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U.S. Cities Dominate Foreign Investors’ Top Global Picks

2014-01-17T11:31:00.001-08:00

Source: HousingWire

By a wide margin, foreign investors see the United States as the most "stable and secure" country for real-estate investment, according to a new survey from the Association of Foreign Investors in Real Estate. Overall, the United States was ranked as one of the hottest investment markets for industrial, office and multifamily real estate. The cities of New York, San Francisco, Houston, and Los Angeles were rated to be particularly appealing, but the survey found an increasing interest in cities beyond these major destinations.

Making sense of the story

In the 12 months that ended March 2013, foreign buyers spent $68.2 billion on single-family homes in the United States, or about 7 percent of all home sales.

According to the survey, the United States is seen as the best market in terms of capital appreciation and for real estate purchases in 2014.

Thirty-nine percent of survey respondents have a more optimistic perspective than they did a year ago regarding the U.S. real estate market.

More than 80 percent of respondents in the survey indicated they will increase their portfolio size in the United States. Thirty-one percent are planning a “major net increase.”

Attraction to certain cities in the U.S. directly reflects the propensity for real estate investment to follow jobs, in this case, technology and energy.

Multifamily units were the top property type preferred by foreign investors, followed by industrial property.

Home sellers excited about the market again; have confidence to repurchase, C.A.R. survey finds

2014-01-16T12:04:00.000-08:00

LOS ANGELES (Jan. 16) – Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 California Home Sellers Survey.”

More than two-thirds (69 percent) of home sellers purchased a home after selling their previous residence, up from nearly half (47 percent) in 2012, and from only 12 percent in 2011.

“Much-improved housing market conditions in the last year have given sellers more confidence to own a home rather than to rent one,” said C.A.R. President Kevin Brown. “With sellers being more positive about the future of home prices, the vast majority of sellers who are currently renting plan to buy again in the future.”

Nearly half of sellers (43 percent) believe that home prices will rise in one year, compared to just 9 percent in 2012, and nearly three of five sellers (58 percent) believe home prices will increase in five years, up from 12 percent in 2012.

Additional findings from C.A.R.’s 2013 California Home Sellers Survey include:

• The reasons for selling changed significantly in just one year. In 2012, the majority of sellers sold primarily because of financial difficulties, but as home prices surged, a desire to trade up became the top reason for selling in 2013. Others wanted to take advantage of low interest rates to finance their next home, and some sellers believed the price of their home had peaked and wanted to cash out.

• Heightened market competition in the first half of 2013 led to an increase of multiple offers, nearly all home sellers (98 percent) said they received multiple offers, up from 83 percent in 2012. On average, each home sale received 5.9 offers in 2013 compared to 3.1 offers in 2012.

• Fierce market conditions also led to bidding wars, with nearly half (45 percent) of all sellers receiving offers higher than the asking price. In fact, more than one-third (37 percent) received three or more offers above asking price. Sellers, on average, received 2.2 offers above asking price.

• The Internet continued to be the most common resource for sellers to find an agent, with 51 percent of sellers finding their agent online. One-fourth of sellers used the agent with whom they had previously worked, up significantly from just 3 percent in 2012.

• Website listings were an integral part of the selling process, with more than two-thirds of sellers finding Realtor.com as the most important website in the selling process.

• Social media is playing a larger role in the home-selling process. Nearly three-fourths (74 percent) of sellers incorporated social media into the selling process, up from only one-fourth (24 percent) in 2010. Sellers used social media sites such as Facebook (83 percent); Twitter (52 percent); YouTube (39 percent); LinkedIn (24 percent); and Yelp (19 percent) to learn more about their agents or to communicate with them.

Real Estate Licensing in CA, a report by CAR

2014-01-12T07:27:00.002-08:00

Just the Facts from October 2013. Total number of licensees on 10/31/13 was 424,941. The big news is that this is the first increase for month to month figures since the Market Recession. At the end of September the number was 423,338. Okay, it is only an increase of 1,603, and it is many agents less than the peak in 2008 of over 548K, but it is an increase.

One part of the increase is coming from increases in applications for the Salespersons license. The percentage of increase YTD is 49% over just two years ago. That is huge. Another section of the increase is renewal rates. Broker renewal rates were 80.1% YTD from July 1st through October which is up, but Salespersons renewal rates increased to 77.6% from 54.9% two years ago. That is also huge.

Sad news: The passing rates on the exams are decreasing. I have mentioned that a Task Force formed by BRE designed many new questions a few years ago, and these questions are being added gradually. Broker passing rates two years ago were 51%, YTD and through October were 43%. Salespersons passing exam rates were 63% two years ago, and now have dropped to 51% YTD and a low 40% for the month of October.

Translation: People are staying in the field and more people are coming in to real estate even with the lower passing rates so you should move now and get your license or renew your license. Don't miss 2014.

Article Credit: - California Association of Realtors.

"Am I making the right Choice?"

2014-01-08T13:59:00.000-08:00

5 factors to consider, before signing with a broker

By Gin Kazla, Broker, REebroker Group

“Am I making the right choice?” a persistent question that concerns agents before signing-up with a broker most of the time. Whilst those who have been in the business have their experience to rely on, fresh professionals have a difficult choice to make. It is an important choice that could flourish or stagnate your

realtor career.

Here are 5 factors you should consider that will help you make an informed and better decision.

Market Credibility;

The best way to find and receive feedback is to speak to those already in the profession. Family and friends could help you connect with experienced agents in the community if you are aware of none. You could hope and expect for an honest opinion from expert hands. Find out how the broker has contributed to the overall growth of the agent, be it monetarily or skills enhancement. Reasons he/she has chosen to continue or quit with a broker as well as what changes he would like to see in the organization that would give further momentum to realtor career.

Social media or mass media as I would like to call it is another source of information gathering available at our fingertips. Browse thoroughly through discussion forums, rating and review sites and social media platforms of the company to get a broad view. Whilst some social platforms can be directly or indirectly influenced by companies, exploring beyond the first page of any search engine, portal or platform should help paint the larger picture.

Support

Whilst all companies have proprietary technology and verticalised support teams, factors that distinguish them are agent centric and customer driven attitude. Non availability of staff during the closing of that crucial escrow, access to senior management for guidance during a short sale, in-house expertise across domains that help centralize operations for you and increase efficiency are some of the things that matter and should be researched well before joining.

Training

Periodic, industry oriented training modules would help in professional growth in realtor career. Whilst most companies make promises of training its important these promises are met consistently. For those new to the profession adequate training would help build confidence and firm your footing in the industry.

Your Revenue – Your Costs = Your Income

Simple maths and important one at that, 100% commission splits are common now-a-days, it’s the hidden costs you should find out and worry about. Desk fees, monthly membership fees, franchisee fees, workstation fee and more such fees would inflate costs, dig deeper into your revenue and shrink your take-home income. Also, the ability of a broker to generate and provide good quality leads consistently would increase the probability of opportunities for you to continue with a healthy income.

