Tag Archives: South Salem NY Real Estate

Credit Conditions Continue to be Tight South Salem Real Estate

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Each month, the National Association of REALTORS® obtains up-to-date and on-the-ground incisive comments from REALTORS® who participate in the REALTORS® Confidence Index (RCI) survey. The RCI survey tracks expectations about overall market conditions, buyer/seller traffic, price, buyer profiles, and issues affecting real estate.

The selected comments reflect the general sentiment expressed by REALTORS® who participated in the October 2012, conducted during October 22 through November 5, 2012. All real estate is local and conditions in specific markets may vary from the national trend.

Tight Financing/Credit
REALTORS® reported that access to financing remains tight, so cash buyers, who are typically investors, are winning the bids against first-time homebuyers. There are reports that banks are asking for higher credit scores, with a report of a bank rejecting a score of as high as 800. It also appears that self-employment can be a problem in obtaining a mortgage. The mortgage application process continues to be deemed as too drawn out to the point of thwarting or jeopardizing the sale. There is also lack of assistance for helping current homeowners who are slightly delinquent to modify keep their homes.

  • “Banks are ignoring settlement dates and can’t even give you a reason for a delay. There is no accountability on their end of the transaction. Three settlements in October were delayed due to lender issues.”
  • “1st time buyers finding it difficult to qualify for loans”
  • “I had two buyers with over 800 credit score and the bank would not loan. They ended up paying cash and looking for a loan after the closing.”
  • “The lack of assistance from the mortgage companies for helping current home owners modifying their loan due to being underwater or slight delinquency to help them stay in their homes!!!!”
  • “Cash buyers are winning bids. FHA buyers hardly have a chance.”
  • “Concerned about purchases by investor groups – hundreds of homes purchased from Fannie/Freddie – basically no information forthcoming regarding this – concerned about what effect this will have long term in our area – are we going to have no “real” home owners for years to come? Not a good plan – list with realtors, to be purchased by home owner.”

Jed Smith, Managing Director, Quantitative Research

Jed Smith is Managing Director, Quantitative Research with the National Association of Realtors®. He has worked on real estate issues for the past 20 years, providing input on a variety of housing, commercial real estate, tax, and planning issues. Recently he has been involved in several international studies.

via economistsoutlook.blogs.realtor.org

4 steps to goal setting 2013: Uncover your best year yet! | South Salem Real Estate

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We love tools! We love technology! The best business strategies are inspired by both of these. But, implementing and applying new goals can sometimes be lost in the fast-moving pace of bright and shiny, and we can lose focus. As the old Robert Burns quote says “The best laid plans of mice and men go awry.”

So, for Week 3, of 10 Weeks and 10 Strategies, we will be using a classic business tool that provides 4 steps to quickly assessing where you should be setting your NEW goals of 2013. This will involve some critical thinking skills, so if you aren’t up for the challenge, you might want to move on.

Tips: Print the downloadable PDF to work on, or use this as a whiteboard brainstorming session:) This is meant to be a quick tool, don’t over analyze! 

The S.W.O.T. Analysis: Strengths, Weaknesses, Opportunities and Threats in your real estate business


The basics: In business we all have strengths and weaknesses, these are internal to your business. We also have threats and opportunities; these are the external factors. When you step back to answer what these are, you can uncover some amazing things about you and your business, that can help you prioritize and focus your efforts on the areas that will provide the most ROI for you, and your business. For example; should all your focus be on social media? What is having a bigger pay off; online activities or offline?

Build on what you do well; learn from what you don’t

Strengths:

  • What do you do better than your competition? (social media presence? better video marketing?)
  • What do your colleagues, team members, clients see as your strengths? (knowledge of the market? tech-savvy? great at using the phone?)
  • What is your best personal strength?
  • What factors help you get the listing, sell the home, or close the deal?

Weaknesses:

  • What could you improve?
  • What service could you add to stand out in your market? Be a paperless agent?
  • What should you delegate to someone else?
  • What should you avoid doing?
  • Is there something your competitors are doing better?

Is there a better way?

Opportunities:

  • Is there a trend with your buyers and sellers that you can act on? Lifestyle changes? Use of social media? Reviews and feedback websites?
  • Is there an area that you stand out in in your market that you can really become the expert in?
  • Is there an untapped resource you can utilize more? (relationships with local businesses? New networking possibilities?)

