FRIDAY FACTS
October 8, 2010
RISMedia offers three lessons from 3 years of recession:
A house is a home, not a piggy bank. Agents need to match home with heart.
The old way is not going to cut it. Clients are now buying movie tickets and SUV’s online. They are texting not calling. Their lives are busier than ever, so your service had better fit within their lives.
It really is all about people. Put the people you are serving ahead of everything else.
Trulia reports 10 cities where its better to buy than rent: Minneapolis; Arlington, Texas; Miami; Fresno; San Antonio; Mesa, AZ; Jacksonville, Fl; El Paso; Las Vegas. The 10 cities where it’s better to rent than buy: New York; Omaha; Seattle; Portland, Oregon; San Francisco; Oklahoma City; Kansas City, MO; Sand Diego; Dallas.
$60 million has been set aside for real estate licensees in 5 states affected by the Gulf oil spill: Texas, Louisiana, Mississippi, Alabama and Florida. Applications for claims close 11/23/10 and the limit per claimant is $12,000.
From Inman News: Zillow-like Zoopla claims to operate the U.K.’s most comprehensive property search website. It provides listing, valuations, public property records and local market statistics. It also claims to have information on every property in England, Scotland, Wales, and Northern Ireland (27 million homes) whether they’re for sale, rent, or off-market.
Kitchen design trends from RISMedia:
Counter tops: Stainless steel, antiqued marble, lava stone, wood, concrete, mosaics and flamed granite with a textured, matte finish.
Cabinetry: Fewer overhead cabinets, lift-up or sliding doors, self-closing drawers, glass-fronted cabinets and glass shelving, tracks inside doors for attaching storage accessories, pantries with multiple storage options, fresh finishes, from smooth, high-gloss and matte lacquer, to textured, horizontal-grain laminates.
Appliances: Free-standing accent pieces and fully-integrated designs that blend with cabinets, fridges with more crisper space and less freezer space, combination gas/electric ranges, designer range hoods, super-quiet dishwashers, specialty sink faucets, luxury items such as warmer drawers for coffee mugs.
Colors: Warm neutrals such as walnut, slate, sand, celadon and magnolia.
Friday, October 8, 2010
Friday, October 1, 2010
FRIDAY FACTS
October 1, 2010
The U.S. Census Bureau released the 2009 American Housing Survey that shows:
Homeowners paid a median $1,000 in monthly housing costs, 20% of household income
Renters paid a median $800 in monthly housing costs, but that was 31% of household income
32% own their home free and clear, 2% have a line of credit only, 66% have a regular and/or home equity mortgage
48% of homes have a separate dining room, 35% have a usable fireplace, 64% have 3+ bedrooms.
In Barnstable County, foreclosure deeds were up 74% in the first half of 2010 compared with the same period in 2009. It is estimated that neighborhood homes within 250’ of a foreclosed property lose 1% of value.
According to the Shelton Group, Green Living Pulse, 3 features a green home must have are:
1. High efficiency (Energy Star) appliances – 45.6%
2. High efficiency (Energy Star) windows – 42.8%
3. Renewable electric power generation system – 36.9%
§ From NAR: home sales dropped a record 27.2% from June. The prediction had been a drop of 12%. “Buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices and buyers are hesitating because they think home prices haven’t bottomed yet.” Sales were down 35% in the Midwest, 30% in the Northeast, 25% in the West and 23% in the South.
MAR reports that single family home sales were down 28% in July compared with July 2009.
NAR has an online mailbox, HAFA@realtors.org for members to provide specific examples of the problems they are facing with lenders in getting short sales processed. You won’t get a response, but your emails will be used by NAR in its discussions with lenders and the U.S. Treasury Department.
October 1, 2010
The U.S. Census Bureau released the 2009 American Housing Survey that shows:
Homeowners paid a median $1,000 in monthly housing costs, 20% of household income
Renters paid a median $800 in monthly housing costs, but that was 31% of household income
32% own their home free and clear, 2% have a line of credit only, 66% have a regular and/or home equity mortgage
48% of homes have a separate dining room, 35% have a usable fireplace, 64% have 3+ bedrooms.
In Barnstable County, foreclosure deeds were up 74% in the first half of 2010 compared with the same period in 2009. It is estimated that neighborhood homes within 250’ of a foreclosed property lose 1% of value.
