FRIDAY FACTS
December 31, 2010
HAPPY NEW YEAR!
Bernice Ross of Inman News notes that education is the foundation for top producers. Top producers constantly seek new strategies, systems and technologies. The agents who really need the training don’t show up. Here are excerpts from her equation for more business in 2011:
Get out of the box. Open and read any training material you’ve purchased.
Small steps over time lead to big results
Work on your strengths, not your “shoulds”. If you hate it, you won’t do it. Identify what you enjoy.
Expand what is working
Focus on “right now” business
Don’t wait for the business to come to you
Stay in regular contact
Be an early adaptor.
To read the article, go to:http://www.inman.com/buyers-sellers/columnists/berniceross/real-estate-equation-more-business-in-2011
Friday, December 31, 2010
Thursday, December 23, 2010
Friday Facts 12-24-10
FRIDAY FACTS
December 24, 2010
Below is a chart that shows what happened to our market after the expiration of the tax credit. If you look at the year to date compared with last year, we still look okay with an 11.77% increase in the number of single family sales and a 3.12% increase in the number of condominium sales. However, the picture changes if you break the numbers into January through June and July through September. The first half of the year was extremely strong with a 35.84% increase in single family sales compared with the same period in 2009, and a 31.17% increase in the number of condominium sales. The second half of this year through November shows a 7.9% decline in the number of single family sales, and a 15.61% decline in the number of condominium sales for the same period last year.
CAPE COD & ISLANDS MLS
BARNSTABLE COUNTY
Time Period Type # $ Volume Median DOM
01/01/10-11/30/10 Single Family 2867 $1,323,197,065 $335,000 147 01/01/09-11/30/09 Single Family 2565 $1,112,055,593 $320,000 148
01/01/10-06/30/10 Single Family 1569 $ 771,432,784 $330,000 148
01/01/09-06/30/09 Single Family 1155 $ 464,713,233 $310,000 150
07/01/10-11/30/10 Single Family 1298 $ 611,764,281 $340,000 146
07/01/09-11/30/09 Single Family 1410 $ 647,342,360 $325,000 147
01/01/10-11/30/10 Condominium 595 $ 174,897,400 $245,000 190
01/01/09-11/30/09 Condominium 577 $ 158,326,021 $230,000 202
01/01/10-06/30/10 Condominium 303 $ 87,044,098 $238,000 190
01/01/09-06/30/09 Condominium 231 $ 61,428,074 $218,000 193
07/30/10-11/30/10 Condominium 292 $ 87,853,302 $251,000 190
07/30/09-11/30/09 Condominium 346 $ 96,897,947 $244,500 209
Now, more than ever, pricing a listing properly is critical. Here’s something from Dian Hymer in Inman News to use with your sellers: “It’s best to list your home at a price that buyers will perceive as a good value. Overpriced listings sit on the market. Real estate agents and buyers forget about them.
As difficult as it may be for sellers to consider a price reduction after only a couple of weeks on the market, that is often the best strategy. Buyers and their agents focus on new listings. Ideally, you want to reduce the price before your competition does.
December 24, 2010
Below is a chart that shows what happened to our market after the expiration of the tax credit. If you look at the year to date compared with last year, we still look okay with an 11.77% increase in the number of single family sales and a 3.12% increase in the number of condominium sales. However, the picture changes if you break the numbers into January through June and July through September. The first half of the year was extremely strong with a 35.84% increase in single family sales compared with the same period in 2009, and a 31.17% increase in the number of condominium sales. The second half of this year through November shows a 7.9% decline in the number of single family sales, and a 15.61% decline in the number of condominium sales for the same period last year.
CAPE COD & ISLANDS MLS
BARNSTABLE COUNTY
Time Period Type # $ Volume Median DOM
01/01/10-11/30/10 Single Family 2867 $1,323,197,065 $335,000 147 01/01/09-11/30/09 Single Family 2565 $1,112,055,593 $320,000 148
01/01/10-06/30/10 Single Family 1569 $ 771,432,784 $330,000 148
01/01/09-06/30/09 Single Family 1155 $ 464,713,233 $310,000 150
07/01/10-11/30/10 Single Family 1298 $ 611,764,281 $340,000 146
07/01/09-11/30/09 Single Family 1410 $ 647,342,360 $325,000 147
01/01/10-11/30/10 Condominium 595 $ 174,897,400 $245,000 190
01/01/09-11/30/09 Condominium 577 $ 158,326,021 $230,000 202
01/01/10-06/30/10 Condominium 303 $ 87,044,098 $238,000 190
01/01/09-06/30/09 Condominium 231 $ 61,428,074 $218,000 193
07/30/10-11/30/10 Condominium 292 $ 87,853,302 $251,000 190
07/30/09-11/30/09 Condominium 346 $ 96,897,947 $244,500 209
Now, more than ever, pricing a listing properly is critical. Here’s something from Dian Hymer in Inman News to use with your sellers: “It’s best to list your home at a price that buyers will perceive as a good value. Overpriced listings sit on the market. Real estate agents and buyers forget about them.