Lastly, Build yourself as a brand

A recent NAR study shows that only 4% of real estate buyers and sellers think that a brokerage brand is an important factor for a successful transaction. A company that supports you by providing you the required tools and enhancing your knowledge and skill sets would help you build a brand of yourself and thereby multiply your realtor career. Innovation, though an overused word, is something that sets apart people and firms who make it a cornerstone of their existence. An innovative and professional driven company would help you become the Real Estate professional you aspire to become.

Get the most out of Facebook groups!

2013-06-21T09:07:00.002-07:00

Get the most out of Facebook groups | Inman News http://shar.es/xJz1m via @sharethis

4 ways to create your social media strategy and wipe out 80 percent of your competition | Inman News

2013-06-03T15:53:00.000-07:00

http://shar.es/wGQBl via @sharethis

New Home Sales Hit 2-Year High

2012-10-29T15:44:00.000-07:00

NEW YORK (CNNMoney) --

In another sign of a housing market recovery, new-home sales rose in September to the
highest level in more than two years, according to a government report released Wednesday.
Sales sold at an annual rate of 389,000 homes in the month, according to the Census Bureau report, up 5.7% from the 368,000 sales pace in August. The last time sales were at this pace, in April 2010, they were being helped by a short-term home buyer's tax credit. This time, the new home market has been showing steady signs of improvement. The pace of home building hit a four year high in September, according to a separate government report. The year-over-year sales improvement in September reached 27.1%.

The improvement in the market is part of a broader recovery in real estate, helped by a number of factors all coming together. Mortgage rates are near record lows, pushed down by the Federal Reserve's decision to buy $40 billion in mortgages to spur greater economic growth. The low rates, coupled with years of weak home sales, have resulted in affordable housing prices. Recently, home prices have started to rise, which is attracting buyers who were waiting for prices to bottom out.

There has also been a drop in unemployment, a positive development for people looking for mortgage loans.
Foreclosures have fallen to a five-year low, reducing the supply of distressed homes available on the market.
Related: A new housing boom "All the housing data has taken a turn for the better," said Steven Ricchiuto, chief economist for MSUSA. "Clearly mortgage rates at such a low level and what appears to be an increase in banks' willingness to make loans has boosted activity off the lows."

New-home sales are an important component of the nation's overall economic activity. Not only do they require people working in construction to build the homes, but they also spur the purchases of appliances, carpeting and other furnishings. Investment guru Warren Buffett said in a television interview Wednesday that the recent recovery in housing is one of the factors making him more optimistic about the U.S. economy.

Read Original Article here.

End Is Nigh For Certain Tax Exemptions

2012-10-29T14:02:00.005-07:00

End Is Nigh for Certain Tax Exemptions

By LISA PREVOST

JUST as beleaguered borrowers are beginning to feel some relief from a $25 billion deal requiring the nation’s biggest banks to forgive more mortgage debt, another financial threat looms.

As it stands now, any mortgage debt forgiven by a lender in a short sale, loan modification or foreclosure is exempt from federal taxation. Come Jan. 1, that exemption expires.

Borrowers will have to count mortgage relief from lenders as income on their federal tax returns. That means, for example, a borrower would have to pay taxes on a $100,000 reduction in principal owed on a loan, or a $20,000 write-off in the amount owed after a short sale.

An extension of the tax exemption — established under the Mortgage Forgiveness Debt Relief Act of 2007 — is a strong possibility. But given that Congress will have to grapple with serious fiscal issues after the November elections, there is no guarantee the exemption will emerge from those negotiations intact.

“I’m optimistic in the sense that everyone agrees on the merits of the issue and that it’s good for the market,” said Jamie Gregory, the deputy chief lobbyist for the National Association of Realtors, which is pushing for the exemption’s renewal. “My only caution is the process.”

Goldie Sommer, a real estate lawyer in Fairfield, N.J., who specializes in short sales, says she, too, is hopeful that an extension will come through, but she is taking no chances. Her office staff is doing all it can to make it easier for lenders to sign off on short sales. That means submitting packages only when they include a signed contract and a good-faith deposit from the buyer.

Given that short sales handled by her office take, on average, two to three months to complete, deals being negotiated now are already bumping up against the Dec. 31 exemption cutoff. “We’re trying to push the short sales now as fast as we can,” Ms. Sommer said, “or our clients will get stuck with a big fat tax bill.”

The Debt Relief Act exemption applies only to canceled mortgage debt used to buy, build or improve a primary residence, not a second home. The maximum exemption is $2 million.

In 2011, the estimated tax savings to borrowers from the exemption was at least $1 billion, according to calculations by the Realtors association.

Reinstating the tax would undercut the effect of the settlement reached earlier this year in the federal government’s investigation into banks’ epic mishandling of foreclosure documents. Under the terms of the settlement, five of the biggest mortgage lenders must put some $17 billion toward debt relief that enables borrowers to stay in their homes. Smaller portions are reserved for short sales and refinancing.

Borrowers in New York and New Jersey would feel considerable pain if the tax exemption expired, because both states have a backlog of foreclosures, said Michael Litzner, the owner/broker of Century 21 American Homes, which has offices on Long Island. The foreclosure process in these states is longer than in any other, according to RealtyTrac. New York has the longest timeline — 1,072 days as of the third quarter, compared with the national average of 382 days.

“There’s a tremendous shadow inventory that’s still looming out there that needs to be mitigated,” Mr. Litzner said. Still, borrowers ought not rush into a short sale decision solely because of the tax issue, said Jason Milligan, the owner of Milligan Realty, in Norwalk, Conn. They should look into whether it applies to their situation, and consider their options.

“For example,” he said, “if you can get another year living in the house for free, then it’s not going to matter so much. And if you’re going bankrupt, you might as well keep shelter over your head as long as you can until they throw you out on the street.”

Mr. Litzner says ending the exemption would be a “huge blow” to the economy. Without it, he predicted, “people will walk away from properties; you take it off the table and people lose the incentive to settle.”

Read Original Article here.

5 Client Payoffs of Closing Escrow By Year’s End

2012-10-25T11:03:00.005-07:00

2013 is right around the corner. While it seems like “just another year” to some, for your clients, the decisions they make in the next few months can have a huge impact on their finances for years to come.

When it comes to helping your clients understand the power of putting a firm, year-end deadline on their mission to buy or sell a home, there are the obvious payoffs you can point out like having 2013 dawn on their new life in their new home, being out from under water or simply being able to move onto a new phase of life. But there are loads of high-impact secondary gains, as well.

