WHY IS IT SO HARD TO FIND CASH BUYERS FOR REAL ESTATE?

WHY IS IT SO HARD TO FIND CASH BUYERS FOR REAL ESTATE?

When first getting into real estate, finding cash buyers for real estate deals can be a challenge or more like a never ending job which tends to have you thinking twice about whether or not real estate is the direction for you; BEEN THERE, DONE THAT.

Locating cash buyers is one of the most important things you can do for your real estate business. The reason is, real estate cash buyers are your customers. These are the people who are going to pay for real estate properties from you. How cool would that be?

Finding cash buyers for your real estate to help you make your first five figure paycheck will motivate you and have you on cloud nine. You’re going to look at that check, you’re going to hold onto it, you may even smell it…but most importantly you are going to feel confident in your choice to move forward in real estate.

First, finding cash buyers in the past was a little more difficult than it is now, however you are in the right spot at the right time to find the cash buyers you need for your real estate. You’ll find a form below to help get you started, and best of all we’ll be upfront as to how much it costs so you know there are no hidden fees…AT ALL! Cash Buyers Lists starting at just $10.  JUST $10!

YES…NO JOKE, $10 but we will come back to that.

FIND CASH BUYERS NOW

There have been multiple ways to locate cash buyers for real estate; Google, Bandit signs, software, classified ads, Investor friendly agents, Auctions and REI groups are just a few. Well, this will help eliminate all of that.

The best way to find cash buyers is to acquire a list of real estate cash buyers in your state, city, county or even zip code. If you want to locate cash buyers for real estate outside your area it’s just as simple. When you acquire your list, you will see everyone on your list has purchased properties either as an individual or as a legal real estate business entity, so you know these are the type of people you want to start a relationship with.

Now after you find these real estate cash buyers you want to send them a letter or a postcard or in some cases contact them via phone and/or email…however, contacting them via phone can, in some cases, can work against you because there are so many different companies, collectors and solicitors trying to reach these people and sometimes a phone call can be the worse way to make contact.

If you send a letter or postcard you can write something like this;

“Hello, my name is (your name goes here), I am a (your role here: real estate investor, wholesaler, real estate professional) in (give your area) and I have access to properties 20% to 40% below market value. If you are interested in doing business and getting a hold of some of these properties, then give me a call at (your phone number here).”

It really is that simple. Your phone should end up ringing off the hook with people reaching out to you instead of you reaching out to them and that is exactly what you are looking for. So here is how you get started and be prepared to purchase your list today for only $10.

Click HERE and complete the form. Let us know from which U.S. City and U.S. State you would like your list of cash buyers pulled.​

We look forward to helping you in your real estate ventures and hope this gets you started in the proper direction.

Now click HERE and fill out the form to get your list!



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Real Estate Industry and the New Normal

Real Estate Industry and the "New Normal"

This month’s National Association of REALTORS® (NAR) Power Broker Roundtable discusses the evolution of the industry’s “new normal.”

 MODERATOR: ​​​Christina Pappas, District Sales Manager, The Keyes Company, Miami, Fla.; Liaison for Large Firms & Industry Relations, NAR

 PANELIST: Sherry Chris, CEO, Better Homes and Gardens Real Estate, Madison, N.J.

 PANELIST: Joan Docktor, President, Berkshire Hathaway Home Services Fox & Roach, REALTORS®, Devon, Pa.

 PANELIST: Long Doan, CEO, Co-Founder, Realty Group MN, Coon Rapids, Minn.
________________________________________________________________________________________

Christina Pappas: Everything old is new again. The saying comes from the lyrics of a Peter Allen song originated nearly 40 years ago, but the words were never truer than they are today, especially in the real estate industry, which has changed and reinvented itself over and over since the term “REALTOR®” was first coined way back in 1916.

So what exactly is traditional real estate? Is it relevant in today’s world? What do we mean by “the new normal”—and where is the industry heading? For answers—and some very well-informed interpretations—we’ll be speaking with three industry leaders who are positioned on the forefront of change. Sherry, you’ve been a real estate innovator through several cycles of change. What do you see as today’s new normal?

