In walking back policies designed to boost participation in foreclosed property sales for nonprofit and government bodies, the Federal Housing Administration (FHA) said that policies put in place in 2022 that restrict certain sales to these entities for a 30-day period have produced “mixed results at best” and will now be rescinded.

Mortgagee Letter (ML) 2022-01 expanded the exclusive listing period for U.S. Department of Housing and Urban Development (HUD) real estate-owned (REO) properties for owner-occupant buyers, HUD-approved nonprofits and government entities from 15 to 30 days. And ML 2022-08 established a 30-day exclusivity period for the same types of entities on FHA’s Claims Without Conveyance of Title (CWCOT) process.

But ML 2025-13, released on Monday, is rescinding these policies and their subsequent incorporation into the Single Family Housing 4000.1 Handbook.

“HUD data over the past several years show, at best, mixed results from these efforts,” the letter reads. “During the new CWCOT exclusive listing period, very few properties have sold to owner-occupant buyers and even fewer were purchased by HUD-approved nonprofits and government entities.

“For REO, it’s unclear whether the longer exclusive listing period resulted in higher overall REO sales to owner-occupants or shifted sales from the original listing period (Days 1-15) and/or the regular listing period.”

Additionally, REO sales to HUD-approved nonprofits and government entities “remain at near-zero levels,” the FHA said. It added that this anemic sales activity “leads to continued deterioration of the properties, as well as additional holding costs, which leads to lower sales prices, greater losses to HUD, and an increase in time before properties are returned to the market.”

The agency will also be updating the relevant sections of the 4000.1 Handbook to reflect this new priority.

The ML updates CWCOT post-foreclosure sales efforts and eliminates both the post-foreclosure and extended post-foreclosure sales period. It also updates CWCOT default reporting requirements for single-family properties, and it rescinds current language while restoring language that existed before the 2022 guidance was handed down by the Biden administration.

CWCOT provisions of the new ML can be implemented immediately. These and the REO provisions of the ML must be implemented by May 30, the letter explained. The relevant 4000.1 Handbook update is forthcoming.

In an effort to provide options for older Americans who want to avoid costly congregate care facilities and intend to age in place, social work researchers at the University of South Carolina will use federal grant dollars to assess the effectiveness of remote home monitoring systems for people who may have more limited aging support and long-term care (LTC) options.

Shaun Owens, an associate professor at the university’s College of Social Work, received a four-year grant from the National Institute on Aging (NIA), a division of the National Institutes of Health (NIH). The funds will cover work on “technology to support healthy aging, particularly for African Americans in rural areas who may have limited access to specialty and long-term care,” according to an announcement from the university.

“The Research and Entrepreneurial Development Immersion grant is a unique effort to bridge the gap between research and entrepreneurship,” the university added.

Technology is becoming an increasingly important part of coordinated efforts to expand aging-in-place capabilities to more communities. Owens and his colleagues also think it plays an important role in maintaining social interactivity among beneficiaries.

“It’s not only about helping older adults to remain in their homes but also maintaining connections in their community, daily routines and familiar relationships,” Owens said. “This is why it is important that we as academics not only develop interventions to support aging in place but ensure these products reach people outside the walls of our labs.”

Sue Levkoff, director of the university’s SmartSTATE SeniorSMART Center of Economic Excellence, added that the insights will be valuable for potential collaborations with technology vendors.

The funding will “provide Shaun with the knowledge, skills and opportunities to network with other tech companies in bringing innovative aging-related technologies to South Carolina,” Levkoff said.

The work will involve the installation of the ORCATECH Technology Platform, developed by the Oregon Health and Science University (OHSU). It works by using a combination of hardware and software to “continuously measure daily home-based activities and can monitor changes in behavior,” OHSU explained.

Owens’ work will install the platform in 10 households to “assess its effectiveness, feasibility and acceptance among rural, lower-income African Americans living with cognitive decline and their care partners,” the university explained.

“Understanding the impact of remote-monitoring technology on this population can guide the development of tailored aging-in-place interventions and allow the ability to connect clients to clinicians, other care partners and caregivers,” Owens said.

What drives some suburbs to see more homes knocked down?

In most areas, the main driver is people wanting nicer homes. In these suburbs, the blocks are large, the areas have become more desirable over time and the homes may be rundown or of a type that is no longer so popular.

