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Apache is functioning normally

Mortgage rates were mixed this week, according to data compiled by Bankrate. See below for a breakdown of how each loan term moved.

After increasing interest rates at 10 consecutive meetings in 2022 and 2023, the Federal Reserve finally paused at its June 14 meeting — only to resume July 26, with a quarter-point increase.

Official inflation has fallen to 3 percent, near the Fed’s official goal of 2 percent, and housing economists say the end is near for the central bank’s intense fight against inflation.

“We do expect mortgage rates to trend down once the [Federal Open Market Committee] clearly signals that they have reached the peak for this cycle, as the reduction in uncertainty with respect to the direction of rates should narrow the spread of mortgage rates relative to Treasury benchmarks,” says Mike Fratantoni, chief economist at the Mortgage Bankers Association.

Rates accurate as of September 6, 2023.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, September 6th, 2023 at 7:30 a.m.

>>Check out historical mortgage interest rate trends

You can save thousands of dollars over the life of your mortgage by getting multiple offers. Comparing mortgage offers from multiple lenders is always a smart move, but shopping around grew especially critical during the interest rate run-up of 2022, according to research by mortgage giant Freddie Mac. It found the payoff for bargain-huntng borrowers doubled last year.

“All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

Mortgage rates for home purchase

30-year mortgage moves upward, +0.06%

The average rate for the benchmark 30-year fixed mortgage is 7.59 percent, an increase of 6 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 7.40 percent.

At the current average rate, you’ll pay principal and interest of $705.39 for every $100k you borrow. That’s an increase of $4.12 over what you would have paid last week.

When to consider a 30-year fixed mortgage

Choosing the right home loan is an important step in the homebuying process, and you have a lot of options. You need to take several factors into consideration, including your credit score, income, down payment amount, budget, and financial goals.

15-year mortgage rate moves lower,-0.02%

The average 15-year fixed-mortgage rate is 6.79 percent, down 2 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost $887 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARM rate retreats, -0.01%

The average rate on a 5/1 ARM is 6.54 percent, ticking down 1 basis point since the same time last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.54 percent would cost about $635 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Jumbo mortgage moves up, +0.10%

Today’s average rate for jumbo mortgages is 7.63 percent, up 10 basis points over the last week. This time a month ago, the average rate on a jumbo mortgage was below that, at 7.43 percent.

At the current average rate, you’ll pay $708.14 per month in principal and interest for every $100,000 you borrow. That’s an extra $6.87 compared with last week.

Rate review: How mortgage rates have shifted over the past week

  • 30-year fixed mortgage rate: 7.59%, up from 7.53% last week, +0.06
  • 15-year fixed mortgage rate: 6.79%, down from 6.81% last week, -0.02
  • 5/1 ARM mortgage rate: 6.54%, down from 6.55% last week, -0.01
  • Jumbo mortgage rate: 7.63%, up from 7.53% last week, +0.10

Interested in refinancing? See mortgage refinance rates

30-year mortgage refinance moves higher, +0.09%

The average 30-year fixed-refinance rate is 7.75 percent, up 9 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 7.46 percent.

At the current average rate, you’ll pay $716.41 per month in principal and interest for every $100,000 you borrow. That’s an additional $6.21 per $100,000 compared with last week.

Where are mortgage rates headed?

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.

“Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far,” says McBride. “The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades.”

Comparing different mortgage terms

The 30-year fixed-rate mortgage is the most popular option for homeowners, and this type of loan has a number of advantages, including:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
  • Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
  • Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.

That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:

  • Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
  • Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
  • Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
  • Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.

What comes next:

Featured lenders for today, September 6, 2023

Source: bankrate.com

Apache is functioning normally

Candlesticks are price chart units that show the high, low, opening, and closing prices of a stock or security within a specified time period. Overtime, the candles create patterns that traders can use to predict price movements, trends, and reversals.

Most candlesticks consist of a body and upper and lower wicks, which are also known as shadows or tails.

Candlestick charts are commonly used, along with line charts, bar charts, and point-and-figure charts.

What Is a Candlestick Stock Chart?

Candlesticks originated in Japan, perhaps in the 19th century, as a means of tracking the prices of certain assets and commodities. When candlestick charts were introduced in the West, they originally were called Japanese candlestick charts.

The candlestick itself consists of an open area called the “real body,” which shows the range between the open and close prices, with the price movements in the specified time period shown as vertical lines or wicks (also called shadows) on either end of the body. The wicks indicate the high and the low for that period.

When the real body is filled in with black or red it means the close was lower than the open. When it’s white (blank) or green, the close was higher than the open. On most platforms, traders can alter the colors to whatever is easiest for them to read. Some candlestick charts are black and white.

Traders can set the desired time period they want to analyze; often a candlestick represents the price movements during a trading day. Candlestick patterns are formed by a series of candles within a designated interval (e.g. days or weeks).
💡 Quick Tip: Before opening any investment account, consider what level of risk you are comfortable with. If you’re not sure, start with more conservative investments, and then adjust your portfolio as you learn more.

Candlestick Charts vs Bar Charts

Like candlestick charts, bar charts show security price changes over time. Many traders think candlestick charts are easier to read; the thicker candle bodies make it easy to see the distinction between the opening and closing price and the high and low.

