4 Ways to Hater-Proof Your Listing

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Another great article by Tara-Nicholle Nelson over at Trulia on how to “hater-proof” your listing! Ready to get your home sold? Give me a call today!!!

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In my experience, there’s one fundamental truth about haters: you can never fully escape them. The only way to live a 100% hater-free life is to never stick your neck out, and never do anything because, as the saying goes, you simply cannot please all of the people all of the time.

And this is particularly true with real estate and putting your listings on the market – because homes, locations, aesthetics and such are so much a matter of personal preference, some people will find something to criticize about even the most perfectly staged, priciest properties on the market.

As a listing agent, your job is not to try to make your listings be all things to all people – but you do want it to appeal to enough buyers that you get one great offer (and multiple offers never hurt anybody, either). That said, you don’t want your listing to be the house that nearly every buyer and broker sees, rolls their eyes and utters the same few, predictable deal-killing criticisms.

Fortunately, what is predictable is avoidable. Unfortunately, many of the things that make a listing susceptible to haters are issues on the seller’sside of the property preparation responsibilities. Let’s explore the most common things buyers hate about listings they see. In the process, you’ll get equipped with things you can say to your sellers to help sidestep those issues and, in large part, hater-proof your own listing.

House Hater Complaint #1: Odors.

You might think I’m beating a dead horse, here, or even preaching to the choir. But as long as house hunters keep emailing me to ask why, in the name of all that is sacred, they keep seeing homes that smell like all sorts of madness and mayhem, I’m going to keep repeating this message.

Viewing a home sounds like it’s all about the visual of the experience. And visuals are critical – your listing should be in its Sunday best, so to speak, when it’s being shown, in terms of being spruced, staged and clutter-free. But when a buyer comes to see your listing, they don’t turn off the rest of their senses. And there is nothing that can turn a buyer off from a home they’d otherwise like more quickly than a powerfully bad odor.

In particular, cigarette and pet odors in a house that seems to have been well-cleaned create the concern that they might be permanent and that the buyer might not be able to get rid of them without dropping some serious cash on cleaning or even removing wall, window and floor coverings.

If you are listing a home and you know that someone has been habitually smoking in it home or that the seller has had a “challenge,” let’s say, with pet accidents, do not ignore the problem. And do not think that because you had the carpet shampooed or the drapes cleaned, or because YOU can’t smell anything, that the problem is gone.  The human sense of smell very quickly gets used to smells that it lives with or is surrounded with on a regular basis.

It’s one of the tougher parts of your job as an agent to point out bad smells and odors, no matter how painful the conversation and make sure they are eradicated by any means necessary, before you place your listings on the market.

House Hater Complaint #2: Glaringly extreme overpricing.

There’s the kind of overpricing that makes a buyer say, “Hmmm – seems a bit high. Let’s go see it, but we might have to offer a little less than the asking price if we like it.”  Then there’s the kind of overpricing that makes buyer say “I’ll wait until a price reduction” or worse, hold their sides from laughing.

When overpricing is glaring, many buyers and buyer’s brokers will comment on it or inquire about it. What they are less likely to do is actually come out and see the place – especially if they weed it out online after comparing its specs to all the other homes in the area and the price range.  Often, homes this severely overpriced simply don’t sell, or not until after they’ve had some serious price cuts or have been on the market so long buyers begin to feel confident about making lowball offers.

In fact, the goal is the opposite – you want your listing to stand out as a property that is not dirt cheap, but does present a good value for the money – that’s what motivates buyers to get out of their chairs and into the property for a viewing.

Obviously, you don’t set the price of your listings. It’s also obvious that the agent-seller conflict about overpricing is one of those battles that have been fought since Adam and Eve sought to list the Garden of Eden.

Here’s how to hater-proof your home’s listing against this issue: force your sellers to fixate on the comps. Smart sellers deactivate their emotional attachment and very human tendency to overvalue their precious homes by poring over the sales prices (not list prices) of similar, nearby homes that have recently sold. Walk them through this data – don’t forget to show them the overpriced listings that are lagging on the market, and any value-priced listings that have sold for way more than asking.

When you get a seller who simply won’t budge off a dramatically high list price:

(a) get them to sign a reduction addendum that will automatically kick in after 30 or 45 days on the market, and/or

(b) consider whether this listing makes sense to take in the first place.