Be proactive, not reactive

Threats:

  • Is technology threatening your market position?
  • Are there more tech-savvy agents accomplishing more in year?
  • What are your obstacles to achieving your goals?
  • What is happening in the real estate industry? Nationally? Regionally?
  • How do these threats affect your strengths and opportunities?
It’s time to set some goals. Prioritize your goals based on what you’ve learned, and add them to your weekly, monthly and yearly goals. Set some milestones to have each goal implemented and break them down into implementable steps. You’ll have some built-up excitement and momentum going into 2013, and some awesome clarity! One app I love for finding new exercises for business strategizing is Mindtools.com

I’d love your thoughts and to know one goal you are implementing next year, leave us a comment! Did you miss Week 1 or Week 2? << There ya go! Until next week!

via next.inman.com

Atlanta Fed graphs show regional housing demand outstrips mortgage financing | South Salem Realtor

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Even though mortgage brokers and homebuilders report stronger home sales in the Southeast, mortgage financing remains short of demand in the region for October, according to senior analyst Whitney Mancuso of the Federal Reserve Bank of Atlanta.

With the housing market in Southeast bumping along the bottom for a long time, the increase in sale gains and new home sales on a year-over-year basis indicates the market is turning positive. The lack of financing, however, does remain a headwind.

Click on the graph for October homes sales for builders and brokers compared to the previous year.

The availability of mortgage finance for homebuyers in the market was more than 50% short of demand, according to builders and brokers in the region.

Click on the graph to view accessibility of mortgage finance in the market.

Available credit also fell short of demand in regards to accessing finance for construction development. More than 80% of homebuilders perceived construction development challenging as a result of credit shortfall.

Click on the graph to view the construction development finance in the market.

Home inventories continue to decline from a year-over-year basis, with home prices increasing in October. This also indicates that home prices improved from last year.  As a result, homebuyer traffic is ahead of last year levels and is expected to rise throughout the rest of the year.

Click on the graph to view homebuyer traffic levels compared to a year ago.

The results posted are based on responses from 58 residential brokers and 25 homebuilders throughout the region, according to the Atlanta Fed’s SouthPoint blog.

via housingwire.com

Arizona’s Economy, Real Estate Market Improving | South Salem Real Estate

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The Arizona economy is in recovery mode, with home prices on the rise and construction activity moving higher. Real GDP should grow at an above-average 2.5 percent this year, and hold that momentum into 2013 as the housing recovery strengthened according to the State Monitor Report by BMO Capital Markets Economics.There is increasing evidence that the housing market has stabilized. According to the S&P Case-Shiller Index, prices in Phoenix plunged 57 percent before bottoming last September, but they have surged nearly 20 percent.

This upward movement comes amid a significant drawdown in the months’ supply of homes available for sale, to just 2.3 percent in Q2, or back to pre-recession levels. Arizona suffered a deep housing recession, but upward price momentum is quickly alleviating the relatively high stress on the Arizona market.

via gayapolis.com

Pinterest Business pages for real estate: an overview | South Salem NY Real Estate

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By now you’ve probably noticed that Pinterest has introduced business accounts. Not much is new, but now there’s an easier transition if you’re a business versus an individual person. It doesn’t look as if there are any added SEO or analytics at this point, but in my opinion, it’s definitely a step in the right direction for this popular social media platform.

In terms of business, imagine the more businesses that join Pinterest and how large this community will grow and be willing and able to share your content. This will be a huge source of reach and growth for businesses alike.  Think of it as a vision board for potential clients, not just yourself.

There are new terms of service too so make sure to check those out if you’re thinking of starting a business page or converting from a personal account.

Pinterest also gives a handy list of best practices to consider when you convert to your business page:

  • Verifying your website
  • Creating inspiring boards
  • Sharing your business values (what you care about)
  • Highlighting specials
  • Celebrating seasons and holidays
  • Adding a personal touch
  • Take the time to write a good description
  • Link to useful webpages
  • Collaborate with other pinners (perhaps someone in your community or on your team)
  • Ask questions
  • Promote your pins on other social media sites
  • Add the Pinterest follow and share button
  • Create Pinterest tabs on other social media sites

Like any personal Pinterest account, businesses have access to the newly released secret boards. The possibilities are endless – get creative with it. Don’t forget to check out the Goodies section too. The Board Widget looks like an awesome feature you can put up on your website.

via next.inman.com

Strong sales and tight inventory boost home prices | South Salem Real Estate

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A combination of rising sales and the lowest inventory in six years helped existing-home prices post annual gains for the eighth month in a row in October, the National Association of Realtors said today.

Sales of existing homes were up 2.1 percent from September to October and 10.9 percent from a year ago, to a seasonally adjusted annual rate of 4.79 million.

At $187,600, the national median price for all housing types including single-family homes, townhomes, condominiums and co-ops was up 11.1 percent from a year ago. The national median price last posted eight consecutive months of annual gains before the crash — from October 2005 to May 2006.

Also released today, a survey by the National Association of Home Builders showed builder confidence rose in November for the seventh month in a row to its highest point since May, 2006.

Rising home prices are boosting home equity, and NAR Chief Economist Lawrence Yun thinks the improvement could be even greater next year.

“Rising home prices have already resulted in a $760 billion growth in home equity during the past year,” Yun said in a statement. “Given that each percentage point of price appreciation translates into an additional $190 billion in home equity, we could see close to a $1 trillion gain next year.”