Bar charts are also often not color coded, making it more difficult to see price trends. However, some traders prefer the cleaner aesthetic of a bar chart.

What Do Candlestick Charts Tell Investors?

Candlestick charts are composed of candles lined up next to one another, each of which shows price movement between the specified time period. Because candles show price changes in certain time periods, traders can use charts to see trends and try to predict price changes.

Candlestick patterns can show that a negative or positive price continuation is likely, or that a price trend may reverse. Even a single candlestick can help traders decide whether to buy or sell.

Some investors use fundamental analysis of an investment to make trading decisions. But that in-depth analysis is typically not of interest to a day trader.

Day traders often use what is called technical analysis in an attempt to detect patterns in a security’s performance. Although this method is common in the financial industry, many debate the validity of these patterns and whether they can be predictive, or help investors anticipate a security’s future performance in any way.

Recommended: Understanding the Risks of Day-Trading

How to Read Candlestick Charts

Owing to the four main components of a single candlestick — the opening price, closing price, the high and the low — candlestick charts convey a lot of information. Essentially you have five data points in each candlestick:

•   The opening price (indicated by the top of the real body)

•   The closing price (the bottom of the real body)

•   The high (the upper wick)

•   The low (the lower wick)

Whether the day’s closing price was higher or lower than the previous close.

Parts of the Candlestick Chart

As described above, the part of the candle between the top and bottom borders is called the candle body, or real body. This represents the opening and closing prices of the time period that the candle depicts.

The candle body is more important than the wicks or shadows, because the wicks show high and low trades, which may be significantly different from the majority of the day’s trades. A longer candle body shows a stronger price trend in either direction.

Upper Wick

The vertical line above the candle body is the upper wick or shadow. The top of the shadow the highest price the security was traded at during the set time period. A long upper shadow indicates a bearish price direction: It means traders are unsuccessfully attempting to increase prices.

Lower Wick

The line below the candle body is the lower wick. The bottom of the wick marks the lowest price of the security during the set time period. If a wick is short, it means the opening or closing price was near the high and low trades.

Range

The range is the difference between the top and bottom of the real body. If the close was lower than the open, the real body is filled in (usually black or red. If the close was higher than the open, the real body is hollow or green (or another color of the trader’s choice).

While these are the components of a traditional or standard candlestick chart, some candlestick charts have candles without a top or bottom or wicks.
💡 Quick Tip: It’s smart to invest in a range of assets so that you’re not overly reliant on any one company or market to do well. For example, by investing in different sectors you can add diversification to your portfolio, which may help mitigate some risk factors over time.

Candlestick Chart Time Frames

Traders can select the time frame that each candle represents. One commonly used time frame shows the opening price, closing price, and high and low for a single day. Each candle in the chart would show the price movement in one day.

A trader could see that a stock price declined significantly over the course of the day, which could result in a continuing decline in the coming days.

The most commonly used time frames are:

•   1-minute (M1)

•   5-minute (M5)

•   15-minute (M15)

•   30-minute (M30)

•   1-hour (H1)

•   4-hour (H4)

•   Daily (D1)

•   Weekly (W1)

•   Monthly (M1)

Shorter time frames essentially allow traders to zoom in on the price action of the chart. For example, an H1 chart would have four times the candles of an H4 chart, so traders can look more closely at price changes.

Basic Types of Candlestick Charts

Candlesticks are created by price movements throughout the specified time period. Taken as a cluster, candlesticks form patterns traders use for analysis and trend prediction.

Bearish and Bullish Patterns

There are two main patterns: bearish (the security’s price is likely to decline) and bullish (the security’s price is likely to rise). These reflect the common terms for bullish and bearish market conditions.

No pattern is a guarantee of a price change or of a security’s performance. Candlestick charts are therefore used more as indicators of potential price trends.

Doji Candles

If the price closes exactly where it opened, there is no candle body. This is called a doji and is marked with a cross. A doji candlestick is rare, but when it shows up it can be a predictor of a price reversal.

Marubozu

The marubozu is essentially the opposite of the doji. It has a long candle body and no wicks or shadows. This type of candle indicates that the price didn’t trade beyond the range of the open and closing prices.

Common Types of Candlestick Patterns

Certain candlestick patterns can help traders make short-term predictions about price movements. Although a single candle indicates whether buying or selling action is strong, it doesn’t necessarily mean that the long-term price will continue in that direction. This is why traders look at different time periods to get a sense for longer-term trends, and to understand support and resistance levels.

There are many ways to read candlestick charts, depending on trading strategy and time frame.

At first glance, candlestick charts can appear pretty random. But there are many bullish and bearish patterns traders can identify in order to try to predict price movements. It’s important to remember that patterns are not guarantees of future price movement.

Bearish Engulfing Pattern

If there are more sellers than buyers when a chart has been trending upward, traders will see a long red candlestick after a small green one. This can indicate that prices may decline.

Bullish Engulfing Pattern

The opposite pattern will occur if the price is trending downward but then a long green candlestick appears in the chart. This may indicate that prices will continue to increase.

