Category: Uncategorized

21 Jan

ten percent and Falling: Housing Inventory Keeps Shrinking

Buyers are increasingly being challenged by diminished mounting and inventory prices, in areas with crisis-level supply especially, based on the December Zillow® MARKET Report. Inventory is down ten percent from last year—a three-year trend—and, in the buzziest markets, just as much as 40 percent.

Construction costs are exacerbating the presssing issue, says Aaron Terrazas, senior economist at Zillow, this season who anticipates building will undoubtedly be concentrated in outlying suburbs.

“On the supply side, the marketplace is starving for new homes, nonetheless it won’t be possible for builders fighting rising and high land, lumber and labor costs,” Terrazas says. “Aging millennials and young families could probably find less expensive new virginia homes this year, but they’ll probably maintain further-flung suburbs with an increase of grueling commutes to urban job centers.”

Few homes up&mdash are moving prices;6.year 5 percent during the past, to a median $206,300, based on the Zillow Home Value Index (ZHVI). Appreciation has been highest in San Jose, Calif., at 21.2 percent (a median $1,171,800), causing inventory to shrink 40.6 percent. In the biggest metros:

Markedly, only 16.7 percent of analysts cited in Zillow’s 2017 Q4 Home Price Expectations Survey forecast home-building will grab this year. December in, ground-breaking on new homes underwhelmed; builders, however, are confident within their prospects this season, based on the National Association of Home Builders (NAHB).

Changes to the expected could come once the Tax Jobs and Cuts Act switches into effect, says Terrazas.

“Tight inventory fueled by way of a tight labor market and low interest propelled home values to record heights in 2017, however the outlook is a lot less certain now,” Terrazas says. “Tax reform shall put additional money in the pocket of the normal buyer, but will limit some housing-specific deductions. Overall, this will increase demand for probably the most affordable ease and homes competition somewhat in the priciest market segments.”

MORE: Tax Reform: Here’s What Could Impact Homeowners Most

For more info, please visit www.zillow.com.

DeVita_Suzanne_60x60Suzanne De Vita is RISMedia’s online news editor. Email her your property news ideas at sdevita@rismedia.com. For the most recent real estate news and trends, bookmark RISMedia.com.

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20 Jan

Average 30-Year Mortgage Rate Charges Above 4 Percent

The average 30-year, fixed mortgage rate charged to 4.this week 04 percent, from 3 up. the week prior 99 percent, in accordance with Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The 15-year, fixed rate averaged 3.49 percent, up from 3.the week prior 44 percent, as the five-year, Treasury-indexed hybrid adjustable rate averaged 3.46 percent, the week prior exactly like.

“The U.S. weekly average for the 30-year fixed mortgage rate rose above 4 percent for the very first time since last summer to 4.04 percent in this week’s survey,” says Len Kiefer, deputy chief economist at Freddie Mac. “This is actually the highest weekly average for the 30-year fixed rate mortgage since May of 2017. Some could be wondering if this is actually the last time we’ll visit a three handle on the 30-year mortgage rate. Say never never, but inflation is firming, the Federal Reserve’s Beige Book indicates broad-based economic growth, and labor markets are tightening. This implies upward pressure on long-term rates, just like the 30-year fixed-rate mortgage, is building.”

Source: Freddie Mac

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20 Jan

David Caveness: Creating Opportunities for Agents

David Caveness, cEO and president of Carpenter REALTORS®, received RISMedia’november through the 22nd Annual Power Broker Reception &amp s National Homeownership Award earlier this; Dinner, held with the 2017 REALTORS® Conference & Expo.

An honor caused thanks in large part to Caveness’ 43-plus years of excellence in the continuing business, the National Homeownership Award is bestowed upon an associate of the true estate community who continuously demonstrates extraordinary contributions toward increasing homeownership and building better communities.

“I made a decision to get into the true estate business at age 16,” says Caveness. “My dad, a West Texas guy who earned his living as a health care provider, used to take me out to check out ranch land with property people, and I thought being truly a broker was the coolest thing ever.”

So, after graduating senior high school, Caveness visited the University of Denver, graduating with a BSBA degree in real construction and estate management, entering the continuing business in 1974.

