Commercial Property
There"s no index to track fear, but that could be the unspoken reason why the National Association of Realtors is expecting flat sales until the middle of the year.
Despite its early misguided efforts to prod the real estate industry into lowering fees, Zillow has done one positive thing -- it"s made the real estate market more transparent.
As foreclosures escalate, U.S. Treasury Secretary Henry Paulson is heading a presidential working group that he says wants more regulation on banks, including federal and state oversight on mortgage lenders.
When you have luminaries like Freddie Mac CEO Richard Syron telling investors that peak-to-trough, housing should decline 15 percent, it"s hard to estimate what kind of psychological and economic damage it will do to housing and the overall economy.
"Good thing you"re in Oklahoma!" That"s the frontline message behind the new $200,000 public awareness campaign launched by the Oklahoma Association of Realtors (OAR) designed to turn negative press around.
As we all know, buyers are skittish these days. They think home prices are going to fall and that the home they want will stay on the market forever -- until they feel like buying it. They think that they can get a better deal on their mortgage if they just wait.
Between the birth rate and immigration, legal and illegal, the U.S. should be adding about 1.2 to 1.5 million households annually. In 2007, we added half that number. What does household growth mean to housing?
Wall Street is buzzing about Microsoft"s extremely generous offer to buy Yahoo! for $45 billion, which is a 62 percent premium over what Yahoo! closed the market for on Thursday before the offer was made public. By Friday, the shares had doubled in price.
The FBI, in conjunction with the Securities and Exchange Commission on corporate-fraud, is investigating 14 companies to determine criminal conduct that contributed to the subprime mortgage crisis.
An economy that subsidizes overpaid CEOs at the expense of the middle class is bound to falter. Not only is Unemployment growing, but so is the length of time it takes to find a job. When one in five unemployed are jobless for at least half a year, that"s the human version of too many days on the market, and it"s hitting the middle class hard.
It"s cynical but true. Bad housing news is always good for somebody. That"s why the National Association of Realtors says there"s no such thing as a bad market, but housing was made worse by overbuilding.
Realty Times is presenting it"s annual Best and Worst list for the tenth year in a row. That"s right. It"s our ten-year anniversary. For marrieds, it"s the year of the diamond. For Realty Times, it"s the year of the diamond in the rough.
Evidence that the economy is stronger than previously thought was confirmed when the Commerce Department announced that Gross Domestic Product growth of 3.9 percent over the late summer third quarter despite plunging sales and credit challenges in the housing market.
The observance of Halloween, which dates back to Celtic rituals thousands of years ago, has long been associated with images of witches, ghosts, devils and hobgoblins.
It"s no surprise, but the Mortgage Bankers Association says the housing slump will extend to the third quarter of next year and possibly into 2009, says Doug Duncan, the trade association"s chief economist. Maybe it"s a good thing that any forecast includes a bottom.
There are five major groups that are trying to put Realtors out of business, and the Department of Justice is one of them. I say Realtors because it is members of the National Association of Realtors who share data with each other through rules established by their associations and multiple listing services.
The government is working hard to make homebuying more affordable for buyers, from Congress working to expand Federal Housing Administration insurance to raising loan buyback limits for Fannie Mae and Freddie Mac. The Federal Reserve has lowered short-term target borrowing rates, which impacts consumer interest rates on credit cards, car loans, and mortgage loans among others. Housing is being widely and unfairly blamed for slowing the economy (the real issue is salaries) until recession has taken over inflation as a national worry. In other words, home buyers are getting what they asked for -- so what are they waiting for?
The latest 1,200-table 2006 American Community Survey from the U.S. Census Bureau indicates key changes in social, economic, and housing characteristics for the nation.
Floor time is an anachronism symbolic of a far simpler time when mobile phones weren"t invented yet, brokers were mom-and-pop organizations, and brokers and agents were fifty-fifty partners. But it"s a new era. Is floor time still necessary?
Realty Times is introducing a new feature that allows our illustrious and outspoken editor Blanche Evans a chance to vent (before she goes off on a rant in the office) on the latest ways the media, government, third-parties, consumer groups, competitors and others we haven"t even thought of yet try to get into your pocket. Look for more "Who"s Getting Into Your Pocket, Now?" stories in the near future.
