Real Estate News and Views

Real Estate Sales Rise

2012-02-20T11:54:00.000-08:00

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

Existing-Home Sales Show Upward Trend in December

2012-02-09T09:35:00.000-08:00

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

Holiday Special: Give Your Career A Cyber Boost!

2011-11-14T16:28:00.000-08:00

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Are First-Time Home Buyers Still Buying?

2011-11-04T11:32:00.000-07:00

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.

Should You Get Your Real Estate License?

2011-10-28T13:41:00.000-07:00

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 and the Cash for Keys Program

2011-10-21T13:16:00.000-07:00

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.

Your Real Estate Training Should Include Smart Phone Photography

2011-10-10T13:46:00.001-07:00

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!

Rev Up Your Social Media Presence While Pursuing Real Estate Training

2011-09-27T17:16:00.000-07:00

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

Is Now the Right Time to Start a Career in Real Estate?

2011-09-16T14:54:00.000-07:00

Are you ready to start a career in real estate, but are hesitant due to market uncertainty and less than positive news reports? Consider this: real estate is cyclical and home prices can vary widely even within one zip code. And since no one has a crystal ball, it’s up to you to learn what’s going on with the specific real estate market where you’d like to start your real estate career.

To get you started, check out HomeGain’s 3rd Quarter 2011 National Home Values Survey Results report. The report doesn't narrow down home prices to specific cities, but it's an interesting snapshot of what real real agents/brokers and homeowners are thinking right now. Here are some highlights from the report:

Of the real estate brokers and agents surveyed -

47 percent think home values will decrease over the next six months
42 percent believe home values will remain the same in the next six months
11 percent expect prices to increase in the next six months

Of the homeowners surveyed -

43 percent think home values will remain the same in the coming six months
45 percent believe home values will decrease over the next six months
12 percent expect prices to increase in the next six months

75% of homeowners believe that their homes are worth more than the listing price

68% of homebuyers believe homes are overpriced

Top 10 states where real estate agents and homeowners believe homes prices will increase in the coming six months (see chart for specific details) -

Arizona
Florida
Texas
California
Ohio

Top 5 states where real estate agents and homeowners feel home prices will go down in the next six months-

New Jersey
Pennsylvania
North Carolina
Georgia
Virginia

Source: HomeGain Releases 3rd Quarter 2011 National Home Values Survey Results (September 2011)

How to Apply for the CA Real Estate License Exam

2011-09-08T11:34:00.000-07:00

You’ve met the Department of Real Estate’s (DRE) education requirements for obtaining your CA real estate license. Now what? Apply for the California real estate salesperson test. Here’s what you need to do:

1. Go to www.dre.ca.gov and download one of the two, following forms:

Salesperson Examination Application: This form is required in order to sit for theCalifornia estate real estate license exam.

-OR-

Combined Salesperson Examination/License Application: This single application allows you to apply and pay for your real estate salesperson examination and license in one step (rather than paying separately and filling two forms).

2. Complete your application and prepare the applicable fees (check the DRE Web site for the most current application fees). The DRE will not accept cash. Checks and money orders made payable to the DRE are acceptable forms of payment. Credit cards payments are accepted if the application is submitted by mail/fax.

3. Obtain transcripts or an official certificate that confirms successful completion of your required real estate courses. You will need to submit proof along with your application.

4. Mail your completed application, all applicable fees and proof of completed California real estate license courses to the following address: Department of Real Estate Examination Section, P.O. Box 187001, Sacramento, CA 95818-7001. Do not submit your application and fee more than once. Doing so may extend or delay processing of your application and exam scheduling.

5. Once the DRE processes/qualifies your application, which takes approximately six weeks, you will receive an assigned examination date, time and testing location.

6. Use the DRE eLicensing Online System to complete the following tasks (or self schedule if provided with that option):

Reschedule your exam date
Apply to re-take an exam
Change your exam mailing address
View your exam records
Check your scheduled exam date, time and location
View your exam results
Request duplicate schedule notices and result notices
See if your license has been issued

Once your application is processed and your exam date is assigned, stay fresh with CA real estate exam prep and pass your test the first time. Good luck!

