Realestatelicense.com has created this blog to keep you informed on recent real estate news, views, and topics. Real estate is a very dynamic field. Everyday there's something new and exciting happening in the world of real estate. Use this blog to stay on top of current real estate events, news, and views and support your real estate license and career. As a licensed real estate professional, you need to know this information.
According to the latest quarterly report from the National Association of Realtors, there are many metro areas that are seeing conditions that are balanced. According to Lawrence Yun, NAR chief economist, “Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish.
“More importantly, we’re seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices.”
With regard to pricing, median existing single-family home prices rose in 29 out of 149 metro areas in the fourth quarter of last year. At present, the national median price was $163,500 for the quarter, which is down 4.2 percent from the prior year.
As noted by NAR, “Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times because the level of distressed sales, which artificially depress median prices, can vary notably in given markets. Annual price measures, also reported today, generally smooth out any quarterly swings.”
However, local trends are what rules real estate, with some regions experiencing slowing while others are going through a job growth spurt. The Midwest is where the most buying power is due to lower prices, with existing-home sales increasing 7.0 percent in the fourth quarter, which is 14.1 percent higher than last year.
NAR President Moe Veissi stated that, “Even with record high housing affordability conditions, all real estate is local.”
In broader terms, the national scope saw existing-home sales increased 5.9 percent in the fourth quarter, which is 9.2 percent above last year at this time, with NAR reporting all regions rising from third quarter levels.
Source: WSJ
Image by Horia Varlan
Labels: NAR, national association of realtors, Real Estate Sales
Things are looking up-and-up for existing home sales, with December trends showing a rise of three consecutive months. Existing home sales were also above where they were a year ago.
According to monthly data, total existing-home sales rose 5.0% to a seasonally adjusted annual rate of 4.61 million in December 2011, from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. Estimates were based on completed transactions via multiple listing services. This includes single-family homes, townhomes, condos and co-ops.
“The pattern of home sales in recent months demonstrates a market in recovery,” said National Association of Realtors® chief economist, Lawrence Yun, who also stated that record low mortgage interest rates, job growth and bargain home prices have given more consumers the confidence they need to enter the market.
Source: NAR
Labels: licensed real estate salesperson, national association of realtors, Real Estate News
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Labels: real estate career, real estate designations
Once you
get your real estate license, which prospect group do you plan on targeting? When the first-time home buyer’s tax credit was available, targeting first time buyers made sense for many licensed agents. But now that the offer has expired, are those first-time buyers still buying?
According to a recent November 1 report from RISMedia, the overall answer is “yes.” We’re not talking about a buying frenzy, as this group is moving at a slower rate. Why? Beliefs that prices and interest rates will drop lower and concerns over job security in a changing economy.
Although these are viable concerns, they are also among the top reasons why potential home buyers remain on the fence. So let your
real estate training kick in and use your uncanny reasoning/deductive logic skills to spring this promising niche into action. Real estate is still a good, long-term investment.
Check Out Highlights from the RISMedia Report:
- First-time home buyers are purchasing homes at much the same pace they were before the first-time home buyer’s tax credit created a buying frenzy two years ago.
- During the first seven months of 2011, first-time home buyers made up 32-36% of the market, according to NATIONAL ASSOCIATION OF REALTORS® (NAR) statistics.
- Low interest rates and fallen home values are drawing more first-time home buyers to the market, at a time when rental prices are rising.
- The FHA’s 3.5 % down payment market share has seen a large increase in the last few years, rising from 3 to 30% since 2006, even though tighter credit standards and higher fees took effect a year ago.
Want to learn more about what today's first-time buyers and home owners are thinking? Check out NAR’s 2011
American Attitudes About Homeownership survey, which found that 95 percent of owners and 72 percent of renters believe that over a period of several years, it makes more sense to own a home.
To get your real estate license >or not, is that the question holding you back? Maybe all you need is a little insight into your traits and personality in order to discover your true calling. Enter the time and trusted Myers Briggs Type Indicator (MBTI) test.
About 89 of the Fortune 100 companies use the Myers Briggs Type Indicator test to help employees find their best fit within the company. The test evaluates individuals on four “Continuunms”:
- Extroversion-Introversion: You either focus out on things around you, or you focus in on your own thoughts/ideas.
- Sensing-Intuition: What type of decision maker are you? You either want the big picture, or you prefer just the specific facts/details.
- Thinking-Feeling: You either base your decisions on emotions/feelings, or you prefer objective logic.
