FRIDAY FACTS
March 25, 2011
Although the government has no money, HUD is increasing the grant amounts of $27.6 million in 2010 to $40.8 million in 2011 used to investigate allegations of housing discrimination, educate the public and housing industry about their rights and responsibilities under the Fair Housing Act. Most the money ($28 million) will go to enforcement initiatives.
From Inman News: Beach.com will launch this summer. It will feature customized searches for beaches, beachfront property and land for sale and for rent, hotels, restaurants and travel deals.
Also from Inman: In an attempt to insure accuracy of data, Trulia is providing a free system, Trulia Direct Reference. Participating MLS’s provide accurate data on factors such as list price and status. The system automatically reports discrepancies back to the MLS, broker, and listing agent. The agent can then visit the 3rd party sources and make corrections.
RealTrends reports that Realty Trac has released a foreclosure search widget which allows users to insert a fully functional nationwide foreclosure property search on their websites which delivers real time foreclosure data from Realty Trac.
As if Zillow’s zestimates for home sale price weren’t enough, they will now provide rent zestimates for about 70% of all U.S. homes and apartments.
Friday, March 25, 2011
Friday, March 18, 2011
Friday Facts March 18, 2011
FRIDAY FACTS
March 18, 2011
Beware unintended consequences. An article in RISMedia quotes John Badalamenti, Prudential Fox & Roach Realtors, Wayne, PA, “Buyers are still looking for perfection with comfort. As a result of the home staging craze, buyers have become a bit spoiled. Homes are almost being put on the market as museum pieces. You can bounce a dime off a bed.”
Steve Murray notes in RealTrends, “Finding a niche, a special market segment, will be key to prosperity in the future. What’s new about this, is not that this is the lesson for sales professionals, but that now even brokerage firms will have to specialize in some form or format of brokerage – no more can a brokerage be all things, to all people, at all times.”
Here are excerpts from an article in the Wall Street Journal on February 26, 2011 entitled, “Five Signs That Say ‘Buy’:
Jobs. Jobs data are about one month old and can show the direction of the local economy.
Recent Sales Activity. Look at a composite of housing inventory, sales volume and prices.
Construction. Check the number of building permits issued recently.
Mortgage Availability. Gauge local lending patterns
Anecdotal Evidence. Check out open houses and talk to local agents.
· A Re/Max office has now opened in a Stop & Shop in Springfield, MA, part of a 5 year deal between Re/Max and Stop & Shop.
· Gahlord Dewald reports in Inman News that last week, Google rolled out a new algorithm change, a result of growing concern over the quality of search results on Google. The new algorithm is meant to deliver higher quality search results. It means that the quality of real estate content on websites is now being mathematically calculated.
· From ICREA’s WorldProperties.com, during January and February, Canadian property entrepreneur, Cam Good, sold more than 500 homes to mainland Chinese investors and immigrants in the Vancouver and Toronto areas.
March 18, 2011
Beware unintended consequences. An article in RISMedia quotes John Badalamenti, Prudential Fox & Roach Realtors, Wayne, PA, “Buyers are still looking for perfection with comfort. As a result of the home staging craze, buyers have become a bit spoiled. Homes are almost being put on the market as museum pieces. You can bounce a dime off a bed.”
Steve Murray notes in RealTrends, “Finding a niche, a special market segment, will be key to prosperity in the future. What’s new about this, is not that this is the lesson for sales professionals, but that now even brokerage firms will have to specialize in some form or format of brokerage – no more can a brokerage be all things, to all people, at all times.”
Here are excerpts from an article in the Wall Street Journal on February 26, 2011 entitled, “Five Signs That Say ‘Buy’:
Jobs. Jobs data are about one month old and can show the direction of the local economy.
Recent Sales Activity. Look at a composite of housing inventory, sales volume and prices.
Construction. Check the number of building permits issued recently.
Mortgage Availability. Gauge local lending patterns
Anecdotal Evidence. Check out open houses and talk to local agents.
· A Re/Max office has now opened in a Stop & Shop in Springfield, MA, part of a 5 year deal between Re/Max and Stop & Shop.
· Gahlord Dewald reports in Inman News that last week, Google rolled out a new algorithm change, a result of growing concern over the quality of search results on Google. The new algorithm is meant to deliver higher quality search results. It means that the quality of real estate content on websites is now being mathematically calculated.
· From ICREA’s WorldProperties.com, during January and February, Canadian property entrepreneur, Cam Good, sold more than 500 homes to mainland Chinese investors and immigrants in the Vancouver and Toronto areas.
Friday, March 11, 2011
Friday Facts March 11, 2011
FRIDAY FACTS
March 11, 20100
According to an article in the Wall Street Journal on February 16, 2011, the down payments demanded by banks to buy homes have ballooned since the housing bust forcing many people to rethink what they can afford and potentially shrinking the pool of eligible buyers. Median down payments in 9 major U.S. cities rose to 22% on conventional loans. That percentage doubled in 3 years and represents the highest median down payment since tracking began in 1997.