Bearish Evening Star

The evening star pattern is uncommon, but considered a strong indicator of future price declines when it does show up. It’s generally a three-day candlestick pattern.

•   The first day is a large white or green candle, indicating a clear rise in price.

•   The second day shows a smaller candle, indicating a more modest price increase.

•   The third day is a long red candle that opens at a lower price than the previous day, and closes near the middle of the first candle’s range.

Morning Star

The reverse of the evening star is the morning star, a bullish indicator. The first candlestick in this pattern is long and red, the second is short and lower than the first, and the third is a long green candlestick that closes above the center of the first, indicating an upward price trend.

Bearish Harami

This is a two-candle pattern. If traders see a small red or black candle body that fits completely within the previous day’s candle body, it could indicate a price reversal. Price action continuing downward after the small candle could indicate a longer-term downward trend.

Bullish Harami

A bullish harami is a three-day pattern that may indicate a reversal of a bearish trend. If there are two black or red candles, indicating the downward trend, followed by a small white or green candle that fits completely within the body of the previous candle, that may signal a bullish turn.

Harami Cross

The harami cross can be bearish or bullish. With a bearish harami cross, there is a long candle that’s part of a downtrend and it’s followed by a doji.

With a bullish harami cross, there is a long candle that’s part of an upward trend, also followed by a doji.
In either case, the doji could signal a reversal of the trend.

Falling Three Methods

This is a bearish pattern that includes five candlesticks. Typically there is one day with a strong downward trend, followed by three small green candle bodies that stay within the boundaries of the first candle, followed by another long red candle. The falling three methods may signal an interruption of the trend, but not a full-on reversal.

Hammer

If the price significantly decreases but then makes a comeback and ultimately closes near the high, this is called a hammer. The hammer pattern has a small body and a long lower wick. It’s a bullish signal because it shows that the price was declining but then traders pushed it back up.

Hanging Man

The hanging man pattern is the opposite of the hammer. It is also referred to as an inverted hammer. This pattern looks like a square lollipop. If traders are attempting to spot the top or bottom of a market, they often use hammer and hanging man patterns as indicators.

Shooting Star

A shooting star takes shape when a security opens, the price rises significantly over the trading period, but then closes near the opening price, signaling a reversal.

To really be considered a shooting star pattern, this particular candlestick — with the short real body, long top wick, and hardly any bottom wick — must occur within an upward price trend.

Gaps

A gap is a window of time in which there are no trade transactions. Gaps in a chart can indicate support and resistance levels, which can be followed by a further bullish or bearish trend.

The Takeaway

Candlestick charts are a way of condensing price information about a security into a fairly simple diagram that looks like a candle with two wicks. The candle’s “real body” shows the range between the open and close prices. The wicks are the vertical lines at the top and bottom of the real body, indicating the high and the low for that period.

Candlesticks can be grouped together into patterns that traders can interpret as signals of price trends that are either bearish or bullish. Often it’s best to use tools like this with other types of technical indicators.

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Apache is functioning normally

The stigma attached to cockroaches makes them the nemesis of all apartment dwellers. Seeing roaches inside an apartment causes all kinds of issues, which is why nobody wants them around. Fortunately, there are concrete steps for how to get rid of roaches in your apartment.

Are roaches common in apartments?

The awful truth is that roaches are common everywhere. According to Pegasus Pest Control, cleanliness does play a role in what attracts roaches to a particular residence though. “There are living conditions that will suit cockroaches more. Like us, they need food and water to survive.”

Having a home where food gets left out or a kitchen with crumb-covered counters is a definite welcome sign for roaches. Things like dirty dishes left in the skink too long and even pet food sitting out in your dog’s bowl can both contribute to a roach problem. Especially in an apartment building where another tenant is on the messy side, if you’re not keeping things clean, the roaches already in the building may pay you a visit.

It’s best to assume all apartment buildings have roaches, maybe even a few different kinds. Whether it’s only a few or a larger population, behave proactively in your own space to keep them at bay.

What’s causing the roach issue?

You may lump all roaches into one category of creepy crawlies, but there are actually different types that can cause a cockroach infestation.

The most visible type are German cockroaches. These are small and light brown and don’t get longer than about 3/4 of an inch. You can identify German roaches by the two stripes visible on the plate behind their head. A German cockroach will live anywhere but prefers inner-city environments. These guys are pretty resilient to insecticides, so you may have to think outside the box when it comes to pest control tips. Making your own traps is your best bet.

Other roaches you may see in your apartment include the:

  • Brown-banded cockroach
  • American cockroach
  • Smoky brown cockroach
  • Oriental cockroach

Of course, the only kind of cockroaches you want to see are dead ones, but it’s never a bad thing to know more about what you’re dealing with.

Why do you have a roach infestation in your clean apartment?

Even if you’ve put all your food away and meticulously cleaned your kitchen, you can still end up seeing a roach or two. A clean apartment is a great way to deter roaches, but there’s something else they’re looking for that your apartment has no matter what — water. “Roaches need moisture to survive and this search for water will bring them into even the cleanest of homes,” according to Northwest Exterminating.