Here is a handful of payoffs, some obvious, some less, you can share to help clients realize that closing before the curtain drops on 2012 is one of the smartest decisions they can make:

1. Take advantage of the Mortgage Debt Relief Forgiveness Act benefits.

This law exempts current homeowners from the hidden, serious income taxes that are normally incurred when mortgage debt is forgiven – including in cases where an underwater home is sold short. See, a mortgage lender extends cash to a borrower when they make a mortgage on a home. If that debt is wiped out without actually being paid back, then the cash that was extended to that borrower is normally considered income by the IRS, and is taxed as such.

But when the real estate market crashed, the federal government enacted this Act to eliminate the thousands and thousands of dollars of income taxes the average American who loses a home to foreclosure or short sale would otherwise incur. It’s sort of the government’s effort not to kick folks while they are down, and help them recover, financially, from these already traumatic events.

Thing is, this Act is set to expire on December 31, 2012. Most industry insiders expect it will be extended before that time, but growing numbers are surprised it hasn’t already been. And with the election set to take place shortly before the expiration timeline, there is an increasing concern that the Act could end up falling through the cracks.

If your sellers need to move an underwater home via a short sale, the time to list it was really a few months ago. But some servicers are expediting these transactions so that it might still be possible to get a short sale closed before year’s end. If the stars align and your seller’s escrow closes by December 31st, they’ll avoid the enormous tax burden that could result if the Act expires and they have to do a short sale in the future. (Note: there are several other, non-expiring exemptions from this mortgage debt tax – if you are working with short sellers, connect them with a tax advisor to see whether this urgent year-end deadline applies for them.)

And if your clients are buying in a market where many homes are still underwater, they might stand to benefit from the inventory changes that may result when sellers who’ve been trying to hold onto great – but upside-down – homes put them on the market in an effort to take advantage of the Act.

2. Reduced competition.

Conventional real estate wisdom pegs the summer months as the hottest months of the year, for several reasons:

families with children prefer to move into their new homes before the kids go back to school
in areas where the fall and winter months bring bad weather, it’s less likely to see house hunters out and hunting – and less desirable for sellers to have folks traipsing rain and snow into their homes
and the holiday seasons tend to be busy with travel, family dinners and other home-oriented activities – which makes both buyers and sellers simply less likely to be active in the market, statistically speaking.

What this means is that if your buyers do happen to be kicking their house hunt into high gear right now, they’re likely to face fewer competitors, and that means a lower incidence of multiple offers and lower likelihood of being outbid, if they’re looking in a market where that has been taking place.

The converse is true for sellers: many banks are holding back on releasing REO inventory these days, and even some “regular” sellers will hold off from listing during the holidays, waiting until after New Year’s. This may position your clients to have less competition from other sellers for the qualified buyers who, like them, are trying to close escrow before year’s end.

3. Increased motivation of all parties at the table.

See all those bullet points above, summing up why buyers and sellers are fewer in number during the late Fall and the holiday season? All those same factors make for one more compelling reason to get a home bought or sold soon: the folks who are active right now, both buyers and sellers, are motivated to get deals done.

If you work in Boston or Minnesota, trust me: the buyers who are willing to pull on their boots and don their parkas to spend their weekends house hunting are no frivolous time-wasters – they are serious home buyers, ready, willing and able to pull the trigger when they find the right place. And the same goes for sellers: someone who’s willing to spend Black Friday scrubbing every nook and cranny to get ready for an Open House, or who is happy to clear the whole family out of the house when everyone else is doing the Thanksgiving Day tryptophan doze is a seller who is motivated to get their home sold, and ready to entertain your offer.

Some banks and asset managers handling short sales and foreclosures even have above-average motivation to move properties off their books and get transactions closed before the year end. This doesn’t mean buyers can score a mansion for pennies, but it might get them slightly more consideration, responsiveness and speed than you would see in such a transaction earlier in the year.

4. Transaction-related tax deductions.

When I bought my first home, I closed escrow on December 30th of that year, by design. I had just graduated from school, had seen a major uptick in income and was on a mission to score the tax perks of closing escrow at the end of the year. First off, any mortgage interest paid in 2012 will be deductible in 2013 – while that might not seem like it could possibly be much, the real deal is that at closing, buyers pay all of their mortgage interest from the date they close through the end of that month. And at the beginning of a loan, most of monthly mortgage payments are interest, so that could tally up to be a nice little, wholly deductible sum.

Second, if buyers prepay mortgage “points” at closing in order to get a lower interest rate for the life of a mortgage loan, the IRS considers those points to be prepaid mortgage interest. And I’ll do you one better: if a contract requires the seller to pay points toward a mortgage, the buyer can also deduct those points on their 2012 tax return! (The IRS says so, but please don’t take my word for it – coach your buyers to have a tax advisor give them a personalized assessment of precisely what they can and cannot deduct in any given tax year.)

Finally, there are other closing costs that are deductible, buyers, on the return they can file as early as January, 2013. The most notable of these are property taxes, but buyers might also have some moving cost deductions, if they relocate for work and moved far enough to meet IRS guidelines. (Again, best practice is to consult with a tax pro. I insist.)

5. Interest rate certainty.

If you’ve been on Facebook at all lately (!), you might have noticed that there’s an election coming up here soon. There may or may not be an administration change, but regardless of what happens with the election, there’s always the chance that the new year will bring new priorities, on a national policy level. The federal government, the Fed and other interest-rate impacting organizations have kept a very tight lid on mortgage rates throughout recent history in an effort to help our nation recover from the recession. But there’s no way now to know precisely how rates will change in the New Year.

Closing escrow on a home purchase before the year is over is the only fail safe way to lock in low rates now for the life of a home loan.

While clients might not have 100 percent control over whether or not they can close escrow by December 31st, you and I both know that they probably have more than they think – and should encourage them to flex that:

buyers can get serious about getting out there, getting pre-approved and seeing homes as soon as they come on the market, even when the weather is bad, and sellers can heed any advice you’ve been ignoring from your agent on the matter of how to move your lagging home off the market (staging and price-slashing tend to be themes).

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5 Social Media Safety Tips

2012-10-19T14:00:00.000-07:00

One: What Not To Do

Don’t provide personal information that can compromise your safety. For example: your home address, phone number, credit card information, social security number, etc. Don’t announce details of your everyday schedule or future plans, such as your vacation dates or work hours. Don’t provide photos of your home or vehicles.

Two: Think Before You Post

You never know who will come across your personal page but you can make a good impression in case anyone is looking. Here’s how: Keep controversial topics to a minimum (such as political debates, religious views, and so forth), maintain professional and appropriate speech, and forego evocative or unprofessional photos.

Three: Online History

Some social media sites will keep a record of websites, videos and photos you have viewed and post them to your Facebook timeline for everyone to view. Be cautious of this and update your security preferences.

Four: “Tagging”

Set your personal preferences to ask for permission before anyone tags you in an inappropriate or unflattering photo.