- Judging-Perceiving: You either prefer structure/organization, or lean towards spontaneity/flexibility.
One national survey conducted by Douthit Communications, Inc. found that 75% of real estate agents are Extroverted-Judgers, which is three times the percentage of Extroverted Judgers in the population as a whole. Is that you? Take the MBIT online at www.capt.org, as well as a variety of other personality tests. Or you can stay right here and check out this well-done infographic for a quick overview:
And what if it turns out that real estate is your calling? Keep it simple - Take online real estate courses and get licensed fast.
Real estate training does not stop once you get your real estate license. Today’s economy is changing quickly. And what goes this month may be replaced with another system, law and/or program next month. Example? The “Cash for Keys” program.
Real estate agents are learning about and successfully using the “Cash for Keys” program to get buyers into the homes of owners who are facing foreclosure. Owners are typically offered between $500- $2,500 if they move within 30 days. Banks benefit by saving money on eviction costs, owners benefit by receiving extra cash and avoiding a foreclosure on their credit report, and buyers benefit by getting the home they desire more quickly.
Real estate agents are often at the heart of the “Cash for Keys” process, as they are the ones who deliver the offer. In addition to foreclosures, the program is gaining momentum with banks when dealing with short sales. For example, Bank of America is testing a program in the state of Florida that would compensate short sellers up to $20,000 and remove their loan deficiency.
So, what kind of real estate training do you need in order for your clients to benefit from this program? According to the
National Association of REALTORS®, as more real estate professionals continue to find foreclosures and short sales an increasing part of their job description, they’re seeking extra training and
professional real estate designations in order to navigate these often-complex transactions.
In fact, about 21% of National Association of REALTORS® members hold special certifications that help agents better handle distressed property. That’s up from 12 percent last year (2011). Are you among this 21 percentile group? Get moving and keep those skills current.
If you're taking a
real estate training course, you can expect a huge emphasis on state laws and regulations. Yet, there are certain tasks that, as a professional real estate agent, your training course will not discuss in-depth. Taking quality photos of your clients' homes for print and Web marketing falls under this umbrella. What to do and how to do it on a humble budget?
First, tinker with your smart phone's camera settings. For example, your smart phone will allow you to select from different resolutions. Taking photos for a print marketing brochure? Keep photos sharp with a high resolution setting, but if your photos are all Web site bound, the low resolution setting should do just fine.
Other simple tips include taking photos when the sun is at its highest and your subject/object is facing the light. Also, make sure your camera lens is clean.
You may find that some smart phone camera functions are time wasters. For example, many argue that the zoom function is unnecessary. Instead get closer to your subject or simply crop later on. Additionally, a harsh LED flash can sometimes do more harm than good. To determine if your flash is necessary, try taking a photo with and without it. It's always better to have options.
Finally, it never hurts to give the photos of your clients' homes a little extra help. And this How to Minute Photoshop Express video from
realtormag.realtor.org offers a quick and simple solution for photo editing right on your phone. Check it out now:
The moral of this blog post? Do more than learn state laws and regulations while taking your
real estate license course. Think bigger and get familiar with other tasks you will need to master – Like taking great looking photos on your smart phone, because no one wants to be “that realtor who takes awful photos.”
Have any smart phone camera tips? Recently downloaded a smart phone editing app that you simply love? Tell us about it now - Your suggestions are appreciated!
Ready for a little real estate training that’s probably not covered in the midst of all those important state laws and regulations you’re memorizing? Let’s talk real estate marketing. Once you obtain your real estate license, you will be responsible for promoting your services, so why not get a head start?
Get online, because when compared to the costs of print advertising, social media is a cost-effective solution for reaching your target audience. Click on the infographic below for a little insight.
Growing your connections or fan base on a social media site will take some time, which is why planning a social media strategy during your real estate career training is a smart move. And there are ways you can draw attention to your social media site to expedite the growth process. For example, to grow out a professional Facebook page you could:
- Add Facebook icons to your Web page, business cards and all other marketing collateral
- Provide incentives for prospects to like your fan page (discount, contest, philanthropy donation)
- Update your page daily with content that matters to your fan base such as local community/economic news, special events, links to interesting articles, links to listings, etc.
Real estate is about relationship building and social media has helped make the process easier. Stay in front of your clients on a consistent basis, and not only will you increase the chances of repeat business, but may also benefit from referrals.
Already have a professional Facebook page that's working for you? Have a social media page you admire and wouldn't mind emulating? Share the inspiration by posting a link to the page in the comment section.
Infographic Source: postling.com