Sherry Chris: Well, I can’t go back to 1916, but I have been around long enough to see how the industry has turned upside down with the advent of modern technology. In the early days of technology application, consumers would search our websites on their own and perhaps eventually call an agent. Today, we can give our agents the edge through the use of predictive modeling. We can use Smart Bots. We can match up artificial intelligence (AI) with a treasure trove of deep, rich data to determine the habits and patterns of potential buyers and sellers, so that the agent can be the first to reach out with exactly what that consumer is looking for. That’s the direction we are taking, and we’re investing heavily in the effort. But to speak to your “everything old is new again” reference, Christina, the truth is that regardless of the impact technology is making, the agent was, is, and should be the trusted advisor at the center of every transaction.

Joan Docktor: I agree. Today’s new normal combines the best of traditional real estate—that is, building relationships and giving every consumer the best possible buying or selling experience—with everything that technology can offer to accommodate and advance those goals. We are using AI to make our agent CRMs smarter—to give our agents more and better information and to keep them front and center with consumers. We’re also in the process of developing Chat Bots, or Smart Bots, to reside online and answer consumer questions 24/7—and, more important, to connect online searchers with knowledgeable, live agents.

Long Doan: Of course, technology has dramatically changed the way real estate is practiced today, but that’s only one piece of the puzzle. In my new normal, keeping the agent front and center means more than providing tools; it means creating an environment where the broker works for the agent, and not the other way around. Our goal is to provide a business platform that includes technology, as well as marketing support and coaching, to help every agent become the CEO of his or her own business—and we are turning the traditional commission structure on its ear with a 100 percent commission and a flat fee. In my view, that’s the way to produce dedicated and competitive agents who perform at peak levels.

CP: There’s another way the industry is changing, and it has to do with physical footprint, both in terms of space and layout. Shrinking office space was a natural byproduct of the last industry slowdown, but what may have begun as an economic need is giving us a new-normal benefit. In our offices, for example, cubicles are becoming a thing of the past in favor of open spaces—almost like a Starbucks atmosphere—that are flexible and that definitely create a more congenial business setting.

LD: I think that back when cell phones went viral, and everybody became mobile, many agents seemed to want to skip the office in favor of working from home. But now, agents are coming back because they miss that interaction. Part of my approach is making the office environment so valuable, so compelling in terms of support, sharing and mentoring, that agents want to be there whenever they’re not out selling real estate.

JD: That’s a good thing, because real estate is first and foremost a people business, both in terms of office culture and in building client relationships. But as more business is transacted online, the new normal also means we need to be more focused than ever on security. Hackers become more wily every day, and many consumers don’t realize just how vulnerable they are. As brokers, we need to have two-step email authentications and other online security measures in place to help keep consumer information and all our data as safe and secure as possible.

SC: And yet all of that is in the background, as far as consumers are concerned—security, data-mining, even Smart Bots. All most consumers want to know—even millennials, who are the most tech-savvy and who make up the largest segment of homebuyers today—when the rubber meets the road is that their agent is there for them, face-to-face, throughout every phase of their transaction. In that way, traditional real estate hasn’t changed…and I doubt that it ever will.



For more information, please visit www.nar.realtor.





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7 Easiest Ways to Get Into Real Estate Investing

7 Easiest Ways to Get Into Real Estate Investing

RECBL - Real Estate News

(TNS)-Only 15 percent of Americans are investing in real estate other than their primary residence, according to a real estate investing study by RealtyShares. In fact, two-thirds of Americans believe that investing in real estate is too difficult, too costly or beyond their capabilities. This might be true if they were considering commercial real estate investing, which can be a risky move for new investors, but there are safer options.

What Is Real Estate Investing?
Investing in real estate means buying property to earn income and build wealth, either on your own or with the help of real estate investment companies.

Many investors own more than one property, and their earnings include rent paid by tenants and the equity they build through appreciation. Investment property owners have different tax considerations for their investment properties than they do for their primary residence.

Investing in real estate doesn’t have to be intimidating. Here are seven ways to start investing in real estate now:

Rental Properties
Buying rental property is one way to get started in real estate investing. Buying a rental property starts with choosing the right property, and then finding renters, maintaining the property, dealing with tenants and collecting rent each month.

One stumbling block might be locating an affordable property worth investing in.

"Traditional real estate investing is alive and well, although it’s largely dependent on geography," says Aaron Milledge, founding partner and chief compliance officer of Targeted Wealth Solutions, LLC. "In some places, home prices have appreciated so much that it may be difficult to find a lucrative deal."

