Archive for the 'Real Estate Tools' Category
Have You Had the ‘Social Media Talk’ with Your Clients?
July 13th, 2010 Categories: Real Estate Tools
In today’s real estate market, buyer’s still carry the upper hand when it comes to negotiation. And as their Realtor, it’s your job to passionately and intelligently guide and educate your clients through the sales process from start to finish.
It’s time to add the ‘social media talk’ to your list.
Have the conversation with your clients
With online connectivity virtually blanketing the entire world and the expansion of the savvy buyer, it’s important you have a conversation with your clients about disclosure of information regarding their listing on social media sites and communities, like Facebook and Twitter.
First, take their social media temperature. Ask them a few questions to gauge their social media engagement and overall understanding of the medium. There are several camps of the types of people, as well as mind sets who engage in social media. Those who participate all the time, those who keep their feet wet and those who don’t while holding up a large closed sign with big locks on their door.
Don’t disclose the sales or escrow process online
Make sure your clients keep the marketing and pending sale information of their home close to their chest. Be sure they don’t discuss pending offers, the inspection process, or escrow particulars in the social media communities in which they belong.
Many of your clients may find this activity harmless and just friendly chat amongst their friends and family, but in some instances, it could derail a sale. For example, if your client’s Facebook pages are set to share with everyone, the information they post is ‘open’ for the world to read. Twitter is also open for everyone to read—even if your client has protected tweets, individuals within their community have access to their posts.
Savvy buyers can find your clients in social media communities
Potential buyers can find out the names of property owners through county assessor website information and run a search through various social media tools to locate a property’s owner. Any information your clients post in open social media communities can disclose the type of people the owners are, and potentially, the progress of the property’s advancement through the sales process, pending offers and the home inspection.
Remember to add the ‘social media talk’ to your new client presentations or have the discussion with your current clients. In the end, it may save the deal.
From RISMedia
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Search Luxury Homes in Los Angeles at Valerie Fitzgerald Real Estate Listings or contact Valerie Fitzgerald at 310-285-7515.
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International Interest in U.S. Homeownership Increases, Realtors Report
July 9th, 2010 Categories: Real Estate Tools
International home buyers are increasingly attracted to property in the U.S., according to the National Association of Realtors’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.
“While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, Realtors have a global perspective.”
The survey covers the period between April 1, 2009 and March 31, 2010. During that time, foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7% of the residential market.
Slightly more than a quarter of Realtors, 28%, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23% of Realtors worked with foreign clients. Eighteen percent of all Realtors were estimated to have completed at least one sale, compared to 12% last year.
“Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of Realtors report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.
International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23% of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010, Mexico replaced the U.K. as the second largest buying group with 10% of buyers. Buyers from the U.K. decreased from 10.5% in 2009 to 9% in 2010. Eight percent of recent buyers came from China/Hong Kong.
Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.
International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53% of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.
The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009’s median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16% of the total international purchases were for homes priced at more than $500,000. According to Realtors, this was because international buyers are typically looking for a second home.
A majority of international buyers, 66%, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23% and 7%, respectively. Only 44% of international buyers used a mortgage to pay for their home, compared to 92% of domestic buyers. Fifty-five percent of foreign buyers paid all cash. Realtors reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34% of potential foreign buyers were unable to complete transactions because of financing problems in the U.S.
From RIS Media
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Search Luxury Homes in Los Angeles at Valerie Fitzgerald Real Estate Listings
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7 Things All Borrowers Should Know About FHA Loans
July 7th, 2010 Categories: Real Estate Tools
FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).
“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”
1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.
2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.
3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.
4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.
5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.
6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.
Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.
Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.
7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.
“Now, more than ever, buyers and sellers need to understand the options available to them when it comes time to buy a home,” continued Gardner. “At FHA Pros we have worked with countless HOAs, attorneys and individuals to easily and efficiently navigate the historically tricky FHA-approval process.”
