Wednesday, August 28, 2013

Creating Content That Drives Business

real_estate_onlineEverybody wants to participate in the newly evolving world of social business. You’ve been told how important it is to your future success. I’ll bet you’ve even set up your accounts and taken your first steps to getting started on all the big social networks. So why haven’t you seen results? Where are your new leads and clients? You know they’re out there. Recent studies have shown that 67 percent of Internet users are on at least one social network, but they’re not following your business. Let me tell you why. It’s because they don’t care about anything you’re saying. Have you ever been stuck in a conversation that you found to be lifeless and boring? In real life yes, we all have, but on social media it doesn’t happen. There are too many simple and easy ways to avoid conversations that don’t interest you. What you post, whether it’s on Facebook, YouTube, Twitter or LinkedIn, is everything. It’s your life, your business; it’s a little piece of you and your brand in every post.

This brings us to the million dollar question: What should you post to get more people to do business with you? Traditional marketing tells you to advertise and sell yourself, but people won't like and share your ads. Well, what if you talk about how great you are at selling homes? Bragging about your skills on social media today can be as annoying as an Internet pop-up ad. If you went through this same thought process and came to the conclusion that there is absolutely nothing in the world to talk about, this next part may come as a bit of a shock.

 It's not about you. It’s about what you provide for your followers and fans. You need to aim for that sweet spot between your unique expertise and your client’s interests and needs.

It’s not a symbiotic relationship in the beginning. People are going to want information that you have and they are going to consume and keep consuming all of the information you put out there if it’s aligned with their interests and needs. What subject matter do you as a local real estate professional have authority and credibility on that is interesting to your current and future clients? The local community is a great one. This topic alone should provide you with an almost endless supply of content that sparks their interest. There’s interesting facts about the history of your neighborhood, great local restaurants, answers to frequently asked questions, unique local events and every other detail that differentiates your market from the surrounding area.


The other big topic you’re an expert on is real estate, of course. If you’ve mastered home staging, share the secret tricks you use to make homes look more charming. Are you more skillful with short sales? Then tell people how they can get started. If you’re an all-star investor, tell people in detail what they should be looking for in a property to get a good return. Something very interesting happens when you do this. The people taking in this information come to look at you as an expert on the topics you post about. Once you’ve established that credibility, they’re your client even if you haven’t done any business with them yet. 

A common misconception about social media is that you only want to interact with people who are buying or selling a home right now, when in reality you should just be trying to establish that credibility with them regardless of where they are in the buying cycle so that when they are ready, they’ll come to you. Even if they’re not buying or selling a home they may know someone who is and we all know the importance of referrals. When they’re ready to do business, they’ll come to you.

Article courtesy of RIS Media

Tuesday, August 27, 2013

June home prices up 12.1% from year ago

Home prices were up sharply in June but the pace may be slowing, a widely watched housing index reported Tuesday.

June home prices were up 12.1% from a year earlier and all 20 cities in the index posted gains on a monthly basis, shows the S&P Case-Shiller 20-city index.

But only six cities saw prices rising faster in June compared to 10 in May.

With interest rates rising to almost 4.6%, "home buyers may be discouraged and sharp increases may be dampened," says David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

The seasonally adjusted numbers show the trend of slowing price gains. Month over month, prices were up 0.9%. That's the slowest increase since November 2012.

"The price slowdown is real, not a fluke, thanks to expanding inventory and declining investor interest," says Jed Kolko, Trulia chief economist.

Prices are still rising plenty fast. The current monthly gain is equal to an annualized rate of around 11%. Price gains could slow down much more and still be in a healthy, normal range, Kolko says.

Still, the change is being felt in market after market:

• Detroit prices fell 1.4% in June from May, following a 2.4% gain in May from April, seasonally adjusted numbers show.

• Seattle posted a 0.9% jump in June from May, down from a 1.4% gain in May from April.

• San Diego prices rose 2.2% in June from May, less than May's 2.5% gain from April.

Year-over-year, Las Vegas and San Francisco were the only two cities to post gains of over 20% in June. Atlanta, Los Angeles, Phoenix and San Diego were all up more than 19% year over year.

New York shows a 3.3% year-over-year gain and Cleveland 3.5%, the two smallest increases in the Case-Shiller report.

The Case-Shiller data reflects market conditions through June, for homes that people moved to purchase in May, or sooner. That was largely before interest rates started to climb.

More recent data has shown signs of a housing recovery losing some momentum.

New home sales fell 13.5% in July from June to a nine-month low. Single-family housing starts in July were down 2.2% from June.

While price gains may slow, housing is still on a recovery path. Existing home sales increased in July to their strongest pace since late 2009 and home builder confidence in August hit an almost 8-year high.

Friday, August 23, 2013

5 Reasons To Consider Google+ For Your Business

Google+ may be No. 2 to the almighty Facebook, but there are still notable reasons for agents to consider using it for their real estate business. 

google-plus-real-estate

Facebook is the most widely used social medium on the planet, and we’ve written numerous times about the benefits of using it for your real estate business.