NAR estimated there were 2.14 million existing homes listed for sale at the end of October, a 5.4-month supply at the current sales pace. That’s the tightest inventory since February 2006, when the months’ supply of homes stood at 5.2 months.

October’s inventory is down from a 5.6-month supply in September, and represents a 21.9 percent decline from the 7.6-month supply that existed a year ago. Many analysts view a six-month supply of housing as an even balance between buyer and seller demand.

Homes were on the market for a median of 71 days in October, down 26 percent from a year ago when the time to sell an existing home took a median of 96 days.

First-time buyers accounted for 31 percent of purchasers in October, down from last October’s 34 percent.

Distressed homes accounted for 24 percent of all existing-home sales in October — down from 28 percent last October — with an even split between foreclosures and short sales. Foreclosures and short sales sold for 20 percent and 14 percent, respectively, below market value.

All-cash deals accounted for 29 percent of October’s sales — the same as last year and a percentage point higher than September. Investors accounted for 20 percent of existing home sales in October.

Existing-home sales, October 2012

Seasonally adjusted annual rate4.79 million
% change from October 2011+10.9%
% change from September 2012+2.1%
National median price$178,600
% change from October 2011+11.1%
Unsold inventory (months’ supply)5.4
Share of all-cash buyers29%
Share of investor buyers20%
Share of first-time buyers31%
Share of distressed sales24%

Source: National Association of Realtors

All U.S. regions saw existing-home sales and prices swell in October from a year ago. The Midwest leading the way with an 18.1 percent year-over-year increase to an annual pace of 1.11 million units and a median price of $145,600, up 10.6 percent from last October.

Despite some effects of Hurricane Sandy, the Northeast saw home sales increase 13.7 percent from a year ago to a yearly pace of 580,000 units, with median prices up 4.6 percent, on an annual basis, to $232,600. The annual pace of sales dropped 1.7 percent in the Northeast from September — the only region to see a monthly drop.

NAR anticipates that Hurricane Sandy will continue to influence the region’s housing market in coming months. “We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions,” Yun said.

Existing-home sales in the South were up 11 percent to an annual pace of 1.92 million units from October 2011. Median sale prices were up, too, to $152,200, 8.2 percent above last October’s median price.

In the West, sales were up 3.5 percent from a year ago to an annual rate of 1.18 million units, and median prices jumped 21.2 percent from last October to $242,100, the largest yearly proportional price jump of any region.

via inman.com

Find Yourself … and Find Your Niche | South Salem NY Real Estate

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I once watched an interview with Ricky Gervais, where he talked about how a lot of people don’t like his stand up comedy. He said he didn’t care. All he needs is 5,000 people in each town to fill a theater, and then he’s set. Whether the rest of the population like him or not is irrelevant.

It’s the same with your blog.

You might be extremely passionate about obscure German movies, or maybe you’re obsessed with antique books; or perhaps you happen to have an unusually large amount of knowledge about Mongolian fruit. Whatever it is, that’s your niche.

And sometimes you don’t even know your niche—at least, not at first. The important thing is to get writing—to discover your niche. What do I mean by “discover your niche”?

I mean: figure out who you are.

At first, I blogged generically about movies. I thought my passion was film. Turns out, I think most films are terrible. But I love it when you really hear a voice in the writing; when a film is actually saying something. When you feel you’ve witnessed a real piece of art.

Gradually, my blogging changed—it became more about auteurs, writer/directors, and about the incredible opportunities of independent film.

I found my niche. I found myself. And the blog exploded after that.

Once you’ve figured out what you want to write about, then you can really become an expert within your field. That doesn’t mean that you know everything; it means that you’re leading the quest.

On my blog, I interview screenwriters and directors who inspire me, in the hope that they can lead me further to the truth of what it is to be an artist. They help me figure out why the struggle to produce great films is worth it. They keep me on track.

I’m in a constant dialogue with the readers. Sometimes I inspire them with my insight. Other times, they shoot me down for talking nonsense—which in turn teaches me a lot. We learn from each other, and we’re on the same quest.

Having a niche is about that one corner of the world that is totally yours. Everything about it, you’re in love with. Lots of people might have blogs about how to make cupcakes, but your blog is about how to make cupcakes without sugar; or using only chocolate; or using leftover pieces of chicken—who knows? Only you do!

Whatever it is, you’ll figure it out along the way.

Once you truly focus on being yourself, you’ll stand apart from the rest, and the readers will flock to you, because you’re telling the truth, and your excitement makes them excited.

When that happens, you know you’ve found your niche.

Kid In The Front Row is a cult film blog with a more personal outlook. It’s not about reviewing movies, it’s not about criticising movies – it’s about loving movies. About loving them so much that still, after all these years, we’re just Kids In The Front Row, shoving popcorn down our faces as we stare up at those wonderful people on the big screen.

via problogger.net