From RIS Media
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Search Luxury Homes in Los Angeles at Valerie Fitzgerald Real Estate Listings
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U.S. Home Prices Rose a Better Than Expected 3.8% in April
June 29th, 2010 Categories: Real Estate Tools
Conditions in the U.S. housing sector improved a bit more than expected in April, as home prices in 20 major cities rose 3.8% on a year-over-year basis, according to the S&P/Case-Shiller U.S. National Home Price survey. They rose 2.4% year-over-year in March.
Home prices in the 20-city index also rose 0.8% from March to April — the first month-to-month increase in half a year, Case-Shiller said.
Economists surveyed by Bloomberg had expected home prices to rise 3.5% in April on a year-over-year basis.
Meanwhile, the S&P/Case Shiller 10-city index rose 4.6%, on a year-over-year basis, and 0.7% from March to April.
David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, said that although the April data indicated improvement in the housing sector, the gains were enhanced by the expiration of the home buyer tax credit in April, and were not as broad-based as one could wish for.
Gains Were Concentrated in California
“Home price levels remain close to the April 2009 lows set by the S&P/Case Shiller 10- and 20-City Composite series. The April 2010 data for all 20 MSAs [metropolitan statistical areas] and the two composites do show some improvement with higher annual increases than in March’s report. However, many of the gains are modest and somewhat concentrated in California,” Blitzer said, in a statement. “Moreover, nine of the 20 cities reached new lows at some time since the beginning of this year. The month-over-month figures were driven by the end of the federal home buyer tax credit program on April 30.”
Year-over-year percentage price changes in some major U.S. cities included: New York, down 1%, Chicago, down 1.6%, Boston, up 4.9%, Washington, D.C., up 7.3%, Atlanta, up 0.2%, Tampa, down 2.4%, Miami, down 0.5%, Dallas, up 3.3%, Denver, up 4.4%, Los Angeles, up 7.8%, San Francisco, up 18%, and Seattle, down 2.8%.
Overall, April’s home price report represents only a small victory for the U.S. housing sector. The 3.8% year-over-year gain and the 0.8% rise in April are positive developments, but economists generally agree that the now-lapsed home buyer tax credit likely boosted sales and prices. If demand is not strong enough to support prices without the support of the tax credit program, home prices could retrench in May or June.
For now, the modestly positive numbers in April report are a signal that the negative wealth effect may be dissipating — but it will take two or three more months of data before economists and real estate agents can predict whether the U.S. housing sector will continue to recover.
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10 Ways to Make Your House Worth More
June 18th, 2010 Categories: Real Estate Tools
Kendra Todd, host of My House Is Worth What?, tells you how to set your home apart and get the maximum price for your property.
Liven Up the Landscaping
Not only does good landscaping give you the highest return on your money, but it also can literally transform the exterior look and feel of your home. Hire a landscaper to do the job, or do it yourself for some old-fashioned sweat equity. Either way, be sure to turn your front yard into a colorful, floral oasis.
Enhance Your Exterior Entryway
Make your front door the centerpiece of your home’s curb appeal. Repaint it a striking, tasteful color, or sand it down and stain it for an antique, weathered look. Finish the look with updated lights, potted plants on either side of the door and a new, high-end knocker and handle.
Have a Welcoming Walkway
The front walkway is essential to drawing the buyer in the door, so it’s got to pop. You’ll get points with buyers for installing a high-end material such as brick pavers. If your pathway is curved, accentuate the movement by lining it with lights or flowering plants.
Freshen the Foyer
What do people see first when they enter your home? Consider that the foyer is the first impression of your home’s interior, so make sure it doesn’t block the line of sight to any marketable rooms or views. Remove bulky furniture, paint it a neutral color, upgrade the lighting, and have fun with things like high-end entry tile or even marble flooring.
Light It Up Right
The right lighting can make a small home appear larger or a dark home seem sunny and cheery. The wrong lighting can make your home feel dark and dreary. Installing brighter, modern light fixtures not only highlights your home’s best features, but the right style of fixtures can also create a more current look.
Neutralize With Paint
Paint color is a personal choice, and potential buyers will probably want to customize it for themselves when they move in, but that’s no reason not to paint when selling. You are out to showcase your home in its best light, right? Don’t fall into the “white or beige” trap, but also avoid rich, dark colors as those don’t appeal to everyone. Think about richer colors with wider appeal, and don’t forget to focus on the details: window and door trim, baseboards and crown molding.