But what about Google+, the younger, more hip kid on the social media block? What are the benefits to using that for real estate? Though it may lack the Hollywood movies and name recognition, Google+ is still a very valid consideration for your social media needs. Here are five reasons why:

1. Google+ is still quite popular – Sure, Facebook is No. 1, but there are 343 million active users on Google+ right now, and last time we checked, that’s still a pretty big number! Therefore, from a simple mathematical perspective, it makes sense to at least dabble in Google+.

2. Google+ is very SEO ready – Facebook may be No. 1 in social media, but Google is the most used website on the planet, and its most recognizable search engine. And, by sheer coincidence, Google+ is designed to work more effectively with Google searches! Every public post on Google+ is indexed for SEO, so you’ll have an immediate leg-up on Facebook posts for Google searches.

3. Google+ and YouTube are simpatico – Google also owns YouTube, and the mighty video site now requires all its users to have a Google+ account. Though that may seem inconvenient, it’s golden if you use YouTube effectively (as we repeatedly write) and upload videos, because they will now seamlessly blend with your Google+ account.

4. Google+ Hangouts are great – “Hangouts” is a unique feature to Google+ that allows users to host free Web conferences with fellow users, and it can be easily incorporated into any real estate business. From virtual tours of new listings, to weekly conferences on staging tips and the appraisal process, Hangouts can be a great way for you to interact with clients.

5. Google+ features reviews – We’ve written before about the necessity of online reviews for agents, and every Google+ account actually features a “Reviews” tab, where real estate agents can collect testimonials from past clients; it’s so perfect for agents, in fact, that it’s as if Google had them in mind when adding the feature!


Article courtesy of Chicago Agent Magazine




 

Google+ may be No. 2 to the almighty Facebook, but there are still notable reasons for agents to consider using it for their real estate business. - See more at: http://chicagoagentmagazine.com/5-reasons-to-consider-google-for-your-business/#sthash.pEPVCPGX.dpuf
Google+ may be No. 2 to the almighty Facebook, but there are still notable reasons for agents to consider using it for their real estate business. - See more at: http://chicagoagentmagazine.com/5-reasons-to-consider-google-for-your-business/#sthash.pEPVCPGX.dpuf

Thursday, August 22, 2013

Existing home sales up 6.5% as housing recovers

Existing home sales rose 6.5% in July, the National Association of Realtors said, as median prices were 14% higher than July 2012.

Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors said Wednesday.

Homes sold at a 5.39 million seasonally adjusted annual rate, the group said, handily beating economists' forecasts of a 5.15 million sales pace. The sales rate was up 17% from the same month last year, and the highest since November, 2009.

"We haven't had three straight months of 5 million or greater since the second quarter of 2007,'' NAR spokesman Walter Molony said. "To go back and find a month with a higher sales volume, without the benefit of federal tax credits, you have to go back to March 2007.''
 
The ongoing strength of the housing market was cited in minutes of the Federal Reserve's Federal Open Markets Committee, released Wednesday, as a primary reason the Fed thinks economic growth will accelerate by later this year.

The key for the economy is whether the stronger market, coupled with a shortage of homes for sale, will prompt home builders to step up construction and add jobs. 

Moody's Analytics says a jump from less than 1 million new homes a year to 1.7 million, which it considers the underlying level of demand for newly built housing, could add more than 3 million jobs by 2015.

"More homebuilding is the key to getting back to full employment,'' Moody's chief economist Mark Zandi said in an e-mail. "The day we are back to 1.7 million units annualized is the day the unemployment rate will fall below 6%."

The Realtors said July's median home price, where half of all homes are more expensive and half are less expensive, was $213,500, up 14% from last July. That was the biggest year-over-year gain since 2005.

The number of sales in the market may be slowed soon by higher interest rates, but tight inventories of homes for sale should keep prices rising, NAR Chief Economist Lawrence Yun said.

"Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines," he said. "The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers."

Interest rates on 30-year mortgages have risen by a full percentage point since May, driven by speculation about when the Federal Reserve will slow the pace of its bond-buying program. For the buyer of a median-price house who puts 20% down, that raises the monthly payment by about $100.

"The bottom line is that the housing market remains in a recovery phase, albeit one that could be tempered by higher mortgage rates and worsening affordability,'' Barclays economist Michael Gapen said in a note to clients after the NAR released its report. "The recovery in housing will prove resilient to any broader slowing in the economy and the recent rise in mortgage interest rates to date, but we will be watching for any signs of weakness or fragility as a result of the significant rise in real interest rates.''

The risk is that last month's gains in demand may prove temporary, and driven by buyers who rushed to lock in a home before interest rates went up, economist Joel Naroff said.


Article courtesy of USA Today

Monday, August 19, 2013

Housing starts rise 5.9% in July

Housing starts grew almost 6% in July, driven by an increase in apartment construction that offset a decline in new single-family home building.

Housing starts rose in July, advancing the industry's steady recovery, but at a slower pace than forecasters expected.

