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Ready to obtain your real estate broker's license? Now may be the right time to make your move. According to a CNNMoney.com article, Americans are still passionate about owing a home - they are just proceeding with greater caution. Check out an excerpt from the article:
Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday.
A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.
But the survey also suggests that potential home buyers have become more cautious in the years since the housing bubble burst, giving rise to a wave of foreclosures and a severe recession.
"Consumers are still committed to owning a home, but are showing increased cautiousness," said Doug Duncan, chief economist at Fannie Mae.
He said the downturn in the housing market has led to a "rebalancing" of consumer attitudes towards homeownership. Americans are adopting a more realistic approach and are now less willing to take risks, he said.
The survey showed that home buyers are growing more concerned with longer- term priorities, as opposed to the house "flipping" mentality that characterized the market during the boom years.
Over 40% said personal safety was their main consideration when buying a home, while a third indicated that the quality of local schools was the dominant factor. more>>
Posted by Danielle Darany @ 4:51 PM • 0 comments
After dwindling to just 12 percent in the 1980s, the multi-generational family is now once again on the rise. In fact, as of 2008, 49 million Americans, or 16.1% of the total U.S. population, lived in this type of household.
Based on an analysis of census data from the Pew Research Center, a multi-generational family household is defined as a household that contains at least two adult generations or a grandparent and at least one other generation.
Why the surge in multi-generational family households? The Pew study cites these main factors:
- job losses
- home foreclosures
- demographic changes
From the 1940s to the 1970s, there was rapid growth in the number of nuclear family-centered suburbs, a smaller immigrant population, and a rise in the health and economic well-being of adults ages 65 and older. Today, the multi-generational family household is having a resurgence, which Pew attributes to both social and economic reasons above.
Does this signal a potential increase in real estate opportunities? There may be an increased need for larger-sized homes that can accommodate a greater number of people. Also, multiple sources of income may make it easier for people to qualify for homes. Conversely, job losses and foreclosures may lead individuals to move into another family member's existing residence. We'll have to wait and see how this trend affects the real estate landscape, if at all. more>>
Posted by Heather Brunson @ 4:04 PM • 0 comments
Sellers are required by law to disclose any problems about a house - in fact, 30 states have disclosure laws. However in a tough market, when homes are listed for a long period of time, sometimes sellers tell little white lies to help their home get sold. Here's a list of these lies and how buyers can determine the real truth:
- Overemphasizing the square footage and lot size: Because the buyer probably doesn't walk around with a tape measure, he or she is going to be inclined to accept the given measurements. However, if there is a discrepancy, the truth is going to come out in the appraisal. And sellers must beware - smaller dimensions on a house can lead to a lower appraisal and jeopardize the sale.
- Failure to disclose major damage: With the necessary repairs all fixed and a seemingly damage-free house on hand, sellers may be reluctant to tell the buyer about a major event that occurred in the house. However, all the buyer has to do is buy a report from the Comprehensive Loss Underwriting Exchange (CLUE) to learn first-hand the home's history of damage.
- Underreporting the tax and heating costs: High extra costs on a home can be a deterrent for some homebuyers, so sellers sometimes feel the need to paint a more positive picture when it comes to taxes and heating bills. However, the buyer has the right to ask to see recent bills and can view tax records at the tax assessor's office. Additionally, buyers need to look out for any unrecorded improvements, which can adversely affect these extra costs.
The bottom line is that it is never a good idea for the seller to misrepresent any factors relating to a home's condition or up-keep. And it is a real estate broker's job to ensure that all of the presented facts are correct. The truth will most likely always come out and it is beneficial for all parties that a home is fairly and accurately represented, in any type of market.
(Source: The Wall Street Journal, M.P. McQueen, 1/14/2010)
Labels: Real Estate Broker
more>>Posted by Heather Brunson @ 9:16 AM • 0 comments
The ability of a buyer to afford a home depends largely on his or her geographical location. Did you know that a median income of $64,000 per year is enough to enable buyers to purchase 70.8 percent of all homes sold in the country in the last three months (source: National Association of Home Builders and Wells Fargo)?
You may wonder where the most affordable areas actually are. Here's a list of the top 5 most affordable markets:
1. Indianapolis, IN
2. Detroit, MI
3. Dayton, OH
4. Youngstown, OH
5. Akron, OH
Is a move in your future? These markets proved to be the most affordable major markets determined by housing analysts.
(Source: CNNMoney.com, Les Christie, 2/17/1010) more>>
Posted by Heather Brunson @ 12:41 PM • 0 comments
By the time you obtain your real estate broker license, chances are, you've either held or attended your share of open houses. And let's face it - holding an open house can sometimes seem like a chore.
However, in today's market, your associates need to take advantage and maximize every marketing opportunity in order to get their clients' homes sold. Here are five motivaters to get your associates into open house mode:
1. Open houses have the potential to lead to a sale.
2. Home sellers like them. They like seeing their real estate professional working hard for them.
3. Visitor feedback is good for sellers, especially if your sellers are in need of a little additional convincing to make some home upgrades/changes.
4. Other real estate practitioners tour open houses and they sometimes produce sales.
5. Open houses engage people, including friends and neighbors who might bring in a buyer. These interactions can also lead to new, potential client relationships.
Source: Inman News. M. Umberger more>>
Posted by Danielle Darany @ 2:06 PM • 0 comments
According to a special report to air on CNBC on March 4, 2010, AARP lists the top places Baby Boomers plan to retire. Some of the locations may surprise you!
1. Loveland/Fort Collins, Colorado
2. Las Cruces, New Mexico
3. Rehoboth Beach, Delaware
4. Portland, Oregon
5. Greenville, South Carolina
6. Sarasota, Florida
7. Ann Arbor, Michigan
8. Tucson, Arizona
9. Montpelier, Vermont
10. Honolulu, Hawaii
11. Santa Fe, New Mexico
12. Atlanta, Georgia
13. Charleston, South Carolina
14. Northampton, Massachusetts
15. San Diego, California
(Source: CNBC, Paul Toscano) more>>
Posted by Heather Brunson @ 10:38 AM • 0 comments
Keep your real estate broker career on track and stay compliant with the new Good Faith Estimate (GFE) and HUD-1 rule - it went into effect on January 1, 2010.
This final rule, as stated by the Department of Housing and Urban Development (HUD), seeks "To simplify and improve the process of obtaining mortgages and reduce consumer settlement costs."
Need a little guidance? Learn how to properly address and fill out the GFE and HUD-1 forms with this short, instructional video from REALTOR.org.
more>>
Posted by Danielle Darany @ 3:40 PM • 0 comments
