Starting January 5, 2024, INB N.A. mortgage lenders will offer Illinois homebuyers a maximum of $6,000 to assist in acquiring a new home through the IHDAccess Forgivable program.
IHDAccess Forgivable aims to aid borrowers who qualify for a loan but may face challenges in covering down payment and closing costs due to factors such as student loans or other financial burdens. Administered by the Illinois Housing Development Authority (IHDA), the funds provided under IHDAccess Forgivable will be entirely forgiven after 10 years.
IHDA reports that nearly 10% of first-time homebuyers utilize IHDA Mortgage products to gain the additional leverage necessary for homeownership. The IHDAccess Forgivable option caters to first-time and repeat homebuyers, providing a highly competitive interest rate to minimize long-term mortgage expenses.
Key features of the IHDAccess Forgivable program:
Up to 4% of the purchase price (capped at $6,000) in aid for down payment and closing costs, forgiven monthly over 10 years – requiring no repayment.
A 30-year, fixed-rate mortgage with a manageable interest rate.
Accessible to first-time and repeat homebuyers across the state.
Eligibility criteria for Illinois homebuyers:
adherence to household income and purchase price limits;
a minimum credit score of 640;
property location within Illinois;
contribution of $1,000 or 1% of the purchase price, whichever is greater;
primary residence occupancy requirement;
completion of homeownership counselling before closing, with online and in-person options available.
INB VP, Mortgage Sales Manager Brad Dyer stated that partnering with IHDA Mortgage enables INB to fulfil the dream of homeownership for individuals who may otherwise not have the opportunity to own a home.
One of our bank’s core values is caring, and teaching our lending and back-office staff the intricacies of IHDAccess Forgivable is one way to go into the community and show them we care. We can help make Central Illinois more vibrant by showing families who want homeownership how the gift of an IHDAccess Forgivable loan can help them. We are thrilled to be part of the IHDA program.One of our bank’s core values is caring, and teaching our lending and back-office staff the intricacies of IHDAccess Forgivable is one way to go into the community and show them we care. We can help make Central Illinois more vibrant by showing families who want homeownership how the gift of an IHDAccess Forgivable loan can help them. We are thrilled to be part of the IHDA program.
INB Now Offering $6,000 in Downpayment Assistance for Homebuyers
Interested homeowners can learn more about IHDAccess Forgivable by contacting any INB mortgage lender.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
From 9 a.m. ET on December 22, 2023, to 5 p.m. ET on Thursday, February 15, 2024, fans have the opportunity to enter for a chance to win the 2024 HGTV Dream Home.
HGTV and FoodNetwork fans have the chance to win the 2024 HGTV Dream Home giveaway in Anastasia Island, Florida. The prize package, valued at over $2.2 Million, includes keys to the home, all furnishings, an all-new Mercedes-Benz E Class Sedan, and $100,000. Eligible fans can enter for a chance to win daily at HGTV.com/DreamHome and FoodNetwork.com/HGTVDreamHome, where they will also find full details of the official rules and additional home features.
The three-bedroom, four-bathroom home sits at approximately 3,300 square feet with views of the Matanzas River and the St. Augustine Lighthouse. The home combines classic coastal elegance with modern touches and layers of natural textures drenched in soothing blue and white hues. Upon entry, guests will instantly be taken away by the beautiful views of the waterfront. The front door leads to the great room with an open concept, including a living room with sleek sofas and a fireplace, a dining room with a beach-inspired distressed table, and a bright blue cabinet-filled kitchen. The laundry room and well-organized mudroom sit between the kitchen and an attached two-car garage. The main bedroom looks up to airy skylights and offers a private retreat from the rest of the home with a walk-in closet and main bathroom.
The house is perfect for entertaining, with two guest suites and a loft that provides a cosy space with a wet bar and a mini fridge. The spacious backyard is a dreamy getaway with an outdoor kitchen and high-top bar, two fire features, a pool, and multiple outdoor entertaining spaces, including a screened-in porch with lounge and dining and a pergola with conversation seating.
Architect Michael Stauffer designed the home, and local builder Glenn Layton Homes brought it to life. The interior design was done by Brian Patrick Flynn.
