Builders hope Realtors will help them win back buyers

National ad campaign aimed at restoring market share of new-home sales

BY INMAN NEWS, MONDAY, JANUARY 28, 2013.

Inman News®

Vintage advertising campaign for new homesimage via Shutterstock.

By LEW SICHELMAN

Builders are going after real estate agents' bread and butter, and they'll be asking for agents' help to do it.

Starting in March, builders will finally launch a long-awaited multimillion-dollar ad campaign aimed at persuading would-be buyers that brand-new homes are a better choice than the scratch-and-dent houses they'll find in the resale sector. But the largely digital campaign is primed to win over the hearts of real estate professionals, too.

Why? Because agents and brokers absolutely control the housing market. According to a study by Chadwick Martin Bailey, the Boston-based consumer research company, 84 percent of 1,000 people identified as likely buyers in the next year are either already locked up with an agent or expect to connect with one when they actively begin their search.

Realtor dues help protect your business

Associations play active role in local, state and national legislation

BY BERNICE ROSS, MONDAY, DECEMBER 10, 2012.

Inman News®

"Realtor Party" logo from the National Association of Realtors' website, realtoractioncenter.com.

It's almost January and time to pony up and pay your dues to your local, state and national Realtor associations. In case you're not aware of the value the various associations to which you belong provide, keep reading. You may be very surprised.

It seems as if the majority of agents, brokers and associations are struggling with how to demonstrate their value. In the past, Realtors were the gatekeepers of the multiple listing service and created their value by the information they could provide consumers. The associations are also the keeper of the ethics of how the industry conducts itself as well being a primary source for providing education.

One function that very few agents pay attention to is the role that associations play in interacting with the politicians who can make or break our businesses. To illustrate this point, I recently attended a legislative review session sponsored by the Austin Young Professionals Network.

Strong sales and tight inventory boost home prices

NAR: Median home price in October up 11.1 percent from a year ago

BY INMAN NEWS, MONDAY, NOVEMBER 19, 2012.

Inman News®

Housing trend image via Shutterstock.

A combination of rising sales and the lowest inventory in six years helped existing-home prices post annual gains for the eighth month in a row in October, the National Association of Realtors said today.

Sales of existing homes were up 2.1 percent from September to October and 10.9 percent from a year ago, to a seasonally adjusted annual rate of 4.79 million.

At $187,600, the national median price for all housing types including single-family homes, townhomes, condominiums and co-ops was up 11.1 percent from a year ago. The national median price last posted eight consecutive months of annual gains before the crash -- from October 2005 to May 2006.

Also released today, a survey by the National Association of Home Buildersshowed builder confidence rose in November for the seventh month in a row to its highest point since May, 2006.

Rising home prices are boosting home equity, and NAR Chief Economist Lawrence Yun thinks the improvement could be even greater next year.

Freddie Mac offers agent bonuses on REO sales

$1,000 for buyer's agents, $500 for listing agents on sales closing by April 15

BY INMAN NEWS, THURSDAY, NOVEMBER 15, 2012.

Inman News®

Santa Claus image via Shutterstock.

Freddie Mac is offering a $1,000 bonus to agents who represent buyers of "HomeSteps" properties from its inventory of real estate owned (REO) homes in 20 states, and $500 to listing agents.
The HomeSteps winter sales promotion, which kicked off today, applies to offers received between Nov. 15, 2012, and Feb. 28, 2013, and closing on or before April 15, 2013, for properties in Alabama, Colorado, Iowa, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin.
Investor purchases, auction sales, sealed-bid sales or bulk sales are not eligible for the program. At the end of September, Freddie Mac had 50,919 REO homes in the HomeSteps program, about two-thirds of which were located in those 20 states.

3 things you should know about mortgage insurance

REThink Real Estate

BY TARA-NICHOLLE NELSON, THURSDAY, OCTOBER 25, 2012 Inman News®

Calculator image via Shutterstock.

