscale Carillon Beach Community

The property is part of the sought-after Carillon Beach community, offering residents a host of amenities, including a monitored gate with 24-hour security, three community pools, a children’s park, basketball and tennis courts, pickleball courts, walking trails, a meeting house, and the charming Market Street town center.

With over 3,900 feet of beach frontage, Carillon Beach remains one of the most desirable luxury communities in Northwest Florida.

Photo credit: Array 30A Photography courtesy of Corcoran Reverie

With its prime location near world-class dining and entertainment venues along 30A and Panama City Beach, the property not only represents a sound real estate investment but also an opportunity to embrace the coveted coastal lifestyle in one of the most sought-after communities in Northwest Florida.

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Source: fancypantshomes.com