Rental properties not only provide rental income, but also tax benefits not available with other investment opportunities. An additional advantage is that you have more control over your rental property than you do over investments such as the stock market.

Live-In Flips
House flipping involves buying a property at a discount, improving it for the purpose of appreciating its value, and then selling it at a profit. A live-in flip is a property the investor lives in while renovating it.

Living in your flip benefits you in two ways: First, you can make money when you sell the house later; second, you avoid having to pay for a separate home to live in.

"Flipping a house-acquiring, repairs, and selling can be completed in six months and result in a substantial payday," says Lucas Machado, real estate investor and founder of Home Heroes, LLC. "Flips can earn tens of thousands of dollars in a short time frame. It’s the best strategy for those that need capital in the near future."

Multifamily Homes
Multifamily properties are buildings which house more than one family. The fact people always need a place to live results in consistent demand for rental units, regardless of the overall economic environment.

Investing in multifamily homes can be lucrative if it’s done properly. Justin Taber, real estate investor and a licensed REALTOR(R) in Ohio, recommends living onsite.

"While you live in this property, you will be living either for free or heavily subsidized by renters," Taber says. "When you move out, you will be making money. In about 30 years, once this property is paid off, your cash flow will be quite substantial-just in time for you to start thinking about retirement."

Crowd funding
Crowd funding is one of the newest and easiest ways to access the real estate markets. Rather than buying an entire property or financing a development project on your own, you can buy into a very small share of a property or project using a real estate crowd funding platform.

Not all platforms are created equal. Look for one led by real estate professionals qualified to screen investments. From there, you can choose which specific real estate investments you want to buy into. Distribution of future gains is proportionally based on the ownership shares investors purchased.

"These private placements are illiquid, though, meaning that you may have a hard time selling your investment if you need to raise cash quickly," says Milledge.

REITs
Real estate investment trusts (REITs) are a special form of security that invests in real estate. Unlike most other investment vehicles, REITs must pay out at least 90 percent of their taxable income as dividends to investors. When you invest in a REIT, you’re essentially paying a professional management team to do the work of investing your money in real estate while you reap the profits of REITs.

REITs are an easy way to invest in real estate because you don’t need tons of money.

"The initial contribution to invest in a REIT is very low," says John Barnes, certified financial planner and founder of The Annuity Assistant. "For example, you could buy shares of a REIT which manages apartment complexes for $500. Contrast this with a direct purchase in an apartment building, which might cost you $500,000, and the many risks that go with it."

Real Estate Wholesaling
Real estate wholesaling is when there is a middleman involved in the transaction between the seller and the buyer, with the wholesaler serving as the middleman.

Kyle Alfriend, owner of a real estate business in Ohio, sums up what it’s like to be the middleman: "You focus on only finding the property, negotiating the price, and then selling that agreement to another investor. This is called wholesaling and requires no out-of-pocket money from you."

The fine line of separation between real estate wholesaling, which doesn’t require a real estate license, and real estate brokering, which does require a license, has led some states to set guidelines for wholesaling activities. Texas law, for example, requires that unlicensed wholesalers disclose their financial interest to prospective buyers.

Rent Out a Space in Your Home or on Your Property
Renting out part of your home or property is probably the most immediately lucrative investment you can make, and you won’t need outside funding or a new piece of property. Instead, find opportunities within the property you already own.

Perhaps you’re a homeowner with a garage apartment that only needs a bit of TLC to make it ready for renters, pr maybe you have a spare room in your home that’s sitting empty. With a little bit of money up front, you can start renting it to a tenant almost immediately. Alternatively, advertise the room as a vacation rental on an online booking site such as Airbnb.

Michael McDonald contributed to the reporting for this article.

(C)2017 GOBankingRates.com, a ConsumerTrack web property
Distributed by Tribune Content Agency, LLC
Source: American Home Shield(R)

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First-Time Homebuyers: Your Time Is Now

First-Time Homebuyers: Your Time Is Now

RECBL - Real Estate News

Fall is for first-timers. If you believe you missed your opportunity for a chance to pick up your first home this past summer, think again.

In this era of investment, the best property investments may be in other cities. Even if you intend to stay close to home, knowing what’s going on in other states might provide a superior return on investment.

As you may have read in my very popular post on US Housing Predictionsfor 2018 to 2020, the US housing market is hot and some cities are hotter than others. No housing crash is forecasted.