Throughout his esteemed career, Caveness has served as director of Education for the Iowa Association of REALTORS®, national director of Education for Better Homes and Gardens PROPERTY Service and general manager for First Realty/Better Homes and Gardens in Des Moines, Iowa, before arriving at Carpenter REALTORS® in 1989 as vice president and regional manager. In 2013, he was named CEO and president.

Since arriving at the firm, Caveness has helped build the Indianapolis-based company from six offices and 120 agents to where it stands today with 32 offices and 685 agents.

Looking on 2017 back, Caveness notes that the robust market has kept things exciting.

“Year surprised me earlier this, as did 2016,” says Caveness. “I’m bewildered by simply how strong the marketplace is and how weak the listing inventory is. It’s virtually a fraction of what it had been a couple of years ago just, and yet, year we&rsquo this; re likely to hit record sales in both dollar and units volume.”

As long because the market continues to expand and the ongoing company continues to accomplish well, Caveness says Carpenter REALTORS® could keep up with the growth with the addition of agent and locations count. In 2017, the addition was seen by the firm of several new neighborhoods, this season a trend Caveness is looking to replicate.

“We’ve done some small mergers, year which includes helped us grow our business within the last,” says Caveness. “We’re careful about any of it pretty, but we do see our company as a rise company, so when long since it is supported by the marketplace, we shall grow.”

Agents are drawn to the firm, he believes, as the ongoing company creates opportunities for completely new agents to enter the true estate business.

“We sort of focus on that, and we’re pleased with it,” says Caveness. “We would rather hire new agents when compared to a retread of someone that has been trained elsewhere rather. You want to recruit people through our pre-licensing school and put them inside our career-start training curriculum that people offer every month and train them the Carpenter way.”

While maintaining the most recent and greatest technology could be a challenge, for someone of his tenure especially, Caveness surrounds himself with individuals who can keep track of what’s happening.

“They monitor what’s happening on the market in the true estate industry coast to check and coast at what’s working and what’s not,” says Caveness. “Section of our culture, this each day and we actually work, is that we’re not drawn to the shiny penny. We’re not pioneers. We study how many other smart folks are doing successfully, and we adapt after that it.”

While that could mean losing from being the first ever to join something, it means that the firm is making the proper moves because of its business model. Making the effort to review something before implementing it results in excellent results also.

One way the firm differentiates itself from your competition is by not charging agents transaction fees, along with spending money on everything a fresh agent needs—aside from their first group of business cards.

“The materials are given by us, the support, the coaching and working out, and that training stops,” says Caveness. “Our competitors give us a call the &lsquo even;training company,’ even though they might desire to away seduce our people, we pride ourselves on that. The chance is supplied by us to begin with a genuine estate career and create a long-term, rewarding career with this company financially.”

Many of the firm’s agents have already been with the ongoing company for a long period, and Caveness feels that is among the good reasons the business has been so successful through the years.

Another big differentiator may be the known proven fact that Carpenter REALTORS® every Sunday in the newspaper still advertises. In fact, Caveness believes this is actually the best media reach available on the market still, enjoying the exclusivity it offers the ongoing company.

“We’re quite definitely a normal residential property company,” says Caveness. “We’re not in virtually any other businesses. For a ongoing company our size, that’s sort of rare. All we concentrate on is helping people trade homes, and it’s making us a lot more unique.”

Vitals: Carpenter REALTORS®
Years in Business
: 47
Size: 32 offices, 685 agents
Region Served: Central Indiana
2017 Sales Volume (by Nov. 1, 2017): $1.15 billion
2017 Transactions (by Nov. 1, 2017): 7,000
www.callcarpenter.com

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20 Jan

Home Remodeling Spending to remain Strong

Home remodeling spending is likely to stay strong in 2018, 7 up. year 5 percent from last, based on the latest Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

“Steady gains in the broader economy, and in home prices and sales, are supporting growing demand for home improvements,” said Chris Herbert, managing director of the Joint Center for Housing Studies, in a statement. “We expect the remodeling market may also get yourself a boost this season from ongoing restoration efforts in lots of areas of the united states influenced by last year’s record-setting natural disasters.”

“Despite continuing challenges of low for-sale housing inventories and contractor labor availability, 2018 could post the strongest gains for home remodeling in greater than a decade,” said Abbe shall, research associate in the Remodeling Futures Program at the Joint Center for Housing Studies, in the statement. “Annual growth rates haven’t exceeded 6.8 percent since early 2007, prior to the Great Recession hit.”