As difficult as it may be for sellers to consider a price reduction after only a couple of weeks on the market, that is often the best strategy. Buyers and their agents focus on new listings. Ideally, you want to reduce the price before your competition does.
Thursday, December 16, 2010
Friday Facts 12-17-10
FRIDAY FACTS
December 17, 2010
Here’s an interesting REAL Trends Comment by Steve Murray: The times they have changed
“Can we move on from the days where we thought we could manipulate consumers with the old saying “it is a great time to buy a home”? In the Internet age they can see for themselves and read for themselves what is going on in the housing market wherever they live and come to their own conclusions about whether it is or isn’t the best time to buy. Further whether it is or isn’t the best time to buy is a highly personal decision as well – do I need to make more, do I want to, can I bear the cost, can I get a decent price. Because while for some it might be a great time to buy, even the most over optimistic real estate professional might admit that it is a lousy time to sell.
The report from Fannie shows that consumers are far from the tipping point as far as the belief that housing has finished correcting. In some markets yes and in more than a few further corrections in price and inventory have yet to be completed. Those are just the facts on the ground.
We don’t do anyone any favors spouting “it’s a good time to buy”. Many consumers might think the pressure of this tough market has caused us to lose our collective minds.”
Nationwide, the average sales price of properties sold in some stage of foreclosure during the third quarter were discounted more than 32% compared with the average sales price of properties not in the foreclosure process.
Zillow now provides agent ratings for those agents and clients who have activated profiles on their site. Zillow will screen the reviews before publishing. They join the ranks of the Houston Association of Realtors, Redfin and Ziprealty in providing rating systems.
From a recent court ruling on whether agents should disclose a short-sale situation: “When a real estate agent is aware that the amount of existing monetary liens and encumbrances exceeds the sales price of a residential property so as to require either the cooperation of the lender in a short sale or the ability of the seller to put a substantial amount of cash into the escrow in order to obtain the release of the monetary liens and encumbrances affecting title, the agent has a duty to disclose this state of affairs to the buyer, so that the buyer can inquire further and evaluate whether to risk entering into a transaction with a substantial risk of failure.”
December 17, 2010
Here’s an interesting REAL Trends Comment by Steve Murray: The times they have changed
“Can we move on from the days where we thought we could manipulate consumers with the old saying “it is a great time to buy a home”? In the Internet age they can see for themselves and read for themselves what is going on in the housing market wherever they live and come to their own conclusions about whether it is or isn’t the best time to buy. Further whether it is or isn’t the best time to buy is a highly personal decision as well – do I need to make more, do I want to, can I bear the cost, can I get a decent price. Because while for some it might be a great time to buy, even the most over optimistic real estate professional might admit that it is a lousy time to sell.
The report from Fannie shows that consumers are far from the tipping point as far as the belief that housing has finished correcting. In some markets yes and in more than a few further corrections in price and inventory have yet to be completed. Those are just the facts on the ground.
We don’t do anyone any favors spouting “it’s a good time to buy”. Many consumers might think the pressure of this tough market has caused us to lose our collective minds.”
Nationwide, the average sales price of properties sold in some stage of foreclosure during the third quarter were discounted more than 32% compared with the average sales price of properties not in the foreclosure process.
Zillow now provides agent ratings for those agents and clients who have activated profiles on their site. Zillow will screen the reviews before publishing. They join the ranks of the Houston Association of Realtors, Redfin and Ziprealty in providing rating systems.
From a recent court ruling on whether agents should disclose a short-sale situation: “When a real estate agent is aware that the amount of existing monetary liens and encumbrances exceeds the sales price of a residential property so as to require either the cooperation of the lender in a short sale or the ability of the seller to put a substantial amount of cash into the escrow in order to obtain the release of the monetary liens and encumbrances affecting title, the agent has a duty to disclose this state of affairs to the buyer, so that the buyer can inquire further and evaluate whether to risk entering into a transaction with a substantial risk of failure.”
Monday, December 13, 2010
Friday Facts December 10, 2010
FRIDAY FACTS
December 10, 2010
Inman News noted Corelogic’s reporting that the “shadow” inventory of homes likely to be repossessed or already in REO inventory but not yet on the market reached 2.1 million units in August, up from 1.9 million units a year ago. Because home sales have also slowed, that represents 8 months supply, up from 5 months one year ago. Adding the 2.1 million shadow inventory to the 4.2 million homes on the market, causes the total supply to reach 23 months of inventory, almost double NAR’s estimate in September.
Also in Inman News, as of January 31, 2011, the FTC is banning collection of fees in advance by for profit companies providing foreclosure rescue and loan modification services.
Fannie Mae is piloting a six month program, Home Path Online Offers, on its REO properties in Orlando, San Diego, and Detroit. It requires that offers be submitted online by agents representing buyers in an effort to increase efficiency, transparency and provide buyer’s agents with receipt of offer confirmation and tracking.
