divider

Archive


Why Isn’t the Housing Market Reaching Its Full Potential?

/ 0 Comments

housingmarketDespite the best efforts of the federal government, lenders, builders and even realtors, the housing market is still falling short of benchmarks for normal housing activity. A recent article in the Los Angeles Times explores some of the reasons the housing market continues to struggle. One major contributing factor according to the article is the shortage of first-time home buyers. The National Association of Realtors reports that first timers represented less than 30 percent of all buyers in the last 18 months. This is the lowest percentage in 30 years. Another issue is the increase in doubled-up households. Adult children are living with their parents more than before, leaving the homes they would have otherwise purchased still sitting on the market. Market experts, however, are hopeful that as the economy improves those adult children will strike out on their own and help swing the market back in the right direction. (more…)

Learn More
separator

Supreme Court Ruling Supports Borrower’s Right to Rescind Mortgage

/ 0 Comments

supremecourtIn a unanimous decision this week, the U.S. Supreme Court ruled that, in certain cases, borrowers may back out of their mortgage within the first three years simply by writing a letter of intent to rescind the mortgage. Lower courts have ruled that the borrower must file a lawsuit against the lender to rescind the mortgage. The high court disagreed stating, “… so long as the borrower notifies within three years after the transaction is consummated, his rescission is timely. The statute does not also require him to sue within three years.” According to an article by RISMedia, this ruling could make it easier for homeowners to walk away from upside-down mortgages. (more…)

Learn More
separator

Survey Reveals Consumers Think Getting a Mortgage Is Easy

/ 0 Comments

surveyConsumer optimism about the ease of securing a home mortgage loan has reached a record high according to a new report released by Fannie Mae. Earlier this week, the mortgage giant shared the results of their February 2015 National Housing Survey, which revealed that 54 percent of consumers believe it would be easy for them to get approval for a home mortgage loan today. The survey also revealed another record high: 47 percent of respondents believe the economy is headed in the right direction. In a recent HousingWire article, Doug Duncan, senior vice president and chief economist at Fannie Mae, said the survey results “lend support to our expectation that 2015 will be a year of the economy dragging housing upward.”

(more…)

Learn More
separator

Which Real Estate Markets Have the Highest-Paid Realtors?

/ 0 Comments

chicagoranksIllinois realtors are the highest paid real estate agents in the country according to a new list released by HomeInsurance.com. The online insurer compared data on agent salaries from the U.S. Bureau of Labor Statistics and factored in the cost of living in 200 different metro areas. Real estate agents in Lake County, IL topped the list. With an average salary of $97,480, Lake County agents earn more than 2.5 times the national average for realtors. The county’s wealth of multimillion dollar homes for agents to sell, coupled with a reasonable cost of living in surrounding areas, make it an enviable market for realtors. Real estate agents in the Chicago-Joliet-Naperville area came in second place with an average salary of $82,780.

Read the entire article to learn which areas round out the top 10 list.

Image credit: Kevin Dooley

 

Learn More
separator

Third Quarter Report Reveals Near Record-High Investor Interest in Commercial Real Estate

/ 0 Comments

chicagolandhomeInvestment interest in commercial real estate continues to rise with more than 70 percent of commercial investors saying they are looking to increase
their commercial property portfolios in the next year. This promising report for the commercial real estate industry is based on Marcus & Millichap’s third quarter Investor Sentiment Survey Index.  According to the commercial real estate investment firm, which has offices throughout the United States and Canada, investors in the apartment, hotel and industrial sectors expect to experience the highest property value increases in the next 12 months. (more…)

Learn More
separator

Spring Brings Surge in Existing Home Sales

/ 0 Comments

springbringsThe spring homebuying season is off to a promising start with existing home sales reporting their highest annual rate in 18 months. According to the latest report from the National Association of Realtors, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 6.1 percent from February to March for a total of 5.19 million homes sold. The housing market, which so far this year had been more stagnant than analysts projected, has not seen March’s volume of sales since September 2013. Lawrence Yun, NAR’s chief economist, attributes the sales boost to “the combination of low interest rates and the ongoing stability in the job market.”

(more…)

Learn More
separator

Six Persuasion Principles Every Real Estate Agent Should Practice

/ 0 Comments

sixpersuasionSuccessful real estate agents rarely get that way by accident. On the contrary, they conduct themselves in a specific way that makes people want to work with them and for them. Andrew Gale, founder of FlyerCo.com and a guest contributor for Inman News, pinpoints the six principles of persuasion that successful real estate
agents use to improve the quality of their influence with buyers, sellers, and other agents. Gale taps into popular wisdom espoused by Dr. Robert B. Cialdini, best selling author of Influence: The Psychology of Persuasion in this insightful article tailor-made for real estate professionals.

(more…)

Learn More
separator

Strong Vacation Home Sales Surpass 2006 Peak

/ 0 Comments

strongvacationhomeVacation home sales reached record high levels in 2014 according to a new report released this week by the National Association of REALTORS®. With an estimated 1.13 million vacation homes sold last year, vacation home sales experienced a 57.4 percent increase over 2013 sales of just 717,000 properties sold. Lawrence Yun, chief economist for NAR, attributes the dramatic increase in part to stock market growth and improved confidence among affluent buyers in the housing market. He also says the boost reflects an increase in the “numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary homes in a few years.” In contrast, the same report also revealed that investment home sales decreased by 7.4 percent.

(more…)

Learn More
separator

Summer Set to Sizzle with Multiple Bids for Home Sellers

/ 0 Comments

summersetIf the findings of a new Coldwell Banker report are true, summer homebuyers may find themselves engaged in a bidding war for their dream home. According to the residential real estate franchise’s report, 47 percent of home sellers have received offers from multiple buyers since 2014. Twenty-seven percent of those home sellers say at least one of those offers was above their asking price. So, what can a homebuyer do to gain an advantage? Well, the report indicates that sellers “want to feel emotionally connected to the buyer.” With 36 percent of home sellers admitting to accepting an offer based on emotion, homebuyers who share how much the home means to them may have a better shot than those who make the better offer.

(more…)

Learn More
separator

Study Finds Most Millennials Return Home to Mom and Dad

/ 0 Comments

millenialsThe millennial market continues to be a focus for realtors nationwide. A new study helps explain one of the reasons why this group has been so slow to enter the housing market. Researchers found that while 90 percent of millennials move out of their parents’ homes to establish their own residences, nearly 54.6 percent of them move back home before the age of 27. Twenty percent continue living with their parents past the age of 27. While this “boomeranging” has somewhat altered household formation trends, the study found that when millennials leave their parents’ homes the second time, they tend to have more education and financial resources. These two promising factors lead researchers to believe millennials’ delay in starting their own household is an indication that they will be better prepared to enter the housing market. (more…)

Learn More
separator