Profit By Putting Property Management on Your Services List

2011-08-11T15:26:00.000-07:00

You sell real estate, plain and simple. Not so long ago, real estate sales and brokering services alone were more than enough to see you through. Now, with dwindling home sales and foreclosures on the rise, real estate professionals find themselves looking for new, creative ways to market their businesses. Enter property management.

What do you think of when you see property management? A massive company overseeing master planned communities? A group of property management specialists watching over several apartment complexes?

The Varied Duties of a Property Manager

Market available units
Coordinate new leases
Renew leases
Collect rents
Enforce rental and lease agreements
Pay expenses and taxes
Negotiate contracts for janitorial, security, groundskeeping, trash removal services, et cetera
Monitor services of vendors
Resolve complaints from residents and tenants
Purchase supplies and equipment for the property
Comply with provisions of legislation, such as the Americans with Disabilities Act and the Federal Fair Housing Amendment Act, as well as local fair housing laws

How about individual property management professionals personally hired to watch out for investor-owned foreclosed properties, purposefully rented out in this increasing market? What’s this, you ask?

The Federal Housing Finance Agency is seeking ways to shrink the glut of foreclosed properties coming available. One of the proposed ideas is to rent these properties out. First, investors would partner with Fannie Mae or Freddie Mac to invest in pools of converted rental homes. A national property-management business would be hired to play landlord for these properties. While the investors would be responsible for rehabilitation and maintenance of the properties, the property managers would share in the monthly rental income and their eventual sale.

So why would you pass up an opportunity to take advantage of this foreclosure market niche? Perhaps you feel you have no time to learn about property management and what it entails. If this is the case, online learning can be your ticket out of “I can’t” mode.

While there are many property management courses available, those that are held online are ideal for someone with a busy schedule. By working at your own pace, you can pick up the essential skills you need to add property management to your roster of services, without adding more to your busy day.

Opportunities that present themselves in this market should be carefully considered. Whether property management is a service you want to offer, or one that you need to, having the skills available can help you take advantage of the needs in this ever-shifting market.

Source: WSJ

Be One Step Ahead in Your Appraisal Career!

2011-02-28T13:08:00.000-08:00

Have you thought about starting your career as a licensed real estate appraiser? Now, is the perfect time to enroll in an appraisal course -- when you can gain an advantage on the competition. For a limited time, you have an opportunity to start your appraisal training before everyone else.

With the new 2008 AQB regulations approaching, many people are waiting until January 1, 2008 to start their appraisal education. You can start now and be one step ahead. The new rules require you to complete 150 hours of appraisal education before you can take the state appraisal license exam. The good new is that you can start now. Find out about available appraisal license courses at www.realestatelicense.com.

Why You Should Enroll Now

- Take advantage of the opportunity to get ahead
- Start your education before the competition
- Partner with a mentor before everyone else
- Complete your training hours sooner
- Get a jumpstart on your career

You can find yourself in the job market before the competition. With the new regulations approaching, it is important to think ahead. You have an opportunity to give you career an advantage. Take charge and beat everyone else to the finish line
-- your career is waiting!

Texas Real Estate License Requirements - Age and Residency & Education

2011-02-28T08:54:00.000-08:00

Texas Real Estate License Requirements: What You Need to Know in the Lone Star State

To sell real estate in the state of Texas, you have to have a real estate license. Although you can work in the office of a real estate agent while you are completing your education and then your exams, you are not an actual agent until you have earned your license. There are a number of requirements that you must fulfill while working toward that goal.

Age and Residency Requirements of the Texas Real Estate License

To be eligible for a Texas real estate license, you must be at least 18 years of age. You must also be a citizen of the United States or be a legally admitted alien with documentation. You must also be a legal resident of the state of Texas at the time of your application for consideration.

Most states have the same or similar restrictions for who can apply for real estate licenses.