2024 HGTV Dream Home features overview:
3-bed, 4-bath home with 3,300 sq ft
Views of Matanzas River and St. Augustine Lighthouse
Classic coastal elegance meets modern touches
The front door opens to a great room with an open-plan concept
Main bedroom with walk-in closet and main bathroom
2 guest suites and loft with wet bar and mini fridge
Spacious backyard with outdoor kitchen, high-top bar, fire features, pool, and multiple entertaining spaces
The HGTV Dream Home inspires millions of HGTV fans who enter for a chance to win every year. With this year’s home, we are showcasing Anastasia Island, which offers something for everyone from historical sites to year-round outdoor adventures.
Loren Ruch, Head of Content, HGTV
Anastasia Island is located off the northeast Atlantic coast of Florida, just east of St. Augustine, considered the oldest city in America. The 14-mile island is connected to the city of St. Augustine by the Bridge of Lions, giving access to everything from the charming cobblestone streets and powder sand beaches to historical sites and a wide range of activities. With a rich architectural history, Anastasia Island sits atop layers of local coquina stone formed from seashells used to build the Castillo de San Marcos, a national monument and the oldest fort in the United States. Visitors can explore the St. Augustine Lighthouse, Anastasia State Park, Matanzas Inlet, St. Augustine Amphitheatre and many other local attractions. With endless water sports, scenic boat rides, campsites and majestic views, this seaside escape is the perfect dreamy getaway to call home.
Sponsors of the 2024 HGTV Dream Home include Belgard®, Cabinets To Go, Delta Faucet, James Hardie Building Products Inc., LL Flooring, Mercedes-Benz USA, The Sherwin-Williams Company, SimpliSafe Home Security, Sleep Number®, Trex Company LLC, VELUX® No Leak Skylights, Viva®, Wayfair® and KitchenAid, and Maytag by Whirlpool Corporation.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Just in time for the Christmas holidays, Cook County Treasurer Maria Pappas will disburse over $30.5 million in automatic refunds to approximately 9,000 property owners who overpaid their First Installment taxes last year. Almost half of the refunds, about 48%, will be directly deposited into the property owners’ accounts over the next three months. To check for eligibility for an automatic refund, visit cookcountytreasurer.com, select the purple box labeled “Your Property Tax Overview,” and enter your address or 14-digit Property Index Number (PIN).
The breakdown of automatic refunds is as follows:
Approximately 1,900 homeowners who paid their property taxes online will receive a total of $13.1 million electronically deposited into their bank accounts.
About 4,000 homeowners who paid their taxes through a bank/mortgage escrow account will be sent refund checks totaling $8 million.
Around 2,900 homeowners who paid taxes amounting to $9.3 million in cash or by check will receive an electronic refund or be sent a refund application to ensure the rightful recipient receives the refund.
Most of the refunds will be allocated to homeowners who receive property tax exemptions, which are applied to the Second Installment tax bill and reduce the total taxes owed. These exemptions include Homeowner, Senior Citizen, Senior Freeze, and Disabled Persons. The Second Installment 2022 property tax bills were due on December 1, 2023.
his service is a huge convenience for homeowners who have overpaid their property taxes. Most will not have to file an application, fill out any forms or deal with any paperwork. They will get their money automatically.
Cook County Treasurer Maria Pappas
Since the inception of the automatic refund program in 2018, Pappas has refunded approximately $121.2 million to over 155,015 property owners without requiring applications. Property taxes are due in two annual installments. Taxpayers receiving automatic refunds paid First Installment amounts exceeding the year’s total due.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
The real estate landscape is rapidly evolving, and technological advancements are reshaping the way properties are bought and sold. Virtual Reality (VR) has emerged as a game-changer in the industry, offering an immersive experience that goes beyond traditional marketing methods. Virtual Reality Tours are paving the way for a revolution in real estate marketing, providing potential buyers with a unique and interactive way to explore properties from the comfort of their homes. In this article, we will delve into the future of real estate marketing and the transformative impact that VR tours are having on the industry.