With many lenders shutting down programs for first-time borrowers and tightening underwriting requirements for everyone else, it"s nice to see a lender show some consideration for the nation"s 16 million-strong police, fire fighters, teachers, and medical workers.
With rare exception, Supreme Court anti-trust rulings aren"t industry-specific, says Florida attorney Hank Sorensen. That"s why Realtors should pay attention to what happened when a manufacturer of fine leather goods tried to put a floor under what retailers could discount the items for when they sell them to consumers.
HomeVestors of America Inc. CEO John P. Hayes has had enough of the popular press knocking the housing market. In the most recent USA Today, an article entitled, "Many Investors Feel Like Running Away from Homes", by Matt Krantz, suggests that by 2002, many investors were tired of the low returns from the tanking stock market -- and barraged financial advisors to sell their stocks and help them get into investment real estate properties. Now the tables have turned, says Krantz and investors want to get out of investment properties and back into stocks.
It"s been almost a year since real estate sales trainer Marylyn Schwartz and her husband Gene found out that their son Clayton had been in a motorcycle accident that would leave him paralyzed from the chest down.
Move.com and Trulia are trying to turn the spotlight from publicity-lavished Zillow with new weekly and monthly reports, respectively, that hone in on consumers" interests in the least/most expensive houses, "Best of" lists, and other features.
Single heads of households are growing while single parent heads of households are barely changed from 1994 to 2006, says the U.S. Census Bureau"s latest report on Families and Living Arrangements from data collected in February, March and April of 2006.
Mia-Lan Powers says the McMinnville, Rock Island and Morrison market is stable, with the median home price at $127,500.
In an open letter to Toronto Mayor David Miller, the Toronto Real Estate Board (TREB) has raised concerns about a possible home-buying tax in Toronto as the city discusses potential new revenue sources. They say a Toronto land transfer tax, on top of the existing provincial land transfer tax, would cause homebuyers to pay the same tax twice and encourage homebuying outside city limits.
While it shouldn"t be a surprise that advanced degree holders earn four times more money than high school dropouts, the earnings overall are lower than might be expected, particularly for women.
If a picture is worth a thousand words, what are you saying about your seller"s home? Realtors are paid to help sellers market their homes, but some do a terrible job using the most basic marketing tool there is -- photographs.
Despite wailing from banks that late or non-payments on sub-prime loans are sinking their profits, continuing fear from homebuyers that they"re catching a falling knife, and predictions from housing analysts that the pain is far from over, the outlook looks sunny for housing, says the National Association of Realtors.
After four years of dizzying housing gains, the California Association of Realtors (C.A.R.) announces that price appreciation and home sales slowed in 2006, due partly to the smallest share of first-time homebuyers buying homes in recent memory.
A buyer wonders if it"s time to buy a home in the Northern Virginia, Washington D.C. metro area.
Just like sellers have to do more updates, repairs and staging to get their homes sold in a buyer"s market, real estate agents are finding that they may have to upgrade their skills as well. One way to do that is to become both a real estate agent and a loan originator.
As a data point to predict future market strength, pending home sales can be important, but how relevant are pending home sales to upcoming markets? Almost everyone would like to gaze into a crystal ball and learn whether to buy, sell, invest or rent in the pivotal spring market just ahead.
According to the National Association of Realtors 2006 Profile of Home Buyers & Sellers, historically 20 percent of homes purchased are new. In 2006, that figure rose to over 22 percent. While 78 percent of homebuyers purchased an existing home, is a trend developing that will make older homes more difficult to sell?
In one of the most jaw-dropping press notices of the year, The Consumer Federation of America has announced that it will hold a press conference on Wednesday to release a detailed report, an analysis of the non-traditional real estate brokerage industry -- vowing to share the podium with non-traditional brokers to tell consumers how they save time and money for consumers over "traditional" real estate brokers. Further, the CFA vows to "outline steps to protect competition."
From direct marketing flyers to Internet websites to slick television ads, the real estate industry is exploring every possible way to get in front of prospects and convert them to clients. Between newspapers, magazines, Internet service providers, and so on, the media with the most super powers can convince real estate agent advertisers that they can leap over subscription rates to more quantifiable website visitor rates in a single bound and stop speeding consumer bullets with an upraised palm (pilot, that is.)