Update Fixtures, Hardware
Avoid major kitchen and bathroom overhauls if you are ready to sell. Instead, highlight the existing good features by tackling small tasks such as updating the lighting and installing new faucets, nozzles, mirrors and cabinet doorknobs. You’ll be surprised how big an impression these small, relatively inexpensive updates will make.
Repaint Cabinets
Replacing or even refinishing cabinets can be costly and therefore risky if you dump a ton of money into your place right before you sell. A quicker and less expensive way to recoup your costs and still modernize your home is to repaint the cabinets. It’s incredible to see how a coat of paint can transform the entire look of your kitchen or bath.
Don’t Forget the Flooring
Flooring has one of the most dramatic effects on the size and appeal of your home, and you get a great boost in value if you choose the right materials. If you have worn, stained carpet or vinyl flooring, rip it up quickly and replace it with tasteful tile, wood laminate, or, if your market allows, nice hardwood floors.
Create a Backyard Oasis
What do buyer’s see when they walk out back? A vacant slab of concrete? A rarely used covered pool? Transform your backyard into an entertaining space, so the buyer can visualize all the good times they’ll have out there with neighbors and family. Buy some inexpensive patio furniture, a grill and some potted plants to fill extra space and tie it all together. Install some outdoor lighting as the finishing touch. By the time you’re done, you’ll wonder why you didn’t do it sooner.
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Search Luxury Homes in Los Angeles at Valerie Fitzgerald Real Estate Listings
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Optimistic Outlook for Housing, But Challenges Remain
May 25th, 2010 Categories: Real Estate Tools
Economists participating in a recent NAHB Construction Forecast Conference Webinar agreed that the housing market is on the road to recovery, but cautioned that several factors could contribute to a bumpy ride in the coming months.
“Home buyer tax credits clearly did their job and got people back into the marketplace,” said NAHB Chief Economist David Crowe, who also served as moderator of the webinar.
With the expiration of the tax credits in April, Crowe said the housing momentum is being carried forward by low interest rates, pent up household formations, stabilizing prices and budding employment growth.
However, many factors continue to drag on housing at this time–including the critical shortage of credit for new and existing projects, competition from short sales and foreclosures and regional economic disparities.
The availability of acquisition, development and construction (AD&C) financing remains a major concern as the industry moves forward, Crowe said. “Builders still tell us that credit is extremely tight. Banks are saying not so much. That gap is an indication that something is broken, at least when it comes to residential construction.”
NAHB is forecasting 552,000 single-family starts in 2010, up 25% from last year’s 445,000 level, which was the lowest annual output since 1959 when the government began collecting this data.
Suffering from an acute shortage of available financing and a significant shadow inventory of homes lost to foreclosure that are competing against normal inventory, Crowe said that multifamily housing starts are expected to lose further ground this year, falling 18% to 93,000 units, before rebounding to 150,000 units in 2011.
Crowe anticipates that nationwide home prices will remain flat this year and post a modest increase in 2011 and that mortgage interest rates will continue to stay low, barely breaking 6% by the end of this year, and not rising much above that level through 2011.
The road back to normal levels of residential construction will be longer for some states than others. By the end of 2011, the top 20% of the states will see their production levels back to normal. Those states include Texas, Oklahoma, Montana, Wyoming, Tennessee, Louisiana, Mississippi, Alabama, Arkansas and Kansas. The previous boom markets in California, Arizona, Florida and Nevada, along with the Great Lake states of Michigan, Indiana, Ohio, Illinois and Wisconsin that were hit by deep cuts in auto production and manufacturing, will be the last ones to recover.
Housing Demand Reflects Job Growth
Like his co-panelists, Mark Zandi, chief economist of Moody’s Analytics, said that housing will improve as the job market does. He forecast that the economy will average monthly job gains of 125,000 this year, 250,000 in 2011 and 300,000 in 2012.