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The Rise of Virtual Reality Tours
Virtual Reality Tours in real estate involve creating a three-dimensional, computer-generated environment that users can explore. These tours enable prospective buyers to virtually “walk through” a property, gaining a realistic sense of the space and layout. This immersive experience allows users to examine details, such as room dimensions, finishes, and overall ambiance, fostering a deeper connection with the property. If you’ve ever been on Google Earth, it is like that but with the interior of a home you are thinking of buying.
Benefits for Buyers
Remote Exploration: VR Tours eliminate geographical barriers, allowing potential buyers to explore properties regardless of their location. This is particularly beneficial for international or out-of-town buyers who may find it challenging to visit properties in person.
Time Efficiency: Virtual Reality Tours save time for both buyers and sellers. Instead of physically visiting multiple properties, buyers can narrow down their options by virtually touring homes, streamlining the decision-making process. If buyers like what they see, then they can actually book a viewing of the home.
Immersive Experience: VR Tours provide a realistic and immersive experience, allowing buyers to visualize themselves in the space. This emotional connection can significantly impact their decision-making, increasing the likelihood of a successful sale.
Benefits for Sellers
Wider Reach: Virtual tours expand the reach of property listings. Sellers can showcase their homes to a global audience, attracting a diverse range of potential buyers who may not have considered the property through traditional marketing channels.
Time-Saving: Sellers benefit from reduced inconvenience associated with physical property visits. Virtual Reality Tours minimize the need for frequent open houses and private showings, streamlining the selling process.
Competitive Edge: Adopting VR technology gives sellers a competitive edge in the market. Properties that offer virtual tours stand out among listings, capturing the attention of tech-savvy buyers and potentially accelerating the sale process.
The Future Outlook
As technology continues to advance, the future of real estate marketing appears increasingly intertwined with virtual reality. The adoption of augmented reality (AR) is on the horizon, enabling potential buyers to virtually stage and customize spaces to suit their preferences. Additionally, advancements in VR hardware, such as more accessible and user-friendly headsets, will likely contribute to the widespread adoption of virtual tours.
Are you looking for a new home to match the new year? Give us a call today! The experienced real estate agents at Zoocasa are more than happy to guide you through this exciting process!
Obligo, the fintech company that fosters trust between renters and landlords and enables renters to forgo paying a security deposit, has revealed the honorees of its fourth annual Renter’s Trust Awards.
The following are property management services for various types of properties across different locations:
Advantage Property Management Services caters to single-family properties in California and uses Propertyware as its property management software.
AIR Communities offers property management for multifamily properties nationwide, with Entrata as its property management software.
Beam Living specializes in multifamily properties in New York and utilizes Yardi & MRI as its property management software.
Common provides property management for coliving spaces nationwide, using Entrata as its property management software.
Empire Management focuses on multifamily properties in New York, utilizing Yardi as its property management software.
Equity Team LLC manages single-family properties in Ohio, using Propertyware as its property management software.
Home Property Management serves single-family and multifamily properties in Florida, with Buildium as its property management software.
J&L Holding Corp specializes in multifamily properties in New York, using Yardi as its property management software.
Landmark Communities provides property management for multifamily properties in Pennsylvania, using Yardi as its property management software.
Northern Virginia Property Management Pros caters to single-family properties in Virginia, using Propertyware as its property management software.
Patoma manages multifamily properties in New York, using AppFolio as its property management software.
Rudin Management Company focuses on multifamily properties in New York, using Yardi as its property management software.
Touchpoint Property Management serves single-family and multifamily properties in North Carolina, with AppFolio as its property management software.
Time Equities manages multifamily properties nationwide, using MRI as its property management software.
Wolfnest Property Management specializes in multifamily and single-family properties in Utah, using Propertyware as its property management software.
Security deposit deductions are an inevitable aspect of the rental process, but these distinguished property management firms have distinguished themselves by providing exceptional rental experiences. They accomplish this by clearly establishing renter expectations at both move-in and move-out, transparently communicating any charges, and meticulously monitoring deduction rates across their portfolio over time. This approach effectively minimizes friction, mitigates the risk of negative online reviews and disputes, and ultimately leaves renters thoroughly satisfied.