Even normally depressed quiet markets are coming to life and beginning to catch investor’s eyes. It’s good news for Michigan, Florida, California, Texas, and New York and even better for real estate investors in 2018.

Scorching hot opportunity in the best cities! Will the hot markets of San Francisco, San Jose, Silicon Valley, Phoenix, and Los Angeles do as well as expected? Those cities with the highest home prices are not your only option. There’s plenty more towns and cities across the nation where you can buy rock bottom and sell high including this list of real estate by zip code. Cities you’ll read about below with lower home prices and rising employment rates may be your best bets for 2017 to 2020.

Seventy of the top 100 largest metropolitan areas see more starter homes on-market in October, November and December, relieving prices 4.8 percent over spring, according to the recently released Trulia Inventory and Price Watch.

The most dramatic shifts-in favor of first-time homebuyers-in prices and supply are out West, in Arizona, California, Colorado and Oregon.

"Housing markets along the West Coast have long been plagued by tight inventory and worsening affordability, but it’s not completely hopeless for would-be homeowners," says Cheryl Young, senior economist at Trulia. "The seasonal swings in listings and prices in the San Francisco Bay Area, Portland, Ore., and even Phoenix, means buyers will likely find more homes for sale at a lower price in the fall and winter months."

Make no mistake: The housing market is still in a squeeze. Entry-level home inventory sank 20.4 percent year-over-year over the summer, while move-up home inventory shrunk 12.5 percent. Even luxury homes were at a shortage, down 2.3 percent. First-time homebuyers were forced to shell out 39.7 percent of their monthly earnings for a starter home.

The change of season, still, could usher in more opportunities.

"Starter homebuyers should begin looking now," Young says. "The fall season provides a great opportunity for finding the right home and neighborhood, thanks to a bump in homes for sale on the market, followed by lower winter prices."

For more information, please visit www.trulia.com.



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Autumn upgrades and renovations

Autumn upgrades and renovations

RECBL - Real Estate News

(Family Features)-Fall provides a time for fun and celebration, but it also can be an opportunity to refocus on taking care of your home both indoors and out.

These simple upgrade ideas can help you improve aesthetic appeal, upgrade safety, keep your home free from pests and save you time, resources and money.

Find more ideas for upgrading and updating your home at eLivingToday.com.

De-Bug Your Doors
Enjoy nature without all the pests by adding a protective barrier to your entryways, such as an ODL Brisa Retractable Screen Door. It can be installed over single, double and sliding doors, and can take just 30 minutes to install from start to finish. With one-touch entry and auto-slide open, it allows for easy access when your hands are full. When you’re not using it, you can use the secure locking latch or let it slide back into its cartridge.

Elegant Entry
With a low-profile cylinder, Baldwins Spyglass Entrance Set with Spyglass Levers offers an elegant, architecturally inspired design. With SmartKey re-key technology, the set is the ultimate in convenience and safety as it allows you to re-key your lock in seconds and has American National Standards Institute and Builders Hardware Manufacturers Association Grade 2 security features. Belonging to the premium Prestige Series, the Spyglass Entrance Set delivers effortless, accessible style and affordable luxury.

Get Smart About Laundry
Take a load off and let your washers technology do the work. Available in white or diamond gray, the top load laundry line from GE Appliances gives owners the power to pretreat stains or hand-wash delicates with an industry-first soapy water station, automatically dispense the right amount of detergent and fabric softener based on each individual load and control the load remotely through smart devices by using WiFi Connect.

Feel the Heat
If temperatures are dropping and a warm blanket isn’t doing the trick on an especially chilly day, a space heater can help keep you cozy. Many options are light and portable, allowing you to move it from room to room as necessary. Rather than layering up to enjoy a lazy day on the couch, simply plug it in and choose the setting that’s right for maximum comfortability. Plus, by flipping the space heater switch rather than cranking up the heat, you can save money on energy bills.

Simple Shredding
One of falls obnoxious chores in the eyes of many is cleaning up leaves scattered about the yard. To help save time and energy, add a leaf shredder to your arsenal of lawn equipment. By shredding leaves rather than expending time and resources bagging and disposing them, you can improve the look of your yard without as much physical stress.