Increasingly, however, homes are being knocked down to develop higher densities.

Increasing housing supply is the best way to improve affordability and this push to higher density in established suburbs will play a greater role in reshaping Australia’s suburbs over the next five years.

Regardless of the reason, at a suburb level, higher levels of knockdowns generally leads to higher levels of price growth.

Melbourne leads the knockdown revolution

Melbourne tops the list with 34,490 houses approved for demolition between 2019 and 2024, narrowly surpassing Sydney’s 32,578.

The scale drops significantly for other capitals, with Brisbane recording 11,135 knockdowns, Perth 9,327, and Adelaide 5,316.

Smaller capitals show considerably fewer demolitions, with Canberra at 1,769, Hobart at just 498, and Darwin trailing with only 175 homes removed.

Premium suburbs dominating the knockdown trend

The suburbs experiencing the highest rates of knockdowns are predominantly affluent, established areas with significant property value.

This is of course not surprising – these locations combine desirable attributes that make them prime candidates for substantial redevelopment.

In Melbourne, Balwyn North and Glen Waverley East represent prestigious eastern suburbs known for excellent schools, spacious blocks, and tree-lined streets.

These areas have historically attracted wealthy families willing to pay premium prices for location, with median house prices well above $1.7m.

Sydney’s knockdown hotspots of Ermington-Rydalmere and North Ryde-East Ryde follow a similar pattern – established middle-ring suburbs with strong amenities and transportation links.

North Ryde is a suburb that is more consistent with what we will see more of in the future. Homes on large blocks are knocked down and converted to apartments through rezoning.

The impact on existing homes however still has the same impact — detached houses have seen their values soar due to increasing scarcity.

This reduction in detached housing stock has kept house prices elevated despite the overall increase in dwelling numbers.

Perth’s leading knockdown areas of Riverton-Shelley-Rossmoyne and Nedlands-Dalkeith-Crawley represent some of the city’s most expensive real estate.

Nedlands-Dalkeith in particular ranks among Perth’s wealthiest areas, with riverside locations and proximity to prestigious schools driving property values well above $2m.

Economic drivers behind expensive area knockdowns

The concentration of knockdowns in expensive suburbs reflects several economic realities.

Land value proposition: In these premium locations, ageing homes often represent just 20-30 per cent of the property’s total value, with land comprising the remainder.

This makes demolition financially viable when the existing structure no longer meets modern expectations.

Return on investment: Building a new, larger home in an established premium suburb typically delivers stronger capital growth than similar investment in outer areas with lower price ceilings.

“Highest and best use” principle: As land values rise, economic pressure increases to maximise the value of each block through larger, more luxurious dwellings.

Demographics and wealth: These suburbs often attract high-income professionals and business owners with the financial capacity to fund substantial rebuilds, further reinforcing the area’s exclusivity.

Do knockdowns drive price growth?

Examining the relationship between knockdown activity and price growth reveals some surprising insights.

While there is a modest positive correlation between demolitions and five-year price appreciation, the pattern is far from straightforward.

Areas with the highest price growth (around $1.5m-1.8m over five years) typically show moderate levels of knockdown activity rather than the most intense redevelopment.

This challenges the assumption that more knockdowns automatically lead to stronger gentrification or price growth.

Suburbs experiencing very high knockdown counts (400-600 demolitions) show varied price performance.

Some achieve substantial growth around $500,000-$600,000, but they don’t necessarily outperform areas with fewer knockdowns.

The data suggests that while knockdown-rebuilds contribute to neighbourhood transformation, they represent just one factor among many influencing property values.

Local market dynamics, amenities, location desirability, and broader economic factors all play critical roles in determining price trajectories in Australian suburbs.

Methodology

The analysis combined data from the Australian Bureau of Statistics on building approvals for demolitions between 2019 and 2024, along with property price data from Neoval tracking five-year growth periods ending April 2025. The research examines demolition patterns at both citywide and Statistical Area Level 2 (SA2) geographic divisions to identify local trends. Properties were classified as knockdowns where approval was granted for demolition of an existing dwelling. The correlation between knockdown activity and price growth was assessed using scatter plot analysis to determine whether areas with higher demolition rates experienced stronger price appreciation.