Upon a renter’s departure, Obligo evaluates the property’s security deposit deductions, if any, as well as the renter’s sentiments regarding these deductions and the settlement of any outstanding charges. The awards honor property management companies that have earned a substantial level of trust from their renters based on these criteria.
Victoria Udrea, a talented author who specializes in real estate and technology, is a valued contributor to Realty Biz News. With her keen eye for detail and passion for keeping readers informed, she diligently covers the latest developments in the industry, focusing particularly on the exciting realm of smart home technology.
Knightvest, a real estate investment and management company, has published its inaugural annual Multifamily Renter Sentiment Report findings. The survey offers insights into the decision between renting and buying, the consequences of high mortgage interest rates, and variations in rental preferences across different generations.
Most renters (59%) choose to rent rather than feel forced to rent.
Among the respondents, 51% of Millennials and 54% of Gen Z individuals have actively chosen to rent.
A surprisingly high number of renters (31%) feel ambivalent or uninterested in home ownership.
74% of renters report that their timeline to purchase a home has significantly lengthened due to increased mortgage rates
Older Americans are selling homes to live in apartments.
73% of people say that social interaction is essential in an apartment community
Baby Boomers value social interaction more than Millennials (78% versus 71%)
On the whole, Gen Z respondents are slightly more enthusiastic about the idea of owning a home compared to Millennials (29% vs. 25%).
The rent-versus-buy decision is increasingly nuanced given this dynamic macroeconomic environment, and it’s interesting to see the data support what we’re hearing anecdotally from residents: if you create communities built on quality, service and care, then apartments can become sought-after destinations where residents thrive through multiple seasons of their lives.
David Moore, Knightvest Founder and CEO
Top Reasons Why People Rent
The high cost of owning a home is a concern for 62% of people.
The reduced responsibility for maintenance and repairs is a factor for 51% of individuals.
35% of renters cite the increased flexibility to relocate as a reason they choose renting instead of buying.
Also, it is interesting to note that:
29% of renters have previously owned a home.
71% of Baby Boomer renters have owned a home before, and their primary reason for renting is to have fewer maintenance and repair responsibilities.
Finally, The surge in mortgage rates has caused a significant delay in decision-making for those looking to buy a home.
An overwhelming 74% of survey participants have indicated that the timeline for their home purchase consideration has been prolonged due to the substantial increase in mortgage rates.
Within this group, a staggering 79% have reported that this extension ranges from a few years to indefinite.
Millennials and Gen Z individuals have expressed similar salary expectations required to afford a home.
On average, Millennials have stated a need for a salary of $139,000 to purchase their desired home, while Gen Z has mentioned a requirement of $137,000.
As we head into 2024, this data underscores the enduring demand for apartments and reveals insights that will continue to shape the real estate landscape for years to come. At Knightvest, we remain focused on executing our strategy to renovate and reposition apartment communities to create compelling, modern living environments at an extraordinary value. With people staying in apartments longer, this work has never been more important than it is today.
David Moore, Knightvest Founder and CEO.
Knightvest conducted the survey in the Multifamily Renter Sentiment Report from November 20 to November 30, 2023, on an online platform. 4,100 U.S. apartment renters participated voluntarily and did not receive payment for their opinions.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
If you’re interested in the world of real estate, the first thing you must do is become licensed. Once you meet the requirements and take and pass the licensing test, you can begin to sell houses to happy families, and with hard work, you can make a good living. Many people give up before they start because they fear taking the licensing exam, but with proper research and an understanding of the job, you can pass the test and start building your brand.
What To Know Going In
Before hitting the books and taking the time to get your real estate license, you must know what you can do with that certification and the other skills you’ll need that aren’t always taught in school. First, know that there are many different jobs that you can perform once you get your license. In addition to selling houses, you can work as a property manager, real estate attorney, home inspector, real estate photographer, and more. So, if any of those titles interest you, read on and consider your license.