Q: I'm trying to get a better understanding of private mortgage insurance (PMI). I understand the fundamentals and that it usually equals 1/2 percent-1 percent of the mortgage, but what I'm not sure about is how it is paid.
Is the PMI paid each year until you reach the 20 percent mortgage-to-value ratio? Can you elect to pay the PMI upfront if you do not want the cost of the policy to be included in your monthly mortgage payments?
If you are allowed to pay PMI upfront, instead of monthly, do you have to pay the full premium at the beginning of each year?
A: When you put less than 20 percent of the purchase price down on a home, your lender will charge you for the costs of placing a private mortgage insurance, or PMI, policy on your home loan. Though the borrower pays for it, the policy actually protects the lender in the event that the borrower defaults on the loan -- a risk that is statistically more likely to damage the lender's interests when there is little equity in the property.

Why is nobody making my dream real estate app?

Realtor Notebook

BY TERESA BOARDMAN, THURSDAY, AUGUST 30, 2012.

Inman News®

Dreaming image via Shutterstock.

I was recently asked by a company that builds iPad apps what kind of app I would like to see.

I did not hesitate to suggest an app that I could use to write real estate contracts. No one but agents who use iPads in the field fully understands what I am looking for, and I don't think the app is being built.

Pen and paper are easier than some of the clunky apps and mobile sites I have used to fill out forms and make offers, and that is just wrong. Some of them can reduce an agent to tears when they crash and the offer vanishes.

I want a single, easy to use app that works on my iPad where I can load or access the entire library of real estate forms, add forms of my own, and write offers for my clients, have them signed on the screen or electronically and manage them from cradle to grave and access them from any device.

The real cost of social media

Landing prospects through social media requires an investment of time

BY DAVID FLETCHER, WEDNESDAY, AUGUST 29, 2012 Inman News®

Infinite time image via Shutterstock.

With the help of a marketing professional with a doctorate in psychology, I am gradually overcoming what I thought was an incurable disease: socialmediaphobia.

I fear what I don't understand, and I have not understood exactly what social media I needed, why I needed it or what it would cost.

Fortunately, thanks to LinkedIn, a social media site known for its business contacts, I met someone who could help.

Barbara Lemaire, owner of Social Media Made Simple.info, invited me to connect with her on LinkedIn. When I saw that she was a Ph.D. with a website that said she was "first and foremost a marketing professional," I practically blurted out my concern about social media and its cost to operate.

Health Care Reform Real Estate Tax

The facts from NAR:

The most important takeaways for REALTORS® when it comes to the 3.8% tax that’s part of health care reform:

1. When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will not be subject to this tax.
2. The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you’ll never pay this tax at the time that you purchase a home or other investment property.
3. You’ll never pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one component of that year’s gross income.

Little apps can simplify your life Dropbox, Sparrow, CoBook, and Fantastical are simplified interfaces for everyday tasks

BY GAHLORD DEWALD, FRIDAY, JULY 20, 2012 Inman News®

Sparrow image via Shutterstock.

For the past year or so I've noticed something about my computer use: I'm slowly replacing the core software and features that get used day in, day out.

It all started with Dropbox.

One of the core features of a computer is that it stores stuff. Spreadsheets, word processing documents, code and so on are all kept somewhere on the computer. On the hard drive.

It's such a core feature of a computer that the size of the hard drive is one of those things that gets promoted. One of those "size matters" situations.

One of the hassles, though, is that the bigger the hard drive, the more I seem to scatter stuff all over. Sure, it's mostly in a folder labeled, "Documents." And yes, it's all backed up about six ways from Sunday.

But there's that pile of random stuff on the desktop -- what I like to think of as the remains of frenzied creative activity. And there's the pile of items on my RAID array. It isn't in one place.

Underwater homes keeping a lid on inventory | CoreLogic: Tight market conditions fueling price increases

BY INMAN NEWS, WEDNESDAY, JULY 18, 2012 Inman News®

Underwater homes image via Shutterstock.