Leaky pipes or a drippy faucet, things you don’t associate with dirt at all, call out to roaches. It’s why you often see them in bathrooms in addition to the kitchen. Roaches eat a lot, but they also get thirsty. They can hide under refrigerators or air conditioning units to drink the condensation or even try to sneak a sip from a pet’s water bowl. Roaches may like dirt, but their needs are much bigger than grabbing a quick snack off your dirty dishes.

How to get rid of roaches in your apartment

Cockroaches are quick, sneaky and adaptable pests that are very hard to eliminate. They are also harmful to have around, as carriers of bacteria and other infectious agents, with the potential to contaminate food. Because of this, it’s important to address the issue immediately after you spot one of these unwelcome house guests. And yes, we’re talking about how to kill cockroaches.

While these are some of the most common methods to get rid of cockroaches in an apartment, you’ll most likely end up needing a combination of them in order to get a roach-free home.

1. Attract roaches using bait

Often the safest and most effective, baits work over an extended period of time to kill roaches. They’ll either kill on contact or use an unlucky few to carry the poison back to their buddies. Gels, bait stations and bait traps are available at most hardware stores, drug stores or supermarkets. Since roaches love nearby food sources, giving them bait to snack on instead of your own food can help prevent future infestations.

After you identify where the roaches are hiding, based on where you usually see them, place the bait, in containers, as close as possible. If you want the roaches to carry the bait back, make the container easy to escape. If you want them to stay put, consider jar traps. You can also target areas where food and moisture are most readily available. For any cracks or small areas, use gel bait. Change out the bait every three to six months.

2. Do a little dusting

Roach traps that use dust come in three different types — silica, diatomaceous earth and boric acid. The first two damage and desiccate a roach’s exoskeleton while the boric acid is toxic when ingested. This strategy is useful since they can get rid of roaches that simply walk through the dust.

The safest option is diatomaceous earth, which is a completely organic insecticide that actually kills roaches, fleas, ticks and bed bugs. It’s a great preventive option, as well, if you want to avoid a cockroach infestation.

To use, sprinkle a light dusting where roaches like to hide — inside cabinets, behind appliances and around cracks in kitchens and bathrooms. Reapply every three to four months.

Boric acid, while one way to get rid of roaches, shouldn’t necessarily be your go-to choice. Since it’s toxic, you don’t want to use boric acid in an apartment with pets or young children. Cockroaches must eat boric acid for it to do any damage, as well, so it might take longer to kick in.

3. Set a trap

Traps are for the brave souls who don’t mind dealing with the disposal of live roaches. You can buy them or make them at home. Sticky traps will stop a roach in its tracks and you can usually find them at your local hardware or drug store.

One homemade option requires a jar and some tempting food. Put a moist piece of bread and some slices of raw potato in an open jar. Then, line the inside walls of the jar with petroleum jelly and set in an area you’ve seen at least one roach. You’ll attract cockroaches with the food but they can’t climb back out. To dispose of the roaches you catch, fill the jar with soapy water and screw on a lid.

4. Use what’s in your pantry

It may surprise you how many ingredients you already have at home that will deal with cockroaches. Incorporating staple items from your pantry can make dealing with these pests quicker, cheaper and faster.

  • To really attract roaches to your bait stations, mix brown sugar and baking soda. The sugar will tempt the cockroaches to visit the bait and the baking soda will kill them when it’s ingested.
  • Although you’ll still need a shopping trip for this one, you can make your own dry bait stations around your apartment by mixing equal parts powdered sugar, yellow cornmeal and borax. Cockroaches will walk through the bait and then clean themselves, ingesting the poison. This bait is also toxic to humans and pets, so use it with care.
  • If you’re looking to repel these pests, think citrus. Roaches hate the smell. If you don’t have citrus-scented cleaners on hand to spray, strategically place citrus peel or even citrus pulp around your home. You’ll not only repel roaches but make your home smell sweet.

Using your own pantry ingredients to create effective bait stations for roaches is as simple as pulling out those staple items just about everyone keeps on hand.

5. Hire a professional exterminator to treat an infestation

This is an extreme solution ideally meant for an actual roach infestation. You should contact your property manager before going this route since your lease may include this type of maintenance. To be effective, an exterminator should spray the entire building, which is why you should loop in your property manager to handle the bigger picture.

If you’re wondering what your exterminator is spraying around your home, chances are it’s a combination of insecticide and insect growth regulators. This second ingredient works by disrupting how roaches grow and produce. It may not kill the adults, but it will stop new roaches from joining their parents. The insecticide will take care of the older guys.

What can I do to get rid of roaches forever?

While there’s no guarantee you won’t see a roach again, once you’ve gotten rid of them, there are a few tips to make sure you’ve gotten rid of roaches for good.