Putting a fresh coat of paint on your home will prolong the life of its skin, pump up the value, and revive its curb appeal, all important additions, especially when it"s time to sell.
When a borrower signs a promissory note, he is agreeing to pay the lender a specific amount of money according to certain conditions. In order for the lender to protect his interests, he will require that the borrower sign a mortgage or similar security instrument in favor of the lender. This may be in the form of a mortgage or a deed of trust. Whichever document is used, the purpose of both types of documents is to secure the note and offer protection to the lender.
Claudia Armbrister, our market expert for coastal Georgia, reports her area is strongly trending towards a buyers market.
When we first started talking seriously about aging in place a few years ago, I asked a prominent residential builder what he thought of the idea of constructing houses that could accommodate changes in the lives of the occupants.
The National Association of Realtors has completed a survey of real estate firms designed to put to rest suspicions by the Federal Trade Commission and the Department of Justice that brokers are working to keep a traditional status quo and keeping new entrants out of the industry.
According to the American Veterinary Medical Association (AVMA), most communities do not have data on the number of households that own dogs, nor do they have data on the numbers of these pets in their communities. However, the number can be estimated, even if many pet-owners fail to register their pets.
It"s not just another Friday the 13th for the National Association of Realtors. Instead of wasting duplicitous actions and taxpayers" money pursuing as many as seven or more individual MLSs for alleged restraint of trade, the Federal Trade Commission is going to work with the NAR to come up with a way MLSs can display listings in a way that"s fair for homesellers and their agents and the agents they pay to cooperate in the transaction.
According to The Detroit News, foreclosures have surged in the metro Detroit area, three times what they were last year. Michigan and other "rust belt" states (MI,OH, IN,) where economies were dependent on automobile production and steel, have been bleeding jobs for years, and new businesses aren"t moving in to take advantage of the available workforce.
The sky is falling, at least according to the financial press. Home sales are down from year ago levels for the first time in 11 years, and the sixth time in 38 years. Will that sideline buyers? Not if you put them back into the game.
As one of the brightest stars on the speaking circuit, the founder of the revolutionary real estate consulting concept and it"s trade association the National Association of Real Estate Consultants, Julie Garton-Good was never one to wear her troubles on her sleeve. With tireless energy and a ready smile for all, she was privately fighting a losing battle against a rare autoimmune disease that afflicted her 22-year-old daughter Crystal over 11 years ago.
As one seller learned the hard way, flexible commissions doesn"t always mean low commissions. Does the seller have a beef with finding out she paid more than the "standard commission"?
There are ten issues that will impact commercial real estate construction in 2007 and beyond, suggests a new report by Dr. Mark G. Dotzour, chief economist for the Texas A & M Real Estate Center.
It seemed like a painful defeat when the National Association of Realtors issued its projection last week that home sales would be lower than previously thought, but Chief Economist David Lereah worried months ago that housing would be in trouble if short-term interests rates were taken higher by the Federal Reserve. Luckily for housing, the FED decided to pause at 5.25 percent, but it may have been too little, too late, as Lereah feared.
It"s a sad day when a legally run American organization has to resist its own government"s interference with its operations, but the National Association of Realtors has to do exactly that.
Things have changed since the California Association of Realtors (C.A.R.) first started producing their annual Housing Affordability Index in 1984. At that time, the index used was very different. Fixed-rate mortgages were the norm, along with 20 percent down payments, and it was assumed that the monthly payments for principal, interest, taxes and insurance would be no more than 30 percent of a household"s income. Since then, mortgage products have expanded and underwriting criteria has relaxed, but affordability hasn"t increased accordingly.
Not since 2000 has the U.S. Census provided such comprehensive data noting population changes across the nation as it is releasing now. Looking at key demographic and social data for areas with populations of 65,000 or more, the Census Bureau gives insights into interim changes between now and the next full census report to be released in 2012.
Like other publicly held companies, Yahoo! faces keen competition as well as the market"s mercurial opinion as to its stock"s value. With some huge hurdles in online advertising, it"s joined forces with Zillow.com, but the alliance failed to keep Yahoo!"s stock from sinking 20 percent, a punishment reminiscent of the tech-wreck of 2001.