Mess-Free Mudroom
On cold days when a brisk chill sends you seeking indoor shelter, it can be easy to make a mess at the door with shoes and outerwear. Instead of a pile of garments greeting you each time you come home, add some structure to the mudroom with an organizer that allows you to hang coats and scarves and stow away shoes. While keeping clothes orderly, it can also help keep you and guests from tracking salt, mud and other messes throughout the house.

Source: Family Features Editorial Syndicate

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Going Green Not Just A Real Estate Specialty

Going Green Not Just A Real Estate Specialty

RECBL - Real Estate News

Builders anticipate green real estate will make up more than half of their business in five years, moving to necessity from specialty, according to a recently released report by the National Association of Home Builders (NAHB).

Energy-efficiency is in demand, as well as a "healthy indoor living environment," the report reveals.

"These findings show that green building has become an established part of the residential construction landscape," says Granger MacDonald, chairman of the NAHB. "It is no longer a niche business; our members recognize the value of building green and are incorporating these elements into their standard business practices."

Net zero or zero energy homes are also popular, the report shows. Twenty-nine percent of builders report they have constructed a net zero home, some with solar panels, in the last two years.

Builders, the report shows, are embracing green for many reasons, including: "appraisers recognizing greater value in green homes;" "customer demand;" and "greater availability and affordability of green products."

Source: National Association of Home Builders (NAHB)

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Millennial Homebuyers? Biggest generation in U.S. History

Millennial Homebuyers? Biggest generation in U.S. History

RECBL - Real Estate News

Millennials are the biggest generation in U.S. history, even surpassing baby boomers in numbers. Already, they make up 34 percent of all homebuyers-and as they get older, make more money and start families, that figure will grow. In fact, Census Bureau data projects household formation will average about 1.5 million per year through 2020. To attract millennial homebuyers to do business with you, it’s important to understand three things: how millennials look for homes, what they want in their homes, and what they want to see on real estate websites.

How Do Millennials Find Homes?
The millennial home search begins online. According to the National Association of REALTORS(R) (NAR), some 93 percent of millennial homebuyers "frequently" use the internet when searching for homes. More than half of millennial homebuyers find the home they ultimately purchase online. NAR also reports:

• 99 percent of millennial homebuyers use online websites to look for homes;

• 86 percent of millennial homebuyers use a mobile website or app in their search process; and

• 58 percent of millennial homebuyers find their home through mobile search.

In short, get the attention of millennial homebuyers with an appealing website that’s equally attractive on desktop and mobile devices.

What Do Millennials Want in a Home?
Millennials want different things than their parents or older siblings want from a home. Here’s what a recent survey found:

Technology: New appliances are the single most important feature millennials look for in a home, cited by 75 percent of respondents. Almost half (47 percent) want solar panels or other energy-storage features, while 38 percent want smart home systems.

Space: Millennials don’t need the biggest lot on the block (less than one-fourth want one acre-plus properties); however, they do like plenty of space inside the home. Sixty-two percent want a big master bedroom, 54 percent want a two-car garage, and 41 percent want a finished basement.

Luxury: Luxury outdoor upgrades such as outdoor Jacuzzis or three-car garages aren’t high on millennials priority lists; however, almost half want a luxury kitchen and hardwood or stone flooring.

It’s important to include all details in your listings, but focus first on those that matter most to millennials. Highlighting key features in your listings and using them as keywords on your website will boost your SEO.

What Do Millennials Want to See on Real Estate Websites?
Driving millennial homebuyers to your real estate website is only the first step. You’ve also got to make sure your website contains the content they look for when searching for a home. A whopping 91 percent of millennials surveyed by NAR say photos are the most important feature on a real estate website. Accordingly, make sure your website has plenty of appealing photos of available homes from all possible angles (the more, the better).

Almost as important as photos is detailed property information, cited by 88 percent of millennials. Accordingly, your real estate website must be regularly updated with property data. Once a day is OK, once an hour is better-but having this content update in real-time is ideal.

Finally, neighborhood information is important to nearly half of millennial homebuyers. Creating landing pages for every city, county and neighborhood in your MLS can address this need, as long as the landing pages are filled with market statistics, images of the local area, and local school information. Again-having this content automatically update is key to prospect engagement.

Home, Sweet Home
Taking the time to understand what millennial homebuyers want from a home and how they search for homes can pay off big in attracting millennial home buying prospects, but how can you capitalize on this information? TORCHx is a great option-their best-in-class websites are designed to attract this group through mobile and SEO-optimized property pages that automatically update with content millennials look for.