Also, consider using your broker’s first Open House as an additional hater-proof measure: if the agents overwhelmingly comment that they think the home is significantly overpriced, communicate this feedback to your seller.

House Hater Complaint #3: Dirt and messes.

Possibly the single largest source of House Hater Complaints I’ve ever heard are the dirt, messes, piles and personal belongings that buyers find so distracting, when they walk into a home for a viewing or Open House. Obviously, homes that are filthy from floor to ceiling are fertile fodder for haters, but often those homes are bank-owned or otherwise distressed so that the sellers aren’t likely to do much.  What is underestimated is how often even savvy home buyers are distracted (and disgusted) by relatively clean homes that just have a few outstanding messes, like piles of dirty dishes in the sink, piles of dog poo in the yard or even piles of papers, mail, books or clothes lying out in plain view.

Will one or two such items ruin the sale of your home? Perhaps not. But a few of them (or more) can certainly distract a buyer enough that they fixate on the home’s messes and, in the process, fail to see what is so great about your property.  As I see it, cleaning up, meticulously, before every single showing is free – so it makes no sense to even run the risk of turning off a prospective buyer by letting messes get in the way of their ability to visualize themselves and their families flourishing in your home.

Make sure you brief the sellers in detail on what buyers expect, in the way of cleanliness.  Also, set up a plan for giving them enough notice of showing appointments that they can do a quick, but thorough, house cleaning pass through before every single viewing.

House Hater Complaint #4: Lots of little malfunctions.

All of us tend to think our homes are in fantastic condition.  After all, your sellers have had the furnace maintained regularly, they’ve installed granite and dual paned windows – maybe they even took your advice to have the floors refinished or the walls painted in preparation for putting the place on the market.

That’s all fantastic – all the non-cosmetic work that’s been done to maintain and improve your listing should be trumpeted in your marketing materials, and the cosmetic items will (or should) speak for themselves. But here’s the thing: houe hunters won’t be running the dishwasher or testing the furnace (at least not until inspections).

What they will do – almost unconsciously – is:

• flick light and fan switches

• open or close window coverings, closet, room and entry doors,

• open and close drawers, cupboards, gates and fences and

• hold the handrails as they walk up and down the stairs.

They will hear leaky faucets and point out water spots from long-ago repaired leaks, and they will notice (or potentially trip on) uneven exterior tiles, paths and walkways. And even though these items might be vastly less expensive to fix than the roof or sewer line you had replaced, they are much more visible and noticeable to a buyer.  In fact, buyers don’t always even know that the little malfunctions and repairs that need doing are little or inexpensive. And when they notice a bunch of these sorts of things in a single property, they can jump to the conclusion that the whole place is rickety.

Since these little fixes are inexpensive to make, have them completed before you list, if at all possible. You might even ask your seller to walk through the property with you, pinpoint all the necessary little fixes and offer the a handyperson reference for someone you know works efficiently.

Tara-Nicholle NelsonWRITTEN BYTara-Nicholle Nelson

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Top 10 Housing Predictions for 2013 by Dave Liniger

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Take a look at Dave Liniger’s predictions for 2013. Dave is the Chairman of the Board and Co-Founder of RE/MAX so he definitely knows his stuff!

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Real Estate and the Internet – Is your agent online?

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The below study shows that real estate searches online have grown 253 percent over the past four years. Many agents in the market have been selling homes in the area for a LONG time and quite frankly have not embraced the internet to the degree they need to in today’s market. As an agent I use the internet and social media in any way possible to market my listings and assist my buyers. Are you ready to take advantage of the sales programs of an agent that embraces the internet age? Lets talk today!
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Real estate-related searches on Google.com have grown 253 percent over the past four years, according to a joint study from the National Association of REALTORS® and Google.

“These results parallel the trends shown in NAR’s economic research reports,” says NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif. “As home sales and prices continue to trend up, more people are regaining confidence to invest in their future through homeownership.”

The Digital House Hunt: Consumer and Market Trends in Real Estate [2] is a joint report from NAR and Google that examines the connection between consumer Internet use and online home search and shopping patterns. The study leverages NAR’s custom research and Google’s proprietary and third-party research. Google collaborated with Compete in 2011 and 2012 to survey and analyze the behaviors of people in the market for new and existing homes. That research focused on people who had completed an online “conversion”– taking the next step of contacting an agent or requesting additional information from a real estate brand’s website.