Requirements for Training and Education

Each person who is interested in obtaining a Texas real estate license must first take and pass several courses pertaining to the real estate industry. A score of at least 70 percent is required for each of the courses. Required courses include Texas Principles of Real Estate, I and II, which is a total of 60 hours. In addition, the Texas Law of Agency (30 hours), Texas Law of Contracts (30 hours) and one more core real estate course will be required for a total of 150 hours of course work. At this point, you are eligible to apply for the real estate license exam, however, you must complete an additional 60 hours of courses before the actual exam takes place.

The Examination Process

To obtain a Texas real estate license, you must take and pass the real estate licensing exam with a score of 70% or higher. The exam is separated into two portions, the national portion, which consists of 80 multiple choice questions, and the state portion, which consists of 30 multiple choice questions. There is a time limit for each of these portions: 105 minutes for the national and 45 minutes for the state. In addition, there is a fee that must be paid to take the exam itself.

After Passing the Exam

Once you have taken and passed the Texas real estate licensing exam, you are required to take an additional 60 hours of core real estate courses during your first year to be eligible for license renewal. In addition, there are requirements for continuing education courses that must be completed to keep your real estate license valid in the state of Texas. In addition, there are more requirements for those who want to become a real estate broker in Texas.

Click here to learn more about Texas Real Estate Career Information and Texas Real Estate License Requirements.

How to Help Your Clients Find the Perfect Community

2011-02-10T10:32:00.000-08:00

Once you obtain your real estate license, growing your client base will be an important step in reinforcing your success. And what better way to attract and keep clients than to understand exactly what they're looking for – and not just in a home, but in the surrounding community. Here are five helpful questions to consider when locating the very best community for your client.

Is the community near my client's favorite places? Ask your clients about the places they frequent most. These places could include restaurants, shopping/entertainment centers, church, work, etc. More than likely, your clients will appreciate a community that's conveniently located near these spots.

Is the community's school district ideal? If your clients have children, or are planning on children, selecting a community with a reputable school district is important. Additionally, a school district with a good reputation will be key for resale value. Your clients will appreciate your expert knowledge in this arena – especially child-free buyers who may not think about it!

Is the community in good financial condition? Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. And if there is a home association, find out if the community maintenance is struggling due to delinquencies. Also pay attention to an abundance of commercial vacancies, closed-down businesses and homes that have been on the market for an extended period of time.

Is the Overall Community Safe? Research the area's crime statistics to see whether or not the community is safe. For example, how many crimes on average are there and what types of crimes are they? Also, has the crime rate increased or decreased over the past few years? Share your research with your clients so that they can decide if the community is the right fit.

What is the overall feel of the community? Once you have helped your home buyers narrow down their choices to one or two neighborhoods, take a closer look at the area. Walk around the neighborhood for example. Are the homes tidy? Do the neighbors appear to be friendly? Do your clients feel comfortable?

Assisting your clients with finding answers to these questions will help them feel more secure in their home buying decision. And you know what happy clients mean - Increased potential for life-long clients and strong referrals for your real estate career. Earn your real estate license from a nationally accredited real estate online school.

Is a Real Estate Appraiser Career for You?

2010-11-15T09:25:00.000-08:00

Considering a career as a real estate appraiser? It’s a career choice that offers the opportunity to work outside a typical office environment, the chance to meet different kinds of people and with experience, the choice to start your own consulting business. Here are some tips to consider if you’re ready to take on this exciting, career challenge:

Satisfy your state’s real estate appraisal education requirements. First things first – you must fulfill your state’s educational requirements before launching your career and obtaining your trainee license. You can take your course in a classroom setting. However, many choose to pursue their real estate appraisal training in an online learning environment. Benefits of this choice can include setting your own study schedule, learning from home and progressing at your own pace. Whether you choose an online or classroom setting, your learning objectives should include land taxation, government regulations, zoning laws and the business aspect of the job, which involves current market trends.