Mirroring anticipated employment growth, Zandi expects GDP to rise 3% this year, approximately 4% in 2011 and closer to 5% in 2012.
The key factor driving housing demand is jobs, said Zandi. “We’re not going to get home sales unless we have jobs. Here the prospect is good. Business balance sheets are in good shape and improving rapidly. These are pre-conditions for better job growth and we should see the job market steadily gain traction.”
Zandi forecast that overall housing starts will total 700,000 units this year, close to 1 million in 2011 and about 1.7 million by 2012, which he describes as close to trend and consistent with demographics in a normal functioning economy.
Driven largely by the high foreclosure rate, Zandi expects that home prices will continue to fall modestly in 2010, down about 5% on a national average. He calculates that the difference between supply and demand is approximately 750,000 units annually, and it will require until the end of 2011 to work off this extra inventory.
“The good news,” he said, is “as the job market improves, so will household formations and demand. So I anticipate we will work off the excess inventory more quickly than the two-year period.”
He added that most of the housing surplus is regionally concentrated in Florida, around Atlanta, along the South Carolina coast, in Las Vegas, Phoenix, and Tucson and in the central valley of California.
Consumers Fuel Recovery
Taking the most bullish approach to the ongoing recovery, Chris Varvares, president of Macroeconomic Advisers, LLC, forecast that GDP will rise 3.7% this year and that housing starts will total 750,000, well above the Blue Chip Economic Indicators consensus of 690,000.
“Personal consumption expenditures are making a very solid recovery,” said Varvares. “Residential investment is going from a drag to a contributor. The difference between our forecast and the consensus is the strength in personal consumption and housing.”
Although the huge number of foreclosures on the market are accounting for about 300,000 to 400,000 fewer starts than there otherwise would be, Varvares said the fundamentals still point to a solid trajectory for housing.
“With prices stabilizing, demand is picking up and we expect builders to respond. By the end of 2011, we expect about 1.2 million housing starts. This suggests we can have recovery in starts this strong while simultaneously working down excess housing inventory.”
The panelists were in unanimous agreement on a number of areas–the Federal Reserve will likely continue to keep interest rates near rock bottom levels at least through the end of the year; the chance of a double dip recession is extremely slim; and policymakers will need to take action within the next two years to increase revenues and cut spending to rein in the burgeoning structural deficit.
For more information, visit www.nahb.org.
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Search Luxury Homes in Los Angeles at Valerie Fitzgerald Real Estate Listings
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
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Mortgage Rates at Lowest Level in 6 Weeks
May 10th, 2010 Categories: Real Estate Tools
Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.00% with an average 0.7 point for the week ending May 6, 2010, down from last week when it averaged 5.06%. Last year at this time, the 30-year FRM averaged 4.84%.
The 15-year FRM this week averaged 4.36% with an average 0.7 point, down from last week when it averaged 4.39%. A year ago at this time, the 15-year FRM averaged 4.51%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97% this week, with an average 0.7 point, down from last week when it averaged 4.00%. A year ago, the 5-year ARM averaged 4.90%.
The 1-year Treasury-indexed ARM averaged 4.07% this week with an average 0.6 point, down from last week when it averaged 4.25%. At this time last year, the 1-year ARM averaged 4.78%.
“Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid ARMs followed suit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to the survey in the beginning of 2005.
“The home buyer tax credit helped support home sales in March, and anecdotal reports point to strong April sales as well. Pending existing home sales rose for the second consecutive month in March to the strongest pace since October 2009, just before the original deadline for the credit, based on figures published by the National Association of Realtors. Three of the four Census regions showed an uptick in sales, led by the South with a 12.7% gain, while sales in the Northeast fell 3.3%. To receive the federal tax credit, home buyers had to sign contracts by April 30th and settle by June 30th of this year.”