Stay On Top Of Trends
While you’ll be learning a lot during your license classes, remember that your education doesn’t stop just because you passed the test. As time goes on, it’s necessary to stay on top of current news and trends so you can be the best agent you can be. For instance, you’ll want to learn how climate change impacts the real estate industry. Weather and rainfall can impact desirable locations around the country, and you may get questions about how climate change can affect property values.
Along those lines, you should keep up-to-date on industry data and trends such as the growing interest in eco-friendly homes. You should know which sustainable home upgrades have the greatest return on investment such as solar panels and energy-efficient doors and windows. If you are working with a seller, you can advise what financing options your client has to finance upgrades such as home equity and Federal Housing Administration loans. Home buyers will likely have questions in this regard, and you’ll want to have the answers.
A Positive Self Image Is Essential
While certification and a license are essential, so is having a positive self-image because it’s a way to enhance your professional opportunities in the real estate world. When you’re confident in yourself, and it shows, your clients will have more confidence in you. By practicing self-care and dressing for success, you give off the impression that you care about yourself and what you do, and clients will respond positively to what they see.
You can build your self-confidence by setting goals for yourself, like selling a house in a certain price range and then celebrating that accomplishment.
Application Steps And State Requirements
When you’re confident that you want to continue a career path as a real estate agent, you need to get your license. Note that every state may have different requirements, so do your research to ensure you follow the right steps. In many cases, you may first be required to pass a background check so the state can ensure that you’re honest and have the integrity necessary to handle a client’s personal information and discuss sensitive financial topics.
Next, you will likely need to complete various classes to learn about real estate and get the information necessary to pass your licensing exam. Some states require over 100 hours of pre-licensing courses, including those about real estate principles, finance, and how to complete essential forms. Keep in mind that these classes and the eventual application will cost money. According to The CE Shop, you can expect to pay between $300-$1,000, depending on the state.
After completing those classes, most states will require you to pass a pre-license course final exam to ensure that you’ve retained the information you’ve been taught. Get past that, and it’s time to apply for a license. The application will ask about your personal information, and you’ll also need to submit copies of your exam score and work authorization.
Finally, you’ll take your state licensing exam. You’ll have a certain time frame to take the test, and you’ll need to get a score according to your state guidelines. After you pass, you can join a real estate broker and gain experience out in the field.
What To Do Moving Forward
While obtaining your real estate license is a significant task, this is only the first step you’ll need to take during your long career as a real estate agent. Your education is far from over. Your particular state may require that you follow continuing education requirements. For example, in Delaware, you’ll need to take post-licensing courses 90 days after you’ve received your initial license, and in Indiana, you’ll be required to take 30 hours of post-licensing education within the first two years of being licensed.
There are also additional titles that you can gain over time to supplement your education and potentially earn more money. Some of these designations and certifications include a GREEN Designation, which provides the tools to help you understand and market properties with green features that customers are so excited about. You could also become a Certified Residential Specialist. Doing so will help you to learn more about the industry and potentially earn three times as much as agents who don’t have the designation.
Finally, while securing your license and certifications and learning the ropes, take the time to build your brand and make a name for yourself. Invest in professional photos and create a website to build your online presence. Start networking with other agents by attending industry events and seminars. Remember that you won’t be a success overnight, but by working hard and keeping your eye on the prize, you will find success.
Conclusion
These are the basic principles to remember when applying for and obtaining your real estate license. Remember to research the rules in your state to ensure you’re fully compliant. Once licensed, take on the world one property at a time.
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The Bright MLS 2024 National Housing Market Outlook predicts that next year will bring better conditions for homebuyers. Despite the challenges posed by affordability, buyers can expect a slowdown in home price growth, lower mortgage rates, and an increase in housing options. This shift will occur as life events prompt current homeowners to enter the market, providing more opportunities for prospective buyers.
The Bright MLS 2024 National Housing Market Outlook forecast signals several critical developments for buyers and sellers:
Mortgage rates will establish a new standard, dipping below 7% in the initial quarter and fluctuating between 6-6.5% before landing at 6.2% by year-end.
The year’s conclusion will witness existing home sales reaching 4.6 million, marking a 12.1% surge from the historically low figures in 2023, albeit beneath the standard home sales volume in a typical year.
