First Multiple Listing Service (FMLS), formed by a group of brokers 62 years ago, helps exchange listings between Realtors while offering cooperation and compensation to help buyers and sellers connect with each other through the agents of their choosing. FMLS is currently serving over 45,000 brokers and agents in Georgia. President and CEO of FMLS Jeremy Crawford is in studio to discuss his position, the company and the various services offered by FMLS. Join co-hosts Carol Morgan and Todd Schnick on this episode of All About Real Estate Radio.
Jeremy Crawford has been the president & CEO of FMLS since February of 2019. Crawford graduated from East Tennessee State University with a degree in computer science with a technical background. Crawford has extensive experience working with multiple listing services (MLS) all around the country, including San Diego and San Jose. Before Crawford became the president and CEO of FMLS, he worked as the CEO of the Real Estate Standards Organization, which is a nationwide nonprofit data standards entity.
FMLS ended 2019 on a high note, standing about 2% up from the previous year regarding the number of dollar volume transacted in real estate. Crawford noted that the 2019 market was very healthy, and the 2020 market is expected to follow a similar trend. Crawford also touched on the Atlanta housing inventory as of early 2020.
“As far as looking at the current inventory, we typically look at how the inventory would look if there were no new homes listed today,” explained Crawford. “So for the Atlanta market, if you are inside the perimeter, you’re looking at two to three months of inventory. If you’re at the Greater Atlanta market, you’re closer to four months of inventory. That means if no new homes were listed today, in four months we are completely out of inventory.”
Historically, Atlanta inventory has been closer to six months. Crawford explains the adjustment can be attributed to many different things. One reason the inventory is lower than in the past is the price of new construction homes. It is more affordable to buy a presale home than it is to buy a new construction home in most markets. A big demographic realizing the affordability issues with new homes are Millennials.
“Millennials are now in their big homebuying spur and buying their first-time homes,” said Crawford. “We are seeing a little bit of an inventory crunch on the first-time homebuyer inventory. The good news is the FHA raised their limits, so we hope that will help out those millennial first-time buyers get into some homes that were slightly unaffordable before. And with the interest rates holding down at 3.8 to 4.5 percent, we are hoping that will help with the affordability of new homes as well.”
Crawford also expanded on how the inventory will impact the 2020 market, and the market predictions for the upcoming year. Based on large brokers and economists in the industry, FMLS is expecting a similar year to 2019. Interest rates are projected to remain steady throughout most of 2020, while inventory will most likely remain constrained with new construction ramping up. Although the inventory is lower, more showings and homes under contract were present in 2019 than in 2018.
Listen to the full interview above. To learn more about FMLS, visit www.FMLS.com. You can also visit their YouTube channel to access informative videos geared towards agents and brokers, as well as training videos for Realtors.
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Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. New American Funding and FMLS is not associated. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (January/2020)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 123,000 loans for $30.4 billion, 198 branches, and about 3,100 employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America six times. It has a state-of-the-art career training facility and develops innovative technology, including the GoGo LO mobile application. For more information, visit www.NewAmericanFunding.com.
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