According to the analysis, buyers used specific online tools at different points during their home search process. Buyers tend to rely on search engines and general websites when they begin their search, use maps more in the middle of the process, and engage mobile applications most toward the end of their search.

In their online search queries, first-time buyers frequently searched terms like “FHA loan,” “FHA,” “home grants,” “home loan,” and “home buyer assistance.” Last year, more than four out of 10 first-time buyers purchased their homes with a Federal Housing Administration-insured mortgage.

“The fact that first-time buyers are looking for information about FHA loan programs and home buyer assistance underscores some of the challenges today’s home buyers face in today’s tight credit environment,” says Thomas. “REALTORS® are excellent sources of information and can help buyers navigate the mortgage financing process.”

Both first-time and repeat buyers rely on REALTORS® in their home search. According to the 2012 NAR Profile of Home Buyers and Sellers [3], multiple listing service websites and REALTOR.com were the top two websites used in recent home searches. Realtor.com, NAR’s official property listing website, attracts an average of more than 20 million unique visitors per month. Mirroring the Google/NAR study, search activity on Realtor.com has picked up significantly in recent months – a 31 percent increase nationwide between March and October of this year.

According to Google internal data, the five states with the highest number of online queries from people who can be presumed to be first-time buyers were Delaware, Louisiana, Mississippi, South Dakota and Wyoming. Queries related to retirement homes were highest in Nebraska, North Carolina, Oregon, Virginia and Washington. For vacation home searches, the top five states were Florida, Ohio, Oregon, South Carolina and South Dakota.

According to data from REALTOR.com, today’s buyers search most frequently on numbers of bedrooms and bathrooms; square footage; garages; heating, ventilation and air conditioning (HVAC) systems; and swimming pools. These home features represent 70 percent of all searched features on the site.

Mobile devices are significantly changing the way people search for homes, as well. According to results from Google’s aforementioned home shopper research with Compete, 48 percent of people who used a mobile device in their home search used the device to get directions to homes for sale, and 45 percent used the device to request more information about specific home features or real estate services.

“Increasingly, online technologies are driving offline behaviors, and home buying is no exception,” says Google Head of Real Estate Patrick Grandinetti. “With 90 percent of homebuyers searching online during their home buying process, the real estate industry is smart to target these people where they look for and consume information – for example through paid search, relevant websites, video environments, and mobile applications.”

“Technology has transformed the way REALTORS® do business, but in real estate, high tech doesn’t come at the expense of high touch,” says Steven Berkowitz, CEO of Move, Inc., which operates REALTOR.com. “Rather than displacing real estate agents, the Internet is actually helping connect them with home buyers. And REALTORS® are responding by leveraging resources like REALTOR.com, Facebook and YouTube to engage buyers and sellers in ever-evolving ways.”

For more information, visit www.REALTOR.com [4].

Article from RISMedia: http://rismedia.com

URL to article: http://rismedia.com/2013-01-07/study-shows-more-people-use-internet-to-research-homes-for-sale/

URLs in this post:

[1] Image: http://rismedia.com/2013-01-07/study-shows-more-people-use-internet-to-research-homes-for-sale/s-2/

[2] The Digital House Hunt: Consumer and Market Trends in Real Estate: http://www.realtor.org/reports/digital-house-hunt

[3] 2012 NAR Profile of Home Buyers and Sellers: http://www.realtor.org/topics/profile-of-home-buyers-and-sellers

[4] www.REALTOR.com: http://www.REALTOR.com

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More Americans Believe Economy Headed in Right Direction

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Taking a look at the article below by Pete Bakel and courtesy of RISMedia, Americans are feeling good about the economy. When people feel good about the economy they buy things like homes which are always a great investment! Combine that with record low interest rates and low inventory and now is a great time to sell your home! Let’s sit down and talk today about our listing program and how it can get your home sold sooner!

More Americans Believe Economy Headed in Right Direction
by Pete Bakel
Despite continued uncertainty surrounding the fiscal cliff, Americans are showing increased confidence in the housing market and the direction of the economy. According to results from Fannie Mae’s November 2012 National Housing Survey, such improvement bodes especially well for continued strengthening in the housing sector, which in turn is likely to support overall economic growth.

“Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs,” says Doug Duncan, senior vice president and chief economist of Fannie Mae. “On the housing front, attitudes about the current selling environment continue to improve, with a significant increase in those saying it would be a good time to sell. This growing confidence in a housing recovery, in addition to other factors, may reinforce growing consumer optimism regarding the improving direction of the general economy. Those indicating that the economy is on the right track has risen to 44 percent while those saying it’s on the wrong track has fallen to 50 percent, the smallest gap since the survey’s inception.”

The November survey results show significant movement across many of the indicators. The share of respondents who say now is a good time to sell a home jumped 5 percentage points in November to 23 percent – the highest level since the survey began in June 2010 – narrowing the gap with those who say it is a good time to buy. The percentage of respondents who expect mortgage rates to go up increased by 4 percentage points to 41 percent. Those expecting home prices to go down within the next year also rose by 4 percentage points to 14 percent over last month, a rebound from the survey’s record low in the prior month, while the share who believe home prices will go up in the next 12 months edged up to 37 percent, tying the survey high. Of note, 51 percent of respondents now say it would be easy to get a mortgage, marking the highest rate since the survey’s inception (this survey finding is in addition to the 11 National Housing Survey indictors).

When asked about the economy, those who say it is on the wrong track dipped 6 percentage points since October and a total of 25 percentage points in the past year. Respondents expressed some improvement in the status of their current finances; however, due potentially to the looming fiscal cliff, the share who expect their personal financial situation to get worse over the next 12 months rose 5 percentage points to 18 percent – the highest level since December 2011.

Survey Highlights

Homeownership and Renting

• Average home price change expectation held steady at 1.7 percent.
• Fourteen percent of those surveyed say that home prices will go down in the next 12 months, a 4 percentage point increase over last month.
• The percentage who think mortgage rates will go up continued to rise, increasing 4 percentage points in November to 41 percent.
• Twenty-three percent of respondents say it is a good time to sell, a 5 percentage point increase over last month, and the highest level since the survey’s inception.
• The average rental price expectation hit 4 percent in November, a 0.9 percent rise over the past two months.
• Forty-eight percent of those surveyed say home rental prices will go up in the next 12 months, a slight decrease from last month.
• The share of respondents who said they would buy if they were going to move held relatively steady at 67 percent.
• Fifty-one percent of respondents now say it would be easy to get a mortgage, marking the highest rate since the survey’s inception.

The Economy and Household Finances

• Hitting 50 percent for the first time since the survey’s inception, the percentage who think the economy is on the wrong track has declined by 25 percentage points over the past year, and by 6 percentage points from last month.
• The percentage who expect their personal financial situation to get worse over the next 12 months rose 5 percentage points to 18 percent, the highest level since December 2011.
• Meanwhile, 21 percent of respondents say their household income is significantly higher than it was 12 months ago.
• Household expenses remained stable over the past month, with 56 percent responding that their household expenses stayed the same compared to 12 months ago.

For more information, visit www.fanniemae.com [2].

Article from RISMedia: http://rismedia.com

URL to article: http://rismedia.com/2012-12-10/more-americans-believe-economy-headed-in-right-direction/

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[1] Image: http://rismedia.com/wp-content/uploads/2012/12/economic_positive_outlook.jpg

[2] www.fanniemae.com: http://www.fanniemae.com

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Homeowners Recover 13.5 Percent of Lost Equity Through Q3

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Great article here from RISMEDIA about the rising home values and recovery of lost equity. Want to see what kind of equity you have in your home? Lets sit down today and see what the market in your neighborhood is like. Talk to you soon!

ORIGINAL ARTICLE

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Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water. Homeowner equity jumped $406 billion, or 5.9 percent, to $7,275 billion in the second quarter of 2012, according to the Obama Administration’s September Housing Scorecard.

After a sharp first quarter rise, total equity has grown to $863 billion, or 13.5 percent, since the end of 2011. The number of underwater borrowers has declined by 11 percent since the end of last year, from 12.1 million in the 4th quarter of 2011 to 10.8 million in the second quarter of 2012.

Nearly 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program, while the Federal Housing Administration (FHA) has offered more than 1.4 million loss mitigation and early delinquency interventions. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than three million proprietary mortgage modifications through July.

As of August, more than one million homeowners have received a permanent HAMP modification, saving approximately $539 apiece on their mortgage payments each month, and an estimated $15 billion to date. In August, 81 percent of homeowners with eligible non-GSE mortgages benefitted from principal reduction with their HAMP modification. Eighty-seven percent of homeowners entering the program in the last two years have received a permanent modification.