According to the Shelton Group, Green Living Pulse, 3 features a green home must have are:
1. High efficiency (Energy Star) appliances – 45.6%
2. High efficiency (Energy Star) windows – 42.8%
3. Renewable electric power generation system – 36.9%
§ From NAR: home sales dropped a record 27.2% from June. The prediction had been a drop of 12%. “Buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices and buyers are hesitating because they think home prices haven’t bottomed yet.” Sales were down 35% in the Midwest, 30% in the Northeast, 25% in the West and 23% in the South.
MAR reports that single family home sales were down 28% in July compared with July 2009.
NAR has an online mailbox, HAFA@realtors.org for members to provide specific examples of the problems they are facing with lenders in getting short sales processed. You won’t get a response, but your emails will be used by NAR in its discussions with lenders and the U.S. Treasury Department.
Friday, September 24, 2010
Friday 9-24-10
FRIDAY FACTS
September 24, 2010
Zillow reports that the most stable markets in the U.S. are: Grand Rapids, Michigan; Philadelphia, PA; Lincoln, Nebraska; Columbia, S.C.; Canton, Ohio; Pueblo, Colorado; tied for 7th: York, PA, Yakima, WA, and Washington, D.C.; and Denver, Colorado.
From Inman News by Tara-Nicholle Nelson, “Many who can afford to buy homes are now electing to rent … some until the price is right, others indefinitely. Additionally, we’ve seen that homeownership without equity, without income or with an unsustainable mortgage (balance or payments) can be more economically burdensome than beneficial. For this reason, it’s increasingly crystal clear that until the job market recovers, the real estate market will languish.”
An annual survey by Bankrate.com shows that closing costs on a home purchase are now about 2% of the mortgage amount, up as much as 37% from a year ago.
Kevin Brass notes in the International Property Journal that international buyers dominate Miami sales. Currently, 60% of home sales in South Florida involve a foreign buyer. Florida accounts for 20% of international sales in the U.S.
RISMedia reports that the number of people who sought local information on their smart phones grew 51% since last year, with the fastest growing method of access through downloaded apps.
The Real Estate Book iPhone app is another free app giving the ability to:
§ Search for home listings by city & state or zip
§ Map listings and get directions from current location
§ View property details and photos of listings
§ Save favorites and share or write notes and attach photos
§ Email or call the agent directly from the listing
§ View past searches and perform advanced searching
September 24, 2010
Zillow reports that the most stable markets in the U.S. are: Grand Rapids, Michigan; Philadelphia, PA; Lincoln, Nebraska; Columbia, S.C.; Canton, Ohio; Pueblo, Colorado; tied for 7th: York, PA, Yakima, WA, and Washington, D.C.; and Denver, Colorado.
From Inman News by Tara-Nicholle Nelson, “Many who can afford to buy homes are now electing to rent … some until the price is right, others indefinitely. Additionally, we’ve seen that homeownership without equity, without income or with an unsustainable mortgage (balance or payments) can be more economically burdensome than beneficial. For this reason, it’s increasingly crystal clear that until the job market recovers, the real estate market will languish.”
An annual survey by Bankrate.com shows that closing costs on a home purchase are now about 2% of the mortgage amount, up as much as 37% from a year ago.
Kevin Brass notes in the International Property Journal that international buyers dominate Miami sales. Currently, 60% of home sales in South Florida involve a foreign buyer. Florida accounts for 20% of international sales in the U.S.
RISMedia reports that the number of people who sought local information on their smart phones grew 51% since last year, with the fastest growing method of access through downloaded apps.
The Real Estate Book iPhone app is another free app giving the ability to:
§ Search for home listings by city & state or zip
§ Map listings and get directions from current location
§ View property details and photos of listings
§ Save favorites and share or write notes and attach photos
§ Email or call the agent directly from the listing
§ View past searches and perform advanced searching
Friday, September 17, 2010
Friday Facts September 17, 2010
FRIDAY FACTS
September 17, 2010
From an article by Mary Umberger in Inman News: Residential real estate auctions in the U.S. grew by nearly 48% between 2003 and 2008. Auctions are the standard method of home buying in Australia and the traditional way of selling a farm in the U.S. Most auction houses will allow buyers to involve their real estate agents who will receive a commission on the sale. The winning bid amount will be increased by any fees and taxes that go along with a conventional property sale as well as by the fees and commissions paid to the auction company and/or real estate agent.