Five: Extra Caution

Don’t underestimate the internet or those using it. Almost anyone can find a way to hack into your accounts and steal personal information so always check and double-check your privacy settings and passwords to ensure that no one can access your information without your knowledge.

Additional Resources:

11 Safety Tips

Bank Info Security Tips

National Consumer League Tips

6 Ways to Prevent Identity Theft

2012-10-18T09:47:00.003-07:00

One: Be Cautious With Wi-Fi

Signing on to an insecure Wi-Fi can potentially expose any information you have especially when connecting to an insecure website. It may be a hassle but using your own cell phone provider’s internet will significantly decrease chances of any hackers getting into your personal information.

Two: Use Creative Passwords

Use different passwords for different e-mail accounts and social media networks. Consider switching up your passwords every 6 months to avoid any fraud or identity theft.

Three: Credit Card Safety

Credit cards now contain Radio Frequency Identification (RFID) strips to “waive” at cash registers in lieu of swiping them. The problem with this is that people can now purchase this same machine online and access your information by simply standing near you. To protect yourself from this type of fraud, you can purchase RFID protective wallets that significantly decrease the possibility of these machines to read your information.

Four: Computer & Cell Phone Safety

Be sure to use an anti-virus and firewall on your computer, laptop, cell phone and tablets to ensure maximum security.

Five: Credit Report

Keep up on your credit report annually and confirm that everything is correct and there are no errors.

Six: Take Precautions Online

Never click on a link sent to you by an unknown sender. This is more than likely spam and will create a virus on your computer. Be careful with what information you have available on social media networks. Never provide your home address or personal information on public sites.

Additional Resources:

CreditKarma.com

Preventing Identity Theft

TransUnion Prevention

Safety Apps: Be Safety-Savvy

2012-10-17T08:53:00.000-07:00

Your cell phone is called a smartphone for a reason; consider some of these apps before heading out to your next showing.

RealAlert - This app was developed by a real estate agent and can be downloaded for $1.99. This app offers an alert option and a one touch button to call for help. Available for iPhone and Android. www.realalertapp.com

Moby - Developed specifically for real estate agents to relay annual safety statistics. The basic plan for Moby is free and there is also an option for a monthly and yearly plan. Available for iPhone, Android & Blackberry. www.mymoby.com

Guardly - This app is the ultimate safety app featuring Real Time Location Tracking, Auto Dial to 911, and much more. The basic plan is free and the optional upgraded versions including more features and benefits are either $1.99/month or $19.99/year. Go to www.guardly.com for more information. Available for iPhone, Android, Blackberry & Windows Phone 7.

Icepics - With one tap of a button this app will snap a photo and email it to any of your emergency contacts along with your location. This app is available exclusively for iPhone users; however, the app for other devices is on its way. Visit www.icepics.com to be notified when this app is available for your device.

SafeTREC - Available for Android, this app features a send text and email panic alert to your programmed emergency contact list with a GPA location. The basic app is free, however you can upgrade for $9.95 a month. www.safetrec.com

SmrtGuard -Activate a one-push panic button to send out an email, text message, or Tweet with location information to your contact list. It also triggers an emergency call to any preset number, including 911. The free basic plan is available on BlackBerry, and the SmrtGuard Pro is available on Android and iPhone for $2.49 per month, yearly license plans also available. www.smrtguard.com

Additional Resources:

Feeling Threatened?

Agent Alarm

Staying Safe Around Pets

2012-10-16T10:15:00.003-07:00

You can’t avoid all contact with pets, but we can give you some pointers to keep you safe, especially around dogs.

Your Behavior - First, you need to understand that an aggressive dog is probably just being protective of their territory. With that said, be aware of the energy you are releasing. Animals can sense your emotions whether it is fear, anger, or joy. Do what you can to show the animal that you are not a threat.

Keep A Safe Distance - Don’t be over friendly with an unfamiliar animal as you don’t know if they will be friendly in return.

Keep An Eye Out - Although dogs have been domesticated they still have wild animal tendencies. Don’t turn your back on an unfamiliar dog or reach out to touch them. Never try to “stare down” the animal either.

What To Do If Attacked - The only thing you can do to protect yourself is curl up in a ball and protect the most fragile parts of your body. Trying to pull yourself away from the dog can create deeper wounds and provoke the animal even more. Scream and yell for someone to hear you and come to help.

What To Do After An Attack - Immediately seek medical attention and then report the attack to animal control. Don’t let this attack happen again to someone else.

Additional Resources:

National Association of Realtors Safety Tips

Realtor Safety Quiz

inman NEWS Vacant Homes

5 Days of Agent Safety Tips

2012-10-15T14:34:00.001-07:00

Real Estate eBroker is bringing you 5 days of agent safety tips...

Meeting a potential client should not be nerve wracking; however, it is a possibility. Take some precautions to keep you safe and hopefully ease your mind. Don't forget to check back with us tomorrow for how to remain safe around pets.

Agent Safety: 5 Safety Tips When Working with Buyers

One: Always meet potential clients in a public place

Meet at a local coffee shop or public library.

Obtain a copy of the client’s driver’s license and leave it on file with your broker’s office.

Two: Always be prepared

Visit the property before showing a house or hosting an open house to get familiar with the area and the neighborhood. You can also visit the local police station and invite them to your open house offering them refreshments. This will give them an extra incentive to stop by and you will instantly feel safer having them around.You may also want to test the area for good cell phone signal. The last thing you want is to be stuck in a questionable situation and have no signal to call out.

Three: Buddy Up

Work with a fellow agent and accompany one another to showings and/or open houses.

Four: Stay Connected

Let your co-workers, friends or family know where you will be and when you will return. If you haven’t returned by the time you intended, they can begin taking precautions.

Five: Listen to your instincts

If you feel uncomfortable in a particular situation or with a particular person ask someone to go with you or request to meet in a public place.

Call for Action: Preserve Access to Safe and Affordable Mortgages

2012-10-11T10:48:00.004-07:00

Potential homeowners in small but growing communities across the country face unique difficulties in finding access to safe, affordable mortgage financing. Although the name, Rural Housing Section 502 loan program (RHS), implies a limited client base, the RHS is instrumental in providing the mortgage financing that opens up opportunities for homeownership in small but growing communities. Roughly 900 communities across the country will soon lose eligibility for Rural Housing Service programs like Section 502. Unless Congress acts, thousands of American families will lose access to safe and affordable mortgages.

During a time of fiscal constraints, it is important to understand that the Section 502 program is completely self-financed. Maintaining access for the affected communities will not add one penny to the federal budget.

Strong communities, large and small have always been the key to a strong America. Whether you live in an urban area, suburban, exurban community or a small farming town as a REALTOR® we need you to remind Congress to keep the door to homeownership open in all housing markets.

Please take action today and urge Congress to pass legislation that extends the eligibility of existing communities for programs of the RHS.