  • Alert your property manager that you’ve taken steps to deal with roaches in your own apartment. Since it’s most likely a building-wide problem, your property manager should take steps to have the whole building treated. If they don’t already have an exterminator coming in to get rid of roaches, it might be time.
  • Keep things dry, avoid clutter of any kind, even if it’s temporary and store food in plastic containers with tight seals. Sweep up crumbs, wipe down countertops and clean spills quickly. Don’t leave dirty dishes in the sink overnight and avoid having too many cardboard boxes laying around, as well. These all tempt new roaches to come exploring.
  • Make sure garbage is in tightly-sealed containers which you empty regularly.
  • Give your apartment a once-over for small cracks in doors, windows or walls. If you find any, ask your property manager to seal them or do it yourself if you’re able.
  • Get rid of soap bars and house plants. Cockroaches like these items, too. You can replace bar soap with liquid soap where possible, like at the kitchen sink and in bathrooms. If you want to keep your house plants around, smear a little petroleum jelly on the outside of the pots so it is too slippery for the roaches to climb.
  • Work in some light cleaning on a regular basis. You especially want to get out that vacuum cleaner at least once a week to remove potential food sources for cockroaches and keep your apartment clean.

Roaches are pests. They carry diseases and nobody likes them. But, you don’t need to battle to go from live bugs to dead roaches. These steps make it easier to prevent cockroaches from thinking your apartment looks like a sweet new place to call home.

Learn how to get rid of roaches in your apartment

The sad truth is, it’s not if you’ll see a roach in your apartment, but when. They’re most likely already living in the walls because they’re already everywhere. All you can do is expect a roach problem at some point and focus on keeping your home as uninviting for them as possible. And, if they do appear, be quick to get rid of anything that roaches consume or that may attract them to your apartment.

Since cockroaches aren’t the only pests that can invade your space as an apartment-dweller, practicing good habits to keep your home pest-free, in general, is always a good rule of thumb.

Source: rent.com

Apache is functioning normally

Real estate giant Anywhere has reached a settlement agreement in two of the major class action antitrust lawsuits facing the housing industry.

According to court documents filed on Tuesday, Anywhere Real Estate and the home sellers suing the firm in both the Moehrl and Sitzer/Burnett cases, which both deal with buyer brokers’ commissions, have reached a preliminary settlement agreement, settling all claims in both suits. Before the agreements are finalized they must be approved by the U.S. District Court judges in Illinois (Moehrl) and Missouri (Sitzer/Burnett), who are overseeing the two lawsuits.

No details about either agreement were disclosed in the filings, but attorneys for the plaintiffs in the Moehrl lawsuit told HousingWire the agreement for both lawsuits was a total of $83.5 million, as the two plaintiff classes negotiated the settlement together.

“The monetary settlement was the most that could be obtained in light of Anywhere’s available financial resources. Critically, the settlement includes significant changes to Anywhere’s practices relating to the conduct that we have challenged,” Steve Berman, the managing partner and co-founder of Hagens Berman Sobol Shapirio LLP, wrote in an email. “Our antitrust team looks forward to continuing to pursue additional relief against remaining defendants for those who have been systematically overcharged for simply selling their homes in an already unstable housing market.”

Anywhere asked the court the firm be excused from the pretrial conference on the Sitzer/Burnett suit, scheduled for this coming Friday. The Sitzer/Burnett suit is slated to head to trial on October 16, 2023.

A trial date has yet to be set for the Moehrl lawsuit.

“We are pleased that Anywhere has reached a nationwide settlement with the plaintiffs in the Burnett and Moerhl lawsuits,” an Anywhere spokesperson wrote in an email. “The path to obtain final approval and implement the settlement is a long one, and Anywhere has taken the first important step toward a resolution that not only releases the company but also our affiliated agents and franchisees. We believe the settlement will remove future uncertainty with respect to the upcoming trial, potential additional claims, and legal expense, enabling Anywhere to focus on and continue delivering what’s next for agents and franchisees. Given ongoing legal proceedings and confidentiality agreements between parties, we cannot comment further at this time.”   

Anywhere is just one of the many defendants in these lawsuits, which also include Keller Williams, RE/MAX, HomeServices of America and the National Association of Realtors.

The two lawsuits take aim at NAR’s Participation Rule, which requires listing agents to make a blanket offer of compensation to buyers’ agents in order to list the property on a realtor-affiliated multiple listing service (MLS). According to the plaintiffs, commission sharing inflates the costs for consumers, in violation of the Sherman Antitrust Act. NAR contends that the current commission structure, which has been in place for over 100 years, actually helps consumers.

Damages in the Sitzer/Burnett suit are anticipated to be up to $4 billion, while damages in the Moehrl suit are expected to reach up to $40 billion.

The other defendants in the suits have yet to file settlement agreements.

Attorneys for the plaintiffs in the Moehrl suit did not return a request for comment.

Source: housingwire.com

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Buying and selling a home can be a confusing, intimidating process. From fine-tuning the initial listing to completing the mountains of paperwork needed for closing, homebuyers and sellers can find themselves juggling a wide range of issues. Real estate professionals can help by hosting educational workshops to help make the transaction easier. Here are 11 tips to make these workshops more effective.

1. Find your audience

Not every real estate transaction is the same because not all buyers and sellers are the same. Before you plan your workshop, consider who your target clients are. Do you specialize in helping first-time buyers and sellers, or are you leaning towards working with real estate investors? Maybe you are focusing on empty nesters looking to downsize or clients looking for vacation homes they want to rent out in the off-season.

Your audience will determine the focus of your workshop. It’s the first step to making your workshop a success, and also influences how you will market your event (more on that below).