​Jesse Friedman co-founded TORCHx in 2013 and has built the premium digital marketing platform into a leading solution for real estate brokers and agents. Friedman is a serial entrepreneur with a strong history in real estate marketing and advertising.

To learn more about TORCHx, please visit torchx.com or request a free demo of the platform.

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Economic Forecast Perks Up

Economic Forecast Perks Up

RECBL - Real Estate News

Analysts are amending their economic forecast due to higher GDP expectations, even as Hurricanes Harvey and Irma weigh on growth, according to Fannie Mae’s Economic & Strategic Research (ESR) Groups recently released Economic and Housing Outlook for September 2017.

The Outlook projects the economy will perk up 2.2 percent over the course of the year, up from the 2.0 percent initially reported.

"For the first time in 2017, we have increased our full-year growth outlook," says Doug Duncan, chief economist at Fannie Mae. "The upgrade reflects economic activity gaining momentum at the end of the second quarter, though we see a great deal of uncertainty surrounding the forecast. The list of uncertainties now extends beyond the geopolitical and legislative, as the effects of Hurricanes Harvey and Irma will require time to untangle.

"Historically, natural disasters that hit heavily populated areas led to substantial near-term declines in economic activity but meaningful rebounds in subsequent quarters due to rebuilding efforts," Duncan says. "Thus, economic growth in the second half of 2017 could still average a slightly stronger pace than the first half. Unfortunately, we continue to expect home sales to be flat during the second half of the year compared to the first half due to strong home price appreciation and lean inventories."

Source: Fannie Mae

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How to Attract Millennial Homebuyers

How to Attract Millennial Homebuyers

RECBL - Real Estate News

Millennials are getting the brunt of the blame for killing many industries that were supported by previous generations but, as it turns out, the real estate industry is alive and well.

Understanding what millennials are looking for in a potential home is imperative if you want to succeed as a real estate professional, as more millennials are starting to search for their first home. Taking certain actions can give you an edge in attracting the millennial market.

Highlight the Flexibility of Open Spaces
If millennials are one thing, its indecisive. They’ve grown up with the idea that they can go anywhere and do anything. The trouble is that they want it all and can be fickle about where to settle. They may enter the home-buying market several times before they seal the deal. What if there’s a career change? Are kids in the future or not? Maybe the contract job (and the regular income) will dry up. To close the deal with a millennial buyer, you have to show off, for example, how the spare room can be used either as an office or as a nursery. It can even be used to generate income by renting it out on space-sharing apps or to a regular renter.

Sell the Potential of Genuine Fixer-Uppers
Saddled with debt and settled in lower-paying jobs, most millennials can’t afford much more than a small, basic house. They understand that there is a potential value in a bigger home in questionable condition, though. Armed with confidence and education (and home-flipping reruns on TV), they are often open to investing in fixer-uppers. In a market where another agent is a text message away from a skeptical millennial, don’t lose the trust of a potential buyer by trying to sell a lemon.

Balance Eco-Friendly Features With Home Automation
If you want to catch the attention of the growing millennial market, showcase how eco-friendly and smart the property is (or can be)! Be sure that a high-speed internet connection is available; if not, research an alternative. Exchange appliances that are not energy-efficient for ones with smart features. Being green is just as important, so consider advising the seller to invest in solar panels. Also, be ready to show off the outdoor living and gardening space.

Voice-recognized smart home devices from major tech companies are taking over home features. Demonstrate ways that the home can be fully automated with the right products and efforts. Consider featuring safety devices like security cameras or doorbell cameras that are tied into a smartphone app. Smart thermostats are becoming the norm as well, even in rented spaces.

Focus on the Convenience of the Location
The character of the home and neighborhood matters to millennials, so point them to quaint communities, local small businesses, and art districts. They tend to work outside of the formerly typical nine-to-five, so routine meals go by the wayside. Proximity to restaurants and delivery options is important. Also, many millennials enjoy non-motor transportation, as well, so distance from work hubs matters.

Since they also need to be able to afford it, a home in the suburbs may be necessary. If a home is located where a commute would be a necessity, be ready to provide travel times, fastest routes, and multitasking ideas like listening to podcasts or staying current on the latest news on NPR.