C.A.R. Top Ten Signs You Are Being Scammed

2012-10-09T10:42:00.002-07:00

Home Prices Rise 4.6 Percent in August

2012-10-04T09:13:00.002-07:00

CoreLogic released its August Home Price Index (HPI®) report this week. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 4.6 percent in August 2012 compared with August 2011.

This change represents the biggest year-over-year increase since July 2006. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in August 2012 compared with July 2012. The August 2012 figures mark the sixth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis. The HPI analysis from CoreLogic shows that all but six states are experiencing price gains.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 4.9 percent in August 2012 compared to August 2011. On a month-over-month basis excluding distressed sales, home prices increased 1 percent in August 2012 compared to July 2012, also the sixth consecutive month-over-month increase. Distressed sales include short sales and real estate owned (REO) transactions.

Highlights as of August 2012:

Including distressed sales, the five states with the highest home price appreciation were: Arizona, 18.2 percent; Idaho, 10.4 percent; Nevada, 9 percent; Utah, 8.9 percent; and Hawaii, 8.0 percent.
Including distressed sales, the five states with the greatest home price depreciation were: Rhode Island, 2.6 percent; Illinois, 2.3 percent; New Jersey, 1.4 percent; Alabama, 0.7 percent; and Connecticut, 0.5 percent.
Excluding distressed sales, the five states with the highest home price appreciation were: Arizona, 13 percent; Utah, 10 percent; Montana, 8.8 percent; Idaho, 8.6 percent; and North Dakota, 7.7 percent.
Excluding distressed sales, this month only three states posted home price depreciation: Rhode Island, 1.7 percent; New Jersey, 1.4 percent; and Alabama, 0.2 percent.

Economists More Upbeat About Housing Recovery

2012-10-03T14:16:00.001-07:00

DAILY REAL ESTATE NEWS | WEDNESDAY, OCTOBER 03, 2012

The majority of economists surveyed by CNNMoney say the nation’s housing market is finally showing solid signs of a turnaround.

Nine out of 14 economists surveyed say that prices have already started to -- or will -- rise this year. The optimism is much more pronounced than just three months ago, when half of the economists CNNMoney surveyed said that a turnaround in home prices would not occur until 2013 or later.

The economists have been encouraged by several housing indexes for existing and new homes that have all shown home prices rising in many markets across the country.

"We're seeing the signs of a pulse in a sector that has been flat-lined for a number of years," says Sean Snaith, economics professor at the University of Central Florida.

The economists attribute a big part of the rebound to the growing confidence among home shoppers.

"The firming in home prices might be feeding on itself," Lynn Reaser, chief economist for Point Loma Nazarene University, told CNNMoney. "You've got buyers not wanting to miss the bottom of home prices and mortgage rates."

A strong housing market is also vital for the economic recovery, they say. Starting in the fourth quarter of 2011, the housing market began adding to the nation’s gross domestic product.

“Still, economists don't believe housing is ready to be a major driver of economic growth, as it was during the housing boom and some earlier economic recoveries,” CNNMoney reports. “But housing could keep the economy moving in the right direction.”

Source: “Economists: Housing Recovery Finally Here,” CNNMoney (Oct. 2, 2012)

Top 10 Tips for Increasing Referrals

2012-10-02T08:26:00.001-07:00

When it comes down to it, personal recommendations are essential in helping you build a strong clientele base. Referred customers are more likely to place their trust in you based on a family member or friend’s seal of approval, but asking for those referrals may not come easily to you. Try these quick and easy tips to help increase your referral business

1. Add a subtle pitch to your email signature. Every email you send can be an opportunity to promote your business. Consider adding a line to your signature that encourages referrals, such as: “The best compliment you can offer is a referral!”

2. It's okay to ask. Believe it or not, no matter how fantastic their experience with you, referring your services may not even occur to your clients until you ask them. And if they count on you to be assertive when it comes to closing their transaction, there’s nothing wrong with being assertive in asking for their referral business.

3. Be specific. Most of us like to help solve problems, so ask specific questions of your clients. Do they know someone who spends too much on rent, or is outgrowing their current home? Your inquiry may spark their memory of a particular family member or friend who could really use your help.

4. Say thank you. Go out of your way to thank and recognize people who have given you referrals. A good old-fashioned, handwritten thank you note delivered via good old-fashioned snail mail goes a long way in today’s electronic world. Many people also appreciate more public recognition of their efforts, so complimenting them in front of others may be effective in showing how much you value them and referrals.

5. Get personal. If at all possible, ask for the referral when you’re face-to-face with your client. It's not only more respectful, but often more successful. It’s human nature to want to help someone just a little bit more if they’re standing right in front of you.

6. Fake it 'til you make it. Asking for referrals doesn’t always come naturally. Some people are uncomfortable with it because they don’t want to be perceived as being pushy or unprofessional, or to put the client in an awkward position. If that’s the case, change your mindset and look at it from a position of you being helpful. You’ve just helped your client with their transaction, perhaps you can do the same for someone they know? It may seem unnatural at first, but you’ll likely become more comfortable with practice.

7. Timing is everything. Choose your moment wisely. The best time to ask for a referral is often when your client shows appreciation or thanks you for your hard work. It might go something like this: “Thanks for everything, you’ve been wonderful to work with.” That’s your opening to try something like this: “I’m so glad I could help, that’s why I love my job. If you know anyone else I can help, I’d appreciate you passing my name on to them.”

8. No risk, no reward. Don't let shyness get in the way of building your business. Referrals equal clients, and the more you ask for, the more you'll get. Try to think of it as a small effort for a great reward.

9. Don't forget special occasions. Send birthday, anniversary and holiday cards to your clients. It’s a great way to stay connected, and another opportunity to ask for a referral.

10. Network and volunteer. Get out, get involved, and meet new contacts. Most people would rather do business with someone they know and trust than a complete stranger.

If you’re looking for more clients, work at setting aside your apprehensions and getting in the habit of asking for referrals from all of your satisfied customers.

New California Laws for 2013 Affecting REALTORS®

2012-10-01T11:34:00.004-07:00

The ink may not yet be dry on some of the legislative bills that Governor Brown signed into law yesterday, as the 2011-12 legislative session drew to an end. A summary of over 60 new laws that may be of interest to REALTORS® is available to our members in the 2013 Laws section on the legal page of our website. The full text of each legislative bill is available atwww.leginfo.ca.gov.