2. Organize relevant topics

Your audience determines the topics you cover. Veteran investors don’t need a lecture on what to bring to the closing table, but first-time buyers do. First-time home sellers might be interested in learning how to prep their homes for sale, while rookie buyers might want a step-by-step outline of the entire process.

Start planning your event by making a list of the subjects that might be confusing or complicated, and plan your workshop itinerary from there. 

3. Choose a venue

Don’t plan to fail by failing to plan, especially when it comes to things like parking, accessibility, and capacity. The venue you select needs to be comfortable and accommodating for everyone. Consider things such as:

  • Parking (number of spaces and accessibility for those in wheelchairs)
  • Seating at the venue (tables, chairs, etc.)
  • Location (central to public transportation)

Some good workshop venue options include community centers, public libraries, and hotel conference rooms. If you’re hoping to reach clients who are relocating from out of state, consider hosting workshops online.

4. Market your event

You can plan a perfect event, but if your marketing strategy isn’t comprehensive, how will people know about it? Again, how you market will depend on your audience. Social media marketing is a great way to spread the word and can be coordinated so one post hits multiple platforms at a time.

Other ways to reach a wider audience include:

  • Posting on community bulletin boards (in physical locations or online)
  • Sending a note to your mailing list
  • Asking former clients to spread the word

Another way to market is to ask influencers on social media to help promote the event. They may also be able to attend the event, bringing their audience with them.

5. Provide take-home resources

Real estate transactions can be complicated, and some attendees may be overwhelmed by the amount of information you present. Help them better understand and retain information by providing resources they can take home. 

These handouts can include:

  • Checklists for the buying and selling process
  • Definitions of real estate terminology
  • Outlines of how to prepare a home to sell
  • A basic step-by-step guide to buying a home
  • Lists of related real estate professionals (i.e., mortgage lenders, home inspectors, etc.)

Very few people can attend an hour-long lecture and remember everything they heard. For best results, present information in many different ways. Use short videos, slideshows, and small-group discussions and activities to deepen their understanding of the topic.

7. Highlight guest speakers

Guest speakers provide two primary benefits to your workshop. They bring specialized expertise. Real estate transactions involve a variety of professionals, each experts in their field. Inviting these experts to speak is a great way to help workshop attendees better understand each step of the process. For example, a mortgage lender can describe different types of mortgages and explain which might be best for the buyer or the type of transaction. Guest speakers can also offer a neutral third-party perspective on sensitive topics, like how to save money at closing.

They cross-promote the event. Guest speakers will promote the event on their social media platforms. This increases your potential audience and introduces you to more people you might not otherwise reach.

8. Make it interactive

Very few people enjoy sitting in a chair for hours being lectured to. Give participants a chance to engage with speakers and other attendees. You can do this by facilitating small group discussions, encouraging questions, and organizing breakout sessions on specific topics of interest.

9. Ask for feedback

Getting a real estate workshop right the first time is hard, so asking participants for feedback is key. This helps refine planning for future events and helps build relationships with attendees. Additionally, positive feedback can be used (with permission) as testimonials to promote future workshops.

10. Follow up with participants

Asking for feedback is just the first level of follow-up after the workshop. Send out thank-you notes or emails the day after the workshop. On day three post-workshop, reach out again with an invitation to engage. This might look like:

  • Asking attendees if they have other questions
  • Providing additional resources
  • Sending listings based on interest
  • Offering incentives for continued collaboration

This is not the time for a hard sell, but following up with attendees is an opportunity to develop positive relationships that might lead to more business opportunities in the future.

11. Keep the most important thing the most important thing

Homeownership remains a crucial part of what is commonly referred to as the American Dream. The primary goal of these workshops is to educate people on how they can be involved in the pursuit of homeownership. For homeowners looking to sell, your workshop can be critical in their path to building generational wealth.

The most important thing? Educating attendees and demonstrating your knowledge, professionalism, and trustworthiness. By doing this, you position yourself as a valuable resource in your community who genuinely cares about their clients and wants the best for them. Ultimately, that will build a solid foundation for professional relationships that continue to grow as your clients’ needs evolve.

Luke Babich is the co-founder of Clever Real Estate.

Source: housingwire.com

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Whether it’s your first apartment or your 10th, finding and renting an apartment is an overwhelming process. You have to consider everything from your monthly income and budget to the ins and outs of the rental application itself. While finding potential apartments is a lot of work, you can simplify it if you’re organized and know exactly what you need to do.

Don’t let the stress of finding and renting an apartment get in the way of your decision to move. We’ll walk you through everything from the rental application to the responsibilities the landlord owns. By following these 10 steps, you’ll figure out how to rent an apartment in no time.

1. Know your budget so you can pay rent

First, it’s important to understand how much you can comfortably afford to pay. Typically, no more than 30 percent of your monthly income should go towards your rent payments, according to the U.S. Department of Housing and Urban Development. For example, if you make $65,000 a year, you’d allocate $19,500 annually — or $1,625 per month — toward rent payments. Use our rent calculator to find out how much you can reasonably afford.