“As the September housing scorecard indicates, our housing market is showing important signs of recovery – with homeowner equity at a four-year high and summer sales of existing homes at the strongest pace in two years,” says HUD Acting Assistant Secretary Erika Poethig. “The Administration’s efforts to keep housing affordable and refinances strong are critical with so many households still struggling to make ends meet. That is why we continue to ask Congress to approve the President’s refinancing proposal so that more homeowners can secure the help they need.”

Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water. Homeowner equity jumped $406 billion, or 5.9 percent, to $7,275 billion in the second quarter of 2012. After a sharp first quarter rise, total equity has grown to $863 billion, or 13.5 percent, since the end of 2011. The number of underwater borrowers has declined by 11 percent since the end of last year, from 12.1 million in the 4th quarter of 2011 to 10.8 million in the second quarter of 2012.

The Administration’s foreclosure programs are providing relief for millions of homeowners as we continue to recover from an unprecedented housing crisis. Nearly 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program, while the Federal Housing Administration (FHA) has offered more than 1.4 million loss mitigation and early delinquency interventions. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than three million proprietary mortgage modifications through July.

Homeowners entering HAMP continue to benefit from deep and sustainable assistance. As of August, more than one million homeowners have received a permanent HAMP modification, saving approximately $539 on their mortgage payments each month, and an estimated $15 billion to date. In August, 81 percent of homeowners with eligible non-GSE mortgages benefitted from principal reduction with their HAMP modification. Eighty-seven percent of homeowners entering the program in the last two years have received a permanent modification

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5 Things to do When You Move Into Your New Home

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Everyone has a long laundry list of items they like to take care of when they move into a new home. Today’s post takes a look at some things that many people may over look. Ready for that new home yourself? Give me a call today and lets stop looking and start FINDING you a new home!

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

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Great News on Housing Market – Video from RE/MAX CEO

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How to Claim Your 2011 Energy Credits

Author: admin / Category: Blog

Did you make some green or energy saving improvements to your home in 2011? Take a look at the article below to find out how to take advantage of the tax credits!

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

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Residential Housing Ready to Awaken?

Author: admin / Category: Blog

Here’s a pretty promising article from CNBC about the reawakening of the housing market! Ready to make a move and take advantage of the new activity? Give me a call today and we can discuss all of our great marketing programs to help you make those dreams a REALITY!

Original Article

After half a decade of withering sales and slumping prices, there are strong and diverse signs that the single-family housing market is poised for a rebound.

In some metropolitan areas, the market has bottomed, with both sales and prices on the rise and foreclosures on the decline.

This contrarian – and largely overlooked – thesis flies in the face of the persistent gloom that has nagged the industry since 2007, when the subprime crisis flared.

Industry analysts and players cite a number of reasons – some traditional (employment), others unique to the post-credit bubble era (foreclosures) Â – for the long-awaited sea change. An analysis of industry and government data also support the forecast.

“It has become increasingly apparent to us that the pieces for a housing rebound next year are beginning to fall into place,” declared Barclays Capital analyst Stephen Kim in a recent note to investors.

Proponents admit that the nascent rebound could easily be derailed, but stress that after years of government efforts to support sales and prices as well as the volatile impact of foreclosures, the market has regained a measure of normalcy.
“With the exception of really hard-hit markets, the vast majority is ready to turn around,” adds Jerry Howard, president and CEO of the National Association of Home Builders, NAHB. “The Washington, D.C., area is not only ripe for recovery, they need to start building units.”

The iShares Dow Jones US Home Construction Index Fund (NYSE Arca: itb), for example, is up some 38 percent, while the S&P 500 is up about 21 percent.

Nevertheless, skeptics overwhelmingly outnumber the optimists, given the false-starts of previous years, the economy’s sub-par performance, a new wave of distressed properties and the capacity for the European debt crisis to spook business, consumers and investors.

“I think it’s premature,” says Richard Smith, CEO of Realogy, the nation’s largest real estate company, whose brands include Century 21, Coldwell Banker and Sotheby’s International. “We see little indications here and there. Transaction volume is improving. Prices are still under pressure. This isn’t going to be one of those spiked robust recoveries.”
Smith is echoing the conventional industry calculus: that price increases follow sales growth amid consistently strengthening demand.