– The column was written by Nerida Conisbee, Ray White Group Chief Economist

The post Aus demolition hotspots revealed as demand for new housing continues appeared first on realestate.com.au.

Waiting for the RBA to make the next move? With more than 100 lenders operating in Australia, chances are there’s already a cheaper rate elsewhere. But when it comes to refinancing, a cheaper rate doesn’t always mean a better deal.

Here’s what you need to know.

BEST TIME TO REFINANCE

It doesn’t matter whether interest rates are rising or falling, says Finder Home Loans expert Richard Whitten, any time is a good time to refinance.

“What really matters is your current rate. If there are better offers out there, it’s a good time to switch,” he says.

However, it may not be a good time if you have borrowed with a Loan-to-Value Ratio (LVR) of 80 or more.

“If your equity is less than 20 per cent of your property’s value you will have to pay lenders mortgage insurance (LMI), even if you paid this for your first loan,” Whitten says. “People who don’t own 20 per cent of their property should probably avoid refinancing for this reason.”

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WHAT DOES IT COST TO REFINANCE?

Mortgage broker Andrew Rennie from Helping Hand Finance says it’s important to factor in the cost of refinancing when deciding whether to switch.

While this varies across lenders, a portion of the cost is made up of non-negotiable government fees. There are also fees from your existing lender, with some incoming lenders charging application fees.

“If it’s going to cost you $800-$900 to refinance your home loan and you’re only going to save yourself $400-$500 in interest over a 12 month period it’s not worth your while,” Rennie says.

If you are wanting to break a fixed rate to refinance into a variable home loan, your current lender will most likely charge you a break fee, “which may outweigh the benefits of refinancing,” says Canstar Data Insights director Sally Tindall.

POTENTIAL DRAWBACKS

Rennie warns against refinancing too often.

“If you do it frequently, it will show up on your credit report and some lenders might be a little bit wary if you’ve had, in the past two years, three or four different home loan lenders,” he says. “A lower credit score can reduce the options that you’ve got when it comes to refinancing – you might end up going somewhere where the rate has to be higher.”

Loan term is another thing to keep in mind when refinancing, says Tindall.

“If you’re an owner-occupier who is, say, five years into your loan and you’re strapped for cash, you could be tempted to extend the loan term back out to 30 years when you refinance,” she says.

However, this could set you back tens of thousands or even hundreds of thousands of dollars, depending on your loan size, over the life of your loan.

HOW TO REFINANCE

Before refinancing, it’s worth seeing if your current bank will offer you a better rate, says Rennie. If you went through a broker, ask them to contact the bank for you.

“A lot of lenders will reprice loans,” he says. “That’s the best option because you can get a reduction in rate without the associated costs and hassle of refinancing.”

Banks generally match rates according to LVR tiers, he says, so if you have paid down your loan or your property has increased in value, there could be a chance of a better deal.

“Without refinancing and changing lender you can actually get a rate reduction because you go down in those tiers,” he says. “You might save yourself 10-15 basis points straight away just by getting your house revalued.”

If you do go onto refinance, you can check the different interest rates on offer through comparison sites like Canstar and Finder.

Whitten says it’s important to compare “like for like” and look for loans with the features you require.

Tindall suggests aiming for a rate below Canstar’s estimated average of 6.06 per cent.

“If you’re an owner-occupier with a good track record of paying down your debt you should be aiming for a rate under 5.75 per cent,” she says. “To refinance you’re likely to need your ID, at least three months’ of pay slips, a list of regular expenses, any credit card statements, if you have one, and a current certificate of home insurance among other key paperwork.”

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The post How to refinance a home loan and when refinancing is a bad idea appeared first on realestate.com.au.

Testing the market with a private listing is no longer just for celebrity and high-net worth sellers. Major real estate firms are leaning into this option with new platforms designed to work with a broader number of sellers.

It’s an appealing proposition for sellers who want to test an aspirational price, or for those who have a personal situation and need more privacy, like caregivers or couples going through a divorce.

Lining up in opposition are other real estate firms, as well as listings sites and consumer advocates, who say exclusive listings reduce transparency and competitiveness, and open the door to Fair Housing violations.

The result is a lot of noise and competing claims about private listings. Read on for what New York City sellers and buyers need to know about the new private listings debate, including questions they should ask brokers.

