Don't 'date' the real estate ingrate

How to spot would-be clients you should drop like a hot potato

BY ALISHA ALWAY BRAATZ, WEDNESDAY, OCTOBER 17, 2012.

Inman News®

Date image via Shutterstock.

I recently heard a radio host reading a piece on the subject, "Who not to date -- ever." It was so funny, and right on, that I tried to Google it for my husband to read.

Turns out there are millions of results for that search term. I never did find the right one. But after reading through the first 10 or so entries, I concluded that trillions of people the world over hate a nag, a know-it-all, and a money-grubber.

The stereotypes were spot-on, and it got me thinking about our real estate clientele. Because, you have to admit, courting a client is a lot like dating -- minus the butterflies, romance and tequila shots.

We dedicate weekends to these people, buy them steak dinners and have their number on speed dial. We practice making small talk in the rearview mirror on the way to pick them up. We dress to impress. We wash the car. And we never pass gas or burp in front of them (I hope!).

Whether it works or not, QE3 was needed

Commentary: US not in recession, but fiscal cliff, Europe still loom

BY LOU BARNES, FRIDAY, SEPTEMBER 14, 2012 Inman News®

Albert H. Teich / Shutterstock.com

One thing is for sure. Mr. Bernanke's announcement yesterday is the most extraordinary to come out of the Fed since the all-time previous: Paul Volcker on Columbus Day weekend 1979 said the Fed would allow interest rates to rise as high as necessary to defeat inflation.

As today's problems are the polar opposite of 1979, and raising rates had long been the accepted and effective remedy for inflation, and Mr. Volcker's policies succeeded in solving the problem, it is difficult further to compare these two moments.

From yesterday's announcement by the Federal Open Market Committee: "If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases… until such improvement is achieved in a context of price stability."

The committee "expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economy strengthens."

FHFA streamlines short sale standards for Fannie Mae and Freddie Mac

By Kerri Ann Panchuk

• August 21, 2012 • 1:45pm

New short sale requirements for servicers proposed by the Federal Housing Finance Agency are giving financial firms a battle strategy for dealing with reluctant subordinate-lien holders who attempt to delay short sales on points of negotiation.

Some parties in short sales are able to delay the process by objecting to certain conditions and attempting to negotiate higher prices.

Fannie Mae and Freddie Mac launched new short-sale guidelines for servicers to speed up and streamline the process of moving distressed borrowers through a short sale. The guidelines take effect Nov. 1.

Why mortgage rates are rising

Commentary: To foster recovery, something has to give, but what?

BY LOU BARNES, FRIDAY, AUGUST 17, 2012 Inman News®

Dollar sign sinking image via Shutterstock.

Two things this week: Explain the sudden rise in Treasury and mortgage rates, and then provide a simple tool for understanding budget issues in the election. Nuthin' to it.

In the last two weeks the 10-year T-note has run up from 1.45 percent to 1.85 percent, taking many mortgages from below 3.5 percent to above 3.75 percent.

Explanations offered by sharpies: The economy has turned for the better, no longer sliding toward recession. Or because the Fed will not soon begin QE3, either because the economy is better, or because it won't do any good, or because of the election, or because of internal politics. Or rates have risen because Europe might save itself.

Deducting health expenses will become more difficult in 2013

Real Estate Tax Talk

BY STEPHEN FISHMAN, FRIDAY, AUGUST 17, 2012 Inman News®

Coins and stethoscope image via Shutterstock.

Have you been thinking about going to the chiropractor or dentist, but been putting it off because it's not covered by insurance? If so, you should probably incur these and other uninsured health expenses before the end of the year. If you wait until 2013 or later, it will become much harder to deduct them from your income taxes.

For decades all taxpayers who itemize have been entitled to a tax deduction for medical and dental expenses for themselves, their spouses and their dependents. Eligible expenses include both health insurance premiums and out-of-pocket expenses not covered by insurance.

Unfortunately, there is a significant limitation on the deduction, which can make it useless for many taxpayers: You can deduct only the amount of your medical and dental expenses that are more than a specified percentage of your adjusted gross income (AGI). Your AGI is your total taxable income, minus deductions for retirement contributions and half of your self-employment taxes (if any), plus a few other items (as shown at the bottom of your Form 1040).

Use analytics to grow your business Data can reveal best strategies

BY TOM FLANAGAN, TUESDAY, AUGUST 7, 2012 Inman News®

Gears image via Shutterstock.

When Realtors hear the term analytics, many think of website metrics. But analytics "are everywhere, not just on the Web," says Adam Wiener, Redfin's vice president of analytics and new business.

Utilizing analytics can help improve offline marketing efforts, for example.

