First American

When we read about the current housing market, a term that often comes up is "limited inventory." So, why don't we just build more homes? Turns out it's not that easy. Builders have been facing a series of ongoing supply-side challenges stemming from skilled labor, lot shortages, lending issues, rising material costs, and regulatory barriers that have made it difficult to deliver more homes. Let's break it down. • Labor: The manual labor and workforce needed to construct (aka you need more hammers at work to build more homes). • Lots: Residential land that is available to buy and build on. • Legal Issues: Regulations imposed by all levels of government that everyone must abide by and ultimately make the process more expensive. • Lumber: The materials needed for residential construction costs, which remain more than 40% higher than pre-pandemic. • Lending: Financing availability and affordability. Overall levels of credit supply remain tight and interest rates elevated. Were you aware of these factors? Let us know in the comments below.

Our research shows that many homeowners who carry historically low mortgage rates feel ‘rate-locked’ and are not looking to sell and buy a new home at a higher rate. Typically, existing-home sales constitute nearly 90% of all home sales and inventory. When so many existing homeowners choose not to sell, the housing market chokes. The good news is rate lock-in effect has loosened enough for some potential sellers to list their current homes for sale, contributing to higher inventory and more sales activity in the housing market. As of Q1, the housing market is showing signs of improvement as existing-home sales increased and are expected to rise in future months as well. Looking for housing market updates? Be sure to follow for more.

Fake IDs? Haven’t thought about those since college*! Did you know that fake IDs are extremely prevalent in real estate transactions? They’re surprisingly easy and cheap to get, and scammers can use them to commit owner and seller impersonation. This means they can pretend to be the owner to take out a loan or falsely sell the property. A good rule of thumb: There’s no DMV in the world with good lighting. If a photo is a little too perfect, that should be your first red flag. Safeguard your deals and stay fraud-free! Follow the First on Fraud podcast for more security tips: https://firstam.us/44Eqz5R *For legal purposes, this is a joke.

Do you know what to look out for to avoid getting caught in a real estate scam?   Stay on top of the latest trends to stay CyberSmart. Read the first edition of our newsletter to learn more. 

Is the housing market in a recession? Here’s how to tell without the guesswork. Most people rely on headlines or gut feelings. At First American, we take a more data-driven approach thanks to our team of economists. To bring more clarity to the market, our economists developed a new rule-based model for defining housing recessions: The Housing Recession Indicator. Inspired by the National Bureau of Economic Research, the rule-based model tracks 8 key housing indicators. If 4 or more turn negative for 3 or more consecutive months, that’s the signal. So how’s the market doing right now? In the latest March report: • Only 2 of the 8 indicators are trending negative (housing starts and existing-home sales) • That means the housing market is showing signs of resilience, not recession Curious what the 8 indicators are? Swipe through to see what we’re watching.

At First American, innovation isn't just a buzzword – it's our way of life! Join a team that's driving the digital transformation of our industry, setting new standards, and pushing boundaries. Our award-winning culture celebrates creativity and fosters a spirit of innovation. With our leadership and development programs, you'll have the opportunity to lead the charge and shape the future. Ready to make your mark? https://firstam.us/43WxyXp #Hiring #LifeatFirstAm #Careers

One thing that never changes over time: life happens. Sometimes people just need to move, whether it be for a career change or a lifestyle change. As the lock-in effect eases, existing homeowners that are sitting on substantial home equity can offset higher interest rates by bringing a higher down payment at the closing table. And thus, the cycle continues, and general inventory climbs higher. Looking for the latest on the housing market? Be sure to follow along for updates and insights.

Don't fall for the hook! Phishing is the top cybercrime reported to the FBI and a major threat to real estate transactions. Do you know how to spot phishing attacks? Stay savvy, look out for suspicious emails, verify sources, and always double-check before clicking.

They say the perfect home is priceless. We know that’s not true. We help guide you through key considerations when you’re making an offer, and what to do when that offer (finally) gets accepted.

At First American, we’ve redefined what it means to work together. Our commitment to developing the strengths and talents of our team members sets the stage for continuous growth and success – for our company, and our people. We thrive on collaboration, we count on each other to get the work done, and we make every achievement a shared victory.