From a blog by Steve Murray of RealTrends: The market is shifting again. Indications are that listings may be moving back into a position of importance. With the growing strength of such sites as Realtor.com, Zillow and Trulia along with strong traffic on Craigslist, having listings online is driving an increase in traffic to sales professional websites.
Inman News reports that Realty Trac’s 2010 stats show that 1 in 4 sales or 26% of U.S. home sales were foreclosures. On average, they sold for more than 28% less than those homes not in foreclosure. Realty Trac’s CEO says that the Catch 22 for 2011 is “accelerating foreclosure sales will help clear the oversupply in the long run…in the short run they’ll continue to weigh down home prices”.
RISMedia posted that HomeGain.com announced the results of its FSBO versus Realtor survey. 83% of sellers surveyed used a Realtor, and of those, 59% sold. 17% of sellers did not use a Realtor, and of those, 39% sold. 24% of FSBO’s eventually enlisted a Realtor to help sell the home.
Good news and bad news. NAR reported that nationwide, existing home sales were up 2.7% in January. This is the first time in the last 7 months that sales were better than in the previous year. NAR also reported that pending home sales fell 2.8% in January which was the second straight monthly decline and the slowest pace since October.
March 11, 20100
According to an article in the Wall Street Journal on February 16, 2011, the down payments demanded by banks to buy homes have ballooned since the housing bust forcing many people to rethink what they can afford and potentially shrinking the pool of eligible buyers. Median down payments in 9 major U.S. cities rose to 22% on conventional loans. That percentage doubled in 3 years and represents the highest median down payment since tracking began in 1997.
From a blog by Steve Murray of RealTrends: The market is shifting again. Indications are that listings may be moving back into a position of importance. With the growing strength of such sites as Realtor.com, Zillow and Trulia along with strong traffic on Craigslist, having listings online is driving an increase in traffic to sales professional websites.
Inman News reports that Realty Trac’s 2010 stats show that 1 in 4 sales or 26% of U.S. home sales were foreclosures. On average, they sold for more than 28% less than those homes not in foreclosure. Realty Trac’s CEO says that the Catch 22 for 2011 is “accelerating foreclosure sales will help clear the oversupply in the long run…in the short run they’ll continue to weigh down home prices”.
RISMedia posted that HomeGain.com announced the results of its FSBO versus Realtor survey. 83% of sellers surveyed used a Realtor, and of those, 59% sold. 17% of sellers did not use a Realtor, and of those, 39% sold. 24% of FSBO’s eventually enlisted a Realtor to help sell the home.
Good news and bad news. NAR reported that nationwide, existing home sales were up 2.7% in January. This is the first time in the last 7 months that sales were better than in the previous year. NAR also reported that pending home sales fell 2.8% in January which was the second straight monthly decline and the slowest pace since October.
Friday, March 4, 2011
Friday Facts March 4, 2011
March 4, 2011
Harry S. Truman said, “A pessimist is one who makes difficulties of his opportunities and an optimist is one who makes opportunities of his difficulties.”
Corelogic reports that stats published by NAR appear to overstate sales of existing homes by 15 to 20% and that home sales fell more sharply last year than previously thought according to an article in Inman News.
ICREA notes that the rate of decline in property values in Ireland moderated in 2010 but that lack of availability of mortgage financing for qualified buyers has put further pressure on the property market. Sound familiar?
Again from ICREA, prices in Spain are down 5% from a year ago and are now almost 20% below the peak in 2007. New Zealand is currently operating at very steady value levels although the numbers of properties being sold has reduced substantially from pre-2008.
Here’s a tip for agents from Bernice Ross in Inman News: “If you post an ad for one of your listings on your Facebook profile page, you have violated the terms of use and can have your account cancelled. You are only allowed to post information about your listings on fan pages, business pages and Facebook Marketplace.
And, a tip for sellers from Dian Hymer in Inman News: “The information reported in the public record is often wrong. Before you put your home on the market, find out what the public record reports on the characteristics of your home and try to correct any mistakes that could work against a sale.”
Harry S. Truman said, “A pessimist is one who makes difficulties of his opportunities and an optimist is one who makes opportunities of his difficulties.”
Corelogic reports that stats published by NAR appear to overstate sales of existing homes by 15 to 20% and that home sales fell more sharply last year than previously thought according to an article in Inman News.
ICREA notes that the rate of decline in property values in Ireland moderated in 2010 but that lack of availability of mortgage financing for qualified buyers has put further pressure on the property market. Sound familiar?
Again from ICREA, prices in Spain are down 5% from a year ago and are now almost 20% below the peak in 2007. New Zealand is currently operating at very steady value levels although the numbers of properties being sold has reduced substantially from pre-2008.
Here’s a tip for agents from Bernice Ross in Inman News: “If you post an ad for one of your listings on your Facebook profile page, you have violated the terms of use and can have your account cancelled. You are only allowed to post information about your listings on fan pages, business pages and Facebook Marketplace.
And, a tip for sellers from Dian Hymer in Inman News: “The information reported in the public record is often wrong. Before you put your home on the market, find out what the public record reports on the characteristics of your home and try to correct any mistakes that could work against a sale.”
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