Pass your state exam and obtain field experience. On-the-job training will allow you to implement what you learned during your real estate appraisal courses. On the job training would put you under an experienced real estate appraiser. Basically, you will act as an assistant to your mentor and examine how things are done. It is also the best way to start building networks among prominent people on the job; you never know when a good connection may come in handy. It is not impossible to make valuable contacts when conducting or assisting with an appraisal or even just attending business meetings with your mentor. Make sure to make yourself known to them, you wouldn’t want to pass up an opportunity.

Consider all the opportunities a real estate appraiser career offers. Aside from mentorship with a real estate appraiser, how about working for a bank? It’s an ideal move for someone who wants to specialize in land value and equities. Another is taking apprenticeship with the government, particularly in the department that handles taxation problems and revenues because this is very much in sync with the job. Lastly, after acquiring enough experience, why not launch your business? You could work independently and develop a network of clients and businesses you perform appraisals for, or you can hire other appraisers and serve as a mentor to new, budding appraisers.

Real Estate appraisal may be the rewarding career opportunity you've been seeking. If anything, it's definitely worth investigating, especially in an economy that is positively progressing in the right direction.

If you are currently working full-time and/or juggling other personal and family responsibilities, don't be dismayed – an appraisal career is still possible! Consider the convenience an online real estate school can offer with schedule flexibility and the ability to learn from home on your own schedule. Saving money on gas and child care are also major benefits.

Conduct your own research and learn more about this career field. It might be the best move you ever make for your career, future and family. Allied Real Estate School is one of the top real estate schools offers Salesperson, Broker, Appraiser, and MLO Licensing.

5 Things Your Sellers Need to Do Before Putting their Home on the Market

2010-04-30T16:38:00.001-07:00

1. Organize and Clean

Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

2. Have a Pre-Sale Home Inspection

Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you'll be able to make repairs before open houses begin.

3. Get replacement Estimates

Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Spruce Up the Curb Appeal

Pretend you're a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

5. Find your Warranties

Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

Source: Realtor.org

Helpful Tips for Hiring a Licensed Contractor

2010-04-14T17:22:00.000-07:00

Ready to make some home improvements? With warmer weather on the way, now is the time to consider your summer projects. Before you hire a contractor, read these helpful tips for hiring a licensed contractor. Maximize your experience by:

- Hiring only licensed contractors
- Asking friends or relatives for recommendations
- Contacting the Contractors State License Board at www.cslb.com.gov or at 800-321-2752 to verify the contractor's license
- Making sure that the contractor has worker's compensation insurance and general liability insurance - this will cover any accidents that occur on the job
- Getting three references and reviewing past work
- Getting at least three bids
- Getting a written contract - don't sign anything until you completely understand the terms
- Ensuring that the contractor gets all of the necessary building permits
- Paying 10 percent down or $1,000 whichever is less
- Not letting the payments get ahead of the work
- Not paying cash
- Not making the final payment until you are satisfied with the job

(Source: WannaNetwork.com)

Gain in Pending Homes Sales

2010-04-06T16:13:00.000-07:00

According to a recent report from NAR, pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Learn more now - check out this interview with Lawrence Yun, NAR chief economist, who believes that, "The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring."

Ready to obtain your real estate license, but need some positive incentives? Read on.

Source: www.realtor.org

NAR Survey: First Time Buyers Comprised 47% of the Market in 2009

2010-03-25T14:46:00.001-07:00

According to the National Association of Realtors 2009 Profile of Home Buyers and Sellers, first time home buyers made up 47% of the market during that year. And with luring incentives like the federal tax credit, low mortgage rates and affordable housing, this statisitc may not comes as a great shock.

So, who are these first time home buyers, what do they want and what makes them tick? If you have your real estate license, or even if you're simply thinking about it, you need to know the answers to these questions. Check out research from NARs 2009 Profile of Home Buyers and Sellers:

Most are married. 49% are a married couple. Next, single females comprise a quarter of first-time buyers. Single males account for 12%.

They're Young. 53% are between the ages of 24 to 34. 12% are younger than 24.

