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Across All Buyers, Millennials Have the Most Purchases

Across All Buyers, Millennials Have the Most Purchases

RECBL - Real Estate News

In housing, generations intersect regularly. Who’s downsizing? Who’s driving the market? Who’s trading up?

What generation is impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS(R) (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent.

"REALTORS(R) throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy," says Lawrence Yun, chief economist at NAR, of the study. "Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused-and will continue to cause-many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly."

Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year’s $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them-an attribute in common with other generations.

"The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages," Yun says. "Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family."

Additionally, 52 percent of the millennials in the study have at least one child-an indicator of the likelihood of a move-and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.

"While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials," says Yun.

All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR(R), with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR(R), as well, and at least 84 percent of every other generation partnered with a REALTOR(R).

"Especially in today’s fast-moving housing market, consumers of all ages want a REALTOR(R) to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home," says NAR President Elizabeth Mendenhall.

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



Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.




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5 Great Cities for Millennial Homebuyers

5 Great Cities for Millennial Homebuyers

RECBL - Real Estate News

(TNS)-For millennials who are ready to become homeowners, finding an affordable house in a great community can be challenging. With housing inventory historically low, real estate in major metro areas is at a premium. It’s no surprise, then, that young buyers are moving to the suburbs, according to the 2017 Home Buyer and Seller Generational Trends Report by the National Association of REALTORS(R).

Among millennials surveyed, 57 percent bought a house in the suburbs, spending an average of $205,000. Meanwhile, only 12 percent bought in an urban or central city. Affordability, convenience to work and neighborhood quality were among the top requirements for these buyers.

Using this information, we identified five cities that offer some combination of affordable housing, economic growth, job opportunities, proximity to major metro areas and recreational activities.

Great cities for millennial homebuyers:

• Lancaster, Pa.
• Columbus, Ohio
• Garner, N.C.
• St. Petersburg, Fla.
• West Des Moines, Iowa.

Lancaster, Pa.
Population: 59,218
Median value of housing: $109,300

One of the oldest inland cities in the country, Lancaster boasts unique features, such as the countrys oldest continuously running farmers market. It’s also home to an established arts community and a network of independently owned businesses.

There are a number of homes available in Lancaster, including new construction. There were 200 new housing units built in Lancaster in 2017. This year, the city is on track to add 125 more, according to Marshall Snively, president of Lancaster City Alliance.

"In the last 10 years, weve had more than $1.5 billion in public and private investment, including residential development, and more is on the table," Snively says.

Nestled between Harrisburg and Philadelphia, Lancaster is a good option for people who want to work in one of these larger cities but own in a more affordable location. Residents can take a train to Harrisburg in less than 35 minutes, and trains into New York City take about two-and-a-half hours.

Local businesses abound, so many residents don’t have to look beyond the city for jobs. Medical center Lancaster General Health has a network of 300 physicians and more than 3,600 employees. Fulton Bank, one of the region’s most prominent financial institutions, is headquartered in Lancaster.

The city has a strong arts culture, which supports a variety of vintage and antique stores, as well as outdoor markets and performing arts. Gallery Row downtown consists of three blocks of galleries, restaurants and retail.

Columbus, Ohio
Population: 860,090
Median value of housing: $131,800

You can own a home in Columbus without breaking the bank. Even in some of the more expensive neighborhoods, like Harrison West, you can find three-bedroom, two-bath homes for under $250,000.

Columbus supports many industries, including healthcare, education, finance, manufacturing, retail and technology. Columbus largest employer, the Ohio State University, has more than 30,000 full-time workers. Nationwide Insurance is also headquartered here, with about 13,000 full-time employees.

Columbus offers amenities for just about everyone. Kayakers can enjoy Columbus waterways, like Big Darby Creek, Griggs Reservoir and the Scioto River. There are also miles of bike trails and thousands of acres of parkland to hike.

Nightlife includes comedy clubs and live music venues, as well as hundreds of restaurants. Additionally, there are many large-scale attractions, like the Center of Science and Industry as well as the Columbus Zoo and Aquarium.

Garner, N.C.
Population: 28,776
Median value of housing: $164,800

This small town is about six miles south of Raleigh and is also near the Research Triangle, which includes Duke University, North Carolina State University and the University of North Carolina at Chapel Hill.

For people who work in any of these areas, Garner offers more affordable housing than some of the other nearby communities.

Garners business landscape is a mixture of information, utilities, retail and public administration. Companies like Butterball and Direct Distributors are headquartered in Garner. The median household income in Garner is $59,812, above the national median of $57,617, according to Census data.

Outdoor enthusiasts will appreciate Garners 1,200 acres of parkland and open space. White Deer Park offers bikers, runners and walkers two miles of paved trails, playgrounds, an arboretum and a 2,500-square-foot nature center.

Garner also has a mix of chain stores, shopping plazas and locally owned businesses. Local watering holes, like The Beerded Lady, offer a place for residents to see live music.