Evolving family and financial circumstances will increase the number of sellers entering the market, resulting in a 7.6% upturn in inventory by the culmination of 2024.
The augmented inventory and heightened buyer activity will likely maintain home prices steady, as the median home price in the U.S. will ascend by a mere 1.5% to $394,200.
Escalating affordability hurdles and an upsurge in the availability of new homes will steer home prices downward in certain markets, primarily concentrated in California and Florida.
More Home Sales in 2024
Home sales will increase next year, following a prolonged period of subdued activity. In 2023, the housing market experienced a notable decline in home sales, reaching the lowest level since 2008 because of limited inventory, heightened mortgage rates, and soaring home prices, which dampened demand, particularly in the latter part of the year.
Nevertheless, there remains substantial pent-up demand for homeownership, particularly among younger households, whose homeownership rate still lags because of previous generations. Lower rates and increased inventory will drive the anticipated influx of buyers in 2024. However, affordability will remain a significant challenge, potentially deterring some prospective buyers from entering the market in 2024.
Stable Home Prices
The housing market will likely experience relatively stable home prices in 2024, with a modest 1.5% increase in the median home price in the U.S. compared to 2023. Factors like inventory offset by a rise in the number of buyers in the market will drive the projected growth in home prices.
Overall, the median home price in the U.S. will grow modestly, rising to $394,200 in 2024, a 1.5% increase over 2023.
Affordability Remains a Challenge
In 2024, the U.S. housing market will not experience widespread price corrections. However, certain local markets have seen rapid price increases, posing affordability challenges for potential buyers. Additionally, some metropolitan areas have witnessed a surge in new construction activity.
This surge and decreased affordability may lead to price declines in particular markets nationwide. Based on an analysis of price growth, affordability, and construction trends, 10 of the 50 largest metro areas are forecasted to have lower median prices in 2024 compared to 2023. Notably, California and Florida dominate the list of regions with forecasted price declines, although no market is anticipated to experience a double-digit price drop next year.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
AI’s impact on the job market and society is a topic of much debate. However, its potential to assist businesses in making informed decisions is undeniable. Artificial intelligence (AI) has permeated various aspects of our lives, sparking discussions about its possibilities and challenges. Will we witness the realization of AI’s capabilities in the upcoming year? SAS, a frontrunner in AI and analytics, has enlisted the insights of executives and experts from across the organization to forecast trends and pivotal developments in AI for 2024. Here are some of the forecasts they have put forward.
Generative AI will augment (not replace) a comprehensive AI strategy
SAS, with a recent commitment of $1 billion to AI-powered industry solutions, emphasizes the growing significance of generative AI in organizational strategies. In 2024, organizations will shift towards integrating this technology to complement industry-specific AI strategies.
In banking, simulated data for stress testing and scenario analysis will help predict risks and prevent losses. In health care, that means the generation of individualized treatment plans. In manufacturing, generative AI can simulate production to identify improvements in quality, reliability, maintenance, energy efficiency and yield.
Bryan Harris, Chief Technology Officer, SAS
AI will create jobs
Although introducing new AI technologies in 2024 and beyond may lead to temporary disruptions in the job market, it will also ignite the creation of numerous new jobs and roles, thereby contributing to economic expansion.
In 2023, there was a lot of worry about the jobs that AI might eliminate. The conversation in 2024 will focus instead on the jobs AI will create. An obvious example is prompt engineering, which links a model’s potential with its real-world application. AI helps workers at all skill levels and roles to be more effective and efficient.
Udo Sglavo, Vice President of Advanced Analytics SAS
AI will enhance responsible marketing
While AI holds the potential for optimizing marketing and advertising initiatives, it is essential to recognize that biased data and models can yield skewed outcomes.
As marketers, we must consciously practice responsible marketing. Facets of this are awareness of the fallibility of AI and alertness to possible bias creeping in. In SAS Marketing, we are implementing model cards that are like an ingredient list, but for AI. Whether you create or apply AI, you are responsible for its impact. That’s why all marketers, regardless of technical know-how, can review the model cards, validate that their algorithms are effective and fair, and adjust as needed.