Predatory lending. It"s an ugly-sounding practice, but lenders say including sub-prime lending into the predatory category is unfair. First, there"s no real definition of where high interest rates for poor borrowing risks cross the line. That"s because for most lenders, loaning money is a judgment call, based on as much science as numbers can possibly deliver.
It"s the phone call no parent ever wants to receive, "Your son"s been in an accident."
The list of challenges to today"s large real estate firms is endless -- federal lawsuits against the National Association of Realtors (NAR.) Banks in real estate. See-sawing marketplaces. Minimum service licensing challenges. Competition from non-brokers. These are just a few of the topics that are impacting efficacy and profitability.
Online consumers were consumed with real estate in April. Lucky for them, lots of real estate agents are online to help them in their quests to buy or sell their homes.
Mirroring previous studies of drivers and accidents, a new report finds that drowsiness and distraction are the causes of the most auto crashes. If you use your vehicle as a moving office, listen up.
David Zabarte, our local market expert for the Diablo Valley area of California, has seen a slowdown in the market as things get back to normal after the strong seller"s market of 2005 and 2006.
In a country where advertising is interruptive, intrusive, pervasive, and pandemic, it"s little wonder that consumers want deals. How else can they afford all the stuff they"re importuned to buy?
When the minutes of the Federal Reserve"s Open Market Committee meeting became known, revealing that most members were in agreement that the Fed may be nearing the end of its short-term rate raising cycle, the stock market -- DOW and NASDAQ -- posted the largest one-day gain since April 2005.
There"s nothing like a reformed sinner. Henry Blodgett, infamous for hyping technology stocks in the go-go 1990s along with pals Mary Meeker and Jack Grubman until the NASDAQ and DOW both imploded, taking trillions in investor value with it, is writing for Forbes, that venerable money mag.
It all came to a head in 2003 when many in the real estate industry reacted to new revenue plans by Supra to put lockboxes on subscription plans, with cumbersome technologies designed to trap Realtors into providing streams of income to GE-owned Supra/Risco, said some real estate professionals at the time. Association Executive meetings in 2003 at the NAR conference gave new meaning to the phrase "the air was blue" when they began talking about how Supra was no longer going to support lockboxes that were neither worn out or needing to be replaced. Instead, the company"s plan was to hook associations and their members into lengthy "subscriptions" highlighted with outdated technologies, fumed the AEs.
There usually aren"t many bargains in the stock market, but right now there are. Most of the major homebuilders from Lennar, to Pulte to Centex, all national large production corporations, are valued at about six to seven times earnings, which makes builders" stocks the most undervalued of any vertical in the stock market.
A Realty Times reader wants to know if buyer"s agency is a good way to distinguish himself. With a slowing real estate market, buyer"s agency is an excellent alternative way to do business.
Coming from a society used to instant gratification, the time-honored saying, "patience is a virtue," must grate on the nerves of business-hungry real estate agents. But, as anachronistic as it sounds, patience is its own reward when it comes to online lead generation and incubation, according to HouseValues customer, real estate agent Jesse Vasquez.
Do you measure up? The National Association of Realtors" latest buyer-seller survey suggests that buyers have certain expectations of their agents.
It"s natural for individuals to bond together to form a larger, more important union. That"s why our government protects institutions from marriage to corporations.
It"s human nature to congregate, to want to build business with people "like us." But real estate agents should be leading experts in diversity by making themselves familiar with all kinds of buyers, sellers and types of homes.
The National Association of Realtors" new president Tom Stevens doesn"t pussy-foot around about banks, group health insurance, the housing bubble, and other hot topics.
Local market expert for Anne Arundel County, Elizabeth Penttinen, reports that 411 properties went under contract in February, and 135 of those listings sold within 30 days.
With the advent of the Internet, getting one"s hands on current and meaningful economic numbers is easier than ever. But just like trying to compare mattresses between retailers, you"ll never really get all the information at one place.
National Association of Exclusive Buyer"s Agents President Tom Early has trained the Department of Justice"s guns on the National Association of Realtors, designated agency, and procuring cause, among others, he says.