Starts rose 5.9% from June to a seasonally adjusted annual rate of 896,000 from June's revised figure of 846,000, the Census Bureau said Friday.

Single family housing starts in the month, at a seasonally adjusted annual rate of 591,000, were down 2.2% from June.

"They're just not showing recent strength," says Patrick Newport, economist with IHS Global Insight. "This market has lost some of its momentum."

Higher interest rates may be affecting buyers, Newport says, or tight credit conditions could be making it hard for builders.

Builders have also said attractive lots remain in short supply in many markets given that little land development was done during the housing downturn.

Although single-family starts hit an eight-month low, year-to-date total home starts are still up 24% over 2012 levels, showing a clear upswing in construction, says Jed Kolko, Trulia economist.

The multi-family numbers are volatile, but still the darling of the construction industry, he says.
Much of July's growth in housing starts was driven by an increase in apartment construction, which rose 25.5% from June.

The construction industry, which has become a leader in the economy, still has a long ways to go in terms of recovery. Overall, starts are still 40% below normal levels before the housing bust.

The 5.9% rise in housing starts left the level of starts well below the 1 million unit rate that Wall Street had been looking for, says Steven Ricchiuto, chief economist with Mizuho Securities.
Permit growth was also modest relative to expectations, he says.

Building permits — a predictor of future starts — rose 2.7% in July from June to a seasonally adjusted annual rate of 943,000. They're 12.4% above year ago levels.

Permits in July were up from June in all four regions of the U.S., led by a 7.1% jump in the West. Permits were up 2.8% in the Midwest, 1.1% in the South and 1% in the Northeast.

In July, housing starts made their biggest jump in the Northeast, up 40.2% from June, vs. 25.4% in the Midwest and 7.2% in the West. They fell 7% in the South.

The home construction numbers follow others showing continued recovery in the housing sector.

Home prices were up almost 12% in June, year over year, CoreLogic says. Foreclosure activity in July was down 32% from the same month last year. Home builder confidence, meanwhile, rose in August to its highest level in nearly eight years.

However, the slow economic recovery means people are taking a long time to move out of their parents' homes and become renters or owners, Kolko says.

And while housing prices can bounce back more quickly as investors and others take advantage of low prices and rates, the construction industry recovery can't move much faster than the overall economic recovery.

Going forward, increasing demand for housing will help stimulate more construction, says mortgage giant Freddie Mac.

It expects housing starts to hover just below 1 million, on a seasonally adjusted basis, over the second half of this year. If so, that will be the best six-month building pace since the first half of 2008.

Article courtesy of USA Today


Thursday, August 15, 2013

The 5 Must-Know Details About How Consumers Search For Homes

How do consumers search for homes? Is the Internet still king, or are other, more traditional methods still of use? Read on to find out. 

home-search-process-nar-home-buyers-home-sellers-generational-report-2013

In today’s housing market, there are a seemingly limitless array of options for how consumers can search for homes. From real estate agents, to the Internet, to print ads, to the classic sources like yard signs and open houses, there is no shortage of methods for finding that dream house.

Are certain methods, though, more prominent than others? And are some going the way of the dinosaur? In our latest series of articles on NAR’s Home Buyer and Seller Generational Trends report, we look at the five most important trends right now in how prospective homebuyers search for homes.

1. The Internet is Stop No. 1 – We all know that 90 percent of homebuyers use the Web at some point in their home search, but NAR’s report found that 52 percent begin their search online as well, making it the preferred first stop for homebuyers. Eighteen percent begin with an agent, 8 percent drive through neighborhoods and 6 percent chat with friends/family about the homebuying process.

2. Yard Signs and Open Houses Still Count – Open Houses are a convenient whipping post in some circles, but NAR found they still have value with homebuyers. Forty-five percent of buyers, in fact, said open houses are a valuable source for learning about properties. Eighty-seven percent of buyers learned primarily through their agents (second only to the Internet’s 90 percent), but 53 percent used yard signs and 27 percent print newspaper ads. The Web may be king, but the old methods are still relevant.

3. “Action” is My Middle Name – Homebuyers have been an active bunch in 2013, with the vast majority immediately acting upon properties they find online – even before requesting more information. Seventy-six percent drove by/viewed the home they saw online, the most common response. That was followed by walking through the home (62 percent), finding the agent used in the search (32 percent) and requesting more information (22 percent).

4. Mortgages Ain’t No Thang – NAR, NAHB and other industry groups have been saying for some time that credit remains overly restrictive in the homebuying process, but remarkably, mortgage woes were among the lesser complaints from homebuyers. Instead, finding the right property was the most difficult step for buyers, with 51 percent reporting issues on that front. Twenty-three percent had problems with paperwork, 16 percent on understanding the process, and finally, just 13 percent with getting a mortgage. Sixteen percent of buyers, in fact, reported no problems at all!

5. Internet Housing Market – Most interesting of all, 42 percent of homebuyers reported that they found the home they ultimately purchased online, making it the most common source; even real estate agents finished second, at 34 percent, followed by yard signs at 10 percent and friends/relatives at 5 percent. Could agents be losing their edge when it comes to exclusive access to listings?