They're Diverse. 22% are part of a minority group. 6% speak a language other than English and 12% were not born in the United States.

They Like Suburbia. 22% purchased in an urban area, while 52% percent preferred the suburbs. The remainder gravitated towards a small town.

They Take their Time. First time home buyers take approximately 12 weeks to find their home. Repeat buyers took approximately 10 weeks.

Foreclosures Interest Them. 11% of first time home buyers bought a foreclosed home, while 56% considered it. Only 9% of repeat buyers bought a foreclosed home, while 41% considered it.

They're Most Likely to Use a Referral. 53% found their agent through a referral, compared with 36% of repeat buyers, many of whom sought the services of their previous agent.

According to housing economists, 2010 will be an even bigger year for first time home buyers. Get your real estate license online or renew your real estate license online - you don't want to miss the opportunity to market your services to this group.

Source: realtor.org; 2009 Profile of Home Buyers and Sellers

Top 4 Reasons to Take Action and Sell Your House Now

2010-03-03T10:42:00.000-08:00

You might think that in today's real estate market, it's a good idea to wait and sell your house when the industry gains strength. However, there are some really compelling reasons to take action and sell your house now in today's current market. Why? Read on…

1. You might sell low, but you can buy low too - Your property value may be down but you are going to buy low too, making everything equal. Plus, if you get a good bargain, which is abundantly available in today's market, you'll make gains in the years ahead – a plus for your financial portfolio!

2. There is down payment help to be had nationwide - Today, you do need to have some money to put down on a house – gone are the days of zero-down financing. But there is assistance available for low-income and first-time buyers to help them get into a house. Do your research - there is help readily available across the country. Programs will vary based on where you live - check online or consult a real estate professional.

3. Take advantage of government-based programs - There is still time to take advantage of the $8,000 first-time home buyer tax credit and the $6,500 move-up credit if you act fast. If you miss these benefits, there are still energy tax credits available that can put money in your pocket for making home improvements.

4. Real estate professionals are ready for business - There are dedicated real estate professionals, who have are established in the field, that are eager for real business. Consult you local agents, brokers, contractors and lenders - they will be willing to really work for you and get you into the house of your dreams.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

Simple Living Room Staging Tips

2010-02-23T10:55:00.000-08:00

You obtain your real estate license and take on your first listing. You're excited. However, there's a problem. From a showcase cabinet full of dusty dolls that are straight out of a horror movie to heavy drapery that defies sunlight and the faded, 1970's couch that's way past its peak - the living room is a designer's nightmare.

Don't worry. By mastering a few, simple staging techniques, you can turn that eyesore into a comfortable setting that's more inviting than scary. Check out this video from Realtor TV and see how staginhg can transform a space for the better.

Source: Realtor.org

Get That House Sold: 5 Outside-the-Box Ideas

2010-02-16T15:14:00.000-08:00

Once you obtain your real estate license, you may disciver that a little creativity can go a long way. And when it comes to getting a house sold, open houses and marketing flyers are just the beginning. Check out these out-of-the box ideas from www.realtor.com and see how agents from coast to coast are successfully selling homes using some uncommon tactics.

1. Organize a Raffle. Partner with a charity to raffle the house. That's what Tom and Dianne Walters did when they needed to quickly sell their 4,500-square-foot, six-bedroom home in Edgewater, MD. The couple partnered with the Annapolis, MD., charity We Care and Friends, which administered the raffle and received 10 percent of the ticket sales. We Care sold 23,000 tickets through the site www.fiftydollarhouse.com. Although the Walterses needed to sell 31,500 to break even on the property, all parties involved felt it was a win-win.

2. Have a Sleepover. Take inspiration from the HGTV show "Sleep On It" and give buyers a chance to try out a house. Apparently, some sellers are doing just that, allowing one-or-two-night stays to give serious buyers a feel for the house and the neighborhood. As a special touch, owners can leave a gift certificate to a local restaurant or a free gym pass for prospective buyers to enjoy.