Many of the significant upcoming laws are in the landlord-tenant arena, but other new laws involve foreclosures, HOAs, settlement agreements, smoke alarms, mobilehome parks, and much more. Some of the highlights of the new laws that may affect REALTORS® are as follows:

Landlord Must Disclose Notice of Default to Prospective Tenants: Starting January 1, 2013, every landlord who offers for rent a residential property containing one-to-four units must disclose in writing to any prospective tenant the receipt of a notice of default that has not been rescinded. This disclosure must be made before executing a lease agreement. If a landlord violates this law, the tenant can elect to void the lease and recover one month’s rent or twice the amount of actual damages, whichever is greater, plus all prepaid rent. If the lease is not voided and the foreclosure sale has not occurred, the tenant may deduct one month’s rent from future amounts owed. The written disclosure notice as provided by statute must be in English, Spanish, Chinese, Tagalog, Vietnamese, and Korean. A property manager will not be held liable for failing to provide the written disclosure notice unless the landlord has given the property manager written instructions to deliver the written disclosure to the tenant. This law will expire on January 1, 2018. Senate Bill 1191.

Restrictions Against Cancellation Fees for HOA Documents: Beginning January 1, 2013, an HOA cannot collect a cancellation fee for HOA sales disclosure documents in either of two situations: (1) a request is cancelled in writing by the party who placed the order and work had not yet been performed on the order; or (2) a request is cancelled in writing and the HOA had been compensated for any work performed. Moreover, an HOA must refund all fees collected for HOA documents if a request is cancelled in writing and work had not yet been performed on the order. Additionally under this new law, the HOA cover sheet itemizing the HOA sales disclosures must be in at least 10-point type. Our C.A.R. standard form Homeowner Association Information Request (Form HOA) complies with this requirement. Assembly Bill 1838.

Landlord May Dispose Abandoned Personal Property Less Than $700: Commencing January 1, 2013, the total resale value of personal property left behind by a tenant after termination of a tenancy that the landlord must sell at a public auction (rather than dispose of or retain for his or her own use), has been increased from $300 to $700, if certain procedures are followed. This law, however, also prohibits a landlord from assessing any storage cost if the tenant reclaims personal property within 2 days of vacating the premises. The statutory notices of Right to Reclaim Abandoned Property have been revised to reflect these changes. Furthermore, a landlord’s notices of termination of tenancy and pre-move out inspection must contain specified language that former tenants may reclaim abandoned personal property left on the premises, subject to certain conditions. Assembly Bill 2303.

Tenant Entitled to a 90-Day Notice to Terminate After Foreclosure: Effective January 1, 2013, a month-to-month tenant in possession of a rental housing unit at the time the property is foreclosed must be given a 90-day written notice to terminate under California law. For a fixed-term residential lease, the tenant can generally remain until the end of the lease term, and all rights and obligations under the lease shall survive foreclosure, including the tenant’s obligation to pay rent. However, the landlord can give a 90-day written notice to terminate a fixed-term lease after foreclosure under any of the following four circumstances: (1) the purchaser or successor-in-interest will occupy the property as a primary residence; (2) the tenant is the borrower or the borrower’s child, spouse, or parent; (3) the lease was not the result of an arms’ length transaction; or (4) the lease requires rent that is substantially below fair market rent (except if under rent control or government subsidy). The purchaser or successor-in-interest bears the burden of proving that one of the four exceptions has been met. This law does not apply if a borrower stays in the property as a tenant, subtenant, or occupant, or if the property is subject to just cause rent control. This law will expire on December 31, 2019. This new California law is similar, but not identical, to the 90-day termination notice requirement under the federal Protecting Tenants at Foreclosure Act (12 U.S.C. § 5201, et seq.) (as extended by the Dodd-Frank Wall Street Reform and Consumer Protection Act), which is set to expire on December 31, 2014. Assembly Bill 2610.

Settlement Agreement Cannot Prohibit DCA Complaint: As of January 1, 2013, a license regulated under the Department of Consumer Affairs (DCA), or an agent of the licensee, must not include or permit inclusion in a settlement agreement of a civil dispute, a provision prohibiting the other party from contacting, filing a complaint with, or cooperating with the DCA, or a bureau, board, or program within the DCA. The licensee is also prohibited from including or permitting a provision for the other party to withdraw a DCA complaint. A provision as described is void as against public policy. A licensee violating these requirements is also subject to disciplinary action. This new law also provides that any DCA board or bureau that takes disciplinary action against a license based on a complaint or report that is also the subject of a civil action that has been fully settled monetarily, cannot require a licensee to pay any additional sums to someone who was a plaintiff in the civil action. The DCA has the authority to adopt a regulation exempting settlement agreements for certain causes of actions from these requirements. Real estate licensees will be regulated under the DCA commencing July 1, 2013. Assembly Bill 2570.

Smoke Alarm Requirements for Home Improvers and Landlords: Starting not next year but January 1, 2014, for all dwelling units intended for human occupancy for which a building permit is issued for alterations, repairs, or additions for more than $1,000, the issuer of the building permit will not sign off on the completion of work unless the owner demonstrates that all smoke alarms (previously “smoke detectors”) required for the dwelling unit are devices approved by the State Fire Marshal. Also starting January 1, 2014, to be approved and listed by the State Fire Marshal, a smoke alarm must display the date of manufacture, allow a place for the date of installation to be written, incorporate a hush feature, incorporate an end-of-life warning, and, for battery-operated devices, contain a non-removable 10-year battery. These rules may be superseded by a local rule or ordinance that is more stringent than state law. For properties rented or leased, an owner is generally responsible for testing and maintaining smoke alarms in an apartment complex or other building starting January 1, 2013 and in a single-family residence starting January 1, 2014, and also responsible for installing additional smoke alarms as needed to comply with building standards starting January 1, 2016. Senate Bill 1394.

Protections for Homeowners in Mobilehome Parks: A long time coming for some of our members, a mobilehome park must, starting January 1, 2013, provide a personal property mobilehome owner with a specified notice in the rental agreement for space, and before February 1 every year thereafter. The new notice sets forth the mobilehome owner’s rights and responsibilities, including the right to a 90-day notice of any rent increase, the right not to waive any rights in a rental or sales agreement, the right to just cause termination, the right to sell the home in place in the park, the right not to sell the home to the park, the right not to pay any transfer or selling fee, and the right not to use the park-approved broker or dealer.Assembly Bill 2150.

Lender Must Provide Summary for Foreclosure Notices: A lender must provide a borrower with a specified summary of information attached to a copy of a notice of default and notice of sale for any property containing one-to-four residential units. The summary must be in English, Spanish, Chinese, Tagalog, Vietnamese, and Korean. The beginning of the notice of default and notice of sale must also state in these 6 languages that the summary is attached. The attached summary does not need to be recorded or published. The Department of Corporation (DOC) must provide a standard translation of the statement free-of-charge on its website at www.corp.ca.gov. This requirement takes effect on April 1, 2013 or 90 days after the DOC issues the summary translations, whichever is later. Under existing foreclosure procedures, notices of default and notices of sale must be mailed to borrowers by registered or certified mail as specified. Assembly Bill 1599.