Article courtesy of Chicago Agent Magazine
The 5 Must-Know Details About How Consumers Search For Homes - See more at: http://chicagoagentmagazine.com/the-5-must-know-details-about-how-consumers-search-for-homes/#sthash.cmYvoAyo.dpuf

Wednesday, August 14, 2013

More markets see more homes listed for sale

More homes being listed for sale expand buyers' choices and may help to moderate price increases.

 

 More homes are coming on the market, which is a good sign for buyers.

In July, the inventory of homes for sale nationwide was only down 5.2% from a year ago, Realtor.com says.

That's an improvement from January, when for sale inventories were down 16% from the year before, according to Realtor.com.

More markets are also seeing inventories grow.

The for-sale inventory was up year-over-year in 25 markets in July, compared to just seven in April, Realtor.com says.

Three of those were Riverside, Calif., where inventories were up 26% year over year; Atlanta, up almost 18%; and Sacramento, Calif., up almost 17%.

All three cities have seen rapid price appreciation in the past year, in part because of super tight inventories.

"Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers' choices and helping to moderate price increases," says Steve Berkowitz, CEO of Move, which operates Realtor.com.

The national median list price increased 5.3% in July year over year, Realtor.com says.

Home prices were up 11.9% in June year over year, according to the latest data from market researcher CoreLogic.

The supply of homes for sale in June changed only a little.

In June, the supply stood at 5.2 months, the National Association of Realtors says, up from 5 months in May.

That means at June's sales pace, all homes would sell in that time frame if no new inventory was added.

Inventory conditions will continue to broadly favor sellers for months and contribute to above normal price growth, the National Association of Realtors has said.


Article courtesy of USA Today

Tuesday, August 13, 2013

Should Agents Use Instagram Photo Filtering with Their Listings?

Instagram represents a great opportunity for agents to market their listings, but should they only use the app to a certain extent?


instagram-real-estate-social-media-marketing-listings-filters-agents 

Instagram is a wonderfully intuitive, wonderfully popular social network, and one that offers real estate agents a world of opportunity. From marketing listings, to communicating with fellow agents, to reaching out to prospective clients in a fun, spontaneous way, Instagram should be a serious consideration for any tech-savvy real estate agent.

But what of Instagram’s most famous feature, the various photo filters it allows users to access for their photos? Should real estate agents take advantage of those, or ignore that feature of the app? Here are some things to consider:
 

Yay for Filters!
 

Filters can be pretty cool, and they can add quite a bit of character to your photographs. From the vibrant colors of Lo-Fi to the cloudy, dreamy quality of Sierra, the strategic use of filters with listing photos could show a side of them that prospective buyers had not previously anticipated, from bringing out the color of the siding to better showing the detail in certain finishings. Also, we’ve found filters can be especially effective in brighting up dark photographs.

We already said that filters are cool, and by using filters, you too will be cool! In all seriousness, it’s always a great sign when we see agents taking part in new, hip forms of marketing. It shows that they are ahead of the 8-ball, and consumers respect that kind of initiative.

Nay for Filters!

At the same time, the perks of Instagram filters could become detriments, and for many of the same reasons. For instance, though you may be trying to look cool and hip with your use of filters, there’s some consumers who could view it as amateurish, or worse, unprofessional, something that a serious real estate professional would not do.


Also, though filters arguably bring out the best of an image, they also technically distort the image, as well, and the last thing you’d want to do is create a false impression of what your listing really looks like.

So, should you, or shouldn’t you? In the end, it’ll largely depend on your clientele. Just as hip professionals in the West Loop may appreciate your spontaneity, experienced professionals on the North Shore may find it tacky, so gauge what your clients will think before committing to anything.



Article courtesy of Chicago Agent Magazine
Instagram represents a great opportunity for agents to market their listings, but should they only use the app to a certain extent? - See more at: http://chicagoagentmagazine.com/should-agents-use-instagram-photo-filtering-with-their-listings/#sthash.KeXQDHDG.dpuf

Monday, August 12, 2013

What Online Resources Do Most Homebuyers Use?

The Internet is vast and the options for homebuyers are plenty, but certain sites command greater attention from buyers – regardless of age.

http://chicagoagentmagazine.com/wp-content/uploads/2013/07/online-resources-homebuyers-use-most-mls-sites-online-real-estate-web-listings.jpg 

We all know that 90 percent of homebuyers consult the Internet as some point in their home search, and that 41 percent begin their search on the World Wide Web – but during that stretch of time, what kinds of sites are they actually visiting?

Using data from NAR, we put together the infographic below, which shows what kinds of sites (and mediums) are attracting the most attention from homebuyers.

Also, we should point out that the information below is quite consistent across all age groups. For instance, 49 percent of buyers aged 58 to 66 used an agent website, and 57 percent of buyers aged 88 and older used an MLS site!