3. 'Invite' a Celebrity. Real estate practitioners are pros at editing garbage cans and lawn clutter out of photos, but have you ever thought about adding whimsical images to your interior shots? In her Ink blog, media maven Barbara Corcoran of New York suggested this example: a photo of Marilyn Monroe in the listing's living room. Tip: Expect to pay for celebrity photos, and remember that copyright laws apply to photography as well as text.

4. Appeal to Their Good Taste. Some practitioners are serving high-end lunches at their high-end listings. One salesperson in Florida parked a latte cart outside her listing and sold the house nine days later for $23,000 more than the asking price. Have multiple listings on a block? Team up with colleagues to host an open house block party.

5. Go for More Exposure. That huge billboard that you drive by every morning could be yours for less than you think. Typical suburban billboards rent for as little as $400 a month and cost about $100 to produce. Another tactic: Use a car magnet that advertises your Web site. For a few dollars, you can advertise your listings all over town.

Source: www.realtor.org

Is Now a Good Time to Study Real Estate?

2010-02-08T10:34:00.000-08:00

Want to obtain your real estate license? Now might be the right time. In an interview with the San Diego Union-Tribune, Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University, says he is encouraging students to study real estate because we are at the bottom of a cycle. By the time these students have graduated, he believes the industry will have recovered.

"I don't think we'll ever again see the 2005-2007 heyday in real estate. That was an anomaly, and actually, I hope we don't go back to that. But within real estate, there are a lot of opportunities, such as property management and lending," he says.

Lea sees apartments as a particularly bright spot.

"I think as more people realize that homeownership is not quite what it was cracked up to be, we're not going to have marginal people buying homes any more," he says. "That's ultimately going to mean more people going back to the rental sector. We're growing as a population, and people have to live somewhere, so I think the rental market is in relatively good shape and will strengthen as we go forward."

Source: San Diego Union-Tribune, Roger Showley/www.realtor.org (02.08.10)

15.2% Increase in Bay Area Median Home Prices

2010-02-02T15:19:00.001-08:00

Want to get your California resl estate license? Now might be the right time. For example, the median home price in the nine-county San Francisco Bay area increased 15.2 percent in December compared to a year ago, reaching $380,000, according to MDA DataQuick. And in Southern California, the median home price increased 7.5 percent to $360,000.

Economists say the improvement in coastal California was driven by jobs and the increasing availability of venture capital. California is often considered a bellwether of trends in other areas of the country.

Source: The Wall Street Journal (C. Tuna 02.02.10)

CA Real Estate Agents & Brokers: Do You Need an MLO License Endorsement?

2010-01-21T16:08:00.000-08:00

California real estate agents and brokers who perform residential mortgage loan originator (MLO)activities will now need to obtain an MLO license endorsement. Why?

The Housing and Economic Recovery Act of 2008 has set forth new regulations. And a section of Title V called the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E.) is of particular importance to individuals who perform MLO activities. And in the State of California, this act has set a precedent for how real estate agents and brokers who execute MLO activities will conduct business in the future.

Basically, the SAFE act is about greater accountability. Its main purpose is to increase consumer protection and decrease fraudulent activities.

According to the California Department of Real Estate (DRE), here's what you need to do to obtain your MLO license endorsement:

-Successfully pass the national and California components of the SAFE mortgage test
-Submit an MLO licensee endorsement application (after DRE joins NMLS&R in March 2010)
-Submit fingerprints to the NMLS&R
-Satisfy 20 hours of pre-licensing education
-Submit authorization for the NMLS&R to obtain a credit report

Visit www.dre.ca.gov/lic_safe.html for complete details concerning California MLO license endoremsent requirements and due dates.

Are you a real estate agent or broker from another state and wondering if you also need to obtain an MLO license endorsement? Visit the NMLS Web site and check the state licensing requirements page to learn more. Regulations and due dates vary by state. In fact, according to the NMLS, it is individual state law that determines when you must pass the SAFE mortgage test, complete education and/or continuing education courses and a background check.