Home prices saw the largest spring gain in a quarter century during the three months through May, but the sluggish economy threatens further price recovery, according to a monthlyreport from economists at real estate and mortgage data aggregator CoreLogic.

After reaching a low for the downturn in February, home prices rose 5.6 percent during the three months ending in May -- the largest increase within the same three-month period in the last 25 years, CoreLogic said.

May was also the third consecutive month home prices posted year-over-year gains, increasing by 2 percent. Among the 100 largest metro areas, 71 saw price increases -- the largest number since November 2006, according to CoreLogic.

A pending home price index from CoreLogic indicates that prices rose a further 1.6 percent from May to June.

Rockford Broker named #1 in the US

ROCKFORD (WIFR) -- Rockford has made another national list, but this time around, it’s for a good reason.

John Murray is a managing broker at Key Realty in Rockford and in 2011 he sold 1,199 homes. That's the equivalent of three homes sold per day. So that makes Murray the number one broker in the country, according to the Wall Street Journal. Murray is a Rockford native and says he's happy to bring some positive recognition to his hometown.

"It’s humbling and it makes me proud at the same time. I'm proud to represent Key Realty, I'm proud to represent all the hard working men and women of our association, because there are a lot of hard working realtors. And I'm proud to represent Rockford," says Murray.

To give you an idea of just how busy he is, Murray got a work call during his interview with 23 News.

Key Realty, Inc. is a full service real estate brokerage dedicated to feasible and sustainable homeownership in Northern Illinois. Understanding the real estate market allows Key to be successful in this current downturn. In fact, 2011 was the best year for Key Realty, selling over 1500 homes in the Northern Illinois area! Please give us a call at 815-713-1100 and let us demonstrate our expertise by helping you buy or sell your home.

When EXPERIENCE counts, trust Key Realty. Your Key to Success!

Get off on the right foot with buyers | Questionnaire can be potent tool for establishing clients' wants, needs

BY ALISHA ALWAY BRAATZ, WEDNESDAY, JULY 11, 2012 Inman News®

Handshake image via Shutterstock.

My last column focused on the three keys to successfully managing a buyer. One of those keys included embodying Perry Mason and investigating your buyer's needs and wants via a questionnaire.

This week, by popular request, I'll tackle how to create your own successful buyer's questionnaire -- or what I refer to as my buyer's guide (it sounds less intrusive and superfluous -- especially to the guys!).

6 paths to success for buyers in tight markets Dated décor, canceled listings can work in your favor

BY DIAN HYMER, MONDAY, JULY 9, 2012 Inman News®

Finish line image via Shutterstock.

In low-inventory markets, some buyers are having a hard time finding a home to buy. There are steps you can take to improve your odds of finding a home at a time when interest rates are at record lows and affordability is high.

One approach is to broaden your search. You should be clear about what it is you want to buy. But, homebuying involves making compromises. Just make sure you don't give in on the essentials. You need a home that will last you for the long term. Avoid listings with major defects that will be expensive or impossible to fix.

Libor scandal is whitecaps in a thimble | Commentary: Rigging workhorse rate was stupid, and the stupid should resign

BY LOU BARNES, FRIDAY, JULY 6, 2012 Inman News®

Bored partygoers image via Shutterstock.

First some data, then Libor. Tempest or titillation? The effects from global markets to your adjustable-rate mortgage -- earth-shaking? Or teapot-tilting?

June jobs data are as-was in May and April: 75,000 new jobs, poor, but afloat!

The June data from the Institute for Supply Management (ISM) is more concerning, the overall manufacturing index (PMI) falling to 49.7 percent from 53.5 (a reading below 50 percent indicates the manufacturing economy is generally contracting). "Internals" also crashing: new orders down 12.3 to 47.8, and prices of raw materials collapsed another 10.5 to 37 (inflation risk is zero).

Owners lose units in condo complex foreclosure | New owner terminates condo association, puts development up for sale

BY INMAN NEWS, FRIDAY, JUNE 29, 2012 Inman News®

Gavel image via Shutterstock.