See the infographic here
 

The Internet is vast and the options for homebuyers are plenty, but certain sites command greater attention from buyers – regardless of age.

online-resources-homebuyers-use-most-mls-sites-online-real-estate-web-listings
We all know that 90 percent of homebuyers consult the Internet as some point in their home search, and that 41 percent begin their search on the World Wide Web – but during that stretch of time, what kinds of sites are they actually visiting?
Using data from NAR, we put together the infographic below, which shows what kinds of sites (and mediums) are attracting the most attention from homebuyers.
Also, we should point out that the information below is quite consistent across all age groups. For instance, 49 percent of buyers aged 58 to 66 used an agent website, and 57 percent of buyers aged 88 and older used an MLS site!
- See more at: http://chicagoagentmagazine.com/what-online-resources-do-most-homebuyers-use/#sthash.baS3GTu7.dpuf
Article courtesy of Chicago Agent Magazine

Friday, August 9, 2013

Facebook Still Important for Agents

Real estate agents continue to rely on social media to reach out to new clients and stay close to the ones they have, but with more and more social media entries coming into the fold, it can be overwhelming at times. There’s Twitter, LinkedIn, Instagram, Google+, Tumblr…the list goes on and on. 

It’s important to not let all the new options take you away from your Facebook page, which is still one of the most important ways of connecting to people and highlighting your realty business.

“A Facebook page is a great way to connect with your community, clients and networks of people that could potentially become clients,” says “Outsmarting Social Media” author Evan Bailyn, a search engine optimization, social media, and crisis management expert. “You can create conversations; not only so clients or potential clients have an opportunity to acquire information, but they can also provide feedback.”

Creating a business Facebook page is as easy as going to the site, choosing a name and adding some photos and information about the business. The more you add, the more attractive it will be for those that find you. The beauty of having a Facebook page is that it’s basically free advertising and you can use it to let customers know about new listings, updates to houses and it’s a great way to get referrals.

For those who have a personal website and think that’s enough, Bailyn warns that you’re not getting as much out of the Internet as you can. 

A website can be a lot of time, maintenance, and let’s face it, money. A Facebook page is free, and instantly connects you with clients, your potential clients and your community,” she says. “There are also built-in functionalities with a Facebook page, such as commentary and discussion, and you don’t need to worry about figuring out how to add these special features or insights to your website (or pay for someone to add it for you).” 

Unlike those checking you out on your website, people cannot exist on Facebook anonymously. They sign up with their personal information, so when they “like” your page, you’re automatically introduced to them by name, and given a way to communicate.

Facebook does a lot of work for you. It offers built-in expansion: when people interact with your content everyone that they are connected with can see that interaction.

Not that you don’t have to do anything. Once your Facebook page is up and running, the key to making it a success is to post new messages and photos and keep it interactive. Ask questions of your clients and fans. Have a team dedicated to producing regular quality content. Post pictures and video. Create conversation. People love to be heard.

There are approximately one billion people across the globe using Facebook so your clients and potential clients are already online, you just need to meet them there and get their eyeballs on your realty business.

Article courtesy of RISMedia

Home Prices Climb in 87% of U.S. Cities Amid Recovery

Home Prices Climb in 87% of U.S. Cities as Recovery Builds Prices for single-family homes climbed in 87 percent of U.S. cities in the second quarter as the national housing recovery accelerated amid competition for a limited number of properties on the market. 

The median transaction price rose from a year earlier in 142 of 163 metropolitan areas measured, the National Association of Realtors said in a report today. A year earlier, 75 percent of regions had gains. 

Values are increasing as homebuyers, encouraged by improving employment, compete for a tight supply of listed properties. At the end of the second quarter, 2.19 million previously owned homes were available for sale, 7.6 percent fewer than a year earlier, according to the Realtors group. 

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report. 

The median price for an existing single-family home was $203,500 nationally in the second quarter, up 12 percent from a year earlier. That was the biggest gain since the fourth quarter of 2005, according to the Realtors group. 

Cities with tight supplies of homes for sale had the strongest price growth, the Realtors said. Eight markets were added to the report in the quarter.

Biggest Gains

The best-performing areas were Sacramento, California, and Atlanta, where prices jumped 39 percent from a year earlier. Prices rose 36 percent in Fort Myers, Florida; 33 percent in Reno, Nevada; and 31 percent in Las Vegas. 

The Peoria, Illinois, area had the biggest decline, falling 9.2 percent from a year earlier. Following were Florence, South Carolina, with an 8.4 percent drop, and Erie, Pennsylvania, with a 5.7 percent decrease. Prices fell 5 percent in Pittsfield, Massachusetts, and 4.8 percent in Decatur, Illinois. 

The housing recovery is strengthening amid a drop in the unemployment rate, which fell to 7.4 percent in July from 7.6 percent the previous month, according to Labor Department data.
Rising borrowing costs may hurt future demand. Mortgage rates for 30-year loans have climbed from a near-record low of 3.35 percent in early May, rising to 4.4 percent in the week ended today, according to McLean, Virginia-based Freddie Mac. 

“Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country,” Yun said.

‘Sustained Recovery’

While rising borrowing costs may spur more buyers to jump into the market soon to lock in interest rates before they climb even higher, the gain in home prices is likely to slow in the second half of the year, said Millan Mulraine, director of U.S. rates research at TD Securities in New York. The effects of higher loan costs won’t be dramatic enough to have a major impact on the housing recovery, he said. 

“Up until the middle of this year, the housing sector was essentially beginning to show signs of a strong and sustained recovery,” Mulraine said in a telephone interview. “We do expect to see further improvement in prices, but not to the extent that we saw in the first half of this year.”
In a separate report today, the Mortgage Bankers Association said that the share of seriously delinquent U.S. mortgages -- those more than 90 days behind or in the foreclosure process -- plunged to the lowest level in almost five years. As the housing recovery strengthens, delinquent borrowers have been able to catch up on payments or seek loan modifications. 

Article courtesy of Bloomberg

Wednesday, August 7, 2013

Use the Internet to Your Advantage

It turns out that this whole “Internet” thing is a not just a fad after all. Nope, the Internet, in all of its searchable, meta-tagged, flash-flying glory, is here to stay. The agents of tomorrow have little choice but to accept this fact and embrace the changes that our industry has undergone and will continue to undergo at the hands of the World Wide Web.

This year, I will travel over 300 days in the pursuit of the almighty commission dollar. I will gallivant across the country and interact with the best agents in the most dynamic market places. This allows me to have an inside peek at the latest lead generation models that are surely making their way right into your backyard. What are the newest Internet tricks happening out there today?

The Equity Calculator

Leave it to the short sale experts to switch up the game, now that the market is turning! Think back three to five years when the sky was falling and the American Dream was pronounced dead on arrival; that’s when the short sale radio campaigns started. They were short, effective and drove traffic to Realtor-owned websites that used a flashy “enter your address here to see how underwater you really are” calculator designed to scare people into selling right away.

They were devilishly effective and now, thanks to a slight twist, are once again lead generating machines. The twist is that now the radio campaign extols the virtues of today’s highflying market that is short on listings and thus driving prices to the proverbial moon! Now, simply by entering one’s address and contact information, one can see just how rich they are getting everyday. Throw in a little “buy low and sell high” hyperbole and the emails start rolling in! Brian Gubernick, the owner of Home Helper Consultants, showed me this system when I visited his team in Scottsdale, Arizona, last month; by the way, he is ranked as the 110th Realtor in the county by volume according to REAL Trends (so, yeah, he gets it).

The Fantastic Floor Plan

Part of listing any home is the pageantry of the floorshow that culminates with the seller signing documents and the agent is all smiles. One way to impress your seller is to dabble in a technology that none of your competitors are using (and no, DocuSign is not going to get it done any longer.)  The coolest new app to dazzle the mind and confuse the senses is “MagicPlan” by Sensopia. MagicPlan measures your rooms and draws your floor plan just by taking pictures.

You can then get your floor plan in PDF, JPG and DXF format or publish an interactive floor plan on the Web. Sellers go bananas for this, as you walk room by room taking quick photos. Then after the last room, email them in real time a full floor plan of their house. I watched Bravo’s very own Matt Altman demonstrate this app at an amazing home in the Hollywood Hills earlier this year. It is a pleasure to watch him work; he is always one step ahead of the curve.

Not The Da Vinci Code; It’s the Kalvitter Code That You Want

On my last trip to Commerce, Michigan, I watched an agent receive three buyer leads in 15 minutes, all via email. This was not a parlor trick, but rather, this was the product of a very calculating long-term plan to turn the Internet into a goldmine. Using a 100 percent self-taught SEO regiment, Dan Klavitter has mounted the Internet and rides it around his marketplace like an aging rhinestone cowboy.

He takes painstaking efforts to organically create current and relevant data on his website, being sure to use as many meta-tag keywords as humanly possible each and every day. If you are serious about getting leads from your website, then you will have to work at it. Each day should have a period of time dedicated to posting blogs, video content and up-to-date data about your marketplace. Google is smarter then you and I, and the omnipresent go-bots are on the hunt for timely data to gobble up; you need to feed them if you expect them to feed you.

The moral here: don’t be afraid of the keyboard, the smartphone or the Web – clicks are gold!


With over 12 years experience and offices in Phoenix, Detroit and Mclean, Virginia; Jason Abrams specializes in concierge-like real estate services, no matter whether his client is looking to rent, buy or sell. A former Keller Williams office manager of a 100-plus agent office, Abrams is a founding member and principal owner of the largest Keller Williams conglomerate in Michigan, The Abrams Team, as well as a former Chairman of their Agent Leadership Council. Abrams is the subject and star of the HGTV program “Scoring the Deal.” 