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18 Jan

Builder Confidence Going Strong

Home builder confidence in the brand new, single-family construction market is certainly going strong, despite dialing back the most recent National Association of Home Builders (NAHB)/Wells Fargo HOUSING MARKETPLACE Index (HMI). For January was 72 the Index reading, just two points under a spike in December. An above-50 reading indicates more building contracters have a confident outlook when compared to a negative one.

“Builders are confident that changes to the tax code will promote the tiny business sector and boost broader economic growth,” said Randy Noel, chairman of the NAHB, in a statement. “The entire year ahead our members are worked up about, even while they continue steadily to face building material price shortages and increases of labor and lots.”

Home builders’ in January expectations regarding present and expected single-family home sales both dipped, down one indicate 79 and something indicate 78, to be able, while expected homebuyer traffic was down four points to 54.

However, “the HMI gauge of future sales expectations has remained in the 70s, an indicator that housing demand should continue steadily to grow in 2018,” said Robert Dietz, chief economist of the NAHB, in the statement. “Because the overall economy strengthens, owner-occupied household formation increases and the way to obtain existing-home inventory tightens, this season we are able to expect the single-family housing marketplace to create further gains.”

Source: National Association of Home Builders (NAHB)

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18 Jan
18 Jan
17 Jan

On-the-Go and In-the-Know: RPR Mobile

RPR Mobile™ the ante for today&rsquo ups;s property professionals

Since the advent of the smartphone, property professionals and consumers alike attended to be determined by these handheld devices for just about any and everything beneath the sun. So when smartphones continue steadily to change and evolve before our eyes, there’s no denying that they’ve turn into a driving force within the true estate industry truly.

“The truth is that deals aren’t anymore manufactured in the office,” says Reggie Nicolay, vice president of Social and Marketing Media at Realtors Property Resource® (RPR®). “Actually, almost anywhere today deals are created, like the grocery store, while grabbing dinner at a restaurant even though unplugging on holiday even.”

The largest database of parcel-centric property information, RPR—that is closed to the public—provides agents with one streamlined system obtained from multiple sources. With public record information, tax assessment info and school district data, RPR serves as a one-stop look for property professionals seeking to change lives by giving clients the info they have to make an informed selling or buying decision.

Taking what to a complete new level, RPR Mobile™ means that property professionals that are on-the-go don&rsquo constantly; t miss a beat with regards to maintaining prospects and clients.

For Jickson Chacko, a REALTOR® with Cherry Creek Properties in Jackson, Colo., integrating RPR Mobile into his day-to-day routine is really as simple as living his life.

“I’m constantly picking right up clients while looking after the plain things I really do every day,” says Chacko, who depends upon RPR Mobile to create connections. “It’s extremely useful when speaking with individuals who already own homes also, when i can pull up the house, inform them just how much their home will probably be worth and provide an in depth report even.”

Never someone to miss a chance to provide friends and family the true estate information they want, Joanna Williams finds herself pulling up RPR all of the right time when getting together with friends.

“We don’t think about them as prospects when we’re out having a great time just, but everyone really wants to know more concerning the market always,” says Williams, a brokerage with Better Homes & Gardens PROPERTY Kansas City Homes in Liberty, Mo. “Pulling open the app and discussing their very own home with them goes quite a distance in showing those friends that you’seriously interested in your organization re.”

While the huge benefits connected with RPR Mobile extend all over, the app’s capability to save property professionals time while permitting them to strike a genuine work/life balance can’t be overlooked.

“It’s nice in order to pull up detailed info on a genuine home while you’re showing a house,” adds Williams, who’s analyzing comps for listing appointments right alongside her agents constantly. “RPR’s app seamlessly delivers the info, making you appear to be a pro as you can shoot it straight to the customer within minutes.”

Nicolay notes that how property professionals utilize the app depends upon how they work available. “It’s quite definitely scenario- or persona-based,” says Nicolay, who continues on to describe that RPR Mobile is really a boon for property professionals in lots of situations, including open houses.

“Customers have questions regarding local schools and neighborhoods often, and because of the Reports button situated in the low left corner of the app’s home screen, agents can easily develop a report which can be sent via text or email to any given prospect,” says Nicolay. “It’s the best way to establish communication and lay the building blocks for future follow-up.”