"Think about just listed and just sold cards," Wiener says. "Imagine you sent out 100 of these for every listing and it cost you $200 and a bunch of your time. You want to know how many transactions and referrals called you from the postcard to see if it is worth doing. Just use a pen and paper and break down the stages, no fancy tools required."

Wiener was one of several fantastic analytics experts sharing their insights on a panel I had the pleasure of moderating at the Real Estate Connect conference in San Francisco entitled, "Analyze This: Developing the Right Digital Analytics Strategy."

Internet scams use Re/Max brand Franchisor warns consumers of email account phishing, rental schemes

BY PAUL HAGEY, FRIDAY, JULY 13, 2012 Inman News®

Cybercrime image via Shutterstock.

The Re/Max real estate brand name has been used in at least two recent online scams, one an email account phishing ploy, the other a false rental scheme.

The online scams appear to be part of the larger milieu of Internet fraud, which, according to the FBI, increased 3.4 percent last year in the U.S. and totaled $485.3 million in losses.

The global real estate franchisor, which has more than 90,000 affiliated agents, has issued warnings for both on its website.

A still-active website that "spoofs," or pretends to be a Re/Max website, attempts to obtain victims' email login and password info. The site has no connection to Re/Max, as evidenced by its address: dijitalkataloog.com.

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!

Euro breakup wouldn't spell disaster | Commentary: Fed will be free to take necessary measures

BY LOU BARNES, FRIDAY, JUNE 15, 2012 Inman News®

Greek warrior image via Shutterstock.

Now we wait. Greek election results will begin trickling in Sunday afternoon and who-knows-what explosion at the opening of Asian markets Sunday night. More likely: a few more frozen days to digest the results, and any number of empty cans kicked into nearby walls. Top Real Estate in Rockford Illinois.

The biggest event next week will be the Wednesday conclusion of the Fed's meeting. The stock market this week began to trade up on bad news (a small rise in unemployment claims, a dinky drop in industrial production) on the assumption that bad news would mean QE3 from the Fed, which must be good news for stocks no matter how ugly the reality might be.

Mortgage rates in uncharted territory | Despite record low rates, demand for purchase loans down from last year

BY INMAN NEWS  Inman News®

Bottomless pit image via Shutterstock.

Mortgage rates continued their descent into uncharted territory this week as investors seeking a safe haven from the European debt crisis snatched up bonds backed by mortgages, and the Federal Reserve continued programs intended to keep a lid on long-term interest rates.

Rates on 30-year fixed-rate mortgages averaged 3.67 percent with an average 0.7 point for the week ending June 7, down from 3.75 percent last week and 4.49 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortage Market Survey. That's a new record low in Freddie Mac records dating to 1971.

Embrace the lesson of Europe's disaster Commentary: US must be competitive in the world, or be Europe

BY LOU BARNES, FRIDAY, JUNE 1, 2012 Inman News®

Catastrophe image via Shutterstock.

Tough day. The details will be media-inescapable; work on context instead.

U.S. job data for May were poor, and April's revised so. However, jobs are growing, incomes are rising (a paltry 0.2 percent monthly, but rising), and the National Association of Purchasing Managers' service index for May arrived at 53.5, a little off from April's 10-month high but a healthy distance above 50 breakeven.

Think twice before rejecting request for an extension In today's market, sellers may be wise to compromise with buyers

BY DIAN HYMER, MONDAY, MAY 21, 2012  Inman News®

Infinite time image via Shutterstock.

In some cases, your past experience will help you make a good decision about what to do in a current home-sale transaction. But if you rely only on past real estate experience to make decisions about selling a home today, you could end up with an unsatisfactory result.

The old rules, such as they were, don't always work for the current home-sale market. For example, more purchase contracts specify that time is of the essence. In other words, contingencies will be met on time.

Tax mistake? Don't panic, amend! Real Estate Tax Talk

BY STEPHEN FISHMAN, FRIDAY, MAY 25, 2012 Inman News®

Correction image via Shutterstock.

You just filed your tax return a few weeks ago, but now you realize you made a mistake. What should you do?

Don't panic. You can always amend your return if you have to. But first, make sure you have to. You need not amend your return if you discover that you made a simple math error. These will be corrected by the IRS computers, and you'll be notified of the change by mail.

However, you should seriously consider amending your return if you paid substantially more tax than you had to -- for example, because you forgot to claim a deduction you were entitled to. If you made a mistake in your favor, failed to report income, or took deductions that you were not entitled to take, amending your return may avoid all or some fines, interest, and penalties if you're later audited by the IRS. (Top Real Estate in Rockford Illinois)