Trulia reports that home sellers in the 50 largest U.S. cities slashed their home prices by $30.1 billion in August alone.
The FHA implementation date for the premium changes has been moved from September 7th to October 4th after lenders complained that they didn’t have adequate time to update systems and disclosures.
Check out ReallyRottenRealty.com for tips on why consumers need to be diligent in choosing an agent. For example, a seller shouldn’t hire a broker who subscribes to the “Three P’s of Real Estate Marketing: Put, Put, Pray – Put a sign in the yard, put the listing in MLS, and pray someone will come along and buy it.”
From RIS Media: To most effectively communicate with today’s client:
Be visible all the time: Pick a platform that works for you and stick with it whether it’s Linkedin, FourSquare, Twitter, Gist, Batchbook or Facebook. The key is repetition and the mastery of the medium, especially considering the average attention span for an individual is 20 seconds.
Engage the client on his terms: Identify your buyer. If its just first time homebuyers, find out where they play on the web and hang out there.
Embrace text messaging.
September 24, 2010
Zillow reports that the most stable markets in the U.S. are: Grand Rapids, Michigan; Philadelphia, PA; Lincoln, Nebraska; Columbia, S.C.; Canton, Ohio; Pueblo, Colorado; tied for 7th: York, PA, Yakima, WA, and Washington, D.C.; and Denver, Colorado.
From Inman News by Tara-Nicholle Nelson, “Many who can afford to buy homes are now electing to rent … some until the price is right, others indefinitely. Additionally, we’ve seen that homeownership without equity, without income or with an unsustainable mortgage (balance or payments) can be more economically burdensome than beneficial. For this reason, it’s increasingly crystal clear that until the job market recovers, the real estate market will languish.”
An annual survey by Bankrate.com shows that closing costs on a home purchase are now about 2% of the mortgage amount, up as much as 37% from a year ago.
Kevin Brass notes in the International Property Journal that international buyers dominate Miami sales. Currently, 60% of home sales in South Florida involve a foreign buyer. Florida accounts for 20% of international sales in the U.S.
RISMedia reports that the number of people who sought local information on their smart phones grew 51% since last year, with the fastest growing method of access through downloaded apps.
The Real Estate Book iPhone app is another free app giving the ability to:
§ Search for home listings by city & state or zip
§ Map listings and get directions from current location
§ View property details and photos of listings
§ Save favorites and share or write notes and attach photos
§ Email or call the agent directly from the listing
§ View past searches and perform advanced searching
September 17, 2010
From an article by Mary Umberger in Inman News: Residential real estate auctions in the U.S. grew by nearly 48% between 2003 and 2008. Auctions are the standard method of home buying in Australia and the traditional way of selling a farm in the U.S. Most auction houses will allow buyers to involve their real estate agents who will receive a commission on the sale. The winning bid amount will be increased by any fees and taxes that go along with a conventional property sale as well as by the fees and commissions paid to the auction company and/or real estate agent.
Trulia reports that home sellers in the 50 largest U.S. cities slashed their home prices by $30.1 billion in August alone.
The FHA implementation date for the premium changes has been moved from September 7th to October 4th after lenders complained that they didn’t have adequate time to update systems and disclosures.
Check out ReallyRottenRealty.com for tips on why consumers need to be diligent in choosing an agent. For example, a seller shouldn’t hire a broker who subscribes to the “Three P’s of Real Estate Marketing: Put, Put, Pray – Put a sign in the yard, put the listing in MLS, and pray someone will come along and buy it.”
From RIS Media: To most effectively communicate with today’s client:
Be visible all the time: Pick a platform that works for you and stick with it whether it’s Linkedin, FourSquare, Twitter, Gist, Batchbook or Facebook. The key is repetition and the mastery of the medium, especially considering the average attention span for an individual is 20 seconds.
Engage the client on his terms: Identify your buyer. If its just first time homebuyers, find out where they play on the web and hang out there.
Embrace text messaging.
September 24, 2010
Zillow reports that the most stable markets in the U.S. are: Grand Rapids, Michigan; Philadelphia, PA; Lincoln, Nebraska; Columbia, S.C.; Canton, Ohio; Pueblo, Colorado; tied for 7th: York, PA, Yakima, WA, and Washington, D.C.; and Denver, Colorado.