Jennifer Chase, Chief Marketing Officer, SAS
Financial firms will embrace AI amid a Dark Age of Fraud
Even as consumers show increased vigilance against fraud, fraudsters use generative AI and deepfake technology to refine their multitrillion-dollar trade. Phishing messages are becoming more sophisticated, and imitation websites appear remarkably authentic. With simple online tools, a criminal can replicate a voice after just a few seconds of audio.
We are entering the Dark Age of Fraud, where banks and credit unions will scramble to make up for lost time in AI adoption – incentivized, no doubt, by regulatory shifts forcing financial firms to assume greater liability for soaring APP [authorized push payment] scams and other frauds.
Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions, SAS
Shadow AI will challenge CIOs
CIOs previously faced challenges with ‘shadow IT’ and will now encounter ‘shadow AI’ – solutions utilized by or developed within an organization without official approval or monitoring by IT.
Well-intentioned employees will continue to use generative AI tools to increase productivity. And CIOs will wrestle daily with how much to embrace these generative AI tools and what guardrails should be put in place to safeguard their organizations from associated risks.
Jay Upchurch, Chief Information Officer, SAS
Multimodal AI and AI simulation will reach new frontiers
The next step in generative AI is the combination of text, images, and audio into one model. This is called multimodal AI, which allows for the simultaneous processing of diverse inputs.
An example of this will be the generation of 3D objects, environments and spatial data. This will have applications in augmented reality [AR], virtual reality [VR], and the simulation of complex physical systems such as digital twins.
Marinela Profi, AI/Generative AI Strategy Advisor, SAS
Digital-twin adoption will accelerate
Organizations can refine operations, enhance product quality, boost safety measures, improve reliability, and decrease emissions through digital twins.
Technologies like AI and IoT [Internet of Things] analytics drive important sectors of the economy, including manufacturing, energy and government. Workers on the factory floor and in the executive suite use these technologies to transform huge volumes of data into better, faster decisions. In 2024, the adoption of AI and IoT analytics will accelerate through broader use of digital-twin technologies, which analyze real-time sensor and operational data and create duplicates of complex systems like factories, smart cities and energy grids.
Jason Mann, Vice President of IoT, SAS
Insurers will confront climate risk, aided by AI
After years of waiting, climate change has evolved from a potential threat to a real and urgent danger. The global insurance industry faced more than $130 billion in losses from natural disasters in 2022, putting immense pressure on insurers worldwide. In the United States, insurers face scrutiny for increasing premiums and pulling out of heavily affected states like California and Florida, leaving millions of customers in a difficult position.
To survive this crisis, insurers will increasingly adopt AI to tap the potential of their immense data stores to shore up liquidity and be competitive. Beyond the gains they realize in dynamic premium pricing and risk assessment, AI will help them automate and enhance claims processing, fraud detection, customer service and more.
Troy Haines, Senior Vice President of Risk Research and Quantitative Solutions, SAS
AI importance will grow in government
AI will soon have an impact on government workforces. Governments struggle to attract and keep AI experts because of their high salaries, but they will actively seek out this talent to support regulatory efforts.
And like enterprises, governments will also increasingly turn to AI and analytics to boost productivity, automate menial tasks and mitigate that talent shortage.
Reggie Townsend, Vice President of the SAS Data Ethics Practice
Generative AI will bolster patient care
In 2024, organizations will continue to advance health and enhance patient and member experiences by developing AI-powered tools for personalized medicine. These tools will include patient-specific avatars for clinical trials and the generation of individualized treatment plans.
Additionally, we will see the emergence of generative AI-based systems for clinical decision support, delivering real-time guidance to payers, providers and pharmaceutical organizations.
Steve Kearney, Global Medical Director, SAS
Deliberate AI deployment will make or break insurers
In 2024, a top 100 global insurer will face closure due to prematurely implementing generative AI. Insurers are rapidly introducing autonomous systems without customizing them to their business models. They aim to use AI for expedited claims processing to counteract recent poor business performance. However, following layoffs in 2023, the remaining workforce will need more support to oversee AI’s ethical and widespread implementation.