Jim Remley says you can Sell Your Home In Any Market. That"s the title of his new book and he offers "50 surprisingly simple strategies for getting top dollar fast."
As residents return to New Orleans, Houston and other areas hit or spared by Hurricanes Katrina and Rita, new questions are arising about housing. Some will find a way to salvage their homes, while others will find total devastation. Hundreds of thousands of people will have to start over somewhere else, which will make for the largest relocation effort in U.S. history.
It may not be such a bad idea to bailout millions homeowners who are in over their heads with mortgage debt.
If you"ve been wondering whether to buy or sell in 2005, you won"t go wrong either way. Leading housing economists suggest that 2005 will go on record as the second highest year for sales since 1972.
The building trend is definitely hotter in the warmer, southern states. According to the U.S. Census Bureau, four of the 10 counties with the highest growth in the number of housing units are in Georgia, while three are in Florida. Other top ten counties were located in Virginia, Arizona, and Idaho as the only Midwestern state, with one top ten county each.
Polybutylene pipes used in plumbing may show no outward signs of distress even when they are close to bursting. Found in as many as one in five homes built between built between 1978 and 1995, polybutylene piping can leak at joints and unions behind walls where they can cause mold.
The subject of a massive class action suit, polybutylene plumbing can fail within 10-15 years due to unanticipated corrosion by water treatment ingredients such as chlorine. It hasn"t been used in homes by reputable builders since 1995, but many do-it-yourselfers continue to use it. However, approximately 5-10 million homes built between 1978 and 1995, or one in five older homes, may still contain Polybutylane plumbing.
The hearings called for by U.S. Rep. Mike Oxley (R-Ohio), Chairman of the House Committee on Financial Services that oversees Wall Street, banks, and the insurance and housing industries concluded with a loss for Oxley as his own committee indicated that they are about 238 to two against his bill to allow banks in real estate. The majority -- 238 of 435 have reservations.
No longer will local MLSs be used as advertising mediums for FSBO-minded sellers who want the exposure of the MLS for minimum costs in Oklahoma. Brokers who thought they were providing genuine "service" to consumers by entering them into the MLS without providing any other service have just found out that even the Governor doesn"t think that"s a good idea for consumers -- even if that"s what they want.
Question: My house has been on the market for four months now and has only had four people look at it. We have lowered the price as much as we can and are below the average price per square foot in our neighborhood, but interest has not picked up.
The Texas Real Estate Commission (TREC) is playing it safe by asking the Texas Office of the Attorney General what the possible state and federal anti-trust laws might be on the proposed rule that it felt would set a minimum service standard for Texas real estate brokers.
It began 10 years ago when she was speaking at the NAR convention in Atlanta. Garton-Good"s daughter Crystal, then 22, came to visit from her home in Orlando. The two had a fun girls-night-out planned.
A recent report written under the auspices of the Federal Deposit Insurance Corporation (FDIC,) suggests some interesting analysis of the current housing situation, namely that booms and busts are difficult to quantify.
The Office of the Comptroller of the Currency, otherwise known as the U.S. Treasury, has just released new standards on residential loan practices, which make it clear that any attempt to influence the independent judgment of a real estate appraiser violates federal standards.
Homestore has proudly announced a new listings presentation deal with NRT to showcase enhanced listings on Realtor.com. There are broader implications for the real estate marketplace online as well.
Every week, it seems, there"s a battle of conflicting numbers when it comes to housing.
Hank Morris (not his real name) wanted a good agent when he and his wife transferred to Denver, so he went to Realtor.com to find one.
Like having a boy or a girl, your chances are fifty-fifty. In 1999, Realty Times made several predictions for where real estate would be in five years. We were mostly right, but not always for the right reasons.
According to Dallas-area Realtor Leeca (pronounced Lisa) Wilcox, one of her biggest challenges as a new real estate agent in 2002 was coming into an organization dominated by superstars. She realized immediately that she had to find a way to distinguish herself.
On September 2, 2004, President George Bush issued a press statement about his willingness to lead tax reform as a key priority. Making the tax code simpler and increasing long-run economic growth and job creation are the goals. "Taxes should be applied fairly, and reform should recognize the importance of homeownership and charity in our American society."