Why are private listings such a hot topic?

In recent months, one of the U.S.’s largest brokerages, Compass, has been promoting a new, three-phase strategy for sellers that begins with listing properties privately, viewable only by buyers represented by Compass agents. And earlier this year, Corcoran and Douglas Elliman announced plans to launch their own platforms for agents to market listings internally, The Real Deal reported.

Private listings—also known as pocket listings or private exclusives—have long been the preferred method for sellers who want to maintain their privacy. But this strategy also gives sellers several strategic advantages.

Marketing listings to select buyers provides sellers a way to test the market—to see if they’ve priced and staged their property correctly—and to keep properties off multiple listings services, which are then fed to listings sites like Zillow, Redfin, Homes.com, etc.

While buyers in an exclusive network can make bids without the pressure of competing against multiple offers, they lack certain insights: They do not know how long exclusive properties have been on the market or how deep (and how many) price cuts there have been—data that listings sites provide to consumers, which can indicate sellers are more negotiable.

How Compass’s new private listing strategy works

Compass’s new three-tier approach starts with sellers listing their properties privately, shared only with buyers represented by Compass agents. In the second phase, listings are marketed as “coming soon” and viewable only on Compass.com. Finally, in the third phase, listings are shared publicly on a multiple listings site. In NYC, that would be the REBNY Residential Listing Service (RLS).

During its last earnings call, Compass said 55 percent of all Compass listings in February 2025 had started as either a Compass Private Exclusive or Compass Coming Soon across the country. 

Compass research found that listings that were pre-marketed as Compass Private Exclusives and/or a Compass Coming Soon had an average 2.9 percent higher close price, received accepted offers 20 percent faster, on average, after listing on the MLS, and were about 30 percent less likely to experience a price drop after listing on the MLS.

The firm says private listings are a way to counter the negative information that listings sites include, for example days on market, price cuts, and environmental threats, which are difficult for buyers to make sense of. Another (perennial) complaint: On major websites, listing agent information can be hard to find and buyers can be redirected to agents that have paid to promote themselves.

“We believe 90 percent of private listings would go away if homeowners had the choice to market through the RLS/MLS and to the portals in a way where their listing wasn’t altered and manipulated … Private listings aren’t just about privacy but often about protection. Homeowners should have the choice to protect their listings from being altered and manipulated by portals that monetize them,” a Compass company spokesperson said.

Anecdotes from the market

Marketing a listing privately is typically a first step; only very private sellers refrain from putting their property on the market after showing it to select buyers.

“An off-market listing is part of an overall strategy,” said Abby Palanca, an agent at SERHANT, who says she employs it frequently. “We will test the price and see how people are reacting to it. But what I tell sellers: ‘Ideally, we want to go to market. That’s where we get the most eyes and that’s where the competitive bids are.’”

Case in point: She represented a buyer who saw a private exclusive. The buyer put in an offer, however the listing still went on the market to get more bids.

Anna Klenkar, a broker with her own brokerage Klenkar NYC, said she recently referred a tenant-occupied apartment to an agent for sale.

“The seller wants a high price, one that market data and feedback from the agent community do not currently support. The seller and agent decided to put the unit on as a private listing at this aspirational price to see if anything happens. When the tenants move out, if it has not sold, I believe it will come on the market as a standard listing,” she said.

One buyer shared how they were blocked from viewing a private listing.

The house hunter (who requested anonymity) recently heard about a house on the market in the NYC suburbs that sounded ideal. When they tracked down the listing agent, they were told they needed to join the agent’s exclusive buyers network to see the listing.

Since they were already working with a broker that they liked, the buyer declined to join the network. The broker “had spent a lot of time with us already and we had a great relationship,” the buyer told Brick.

The listing agent wouldn’t show them the listing.

“I felt frustrated and helpless to be shut out of the process. My husband and I thought the seller must have no idea that the agent is using their listing in this way, and I imagine would be very unhappy to know that they were preventing qualified buyers from even seeing their house at all,” they said.

Pushback from other firms and listings sites

Some real estate firms, like Brown Harris Stevens, have taken a stand against private listings. CEO Bess Freedman has been outspoken about the importance of co-brokering and the dangers of private exclusive networks.