Editor's note: The following story excerpt is republished with permission of AOL Real Estate. See the full story, "'This Is Crazy': Company Snatches Condos From Owners."

By TEKE WIGGIN

Teresa Fusco thought she had done everything that she needed to do to sail comfortably into her golden years. She owned a condominium unit in Reading, Pa., with an appraised valued of $101,000, and she had a rainy-day fund in case her health failed.

Windermere launches new-home sales division | Windermere Builder Solutions is a New Home Star franchisee

BY ANDREA V. BRAMBILA, WEDNESDAY, JUNE 27, 2012 Inman News®

New subdivision image via Shutterstock.

With an eye toward taking advantage of a new-home market that's showing signs of recovery, brokerage company Windermere Real Estate has signed a franchise agreement with the national sales and marketing firm New Home StarCorp., the companies announced today.

Seattle-based Windermere Real Estate has created a new division, Windermere Builder Solutions, that is a franchisee of New Home Star and offers builders and developers marketing, sales, and operational support.

"For new construction business our agents already have a market share of 25 percent" in their local markets, said O.B. Jacobi, president of Windermere Real Estate.

Houston brokers swap franchise affiliations | Prudential, Better Homes and Gardens Real Estate vie for market share

BY INMAN NEWS, WEDNESDAY, JUNE 27, 2012  Inman News®

Calf roping image via Shutterstock.

Two brokerages operating in the greater Houston market have swapped franchise affiliations, with the Better Homes and Gardens Real Estate network boosting its total agent count at the expense of the Prudential Real Estate franchise network.

Anderson Properties, which affiliated with Better Homes and Gardens Real Estate in March 2010, has merged its operations with Alvin, Texas-based Prudential Reyes-Planka Realtors. The combined 202-agent firm will operate as Prudential Anderson Properties, with 10 offices in the greater Houston area, Austin and Lubbock.

Global homebuyer hot spot: New York County, N.Y. (Manhattan) | Inman News special report excerpt

BY INMAN NEWS, MONDAY, JUNE 25, 2012 Inman News®

Sunset in Manhattan image via Shutterstock.

Editor's note: This report on the New York County, N.Y. (Manhattan) market is an excerpt from a special report by Inman News reporter Andrea V. Brambila, "10 Hot Spots for Global Homebuyers" identifying the 10 markets with the greatest share of buyers with a foreign mailing address in the public record between May 2011 and January 2012. Arecently released report from the National Association of Realtors found New York was the sixth most popular state in the U.S. for international sales in the 12 months through March 2012.
Nearly 4 percent of homes purchased in New York County, N.Y., between May 2011 and January 2012 listed a foreign mailing address on the property deed, according DataQuick. New York County's borders are identical to those of Manhattan, one of the five boroughs of New York City, including Manhattan Island and several small adjacent islands.

California pending home sales jump in May | Distressed sales still account for 41 percent of transactions

BY INMAN NEWS, FRIDAY, JUNE 22, 2012 Inman News®

Handshake image via Shutterstock.

Pending home sales in the nation's most-populous state rose by double-digits in May compared to the same month a year ago, according to a monthly index from the California Association of Realtors.

CAR's Pending Home Sales Index remained unchanged from April's revised figure. But the index jumped 11.2 percent from May 2011, to 128.8.

MLS data definitions could spark more apps | RESO 'Data Dictionary' a boon for vendors

BY ANDREA V. BRAMBILA  Inman News®

Arrows image via Shutterstock.

In a move designed to make it easier for technology vendors to develop streamlined "plug and play" tools for multiple listing services, the Real Estate Standards Organization(RESO) has adopted a standardized set of data terms for the most common descriptions of property characteristics used by industry players.

Data Dictionary 1.0 contains 503 terms using common definitions for property data based on the Real Estate Transaction Standard (RETS), a real estate data standard implemented by RESO and developed for the purpose of facilitating data sharing within the industry.