From Inman News by Tara-Nicholle Nelson, “Many who can afford to buy homes are now electing to rent … some until the price is right, others indefinitely. Additionally, we’ve seen that homeownership without equity, without income or with an unsustainable mortgage (balance or payments) can be more economically burdensome than beneficial. For this reason, it’s increasingly crystal clear that until the job market recovers, the real estate market will languish.”
An annual survey by Bankrate.com shows that closing costs on a home purchase are now about 2% of the mortgage amount, up as much as 37% from a year ago.
Kevin Brass notes in the International Property Journal that international buyers dominate Miami sales. Currently, 60% of home sales in South Florida involve a foreign buyer. Florida accounts for 20% of international sales in the U.S.
RISMedia reports that the number of people who sought local information on their smart phones grew 51% since last year, with the fastest growing method of access through downloaded apps.
The Real Estate Book iPhone app is another free app giving the ability to:
§ Search for home listings by city & state or zip
§ Map listings and get directions from current location
§ View property details and photos of listings
§ Save favorites and share or write notes and attach photos
§ Email or call the agent directly from the listing
§ View past searches and perform advanced searching
Friday, September 10, 2010
Friday Facts 9-10-10
September 10, 2010
Steve Bergsman of Inman News has an article on a new approach to keeping people in their homes. ISGN Corp., one of the largest providers of services and technology to the mortgage industry is partnering with EquityRock of San Francisco to offer a program called RESET (Real Estate Shared Equity Transaction). RESET gives borrowers who are qualified for a loan modification a principal reduction so they are no longer underwater in exchange with the lender for a share in any future equity.
HUD is claiming that the newly passed premium amounts going into effect September 7, 2010 will save the consumer money. It won’t. While the upfront premiums have dropped from 2.25 to 1.25, the annual premiums will nearly double. A $200,000 loan with a 3.5% down payment has $4,500 upfront premium and $1,100/year in annual premiums. After September 7th, the upfront premium falls to $2,500, but the annual premium rises to $1,800, an extra $58/month.
Buzz Tool on ZipRealty.com enables homeowners to post a trial listing of their home to get feedback from active buyers in their area. A real time Buyer Buzz results page gives feedback from agents and results of an online poll regarding the proposed list price.
Bernice Ross writes in Inman News: “The Health Care Bill changes how “miscellaneous income” is reported. The bill seems to require anyone who purchases $600 or more of business products to issue a Form 1099-MISC to the company from whom they purchased the product. In other words, if I buy $600 of office supplies at Staples, I have to give Staples a form 1099.”
FHA’s new underwater program will be launched on September 7, 2010. FHA will offer certain non FHA borrowers who owe more on their mortgage than their property is worth, the opportunity to qualify for a new FHA insured mortgage if their lender agrees to write off at least 10% of the unpaid principal balance of the first mortgage. This applies to primary residences; the borrower must qualify for a loan under standard FHA underwriting requirements; and the borrowers combined LTV ratio can be no more than 115% after the 10% write-off. The Treasury will provide incentives to existing 2nd lien holders who agree to full or partial release of the liens.
Steve Bergsman of Inman News has an article on a new approach to keeping people in their homes. ISGN Corp., one of the largest providers of services and technology to the mortgage industry is partnering with EquityRock of San Francisco to offer a program called RESET (Real Estate Shared Equity Transaction). RESET gives borrowers who are qualified for a loan modification a principal reduction so they are no longer underwater in exchange with the lender for a share in any future equity.
HUD is claiming that the newly passed premium amounts going into effect September 7, 2010 will save the consumer money. It won’t. While the upfront premiums have dropped from 2.25 to 1.25, the annual premiums will nearly double. A $200,000 loan with a 3.5% down payment has $4,500 upfront premium and $1,100/year in annual premiums. After September 7th, the upfront premium falls to $2,500, but the annual premium rises to $1,800, an extra $58/month.
Buzz Tool on ZipRealty.com enables homeowners to post a trial listing of their home to get feedback from active buyers in their area. A real time Buyer Buzz results page gives feedback from agents and results of an online poll regarding the proposed list price.