Article courtesy of Chicago Agent Magazine
It turns out that this whole “Internet” thing is a not just a fad after all. Nope, the Internet, in all of its searchable, meta-tagged, flash-flying glory, is here to stay. The agents of tomorrow have little choice but to accept this fact and embrace the changes that our industry has undergone and will continue to undergo at the hands of the World Wide Web.
This year, I will travel over 300 days in the pursuit of the almighty commission dollar. I will gallivant across the country and interact with the best agents in the most dynamic market places. This allows me to have an inside peek at the latest lead generation models that are surely making their way right into your backyard. What are the newest Internet tricks happening out there today?
The Equity Calculator
Leave it to the short sale experts to switch up the game, now that the market is turning! Think back three to five years when the sky was falling and the American Dream was pronounced dead on arrival; that’s when the short sale radio campaigns started. They were short, effective and drove traffic to Realtor-owned websites that used a flashy “enter your address here to see how underwater you really are” calculator designed to scare people into selling right away.
They were devilishly effective and now, thanks to a slight twist, are once again lead generating machines. The twist is that now the radio campaign extols the virtues of today’s highflying market that is short on listings and thus driving prices to the proverbial moon! Now, simply by entering one’s address and contact information, one can see just how rich they are getting everyday. Throw in a little “buy low and sell high” hyperbole and the emails start rolling in! Brian Gubernick, the owner of Home Helper Consultants, showed me this system when I visited his team in Scottsdale, Arizona, last month; by the way, he is ranked as the 110th Realtor in the county by volume according to REAL Trends (so, yeah, he gets it).
The Fantastic Floor Plan
Part of listing any home is the pageantry of the floorshow that culminates with the seller signing documents and the agent is all smiles. One way to impress your seller is to dabble in a technology that none of your competitors are using (and no, DocuSign is not going to get it done any longer.)  The coolest new app to dazzle the mind and confuse the senses is “MagicPlan” by Sensopia. MagicPlan measures your rooms and draws your floor plan just by taking pictures.
You can then get your floor plan in PDF, JPG and DXF format or publish an interactive floor plan on the Web. Sellers go bananas for this, as you walk room by room taking quick photos. Then after the last room, email them in real time a full floor plan of their house. I watched Bravo’s very own Matt Altman demonstrate this app at an amazing home in the Hollywood Hills earlier this year. It is a pleasure to watch him work; he is always one step ahead of the curve.
Not The Da Vinci Code; It’s the Kalvitter Code That You Want
On my last trip to Commerce, Michigan, I watched an agent receive three buyer leads in 15 minutes, all via email. This was not a parlor trick, but rather, this was the product of a very calculating long-term plan to turn the Internet into a goldmine. Using a 100 percent self-taught SEO regiment, Dan Klavitter has mounted the Internet and rides it around his marketplace like an aging rhinestone cowboy.
He takes painstaking efforts to organically create current and relevant data on his website, being sure to use as many meta-tag keywords as humanly possible each and every day. If you are serious about getting leads from your website, then you will have to work at it. Each day should have a period of time dedicated to posting blogs, video content and up-to-date data about your marketplace. Google is smarter then you and I, and the omnipresent go-bots are on the hunt for timely data to gobble up; you need to feed them if you expect them to feed you.
The moral here: don’t be afraid of the keyboard, the smartphone or the Web – clicks are gold!
- See more at: http://chicagoagentmagazine.com/use-the-internet-to-your-advantage/#sthash.Z65DkIFO.dpuf

Friday, August 2, 2013

Using Social Media the Right Way


With a study by the Home Buying Institute indicating that 40 percent of agents have closed two to five deals as a direct result of their social media marketing, it makes sense for property professionals to have a dedicated social media strategy.
 
Creating such a strategy involves determining the right social media platform for their message, with Facebook suitable to highlight new listings, Instagram to post exterior photos, Pinterest to post interior photos, and Twitter to discuss local news and provide housing updates.  Those with little time to devote to numerous social media pages should consistently update at least one page with all of the aforementioned content.

Agents also should use social media to deliver local industry data—such as rental rates, mortgage rates, new developments, and even retail deals. Moreover, they should use social media to communicate with clients and prospects, building relationships and establishing trust, and to actively seek leads by keeping an eye out for consumers asking for real estate recommendations.

Article courtesy of Realtor Mag

Thursday, August 1, 2013

The 5 Most Important Characteristics of Today’s Homebuyers

NAR’s 2013 Home Buyers and Seller Generational Trends report is massive, and among its many findings are great insights into homebuyer characteristics.

2013-nar-home-buyer-and-seller-generational-trends-homebuyer-characteristics

The National Association of Realtors publishes many reports on real estate and the many individuals involved in the industry, and few are more eagerly anticipated than the “Home Buyer and Seller Generational Trends” report, a massive study of the homebuying and selling process.

We’ll be devoting a number of stories in the coming days to the ”Home Buyer and Seller Generational Trends” report, and for our first study, we’re going to look at the five most important characteristics that NAR uncovered for homebuyers in today’s housing market.

1. The “X” Factor in Today’s Housing Market – Generation X comprised the largest group of recent homebuyers, making up 31 percent of home purchases; they were followed by the increasingly important Millennials/Generation Y, which made up 28 percent, and then young boomers (18 percent), old boomers (14 percent), the Silent Generation (10 percent), and finally, the G.I. Generation (less than 1 percent).