Davis-Stirling Common Interest Development Act Has Been Reorganized: Effective not next year but on January 1, 2014, the Davis-Stirling Common Interest Development Act that regulates condominiums, townhomes, and planned developments, among others, has been comprehensively reorganized. The goal of the reorganization was to give unit owners and volunteer board members a more logical and user-friendly format. Certain sections that were unclear have been clarified, and terminology has been standardized. The California Law Revision Commission took a conservative approach to making substantive changes to the law, which include, without limitation, providing relative authority of governing documents, providing procedures for amending a common interest declaration, prohibiting a self-interested director from voting on specified matters, and requiring an HOA to release a lien recorded in error within 21 days. Assembly Bill 805.

New Requirements for Brokers Who Sell Notes: Starting January 1, 2013, a real estate broker who engages in a transaction involving the sale or offer to sell a note secured by real property, or the sale of an undivided interest in a note secured by real property, must generally comply with new requirements. Some of the new requirements are substantially similar to current requirements for brokers exempt from securities qualification under Cal. Bus. & Prof. Code section 10238(h), including requirements involving loan-to-value and appraisals. In addition, a broker must obtain and retain for four years a specified statement of the note purchaser’s qualifications of income or net worth. The broker must also make reasonable efforts to ensure that a loan is a suitable and appropriate investment, based on the client’s financial situation and investment objectives. This new responsibility is included in the disclosure statement applicable to negotiating for a client to make a loan or buy notes under Cal. Bus. & Prof. Code § 10232.4. Senate Bill 978.

Anti-Discrimination Protections For Religious Grooming and Breastfeeding:Commencing January 1, 2013, the protection against religious discrimination under the California Fair Employment and Housing Act (FEHA) has been expressly expanded to require an employer or other covered entity to make reasonable accommodations for an individual’s religious grooming or dress practice. Religious grooming or dress is to be broadly construed, and includes head, facial, and body hair, head or face coverings, religious clothing, jewelry, artifacts, or other items that are part of the observance of a religious creed. Segregating an individual is not a reasonable accommodation of someone’s religious grooming or dress practice. No accommodation for religious grooming or dress is required if it violates another law that protects civil rights. Additionally, the FEHA protection against sex discrimination has been expanded by way of a declaration, not a change in existing law, that requires an employer or other covered entity to make reasonable accommodations for breastfeeding or medical conditions related to breastfeeding. Senate Bill 1964 and Assembly Bill 2386.

Federal Issues Update

2012-09-27T09:49:00.002-07:00

While C.A.R. waits for the Federal Housing Finance Agency to announce the winning bidder and details of their REO Initiative pilot program in California, they have announced the winner and some details of the Florida bulk sale. Pacifica Companies, a real estate investment firm out of San Diego was the winning bidder on the Florida bulk sale of Fannie Mae REOs. The deal will allow Pacifica to become a part owner of a Fannie Mae owned LLC where title of the REOs has been transferred C.A.R. continues to oppose the government's use of bulk sales in this manner and await a response to our Freedom of Information Act request for full disclosure of the California bulk sale.

Congress has released their continuing resolution (CR) which would keep the government functioning into early 2013 while preventing a heated debate on passage of full budget. While C.A.R. and NAR had hoped a tax extenders package that included extending the mortgage debt forgiveness for a few more years would be included it does not appear that will happen (the current law preventing mortgage debt forgiven by a lender form being taxed as income will expire at the end of 2012). In order to quickly pass the CR and return to their districts for congressional races it would appear little to no amendments will be offered on the bill. When Congress returns from the election during the lame duck session they will be forced to deal with approximately 60 expiring tax provisions and will also need to increase the debt ceiling.

California Association of Realtors

Tax Relief on Forgiven Debt Set to Expire December 31, 2012

Distressed homeowners may be in for a little more distress unless Congress and the California State legislature take action. California's tax treatment of mortgage debt relief income generally aligns with federal law, and both the California and federal laws are set to expire at the end of 2012. For debt forgiven on a loan secured by a "qualified principal residence," borrowers are exempt from both federal and state income tax consequences, but only until December 31, 2012. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to pay off a previous loan that would have qualified.

However, these tax breaks apply only to debts discharged from 2009 through 2012. It may be that Congress will take action to extend the federal exemption before year end, but we will have to wait and see. If the federal law is extended it is likely that California would follow in due course, as in the past, but it is not guaranteed. The last time the federal tax exemption was extended, California did not conform its tax law until well into the next year.

Sellers who have transactions closing after December 31, 2012 need to speak to their own legal counsel or tax advisors about the impact of the expiration of these laws and their potential tax liabilities.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service'sMortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.

California Consumer Confidence at a 5-year High

2012-09-20T08:36:00.000-07:00

The California Composite Index of Consumer Confidence increased to 94.2 in the third quarter of 2012 compared with the second quarter revised reading of 89, according to Chapman University.

Consumer confidence has been increasing steadily since hitting a low of 57.6 in the second quarter of 2008 and has been hovering between readings of 80 and 90 since the first quarter of 2010. The current reading of 94.2 is the highest overall consumer confidence since the beginning of the recession in the fourth quarter of 2007. An index level below 100, however, reflects a higher percentage of pessimistic consumers versus those who are optimistic.

The California Composite Index is generated based on three indices: Consumers’ outlook on current and future economic conditions, and an index measuring consumers’ spending plan.

The current economic conditions index increased from a revised May reading of 80.9 to 86.8 in August 2012. The index measuring future economic conditions increased significantly to a reading of 105.6 in August 2012 from a revised reading of 93.6 in May. Recent improvement in the job market positively affected consumers’ assessment of the current economic conditions and the outlook about future economic activity.

The index measuring consumers’ planned spending on big-ticket items, however, decreased substantially from the revised May reading of 96.0. The decline in this index in August 2012 to a reading of 86.1 may be due to high and volatile gasoline prices. Higher gas prices are reducing consumers’ disposable income and negatively affecting consumers’ planned spending.

August Existing-Home Sales and Prices Rise

2012-09-19T12:04:00.002-07:00

WASHINGTON (September 19, 2012) - Existing-home sales continued to improve in August and the national median price rose on a year-over-year basis for the sixth straight month, according to the National Association of Realtors^®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.

Lawrence Yun , NAR chief economist, said favorable buying conditions get the credit. "The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions," he said. "Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers. However, the West and Florida markets are experiencing inventory shortages, which are placing pressure on prices."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.60 percent in August from a record low 3.55 percent in July; the rate was 4.27 percent in August 2011.

"The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years," Yun added.

The national median existing-home price for all housing types was $187,400 in August, up 9.5 percent from a year ago. The last time there were six back-to-back monthly price increases from a year earlier was from December 2005 to May 2006. The August increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier.