MLSNI senior management, led by President Loretta Alonzo, has attempted to put an employee termination (buy-out) package for its embattled CEO Jay Huffman for approval before the board of directors, who were asked to meet on Thursday for an emergency Executive Session. The agenda was outlined to discuss Huffman"s employment agreement and REBIG insurance.
Bruce Hahn, founder of the American Homeowners Grassroots Alliance (AHGA,) plans to lobby Congress through the new Antitrust Modernization Commission to look into the erosion of the laws of agency that have taken place in many states which condone dual agency, transactional agency or designated agency.
One of the world"s largest financial institutions is offering a new lead generation opportunity for Realtors, but only in the context of partnership.
Poor mortgage choices, bad credit management, a lack of financial literacy and weak savings habits are among some of the underlying themes in the distressed housing market.
Evidence that federal plans to tighten the purse strings on subprime lenders may be too little too late, a non-profit consumer advocacy organization says 2.2 million subprime holders have either lost their homes this year or will face foreclosure in the next few years.
Following the success of the Real Estate Cyberspace Society"s annual online conventions in which attendance reached as much as 31,000, founder Jack Peckham is rolling out an online convention format for real estate associations to follow.
Lenders, Realtors, appraisers and investors are already beginning to feel the winds pick up for the perfect real estate storm. Some believe that much of the fallout will be fueled by easy credit encouraged by Fannie Mae and Freddie Mac to support their valuations.
With skyrocketing marketing costs, some agents are wondering whether it"s smarter to form a team. If so, there are many questions to consider.
As predicted by founder Jack Peckham, the Real Estate Cyberspace Society"s third annual convention drew record crowds the week of April 18th-24th. Attendance in Washington D.C. for the NAR mid-year is also setting a record, says Steve Cook, spokesperson for the NAR.
The annual May meeting is when the National Association of Realtors holds elections and leader summits to discuss the issues of the day. Without the virtual office Website (VOW) policy issue on the table, will this year"s meeting be as exciting? A record number of registrations indicates there is plenty left to discuss and do, along with new issues that must be met head-on by the NAR and its members.
Seldom does a young, handsome Keanu Reeves fall in love with attractive but considerably older Diane Keaton, as the storyline developed in this year"s hit movie “Something’s Gotta Give.”
Real estate professionals are pressed for time because of the multi-tasking nature of their industry. They are also inundated with vendors trying to get into their pockets. So how can vendors make the most of the 10 minutes the broker/manager allows them at a morning meeting?
Homestore announced that losses were narrowed, and the improved results were due to cost-cutting, but they were also due to a rise in revenues in their media services division including advertising sales through Realtor.com. What do Homestore CEO Mike Long, Executive VP Corporate Development Group Allan Merrill, and the rest of the company do for their next trick?
In its third annual Internet MLS Customer Satisfaction survey, Clareity Consulting & Communications, Inc., reveals its findings about Internet MLS adoption, customer satisfaction, system performance, and vendor responsiveness with regard to Internet MLS vendors.
Accusations are flying between former employees and the founder of Informedia Group, Inc. in light of Realtor client complaints against the company.
On Tuesday, February 17th, a state hearing officer, David Stebing, recommended some stiff punishments for Bonnie Mehner, the prominent Realtor who was successfully sued by a client in July 2000 for practicing undisclosed dual agency. He will suggest to the Alaska Real Estate Commission, when it convenes on March 4, 2004, that Mehner"s license be suspended for 120 days, that she pay a $20,000 fine, and that she be required to take continuing education classes in ethics and dual agency.
A well-measured program of preventive steps can protect your identity from theft.
Prudential Real Estate Affiliates Inc. is exploring ways to become its own listings portal, and may capitalize on its affiliates" and other brokers" listings to deliver "qualified leads" and collect referral fees from its affiliates.
Beverley Edwards, our local market expert for the Cape Cod area, reports that this resort community is avoiding the downturn affecting the rest of the nation.
The senior market is often overlooked by marketers, and the same is true in real estate.
Under the provisions of federal consumer law, if you want to obtain a free credit report from one or all of the big three credit reporting companies, go to AnnualCreditReport.com.