HudUser.org/portal/regional.html is a new HUD site with US Census Bureau, Labor Department and HUD data along with info from state and local governments and housing industry sources providing the latest available data on individual markets.
An NAR survey shows the impact of low appraisals. In October, 10% of Realtors had a contacts cancelled, 13% had a contract delayed and 16% had a contract re-negotiated to a lower sales price.
December 10, 2010
Inman News noted Corelogic’s reporting that the “shadow” inventory of homes likely to be repossessed or already in REO inventory but not yet on the market reached 2.1 million units in August, up from 1.9 million units a year ago. Because home sales have also slowed, that represents 8 months supply, up from 5 months one year ago. Adding the 2.1 million shadow inventory to the 4.2 million homes on the market, causes the total supply to reach 23 months of inventory, almost double NAR’s estimate in September.
Also in Inman News, as of January 31, 2011, the FTC is banning collection of fees in advance by for profit companies providing foreclosure rescue and loan modification services.
Fannie Mae is piloting a six month program, Home Path Online Offers, on its REO properties in Orlando, San Diego, and Detroit. It requires that offers be submitted online by agents representing buyers in an effort to increase efficiency, transparency and provide buyer’s agents with receipt of offer confirmation and tracking.
HudUser.org/portal/regional.html is a new HUD site with US Census Bureau, Labor Department and HUD data along with info from state and local governments and housing industry sources providing the latest available data on individual markets.
An NAR survey shows the impact of low appraisals. In October, 10% of Realtors had a contacts cancelled, 13% had a contract delayed and 16% had a contract re-negotiated to a lower sales price.
Monday, December 6, 2010
Friday facts December 3, 2010
FRIDAY FACTS
December 3, 2010
Facebook is launching a messaging service that will meld all 3 forms of communication: e-mail, instant messaging and texting that can be managed through a single inbox on a PC or a mobile device.
Brian Montgomery, past FHA Commissioner recommends pulling FHA out of HUD because they have different mission statements. Additionally, FHA monies go to HUD and HUD refunds FHA 21 cents on the dollar.
RealTrends reports that Massachusetts, Washington, Maryland, New Jersey and Connecticut are the top 5 states at the forefront of the nation’s movement toward a global, innovation based economy according to “The 2010 State New Economy Index”. It measures the extent to which state economies are knowledge based, globalized, entrepreneurial, IT driven and innovation-based.
Also from Steve Murray (RealTrends): “… What we think is that we have some ways to go before housing truly has found its footing. And, that there are markets that are already recovering and those with years left to do so. Each market will recover at its own rate. Pay less attention to all of the national market metrics but close attention to your local conditions. In the end, that’s all that will truly matter to your business.
There is no Massachusetts law that requires that a home have a stove in place in order for it to be sold, according to Steve Ryan, MAR General Counsel
Recent issues in the news including the robo-signing controversy illustrate the importance of buyer’s title insurance. According to Mary Umberger in Inman News, “Industry data suggests that 1 in 3 title searches turn up some kind of fly in the property ointment.” She also cautions that title insurance just covers the purchase price of the home, and in the case of an as-is REO, the buyer may want to purchase a rider that covers improvements. “The product at its most basic insures that the person or entity selling a property really owns it and that others don’t have a legal interest in it or that other legal circumstances don’t cloud the seller’s right to convey ownership.”
December 3, 2010
Facebook is launching a messaging service that will meld all 3 forms of communication: e-mail, instant messaging and texting that can be managed through a single inbox on a PC or a mobile device.
Brian Montgomery, past FHA Commissioner recommends pulling FHA out of HUD because they have different mission statements. Additionally, FHA monies go to HUD and HUD refunds FHA 21 cents on the dollar.
RealTrends reports that Massachusetts, Washington, Maryland, New Jersey and Connecticut are the top 5 states at the forefront of the nation’s movement toward a global, innovation based economy according to “The 2010 State New Economy Index”. It measures the extent to which state economies are knowledge based, globalized, entrepreneurial, IT driven and innovation-based.
Also from Steve Murray (RealTrends): “… What we think is that we have some ways to go before housing truly has found its footing. And, that there are markets that are already recovering and those with years left to do so. Each market will recover at its own rate. Pay less attention to all of the national market metrics but close attention to your local conditions. In the end, that’s all that will truly matter to your business.
There is no Massachusetts law that requires that a home have a stove in place in order for it to be sold, according to Steve Ryan, MAR General Counsel
Recent issues in the news including the robo-signing controversy illustrate the importance of buyer’s title insurance. According to Mary Umberger in Inman News, “Industry data suggests that 1 in 3 title searches turn up some kind of fly in the property ointment.” She also cautions that title insurance just covers the purchase price of the home, and in the case of an as-is REO, the buyer may want to purchase a rider that covers improvements. “The product at its most basic insures that the person or entity selling a property really owns it and that others don’t have a legal interest in it or that other legal circumstances don’t cloud the seller’s right to convey ownership.”
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