Copyright© 2010 RISMedia
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Check out Valerie Fitzgerald Beverly Hills Real Estate Listings
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Pending Homes On An Upswing
May 6th, 2010 Categories: Real Estate Tools
Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®. The Pending Home Sales Index (PHSI) forward-looking indicator based on contracts signed in March, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009 when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”
The PHSI in the Northeast declined 3.3% to 75.1 in March but remains 27.2% higher than March 2009. In the Midwest the index increased 1.2% to 98.9 and is 18.5% above a year ago. Pending home sales in the South jumped 12.7% to an index of 121.2, which is 28.3% higher than March 2009. In the West the index rose 1.9% to 99.9 and is 8.8% above a year ago.
“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”
The National Association of Realtors, “The Voice for Real Estate,” is one of America’s largest trade associations, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
Copyright© 2010 RISMedia
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Check out Valerie Fitzgerald Beverly Hills Real Estate Listings
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NAR Pulse: This Week’s Top Stories from the National Association of Realtors
May 5th, 2010 Categories: Real Estate Tools
Get the Good News at NAR’s Booth #1707 at the Midyear Trade Expo
If you are attending the Midyear Legislative Meetings and Trade Expo, be sure to stop by NAR’s Booth #1707 to get the tools and resources you need to succeed! Join The Heart of the Market movement by sharing why you LOVE being a REALTOR®. Browse a wide variety of market relevant publications, including the new publication “Social Media for REALTORS®: 101 Dos and Don’ts.” Learn the latest news on Realtors Property Resource (RPR), NAR’s exclusive online real estate database. Attend a REALTOR® Party Rally at 11 a.m. daily to learn how you can get involved in the REALTOR® Party. Get hands-on help downloading FREE eProducts and purchase publications AT COST, thanks to Right Tools, Right Now. Learn about the two new partners in the REALTOR Benefits® Program, and pick up NAR’s Top 10 Benefits brochure, the Catalog, and a big cookie to-go. See you in DC!
Educational Opportunities from NAR’s REALTOR Benefits® Program
NAR understands that education is a key component for REALTORS looking to differentiate themselves in the marketplace. To help you achieve your goals, the REALTOR Benefits Program includes special pricing on certain real estate focused certifications and designations. For a current listing of educational offerings, click here.
Green MLS Toolkit Unveiled
NAR’s Green REsource Council, along with a number of green industry groups and real estate associations announces the launch of a new Green MLS Toolkit at www.greenthemls.org. The MLS Toolkit provides a snapshot of the green home industry, outlines why adopting a green initiative for the MLS is important and offers strategies for effective change for brokers, REALTORS®, builders and appraisers looking to spearhead the greening of the MLS system in their local community.
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
Check out Valerie Fitzgerald Beverly Hills Real Estate Listings
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Construction Sector Adds 15,000 Jobs in March
April 7th, 2010 Categories: Real Estate Tools
For the first time in nearly three years, the construction industry gained jobs, adding 15,000 positions in March, according to the U.S. Bureau of Labor Statistics’ monthly employment numbers released Friday.
That translates into 5,592,000 jobs for the industry and a significant piece of economic news for the sector, which has lost an average of 72,000 jobs monthly during the past year. (The construction industry, as defined by the U.S. Bureau of Labor Statistics, includes residential and commercial builders, specialty trade contractors, civil engineers, and other related professions.)
Unfortunately, the growth didn’t come from the home building side of the business. Residential construction, a subset of building construction, lost 800 jobs in March, falling to total employment of 585,200 positions. Total jobs for residential specialty trade contractors slipped by 9,300 jobs to 1.543 million.
But there are some signs of hope in the larger economy.
According to the data, the country added 162,000 jobs last month, which “suggests that the economy has broken through to sustained job creation,” said Nigel Gault, chief U.S. economist for IHS Global Insight in Lexington, Mass. “The key figure is not the 162,000 jobs headline for March, because that was artificially boosted by temporary Census hiring and by a bounce after February’s snow storms. What matters is that between January and March…. the economy added 131,000 private-sector jobs.”
The unemployment rate was unchanged in March compared to the previous month, with a reading of 9.7%.
From BuilderOnline.com
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Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the Westside Los Angeles brokerage community. Today she oversees sales for the Carlyle Residences and Latitude 33. She’s also the author of the book published by Simon and Schuster Heart and Sold: How to Survive and Build a Recession-Proof Business.
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