Distressed homes - foreclosures and short sales sold at deep discounts - accounted for 22 percent of August sales (12 percent were foreclosures and 10 percent were short sales), down from 24 percent in July and 31 percent in August 2011. Foreclosures sold for an average discount of 19 percent below market value in August, while short sales were discounted 13 percent.

Total housing inventory at the end August rose 2.9 percent to 2.47 million existing homes available for sale, which represents a 6.1-month supply at the current sales pace, down from a 6.4-month supply in July. Listed inventory is 18.2 percent below a year ago when there was an 8.2-month supply.

The median time on market was 70 days in August, consistent with 69 days in July but down 23.9 percent from 92 days in August 2011. Thirty-two percent of homes sold in August were on the market for less than a month, while 19 percent were on the market for six months or longer.

NAR President Moe Veissi , broker-owner of Veissi & Associates Inc., in Miami, said some buyers are involuntarily sidelined. "Total sales this year will be 8 to 10 percent above 2011, but some buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, home sales would be about 10 to 15 percent stronger, and the related economic activity would create several hundred thousand jobs over the period of a year."

First-time buyers accounted for 31 percent of purchasers in August, down from 34 percent in July; they were 32 percent in August 2011. All-cash sales were unchanged at 27 percent of transactions in August; they were 29 percent in August 2011. Investors, who account for most cash sales, purchased 18 percent of homes in August, up from 16 percent in July; they were 22 percent in August 2011.

Single-family home sales rose 8.0 percent to a seasonally adjusted annual rate of 4.30 million in August from 3.98 million in July, and are 10.0 percent above the 3.91 million-unit pace in August 2011. The median existing single-family home price was $188,700 in August, up 10.2 percent from a year ago. Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 in August from 490,000 in July, and are 4.0 percent above the 500,000-unit level a year ago. The median existing condo price was $176,700 in August, which is 3.3 percent higher than August 2011.

Regionally, existing-home sales in the Northeast rose 8.6 percent to an annual pace of 630,000 in August and are also 8.6 percent above August 2011. The median price in the Northeast was $245,200, up 0.6 percent from a year ago.

Existing-home sales in the Midwest increased 7.7 percent in August to a level of 1.12 million and are 17.9 percent higher than a year ago. The median price in the Midwest was $152,400, up 7.8 percent from August 2011. In the South, existing-home sales rose 7.3 percent to an annual pace of 1.90 million in August and are 11.1 percent above August 2011. The median price in the region was $160,100, up 6.5 percent from a year ago.

Existing-home sales in the West increased 8.3 percent to an annual level of 1.17 million in August but are unchanged from a year ago. With ongoing inventory shortages, the median price in the West was $242,000, which is 16.3 percent higher than August 2011. The National Association of Realtors^®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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Freebies: 5 Cash-Savers for Running a Real Estate Business

2012-09-18T15:54:00.001-07:00

The tools it takes to run a real estate business can hit your wallet hard. Here are a few freebies for agents that can use to save cash without compromising your client service:

1. HelloSign for free electronic signatures

Estimated Annual Savings: $180

For those who are tired of paying money for your e-signature services, meet HelloSign. This easy-to-use service helps you get clients signatures on any document no matter where you are.

Agents can upload almost any file-type and send signature requests through HelloSign. The service also has a few key functions built in to make an agents job easier including

Automated reminders for unsigned documents
Template functionality so you can create and send common forms
Web-based access to any form from any device
Special iPhone and iPad apps that allow you to get signatures on the spot

To test drive free e-signatures now visit HelloSign.com.

2. Earn Free Online File Storage with DropBox

Estimated Annual Savings: up to $600

Contrary to popular belief, the cloud doesn’t have to cost. Before you buy into one of the new mobile data storage/sharing plans from your cellular service provider to get access to your files while you’re on the go, check out the free storage you can get through DropBox.

With apps for almost every mobile device, Dropbox lets you earn more than 20GB in free storage by completing a number of easy tasks including

Sign up and get 5GB for Free
Back up your photo’s using “Camera Upload” to get 3GB
Refer/invite friends to DropBox to get up to 16GB

Also, if you spread the word about Dropbox on Facebook, Twitter, or in a Dropbox review, you can earn even more space.

Check out all of the free ways to earn storage with Dropbox atDropbox.com/getspace.

3. Mint.com for Tracking Business Expenses

Estimated Annual Cash Savings: It’s up to you

Think of Mint as a financial advisor/accounting intern in your pocket. With Mint you can securely track and monitor your spending for any or all of your accounts.

If you’re one of those agents who has trouble saving for a rainy day or needs an easy way to track expenses and mileage for tax time,test drive Mint and it’s cool mobile apps.

While Mint may not replace any services you’re spending money on today, it can help you save cash by making it easy to keep a watchful eye on all of your spending and accounts.

4. Find cheap gas on the go with the Gas buddy apps

Estimated Annual Cash Savings: $200

If you grew up with a frugal familiy member, you’ve probably heard “pennies make dollars.” Gasbuddy helps you pile up your pennies one fill-up at a time.

Available for Androids, iPhone, Blackberry, and via the Web, Gas buddy makes it easy to find the cheapest gas around no matter where you are.

5. Use ShopSavvy to find better deals near you

Estimated Annual Cash Savings: You decide

Have you ever seen a price tag you couldn’t believe?ShopSavvy is a great mobile app to help you recover from the sticker shock.

Using your mobile phone, you can search for a product by name or by scanning the barcode to compare prices at stores near you and online.

From business supplies to routine household products, ShopSavvy is a great tool for saving on any purchase.

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Fannie Mae survey finds Americans feeling better about housing

2012-09-14T10:29:00.002-07:00

Consumer sentiment regarding the housing market continues to be positive, according to results from Fannie Mae’s August 2012 National Housing Survey. With expectations that home prices will rise in the next year and more people saying it is a good time to sell, Americans have maintained a cautious but improving view of the housing market and homeownership. However, their stalling household financial expectations and declining economic optimism will likely mean the rate at which the housing market recovers will remain tempered.

“Consumer attitudes toward the housing market remain modestly positive, despite signs of increased concern over the direction of the economy,” said Doug Duncan, senior vice president and chief economist of Fannie Mae. “While the latest results showed a pickup in the share of consumers expecting mortgage rates to rise, reflecting the uptrend of long-term interest rates since mid-July, that may soon change. Friday’s disappointing jobs report underpins the gradual nature of this year's housing recovery and supports our view that the muted economic recovery is still subject to downside risk and that additional Fed easing will soon be forthcoming.”

Survey respondents expect home prices to increase 1.6 percent in the next year, on average, down slightly from the high of 2.0 percent seen in the June results. The number of respondents who say home prices will decline totaled 11 percent, the lowest level since the survey began in June 2010. Eighteen percent say now is a good time to sell, marking the highest level since the survey’s inception. Regarding mortgage rates, 40 percent of those surveyed expect a rise in the next 12 months, an increase of 4 percentage points over July.

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