Assure the Simplicity of It All
Millennials pride themselves in not wanting to "adult." Growing up, they weren’t involved in home projects outside of routine chores and many are often not concerned with home skills that were once considered common. Draw millennials in with properties that come with amenities such as lawn maintenance or consolidated billing, but do avoid demanding homeowners associations. Update exterior features that require regular maintenance (a shingle roof to a metal roof, for example).

Prepare your buyers with the knowledge that will give them the confidence to close. Have a website or print-out of information that will let them know what to expect in terms of processes and costs of services related to purchasing a home. Millennials will close much more readily when they understand the system.

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Home Sellers Are Making Bank in Today's Market

Home Sellers Are Making Bank in Today's Market

RECBL - Real Estate News

Home sellers are making bank in today’s market, realizing a 24.1 percent, or $39,900, gain in 2016, according to a recent analysis by Zillow.

Sellers on the West Coast - where home prices have rocketed since the recession - saw higher returns, with those in Oakland, Calif., taking home the most at 78 percent, or $235,000.

Duration is key. The average seller turning a $39,900 profit, the analysis shows, held on to their home for seven years and five months. The average seller in Oakland hung on to their home for seven years and three months.

The top 10 markets

"The housing market can change a lot in 10 years, and you see that reflected in the top 10 list," says Dr. Svenja Gudell, chief economist at Zillow. "Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities. Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble."

The ability to amass wealth over the long term makes real estate the No. 1 investment for most Americans, despite proven results from stocks and other vehicles.

"It’s extremely difficult to time the market, but if you’re a longtime homeowner in one of these cities, you could potentially see a great return on your investment," Gudell says.

For more information, please visit www.zillow.com.

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Get in Early on Emerging Neighborhoods

Get in Early on Emerging Neighborhoods

RECBL - Real Estate News

Buying in a hot housing market while prices are reasonable is a sure ticket to wealth. Analysts at GOBankingRates recently spotlighted 20 up-and-comers.

The top 10 are:

1. Jungle Terrace - St. Petersburg, Florida
Median List Price (as of July 2017): $239,900
Price Change Year-Over-Year: +44.5 percent

2. Beacon Hill - Seattle, Washington
Median List Price: $569,995
Price Change Y-O-Y: +31.2 percent

3. Point Breeze - Philadelphia, Pennsylvania
Median List Price: $295,000
Price Change Y-O-Y: +40.5 percent

4. Heather Gardens - Denver, Colorado
Median List Price: $278,750
Price Change Y-O-Y: +27.3 percent

5. Pinehurst - Seattle, Washington
Median List Price: $350,000
Price Change Y-O-Y: +24.8 percent

6. Hazelwood - Portland, Oregon
Median List Price: $324,450
Price Change Y-O-Y: +22.4 percent

7. Twin Lakes - Las Vegas, Nevada
Median List Price: $182,450
Price Change Y-O-Y: +41 percent

8. Fairgrounds - Indianapolis, Indiana
Median List Price: $179,900
Price Change Y-O-Y: +29 percent

9. Bayside West - Tampa, Florida
Median List Price: $229,900
Price Change Y-O-Y: +32 percent

10. Highland Hills - San Antonio, Texas
Median List Price: $135,000
Price Change Y-O-Y: +35.3 percent

Source: GOBankingRates

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Know Before You Owe: A Work in Progress

Know Before You Owe: A Work in Progress

RECBL - Real Estate News

The Consumer Financial Protection Bureaus (CFPB) "Know Before You Owe" harmonization of the Truth in Lending Act and the Real Estate Settlement Procedures Act (TILA-RESPA, or TRID) has been a work in progress for several years, overhauling mortgage disclosure practices to improve clarity with the home-buying process.

With the CFPBs guidance and willingness to reduce ambiguities, lenders, real estate agents, and settlement providers have finally started adapting to the new system.

A National Association of REALTORS(R) (NAR) Survey of Mortgage Originators revealed that while TRID-related delays may still be occurring, cancellations attributed to the new processes have decreased.

When TRID went into effect in 2015, lenders were reluctant to share the new required Closing Disclosure (CD) with real estate professionals out of fear of liability for disclosing clients nonpublic personal information. Lenders claimed that sharing the CD violates federal privacy law (Gramm-Leach-Bliley Act, or GLBA); however, an exception within the GLBA allows lenders to distribute the CD to third parties, including real estate professionals.