Selling privately is “antithetical to how real estate should be marketed,” said Mark D. Friedman, an agent at Brown Harris Stevens. This practice “goes against getting the property out to as many people as possible,” he said.

Two major listings sites responded by enacting bans.

Zillow announced that as of May 1st, it would not accept listings that had been marketed through private listing networks on its website.

“A listing marketed to any buyer should be marketed to every buyer,” the company said on its website. “If a listing is marketed directly to consumers without being listed on the MLS and made widely available where buyers search for homes, it will not be published on Zillow.”

Zillow’s move was in response to the National Association of Realtors’ decision to leave in place a long-standing policy that requires properties to be listed on a multiple listing services within a day of beginning public marketing (known as Clear Cooperation), with the addition of a new provision that gives sellers the option to delay advertising their properties online, a compromise of sorts.

Redfin followed suit with a ban on its site for listings that have delayed public marketing.

“Because we believe that all buyers should be able to see all listings, Redfin.com will not publish any listings that have been publicly marketed before being shared with all real estate websites via the MLS,” Glenn Kelman, CEO of Redfin wrote in a blog post. 

NYC does private listings a little differently

The NYC market does things a little differently from the national real estate market. Instead of NAR, brokers are typically members of REBNY, which has four ways to market a property on the RLS:

Active standard status, which is co-brokered with all REBNY members and offers the widest exposure of a seller’s property.

Coming soon is for properties not ready for showings. Listings can remain in this status for up to 14 days, after which the days on market counter starts at one. Properties can’t be shown while the listing is in coming soon status.

Participant only, which is used for listings that are not publicly shared or displayed online but only shared within the RLS, a selective approach that does not accrue days on market.

Opt-out is for an owner who chooses not to share their property via the RLS and who must sign an opt-out form and submit it to RLS staff within 48 hours of creating a listing. No public marketing is allowed, with the exception of direct communication via personal emails or phone calls. This gives sellers the most discreet marketing approach.

StreetEasy is the dominant listings site in NYC, so sellers should be aware its existing policy on delayed listings requires all listings to be posted on StreetEasy within 24 hours of the listing being publicly advertised.

“[A] listing is considered publicly advertised if it is sent to the RLS, syndicated to a third-party site, made available to the general public on a website, or shared with third parties via email,” StreetEasy’s website states.

Questions to ask about private listings

How do you know if a private listing makes sense for your property? Brokers that Brick spoke with suggested sellers ask brokers the following questions:

• How are you planning to market my property?
• Do you handle many private exclusives?
• How does listing privately benefit me and my goals?
• Is this a temporary strategy to check our pricing before going live?
• Are you recommending a private listing because my desired price is unrealistic?
• How will you share my property with agents at and outside of your brokerage? 
• If my listing is only shown to a small set of buyers, will that prevent a bidding war and a higher price?
• If my property does not sell as a private exclusive, will the listing still appeal to buyers?
• How are you planning to get my property in front of the most buyers?
• Will it be on the major listings sites? When?

If you’re a buyer, brokers that Brick spoke with suggest asking the following questions, especially if you are being asked to join a private buyers network.

• How will I know that I am seeing all possible listings in my price range if only select agents have select listings?
• How many properties that fit my criteria are currently available as private listings at your brokerage?
• Do these properties remain as private exclusives or do they eventually get listed on publicly accessible sites?
• How many sales does your firm close for properties that have exclusively been marketed as private listings?
• Have the private listings at your company been sitting on the market for a long time?
• Am I paying a premium for access to something that is only available to a segment of the market? 

A final thought: Bring your attorney on board earlier

Most NYC buyers engage an attorney and this generally occurs just after the deal sheet, which outlines some of the key points of the sale, has been finalized. But there’s no rule that says you can’t start working with an attorney earlier in the process.

With the rise of private buyer’s networks and the more widespread use of buyer’s representation agreements, buyers are being asked to sign contracts that are unfamiliar—and may be in conflict.

“I would have a lawyer on hand even as you start looking and to look at anything you sign as a buyer,” said attorney Shaun Pappas, a partner at Starr Associates. “These are things that can come back to haunt you. You may not be able to negotiate more but at least you will know what you are signing.”

A higher cost is a consideration, but many attorneys can be engaged for a flat fee. “It’s important to have someone in your corner,” Pappas added.