2. Age-Centric Home Purchases – Age continues to have a huge impact on what homes consumers ultimately buy. For homebuyers aged 57 and younger, the single-family detached home continued to reign supreme, with 80 percent of those buyers opting for that option; however, among buyers aged 58 and older, townhouses and condos are becoming increasingly common.

3. First-Timers MIA – First-time homebuyers remain relatively missing in action, with 39 percent of all home purchases going to first-timers. Of those first-time homebuyers, though, 79 percent were younger than 32, while 36 percent were between 33 and 47 years old and 19 percent were between 48 and 57.

4. Prior Living Arrangements Vary – The previous living arrangements for homebuyers varies wildly based on the buyers’ age. Among homebuyers aged 32 and younger, 65 percent rented an apartment before their purchase, and 22 percent lived with parents, relatives or friends. As the consumers aged, the percentage of owners increased and renters decreased, though for consumers aged 33 to 47, 50 percent were still renters before making their  purchase.

5. Reasons for Buying Vary – Similarly, the reasons for the home purchase also fluctuated with age. For instance, among homebuyers aged 32 and younger, 50 percent were buying out of a desire to own, with 12 percent saying they took advantage of housing’s relative affordability, and 10 percent owning because of changing family situations.

Meanwhile, among buyers aged 33 to 47, 17 percent desired to own a larger home, 13 percent had a job relocation or move and 7 percent wanted to live in a better area. Also worth mentioning: 6 percent of homebuyers aged 48 to 57 desired a smaller home, and 7 percent wanted to be closer to their school/job/transit; and among older homebuyers, the main reason was living closer to family and friends, with 13 and 24 percent of homebuyers aged 58 to 66, and 67 to 87 citing that reason, respectively.

As we already stated, this only scratches the surface of NAR’s report, and we’ll be back soon with more coverage of the report’s findings.


Article courtesy of Chicago Agent Magazine

NAR’s 2013 Home Buyers and Seller Generational Trends report is massive, and among its many findings are great insights into homebuyer characteristics.

2013-nar-home-buyer-and-seller-generational-trends-homebuyer-characteristics
The National Association of Realtors publishes many reports on real estate and the many individuals involved in the industry, and few are more eagerly anticipated than the “Home Buyer and Seller Generational Trends” report, a massive study of the homebuying and selling process.
We’ll be devoting a number of stories in the coming days to the ”Home Buyer and Seller Generational Trends” report, and for our first study, we’re going to look at the five most important characteristics that NAR uncovered for homebuyers in today’s housing market.
1. The “X” Factor in Today’s Housing Market – Generation X comprised the largest group of recent homebuyers, making up 31 percent of home purchases; they were followed by the increasingly important Millennials/Generation Y, which made up 28 percent, and then young boomers (18 percent), old boomers (14 percent), the Silent Generation (10 percent), and finally, the G.I. Generation (less than 1 percent).
2. Age-Centric Home Purchases – Age continues to have a huge impact on what homes consumers ultimately buy. For homebuyers aged 57 and younger, the single-family detached home continued to reign supreme, with 80 percent of those buyers opting for that option; however, among buyers aged 58 and older, townhouses and condos are becoming increasingly common.
3. First-Timers MIA – First-time homebuyers remain relatively missing in action, with 39 percent of all home purchases going to first-timers. Of those first-time homebuyers, though, 79 percent were younger than 32, while 36 percent were between 33 and 47 years old and 19 percent were between 48 and 57.
4. Prior Living Arrangements Vary – The previous living arrangements for homebuyers varies wildly based on the buyers’ age. Among homebuyers aged 32 and younger, 65 percent rented an apartment before their purchase, and 22 percent lived with parents, relatives or friends. As the consumers aged, the percentage of owners increased and renters decreased, though for consumers aged 33 to 47, 50 percent were still renters before making their  purchase.
5. Reasons for Buying Vary – Similarly, the reasons for the home purchase also fluctuated with age. For instance, among homebuyers aged 32 and younger, 50 percent were buying out of a desire to own, with 12 percent saying they took advantage of housing’s relative affordability, and 10 percent owning because of changing family situations.
Meanwhile, among buyers aged 33 to 47, 17 percent desired to own a larger home, 13 percent had a job relocation or move and 7 percent wanted to live in a better area. Also worth mentioning: 6 percent of homebuyers aged 48 to 57 desired a smaller home, and 7 percent wanted to be closer to their school/job/transit; and among older homebuyers, the main reason was living closer to family and friends, with 13 and 24 percent of homebuyers aged 58 to 66, and 67 to 87 citing that reason, respectively.
As we already stated, this only scratches the surface of NAR’s report, and we’ll be back soon with more coverage of the report’s findings.
- See more at: http://chicagoagentmagazine.com/the-5-most-important-characteristics-of-todays-homebuyers/#sthash.WHlYtSjw.dpuf