FRIDAY FACTS
June 10, 2011
NAR reports that nationally, pending home sales fell 11.6% this April compared with March. They fell 26.5% comparing April 2011 with April 2010. In the Northeast, pending sales rose 1.7% in April compared with March, but fell 33.4% in April 2011 compared with April 2010. In Barnstable County, pending single family sales fell 18.3% this April compared with last April.
Inman News reports that real estate investors are likely to be three times more active than other types of home buyers in their local markets in the next two years
Inman also notes that housing affordability hit a new record high in the first quarter of 2011. Nationwide, 74.6% of homes sold were affordable to families earning the national median income of $64,400.
The latest Case-Schiller Housing Data shows that U.S. home prices fell to 2002 levels in March.
RIS Media had an article on International buyers in the U.S. 30.8% came from Europe. 27.5% came from North America. 25.2% came from Asia. The rest were from Latin America, Africa and Oceania. 69% of their purchases were single family homes, 18% were condos. They paid on average 20% more than the domestic buyer and 45% paid cash.
An article in Inman News indicated that foreclosure sales were 28% of U.S. home sales in the first quarter of this year and that those properties sell on average 27% less than non-foreclosed properties.
Friday, June 10, 2011
Friday, March 25, 2011
Friday Facts March 25, 2011
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.
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 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.”
Friday, February 25, 2011
Friday Facts February 25, 2011
FRIDAY FACTS
February 25, 2011
Did you know that in February 2010, “spot loan” approval to obtain FHA condo financing was terminated, and every single condo development has to have project approval by HUD?
Google no longer has real estate listings on the classified listing site on Google Maps.
In the fourth quarter of 2010, 11%, or 18.4 million, of the 130 million housing units in the U.S were vacant.
A panelist at the Inman Connect Conference noted that since 1980, homes outperformed gold, 2.5 to 1.
One of the largest real estate sites has been formed by the merging of the Zillow and Yahoo Real Estate sites. Later this year, look for a similar partnership when Move’s Realtor.com uses the recently acquired ListHub to syndicate listings to AOL Real Estate.
Bernice Ross writes in Inman News of three points in time to coax an unrealistic seller into a price reduction:
When they’ve had 10 showings with no offer
When they’ve had 200 online page views with 2 or fewer showings
After 30 days.
February 25, 2011
Did you know that in February 2010, “spot loan” approval to obtain FHA condo financing was terminated, and every single condo development has to have project approval by HUD?
Google no longer has real estate listings on the classified listing site on Google Maps.
In the fourth quarter of 2010, 11%, or 18.4 million, of the 130 million housing units in the U.S were vacant.
A panelist at the Inman Connect Conference noted that since 1980, homes outperformed gold, 2.5 to 1.
One of the largest real estate sites has been formed by the merging of the Zillow and Yahoo Real Estate sites. Later this year, look for a similar partnership when Move’s Realtor.com uses the recently acquired ListHub to syndicate listings to AOL Real Estate.
Bernice Ross writes in Inman News of three points in time to coax an unrealistic seller into a price reduction:
When they’ve had 10 showings with no offer
When they’ve had 200 online page views with 2 or fewer showings
After 30 days.
Monday, February 21, 2011
Friday Facts February 18, 2011
FRIDAY FACTS
February 18, 2011
FOLLOWING ARE SOUNDBITES FROM THE INMAN CONNECT CONFERENCE HELD JANUARY 12-14 IN NEW YORK CITY.
Websites should be built for the user. Give them only that. Make it easy. Don’t make them think. You have about 3 seconds to get them engaged. You need a simple, well-designed, professional home page.
Someone who gives a phone number takes precedence over someone who gives and e-mail address because they’re ready to deal with you NOW.
Watch your social media. Tweeting, “I’m showing this listing that’s perfect for a single student at NYU” would be a Fair Housing violation.
Marketers will begin to realize the value of attention, not just reach and impressions.
The information overload has resulted in a lot of talk about “curation”, and those who can separate art from junk. Some will be automated; some will be powered by humans.
Evernote is the new post-it. Sync it to all your devices.
A panelist from Zillow noted that in New England, more than others, addresses aren’t displayed. It’s a mistake because the consumer wants the address. Mapping is a popular way to search. The Zillow app is GPS based and without an address, the listing doesn’t appear. With an address there is 5X more property search, 6X more page view, and 6X more e-mail contact.
Realtor.com says that one of their most popular categories is “sort by # of photos”.
In 2010, 41% of buyers found the house themselves and 37% found the house through a Realtor.
Bigger ads don’t create dumber buyers. Most buyers know what’s going on. Pricing properly is critical. Look at your CMA and take 10% off. Watch the delinquency rates in your market (by county – can access on the NY Fed website) and let your seller know.
98% of people who fall 3 months behind never catch up. Nationwide, 7.6% of all property is 90 days behind, 12.9% of those properties over $1 million, and 14.8% of those over 4 million.
February 18, 2011
FOLLOWING ARE SOUNDBITES FROM THE INMAN CONNECT CONFERENCE HELD JANUARY 12-14 IN NEW YORK CITY.
Websites should be built for the user. Give them only that. Make it easy. Don’t make them think. You have about 3 seconds to get them engaged. You need a simple, well-designed, professional home page.
Someone who gives a phone number takes precedence over someone who gives and e-mail address because they’re ready to deal with you NOW.
Watch your social media. Tweeting, “I’m showing this listing that’s perfect for a single student at NYU” would be a Fair Housing violation.
Marketers will begin to realize the value of attention, not just reach and impressions.
The information overload has resulted in a lot of talk about “curation”, and those who can separate art from junk. Some will be automated; some will be powered by humans.
Evernote is the new post-it. Sync it to all your devices.
A panelist from Zillow noted that in New England, more than others, addresses aren’t displayed. It’s a mistake because the consumer wants the address. Mapping is a popular way to search. The Zillow app is GPS based and without an address, the listing doesn’t appear. With an address there is 5X more property search, 6X more page view, and 6X more e-mail contact.
Realtor.com says that one of their most popular categories is “sort by # of photos”.
In 2010, 41% of buyers found the house themselves and 37% found the house through a Realtor.
Bigger ads don’t create dumber buyers. Most buyers know what’s going on. Pricing properly is critical. Look at your CMA and take 10% off. Watch the delinquency rates in your market (by county – can access on the NY Fed website) and let your seller know.
98% of people who fall 3 months behind never catch up. Nationwide, 7.6% of all property is 90 days behind, 12.9% of those properties over $1 million, and 14.8% of those over 4 million.
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