But it doesn’t end there. Actually, RPR Mobile is among the most go-to tool for property professionals over the board.

“It’s become among my hottest tools that I turn to to be able to confirm my market stats,” says Loren Coburn, branch manager at Kevo Properties in Oklahoma City, Okla. “In addition, it helps me confirm the given information I take advantage of to generate market charges for homes.”

year

An avid RPR user for days gone by, Coburn turns to the app every day for a number of reasons.

“When driving through different housing developments, I find myself opening the app to see what the marketplace does. Also, easily stumbled upon a FSBO, RPR Mobile is my go-to for an instant mention of what the real home will probably be worth,” says Coburn. “It always gives me on-demand information I could use to attain out and grab the listing.”

Recent enhancements to RPR Mobile, like the capability to search by voice, are upping the ante even more, in accordance with Nicolay.

“During the last couple of years, voice-to-text is becoming a lot more accurate on both Android and iOS os’s. Integrating this feature into RPR Mobile allows property professionals to go in to the app, press the microphone icon, speak their search and start to see the text enter directly on the screen,” says Nicolay.

In addition to recently integrating the commercial side of the business enterprise in to the app, RPR’s new Comp Analysis Express is another feature that&rsquo yet; s set to improve the game as it is well known by us. This new feature allows REALTORS® to utilize their mobile device to create a CMA before sharing and developing a client-friendly seller’s report. On top of that, if comps have already been selected on the site, they may be viewed on mobile, and vice versa. “It is a big and powerful improvement which will give a complete large amount of value for the,” adds Nicolay.

For those not using RPR? “You’re really missing out,” says Williams, “as RPR is by probably the most robust far, useful tool we’ve at our fingertips.”

For more info, please visit www.narrpr.com.​

Tepping_Paige_color_60x60Paige Tepping is RISMedia’s managing editor. Email her your property news ideas at paige@rismedia.com. For the most recent real estate news and trends, bookmark RISMedia.com.

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16 Jan

Housing and Tax Reform: Where Could the Impact Land?

Homebuyers and homeowners are anticipating fallout from the Tax Cuts and Jobs Act, which includes changed homeownership incentives, like the deductions for mortgage state and interest and local taxes.

deep the result is depends on location

How, in accordance with new research.

With the bill’s new provisions, the mortgage interest deduction (MID) does apply to loans as high as $750,000 (down from $1 million), and state and local tax (SALT) deductions are limited by $10,000. An analysis conducted by HouseCanary recently, provider of predictive property insights and analytics, determined that 82 percent of lost MIDs beneath the new laws are concentrated in 10 metropolitan statistical areas (MSAs), including four California MSAs and four East Coast MSAs.

All told, 6.4 percent of loans between $750,000 and $1 million could possibly be suffering from the changed MID, or $287 million in deductions lost total, the extensive research reveals.

In the case of the deduction of state and local taxes, including property taxes, 66 of the 3,134 counties in the U.S. could possibly be impacted, the extensive research shows. Bearing the brunt could possibly be Boston, Mass., NJ and NY, where citizens could depart for lower property taxes in other states.

HC_2

Thirty-three percent of Americans approve of the Tax Jobs and Cuts Act; 55 percent disapprove, in accordance with a Gallup poll in January. A lot more than 35 percent of respondents to a December realtor.com® survey &ldquo were;concerned” about homeownership in light of the reform.

For more info, please visit www.housecanary.com.

DeVita_Suzanne_60x60Suzanne De Vita is RISMedia’s online news editor. Email her your property news ideas at sdevita@rismedia.com. For the most recent real estate news and trends, bookmark RISMedia.com.

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12 Jan

A Closer Look at CES’s Game Changers

At CES 2018, the buyer electronics’ this week mega show in NEVADA, I hung out with robots, used the most recent VR headsets, and talked—yes, talked—to a bunch of appliances, from the bathroom mirror to a refrigerator. After scouring the show floor, This season that hold real potential to shake up the true estate market i came across several products. In the video below, I outlined what I believe is among the best tech I saw at the show this season. But needless to say, my rankings are subjective so utilize the poll below to vote for the favorite!

Check out most of REALTOR® Mag’s CES 2018 coverage.

 

Which of these 10 game changers from CES 2018 has the most potential to impact your business?