There’s been little conventional, however, about this housing slump, which is one reason it’s had so many false bottoms. Among its many firsts – housing starts fell through 1 million annual units, foreclosures topped 2 million in three consecutive years, and home prices declined on a national basis.

The catalysts to recovery are mostly the same: for potential buyers, residential rents have now risen enough to consider buying; existing-home inventory is the lowest in five years, while that of new homes is at a 40-year low; affordability is at a record high; delinquencies have peaked; consumer confidence is on the rise ; and job growth is accelerating.
For investors, with a continuation of the gold rally in question, real estate is beginning to look like a viable inflation hedge alternative, while rising rents mean greater profits.

That thinking may help explain why the iShares Dow Jones US Home Construction Index Fund (NYSE Arca: itb), a broad barometer for the housing market, is up some 38 percent from the stock market’s October bottom, while the S&P 500 is up about 21 percent.

Finally, there’s the intangible fatigue with bad news, and a desire to end the negative feedback loop.
“We believe there is sizable housing demand that could be released into the market,” says Lawrence Yun, chief economist of the National Association of Realtors, NAR.

The NAR is forecasting existing home sales will rise 5 percent in both 2012 and 2013; prices will edge up 2 percent in each of those two years, then 4 percent in 2014.

The NAHB is forecasting a 5.1-percent increase in new home sales and a 10-percent increase for new home starts in 2012.

Jobs, Jobs, Jobs
A turnaround in the housing market will require continued improvement in the job market.
The economy has created jobs 13 months in a row for a total of almost 1.9 million. Weekly jobless claims have been routinely below the key level of 400,000, and the national jobless rate is down to 8.6 percent.

There are already signs in some markets that an improving employment picture is boosting housing demand and sale prices.
In cities such as Tampa, Fla., South Bend, Ind., Grand Rapids, Mich., Raleigh, N.C., Wichita, Kan., and Green Bay, Wis.., the median sales price of an existing single family home increased 1-2 percent in the third quarter, during which time the jobless rate and/or payrolls growth improved dramatically.

Even in the Cape Coral-Fort Myers, Fla. metropolitan area – considered the epicenter of the foreclosure crisis a few years ago – prices were just 1.4 percent lower in the third quarter than the previous year.

A new index by the NAHB and First American, the Improving Markets Index, IMI, launched in September, tracks housing markets throughout the country that are showing signs of improving economic health. Thirty cities – including San Jose, Pittsburgh, New Orleans and Winston-Salem, N.C. – are showing growth in permits, sales and employment.

In San Diego – where in the last year the jobless rate has fallen from 10.4 percent to 9.7 percent and 24,000 jobs have been added – home inventory is down to two months; in some areas of San Francisco (9.4 vs. 10.3 percent), it is one month.
More broadly, 40 percent of all states showed existing home sale increases on both a quarterly and annual basis in the third quarter, according to National Association of Realtors data. That includes high foreclosure-rate states, such as California, Georgia, Michigan and Utah. All but six states showed double-digit gains year over year.

Location, Location, Location
There’s even a strong case to be made that the foreclosure crisis is easing.
“The pipeline of distressed property is plentiful but less than last year,” when foreclosure activity hit a record 2.18 million, says Yun.

For the first nine months of 2011, foreclosure activity is down sharply from the same period last year (26.59 percent), whether it is the worst-off states – (Florida, 54.98 percent; California, 31.51 percent; Utah, 27.41 percent) – or better-off ones (New York, 46.57 percent; Mississippi, 33.25 percent; South Dakota, 26.59 percent), according to RealtyTrac, which tracks the data.

Third-quarter foreclosures (610,337) were up 1 percent from the previous quarter but down 34 percent from the year-ago period.

The wild card right now is an impending wave of new foreclosed properties on the market, following the removal of state moratoria and the settlement of state and federal lawsuits with lenders and loan servicers.
It’s unclear how many properties will hit the market, but conservative estimates put the number at over a million.
Still, of the top 20 markets in the new wave, nine are in California, five in Florida and two in Ohio, according RealtyTrac, so the impact will be fairly concentated.

Another question is whether that wave will be a tsunami or merely a breaker. If the market is in fact recovering, why would banks want to weaken it again by deluging it with cheap properties.

“You could see them trying to gauge the market like speculators,” answers Howard.

Kim of Barclays is among those who say the threat is exaggerated, perhaps misunderstood. He estimates that 40 percent of the foreclosed properties haven’t had a payment made on them in two years, which means they are in poor condition and thus unattractive to many buyers.