When breaking down your budget, you’ll also need to consider other elements of housing costs. This includes expenses like the application fee, first month’s rent, the security deposit, utilities and renters insurance. These expenses are not usually included in the rent itself so you’ll need to add this into your budget before you start looking for your ideal apartment.

Also, you’ll likely need to run a credit check to find out our credit score, which can influence the rental agreement. Most landlords prefer to rent to people with high credit scores because it’s a good indicator of your financial history. Before you sign the lease or rental agreement, the landlord will run a credit report to ensure you have good credit and can fulfill your financial renter responsibilities.

Once you have your financial ducks in a row, you can start looking for your own place to rent and move on to the next phase of the apartment hunt.

2. Decide if you’ll have a roommate

People have roommates for a variety of reasons. Some people like the companionship that comes with having a roommate. Others choose to live with a roommate for financial reasons. And sometimes, it’s a combination of both.

If you’re worried you can’t afford an apartment on your own, you may want to find a roommate to share the security deposit and monthly rent, utilities and household expenses. Splitting a place with one or more roommates means you could get a bigger apartment in a building with more amenities.

Roommates are also a good option if you have poor credit and need a co-signer on the rental agreement. A co-signer is someone who signs the lease agreement, too, and is legally responsible for paying the rent in full should the other renter not be able to pay the month’s rent. Co-signers should understand their legal and financial responsibility before committing to signing the lease.

Regardless of your reason for wanting a roommate, you should choose someone who is financially responsible and whom you’d be comfortable living with for at least a year. Unless your rental agreement is month to month, you’ll likely be locked into a lease for 12 months.

3. Determine where you want to live

Next on the list of things to do when looking for a rental unit, is to determine where you want to live. You need to decide which apartment complexes to look at in certain neighborhoods and cities.

When making these decisions, consider things like safety, walking distance to work or public transit and how many restaurants, parks or recreational facilities are nearby.

Once you’ve found the location you want to live in, you need to decide what type of place you want to rent and what amenities are important to you. You could rent anything from a studio apartment to a two-bedroom apartment to a single-family home. Check out the property’s amenities, such as an onsite fitness center, laundry, pool, security or parking. Make a list of your wants versus needs. Your rent will likely increase if the property management company offers more amenities and on-site perks.

Make sure you take time to learn about the neighborhood you’re thinking about moving into, as well. Sign up for a virtual tour or make an appointment with a leasing agent to take a walk through the area. This could help you make up your mind about which unit you’d like to rent, especially if a few places are similar in cost or size.

You’ll want to visit the neighborhood during the day and also later at night to determine if it’s a good fit. This way, you’ll get a sense if there’s a bustling café or restaurant scene, whether it’s quiet at night or too rowdy for your taste and how safe it feels.

Generally, you can expect to pay higher rent if you want to live close to major metropolitan areas. However, your transportation costs and commuting time will increase if you move further away — so consider what’s more important to you.

4. Take apartment tours to see your options

The apartment hunt is equal parts exciting and overwhelming. If you’re searching for your first apartment, take the time to see a variety of options before you rent an apartment.

Whether you are taking a virtual tour or a self-guided tour, you’ll want to visit different apartments to find the one that best suits your needs. Try to limit your tours to no more than five at a time. Otherwise, the units will blur together and the process can become overwhelming.

It’s a good idea to snap photos of the exteriors and interiors of each apartment and take a few notes during your tour so you can compare them later. Don’t forget to ask questions about the building as you visit, so you can collect as much information as possible that will help you decide which place works best for you.

One other thing to consider is that your first apartment isn’t necessarily your dream apartment. You want to find a place that meets your needs and budget, so try not to fixate on finding the dream apartment and skip over places that are good choices, too.

5. Line up personal references for reference letters

First-time renters often need to convince landlords they’ll be excellent tenants. Since you may not have a rental history or credit history yet, you’ll need some solid personal references who can vouch for you and help boost your chances of getting the apartment.

You can get reference letters from a variety of people, but typically, references from friends and family don’t impress landlords because their recommendations will likely be biased. Instead, ask someone like your work supervisor who can confirm you’re dependable and trustworthy. Or, ask your former resident advisor if you lived in a dorm to act as your personal reference.

By having these personal references lined up in advance, you’ll be one step ahead of any other tenants who are looking to lease the same space.

6. Fill out an apartment application

In hot housing markets, the first qualified applicant usually wins the apartment, so you’ll need to have everything to fill out an application form to move the process ahead quickly. Make sure to read the apartment application thoroughly so you don’t miss any important line items.

Landlords and property managers determine whether or not you’re a good candidate based on the information on your application forms. They look at things like salary, after-tax income, job history, credit and background checks to help make their decision.

The more paperwork and information you have on hand, the easier this step is. To complete an apartment application form, you will need things like:

  • Your personal contact information
  • Your driver’s license
  • Your personal references
  • Proof of income and pay stubs
  • Tax information and tax returns
  • The name of the co-signer
  • Your roommate’s name and information, if you have one
  • Proof of renter’s insurance, if you have it
  • The non-refundable application fee (these range from $25 to $100, depending on the apartment and the city)

7. Complete a credit and background check

A property management company and most landlords will conduct background checks on you to make sure you’re a qualified candidate for the potential apartment. They’ll look at your rental history to see if you’ve defaulted on loan payments or rental payments to ensure you can pay the monthly rent on time. They’re also using the credit check to see if you have bad credit as this can indicate your ability to pay rent on time. Lastly, they’ll also look to see whether you have a criminal history or not. Any of those things could cost you the unit.