Bernice Ross writes in Inman News: “The Health Care Bill changes how “miscellaneous income” is reported. The bill seems to require anyone who purchases $600 or more of business products to issue a Form 1099-MISC to the company from whom they purchased the product. In other words, if I buy $600 of office supplies at Staples, I have to give Staples a form 1099.”
FHA’s new underwater program will be launched on September 7, 2010. FHA will offer certain non FHA borrowers who owe more on their mortgage than their property is worth, the opportunity to qualify for a new FHA insured mortgage if their lender agrees to write off at least 10% of the unpaid principal balance of the first mortgage. This applies to primary residences; the borrower must qualify for a loan under standard FHA underwriting requirements; and the borrowers combined LTV ratio can be no more than 115% after the 10% write-off. The Treasury will provide incentives to existing 2nd lien holders who agree to full or partial release of the liens.
Friday, September 3, 2010
Friday Facts 9-3-20
FRIDAY FACTS
September 3, 2010
In a study from Old Dominion University, looks do count. The more attractive a male finds his female agent, the higher the price he’ll probably be willing to pay. Women also seem to be susceptible to attractive female agents, although not to the extent that men are. Neither women nor men seem to respond much to attractive males.
From RISMedia, here are three common credit score misconceptions:
Paying late didn’t hurt my credit since I’m caught up now. Wrong. Late payments are credit score killers.
Dollar amounts matter in credit scores. Wrong. Dollar amounts don’t matter – the fewer late payments, the higher your score.
Closing credit card accounts helps your score. Wrong. It’s best for your score to keep cards open and active for small purchases.
The Realtor Association of Greater Miami and the Beaches and the Realtor Association of Miami-Dade County have merged, creating the largest association of agents in the U.S. The new real estate group will be called the Miami Association of Realtors and will include more than 23,000 members.
Bernice Ross of Inman News gives some sales strategies:
I’m not here to take inventory – I’m here to move it. Do you want a listing, or do you want sellers who have sold their home and have moved?
Pre-schedule your price reductions. Sellers must agree to reduce their price by 3% after every 10 showings or every three weeks – whichever comes first.
As the price changes, the marketing changes. After every price change, change the photos, especially the main photo.
Charge a refundable marketing fee. For properties under $700, charge a $250 marketing fee that is reimbursed when the property closes.
Detach sellers from their property. Meeting sellers in a neutral place or your office can give you a slight edge.
Did you know that foreign investors spent $66 billion on U.S. property sales last year?
ROFO.com is offering RealEstatePro, a new app for Linkedin that enables real estate professionals to add info about property listings and past transactions to their profile pages. Linkedin has 70 million users in 200 countries.
September 3, 2010
In a study from Old Dominion University, looks do count. The more attractive a male finds his female agent, the higher the price he’ll probably be willing to pay. Women also seem to be susceptible to attractive female agents, although not to the extent that men are. Neither women nor men seem to respond much to attractive males.
From RISMedia, here are three common credit score misconceptions:
Paying late didn’t hurt my credit since I’m caught up now. Wrong. Late payments are credit score killers.
Dollar amounts matter in credit scores. Wrong. Dollar amounts don’t matter – the fewer late payments, the higher your score.
Closing credit card accounts helps your score. Wrong. It’s best for your score to keep cards open and active for small purchases.
The Realtor Association of Greater Miami and the Beaches and the Realtor Association of Miami-Dade County have merged, creating the largest association of agents in the U.S. The new real estate group will be called the Miami Association of Realtors and will include more than 23,000 members.
Bernice Ross of Inman News gives some sales strategies:
I’m not here to take inventory – I’m here to move it. Do you want a listing, or do you want sellers who have sold their home and have moved?
Pre-schedule your price reductions. Sellers must agree to reduce their price by 3% after every 10 showings or every three weeks – whichever comes first.
As the price changes, the marketing changes. After every price change, change the photos, especially the main photo.
Charge a refundable marketing fee. For properties under $700, charge a $250 marketing fee that is reimbursed when the property closes.
Detach sellers from their property. Meeting sellers in a neutral place or your office can give you a slight edge.
Did you know that foreign investors spent $66 billion on U.S. property sales last year?
ROFO.com is offering RealEstatePro, a new app for Linkedin that enables real estate professionals to add info about property listings and past transactions to their profile pages. Linkedin has 70 million users in 200 countries.
Subscribe to:
Posts (Atom)