The myth of AI as a cure-all will trigger tens of thousands of faulty business decisions that will lead to a corporate collapse, which may irreparably damage consumer and regulator trust.
Franklin Manchester, Global Insurance Strategic Advisor, SAS
Public health will get an AI boost from academia
The COVID-19 pandemic has made it evident that safeguarding our population will necessitate exceptional technology and collaboration. Public health embraces technological advancements like never before.
Whether overdoses or flu surveillance, using data to anticipate public health interventions is essential. Forecasting and modeling are rapidly becoming the cornerstone of public health work, but the government needs help. Enter academia. We will see an increase in academic researchers carrying out AI-driven modeling and forecasting on behalf of the government.
Dr. Meghan Schaeffer, National Public Health Advisor and Epidemiologist, SAS
At SAS Innovate, April 16-19, 2024, in Las Vegas, you have the opportunity to discuss with SAS executives, gain insights into their forecasts, and delve into the newest developments in AI and analytics. Secure your spot to receive updates on the conference and take advantage of early-bird pricing.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Redfin has decided to end its support of the National Association of Realtors (NAR) for two primary reasons. Firstly, Redfin disagrees with NAR policies that require a fee for the buyer’s agent on every listing. Secondly, Redfin is concerned about a pattern of alleged sexual harassment within the organization.
Redfin has engaged in numerous discussions with NAR executives to find compromises on these policies. Since joining NAR in 2017, Redfin has paid over $13 million in dues to influence NAR to advocate for a technology-driven marketplace that benefits consumers. However, Redfin will now explore alternative ways to advance these goals.
Besides disagreement over commissions, Redfin became increasingly uncomfortable with NAR after learning about reports of sexist behavior and sexual harassment involving NAR’s president. These allegations came to light through interviews with 29 former NAR employees. Redfin is concerned that NAR was aware of these allegations for an extended period but only took action after they became public.
Redfin had already resigned its national board seat in June before the allegations of sexual harassment became public. NAR’s policies continue to restrict sellers from listing homes that do not pay a commission to the buyer’s agent, and they also prevent websites like Redfin.com from displaying for-sale-by-owner listings alongside agent-listed homes. Redfin believes that removing these restrictions would make the industry more consumer-friendly and competitive.
After careful consideration, Redfin has decided to go beyond resigning from the NAR board. Redfin will require its brokers and agents to leave NAR wherever possible. While most brokerages operate as loose affiliations of independent agents, Redfin wishes to refrain from imposing a policy that could alienate its revenue-generating individuals.
However, Redfin’s decision to leave NAR is only partially voluntary. NAR rules mandate that Redfin must leave local and state associations, even if its grievances are solely with the national association. These rules stipulate that a broker must pay dues for each agent under their supervision, regardless of whether the agent wants to be a member. No agent under their leadership can be a member if a broker is not a member. Given this all-or-nothing approach, Redfin has decided to choose the latter.
Unfortunately, in many markets, Redfin does not even have the option to make this choice. Approximately half of the U.S., including Charlotte, Dallas, Houston, Las Vegas, Long Island, Minneapolis, Nashville, Phoenix, and Salt Lake City, requires NAR membership for agents to access listing databases, lockboxes, and industry-standard contracts. It is impossible to be an agent without the ability to view available homes, unlock their doors, or write offers.
Redfin urges NAR to separate local access to Multiple Listing Services (MLS) from support for the national lobbying organization. Agents should not be required to support policies and legal efforts that harm consumers, especially when they intend to help consumers.
Despite the disagreement with NAR, Redfin remains committed to the real estate industry. The company will continue to fully support the MLSs that brokers use to share listing data, and it will maintain positive relationships with the many dedicated individuals working at NAR and its local affiliates on matters such as economics, diversity, and pro-housing policies.
Victoria Udrea, a talented author who specializes in real estate and technology, is a valued contributor to Realty Biz News. With her keen eye for detail and passion for keeping readers informed, she diligently covers the latest developments in the industry, focusing particularly on the exciting realm of smart home technology.