The rental application and credit and background checks are the easiest ways for property management to determine if you can pay rent on time and if you’ll be a qualified, responsible tenant.

8. Review the lease or rental agreement in detail

It’s crucial that you read through the entire lease agreement before signing on the dotted line. Like any contract, this legal document has important information and rules that you have to understand before agreeing to move into the building. Understanding your basic rights as a tenant is part of renting an apartment, too.

Usually, the lease will lay out whether or not they allow things like pets or smoking. It will also outline the tenant-landlord checklist that highlights what you need to do and what the tenant needs to do. This is a good time to confirm which utilities come included in your rent, and how much other utilities cost. Some apartment buildings cover the cost of heat, hot water and electricity, while others also include things like Wi-Fi or cable TV.

Your lease will also detail things like if you get a parking spot and how much you need to pay for parking. It’s smart to ask about past car break-ins so you can understand the safety at the apartment complex, too. Break-ins can increase the cost of your car insurance, so it’s smart to know about the history of parking lot safety. Likewise, ask the landlord about any past property damage. Most apartments will keep a record of them for you to review.

If there are any clauses you don’t understand, ask the landlord or property manager what they mean before, and, if applicable, a co-signer, sign the rental agreement.

9. Pay your security deposit and fees

Most apartment buildings will ask you to pay a security deposit equal to the monthly rent at the same time you sign a lease. This fee will cover any future damage you cause to the unit during the time you’re living there.

You may also need to pay either one month’s rent or both the first and last month’s rent upfront. Some apartments also require additional fees if you have pets. Also, landlords may require you to have renter’s insurance and show proof of payment for that. These fees are in addition to the initial application fee you paid.

Make sure you ask what fees you’re responsible for paying in advance. You want to have them on hand when you’re finalizing your budget and when it’s time to sign the lease. You can bring a debit card, check or sometimes a credit card to pay these fees.

10. Plan your move

Now that all the paperwork is complete — start planning your move. Find out the exact move-in date. And ask your landlord or property manager where the moving truck can park on moving day. Also, find out if you have to reserve an elevator for the day of your move. Some buildings restrict moves to certain days or times, so plan yours accordingly.

Then, book your movers or truck rental, making sure to leave yourself enough time to pack. Contact the utility companies to put the contracts in your name. Then, everything’s turned on once you move into the apartment.

The bottom line

Figuring out how to find an apartment and live on your own means taking care of lots of details. But, if you get the basics taken care of early on, it’s easier to follow your plan and stay organized. After sorting out all the paperwork and moving details, you can enjoy the freedom and fun of having your own unit.

The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.

Source: rent.com

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After increasing in the second half of last year, the homeownership rate looked like it was ending a steady eleven quarter decline that began in 2012. However, despite reports of increased home sales in the first half of this year, the Census Bureau said last week that homeownership has declined for the second quarter in a row, to 62.9 percent. That’s the lowest level in more than 50 years.

Though sales of existing homes through June are up 3 percent over last year and are now up 3.0 percent from June 2015, prices are up 4.8 percent. Prices are significantly higher for affordable entry level properties, and inventories of homes priced lower than market medians in hotter markets are slim.

Where are the first-time homebuyers?

So where are the loses coming from? The Census Bureau reported homeownership rate for Americans ages 18-34 fell to 34.1 percent in the second quarter from 34.8 percent a year earlier, the Census Bureau said. The decline is within the margin of error for that age group of 0.8 percentage points, but that doesn’t mean it isn’t worrisome.

A new study by the National Association of Realtors and SALT, a program provided by the American Student Assistance, found that nearly three-quarters of non-home owners say that repaying their student loan debt is delaying their home purchase.

And that’s not all. More than fifty percent of consumers say they expect to be delayed from buying a home by more than five years. Forty percent of consumers surveyed also said that student debt was delaying them from moving out of a family member’s house after graduating from college.

The student loan debt burden seems to be holding back older millennials, aged 26 to 35, and those with $70,000 to $100,000 in debt the most from home ownership, the survey found.

Minorities have been affected too

Homeownership among minorities is also declining once again. Among African Americans, the homeownership rate has fallen to 41.7 percent from 43 percent a year ago and among Hispanics, the rate is down slightly from the second quarter of 2015, to 45.1 percent from 45.4 percent.

Among non-Hispanic whites, homeownership is statistically equal to a year ago, 71.5 percent in the second quarter of 2016 compared to 71.6 in the second quarter of 2015.

What does this mean for you?

All this seems to indicate that current middle-class homeowners are staying in their starter homes longer, while large groups of potential first-time homebuyers are staying out of the real estate game entirely, leaving a section of the real estate landscape stagnant in spite of improvements. If you’re thinking about selling or buying, the timing is still good, but depending on your local market, either may take longer than expected.

Source: totalmortgage.com