In a new final rule issued in July, the CFPB reiterated that TRID did not amend this existing exception and explained that it is "usual, appropriate, and accepted for creditors and settlement agents to provide the combined or separate Closing Disclosure to consumers, sellers, and their agents." This language gives confidence to those hesitant to share the CD as it is "a confirmation, statement, or other record of the transaction" falling under the GLBA exception. The CFPB further clarified permissible CD modifications when necessitated by applicable state laws.

Access to the disclosure by real estate professionals ensures consumers are avoiding costly slowdowns for their real estate purchases, just as it was before TRID, when real estate professionals had access to the HUD-1. According to the NAR lender survey, only 16.7 percent of respondents reported sharing the CD unconditionally.

More than half indicated increasing fees for consumers to cover TRID-related costs, averaging $220 per transaction. When real estate professionals have access to the CD, instrumental oversight is added to the closing process, reducing errors that could result in preventable charges being passed on to consumers.

In addition to the TRID final rule, the CFPB has also issued a new proposed rule seeking feedback on how lenders use a CD to reset tolerances to reflect a valid change in circumstance. The CFPB seeks to minimize transaction disruptions and reduce unnecessary costs by easing restrictions on resetting tolerances after the CD has been provided. Such flexibility should increase lender confidence in addressing issues arising after a CD has been sent to the consumer and ensure smoother closings.

As the leading advocate for real estate professionals and their consumers, NAR supports regulatory reform measures that promote transparency, flexibility and certainty for the industry, striving to help qualified buyers with their real estate purchases.

Modifications to TRID must continue to put consumer interests first while eliminating excessive regulatory barriers for those working to further those interests and the benefits of homeownership.

Christie DeSanctis is a policy representative for business issues at the National Association of REALTORS(R).

This column is brought to you by the NAR Real Estate Services group.

For more information, please visit www.nar.realtor.

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Time to Close for Millennials Swings From State to State

Time to Close for Millennials Swings From State to State

RECBL - Real Estate News

The average time it took millennial mortgage borrowers to close a loan was 44 days in July, but swung from state to state, according to Ellie Mae(R)’s recently released Millennial Tracker, a measure of millennial mortgage applications. Closing a purchase loan took 42 days, while closing a refinance loan took 46 days. The amount of time it takes to close, varied by state.

Borrowers in California are looking at a 37-day window and borrowers in New York are looking at a 60-day window.

"Between the competitive housing market with limited inventory and the 30-year note rate at a 2017 low, some millennial homeowners may be deciding to stay put and take advantage of the opportunity to refinance," said Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae, in a statement. "With many more millennials interested in becoming homeowners for the first time, however, the purchase market is still very strong."

The average time it took for millennial borrowers to close an FHA loan-one of the more popular types of loans for millennials-was 44 days, up by one day from June, according to the Tracker. The average time it took to close a VA loan was 50 days, up by five days from June.

Millennial borrowers’ average FICO score rose in July, to 724 from 723 in June.

Source: Ellie Mae

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New Bottom for Mortgage Rates

New Bottom for Mortgage Rates

RECBL - Real Estate News

Mortgage rates overall hit a new bottom first week of September, with the 30-year, fixed rate averaging 3.78 percent, a decrease from 3.82 percent the week prior, according to Freddie Macs recently released Primary Mortgage Market Survey(R) (PMMS(R)).

The 15-year, fixed rate averaged 3.08 percent, down from 3.12 percent the week prior, while the 5-year, Treasury-indexed hybrid adjustable rate averaged 3.15 percent, up from 3.14 percent the week prior.

"The 10-year Treasury yield fell nine basis points this week, reaching a new 2017 low for a second consecutive week," says Sean Becketti, chief economist at Freddie Mac. "The 30-year mortgage rate followed, dropping four basis points to a year-to-date low of 3.78 percent."

The movement of mortgage rates is related, to an extent, to the movement of the key interest rate, which is set by the Federal Reserve and will be voted on at its quarterly meeting in September. Employment data for August suggest the key rate, and mortgage rates, as a result, will stay low.

"It has been a humdrum economy so far this year, seesawing between good to tolerable, yet certainly not great," said Lawrence Yun, chief economist of the National Association of REALTORS(R) (NAR), in a statement on the August jobs report. "Nonetheless, the 12-month job gains total still tops 2 million, and that will likely grow household formation and home-buying demand. The job figures...assures that interest rates will remain low for a longer period."

Source: Freddie Mac

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