“The deterioration has been great,” he says. “It flies in the face of all the bearish arguments.”
Kim’s thesis is that there are now two kinds of buyers in the market; those who’ll take a chance on a bargain-priced, distressed property and those who’ll only make a conventional transaction. He says it helps explain why the Core Logic data he used for his latest report shows non-distressed prices flat or slightly higher in the past year.
“Even if the banks decide to move their inventory more aggressively, and I suspect they will, it’s OK because the buyer is making a distinction,” explains Kim.

“There’s a ready appetite for it,” adds Smith of Realogy, who agrees that there’s substantial pent-up demand for housing in general but also great uncertainty. “If you can relieve consumers of some of that uncertainty, then I can see a nice little recovery.”

That’s the psychological dimension of the wild card – the negative feedback loop that has plagued housing.
Optimists say most of the uncertainty and fear is gone.

“The major driver of negative sentiment was that prices were going down across the market by large amounts,” says Kim of Barclays. “Buyers need to see a stabilization.”

A contributing element to that is the unwinding of government intervention – whether to artificially spur demand – as was the case with the first-time buyer tax incentive program of 2009 and 2010 – and/or to retard and prevent foreclosures.
Many regard those efforts as largely ineffective, if not counter-productive because they delayed the inevitable – a deep descent to a market bottom, which has finally been touched.

“The numbers you’re looking at you can trust,” says Kim. “There are no exogenous factors.”
Though tight lending conditions and forthcoming regulations of the Dodd-Frank legislation are still an issue for some, sweeping housing finance reform is off the agenda for at least the next year.

“You’re back to the natural forces of the market,” says Howard of the builders association.

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Press Release: Trulia Premium for RE/MAX Real Estate Concepts Listings

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Des Moines, Iowa (December 10, 2011) – RE/MAX Real Estate Concepts a leading real estate brokerage with homes for sale in Des Moines Iowa, today announced their 2012 Ad Fund Campaign with Trulia, a leading resource for real estate professionals, homebuyers and sellers.

RE/MAX Real Estate Concepts today launched the Premium Listing Program, “The Premium Listing Program, of which Trulia enables our real estate professionals to deliver exceptional value to their customers and increased exposure for their properties.” said Robb Spearman, Broker of RE/MAX Real Estate Concepts Beaverdale Office. “This is truly an advantage for our real estate professionals giving them more opportunities for success.”

Trulia’s advertising solutions along with RE/MAX Real Estate Concepts real estate professionals will enhanced exposure for their listings. In February of 2011, Trulia was recognized as the fastest growing real estate site and the fourth fastest growing U.S. site overall (comScore Feb 2011). Through the growth of both audience and consumer engagement, brokers already using Trulia’s Premium Listings product have experienced 60 percent year-over-year growth in buyer and seller leads sent from Trulia (Internal Trulia Data, Jan 2011).

About RE/MAX Real Estate Concepts
RE/MAX Real Estate Concepts was founded in October 2000 and is celebrating 11 consecutive years of growth by “Doing the Right Thing at the Right Time” for their customers, the real estate professionals. This is accomplished by a laser focus strategy by providing Branding & Exposure, Education & Training, Business Planning and Systems for their agents. RE/MAX Real Estate Concepts now boast nearly 100 agents in central Iowa, a market share of 17% of the listings sold in Des Moines Iowa. RE/MAX Real Estate Concepts has six locations in the Des Moines area: Altoona, Beaverdale, Grimes, Newton, Southside and West Des Moines and can be reached at 515.276.2872. The office’s web site can be found at HomeConnectUSA.com and HomeConnectDSM.com. Real estate professionals can find out more about RE/MAX Real Estate Concepts at AgentCareLibrary.com, JoinREMAX.com, Facebook.com/realestateconcepts and YouTube.com/realestateconcepts.

About Trulia, Inc.
Trulia is the fastest growing online real estate resource, empowering buyers, seller and renters with smarter tools to help them find the right home. Trulia helps you find a home that best meets your specific needs. Our smart and personalized real estate search experience brings together local information, community insights, market data and national listings all in one place. Trulia is headquartered in downtown San Francisco and is backed by Accel Partners and Sequoia Capital.

Media Contact:

Robb Spearman, Robb@RealEstateConcepts, 515.276.2872

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