St. Petersburg, Fla.
Population: 260,999
Median value of housing: $154,800

St. Petersburg has rejuvenated its downtown, which is home to a mixture of business offices, residential property, restaurants and entertainment.

The Gulf Coast city boasts more than a dozen companies that employ over 1,000 people, including HSN, Raymond James Financial and Jabil Circuit, in addition to many other mid- and small-sized companies.

Mayor Rick Kriseman, who was just recently awarded the 2018 Small Business Advocate award by the U.S. Conference of Mayors for his commitment to small businesses, said that creating opportunities for young people is a top priority for St. Petersburg. The city’s Grow Smarter initiative developed by the city and the Chamber of Commerce to assess, develop and create programs to grow the local economy is an example of that focus.

"We are working hard to ensure we are an inclusive and welcoming city where people of all ages can grow and thrive," Kriseman says. "We are specifically aiming to bolster and support our population of young professionals, as their skills and interest align well with our Grow Smarter economic development strategy."

St. Petersburg is home to world-class museums, such as the Salvador Dali Museum and the Fine Arts Museum, as well as chefs honored with James Beard awards, including Lauren Macellaro of The Reading Room.

The city hosts events like the Firestone Grand Prix and is home to the Tampa Bay Rays baseball team.

West Des Moines, Iowa
Population: 64,560
Median value of housing: $195,500

West Des Moines borders Des Moines to the west, about eight miles from Des Moines International Airport. This small city reaps the benefits of the booming financial and publishing industries in Des Moines while retaining a grass-roots community.

"What we’re seeing is that a lot of young people are buying in our older neighborhoods," says Clyde Evans, director of Economic Development for West Des Moines. "They’re fixing up houses from the 60s, 70s and 80s. Its affordable for them to do that here."

Finance and insurance companies, including Wells Fargo, Farm Bureau and Athene, are located in West Des Moines. Small businesses also make up a large part of West Des Moines economy, adding to the 2,800 businesses in the city, according to the West Des Moines Chamber of Commerce. West Des Moines is only 11 miles east of Waukee, the future home of Apples $1.375 billion data center announced last year.

West Des Moines has a variety of restaurants and shopping destinations, including Jordan Creek Town Center and Valley West Mall. There are also microbreweries for beer connoisseurs, like locally owned Twisted Vine.

The 632-acre Raccoon River State Park offers an array of activities like fishing, boating and even swimming along the 500-foot beach, which is part of Blue Heron Lake. There’s also an extensive network of almost 50 miles of greenway trails, park trails and side paths.

(C)2018 Bankrate.com
Distributed by Tribune Content Agency, LLC





Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.







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Low Inventory, Rising Rates and a Bustling Spring Market

Low Inventory, Rising Rates and a Bustling Spring Market

RECBL - Real Estate News

Spring is here, and, with it, a busy home-buying and -selling season. While real estate markets can vary widely by region, housing is currently seeing similar developments across the country.

The Kiplinger Letter, an online source for personal finance advice and business forecasts, recently shared spring market trends. According to Kiplingers David Payne, staff economist, and Rodrigo Sermeño, reporter, REALTORS(R) can expect tight inventory, increased buyer competition and a rise in interest rates across the board this spring.

The biggest obstacle? Not enough homes, particularly in heavily-populated areas and others that are growing quickly.

"Buyers should expect tight inventory of existing homes across the nation, particularly in fast-growing metro areas such as Denver, Dallas, Seattle and Portland-but also most major metros in the West and in the South," say Payne and Sermeño.

Buyers are out in full-force, and with less inventory to choose from, they are flocking to any available homes in their price point and submitting aggressive bids.

"Buyers should expect more competition for entry-level homes, both existing and new," Payne and Sermeño say. "Tight inventories of existing homes will likely lead to bidding wars in many markets."

What the industry sorely needs right now is new construction, and that’s where the South is prospering.

"The South is seeing strong growth in residential construction, including starter homes," say Payne and Sermeño. "Builders are gradually adding entry-level homes in certain markets in the South, such as Dallas, Phoenix and Atlanta. Some builders are focusing on peripheral areas around these cities, where it is cheaper for them to build entry-level homes."

According to The Kiplinger Letter, buyers in the South and West can expect new homes on the market later this year, especially duplexes and townhomes; however, new-construction growth is generally slow across the U.S. due to high costs and insufficient land to build.

"Builders will continue to gradually bring starter homes to the market, but the rising cost of labor and building materials will make it difficult," Payne and Sermeño say.

While skyrocketing prices have been a concern with tight inventory, REALTORS(R) can breathe a small sigh of relief, as growing home prices seem to be slowing down, if only slightly, for the foreseeable future.

"Home price growth will slow a bit, to 5 percent from 6.5 percent last year," say Payne and Sermeño. "Price appreciation has been strong for a while, and some areas are seeing demand hurt by affordability problems, especially for high-end homes; however, the slowdown this year will only be modest because of continuing lack of inventory, especially at the low-to-middle price ranges."

REALTORS(R) are watching the market closely, as one factor could change the status of todays market. Rising interest rates are homebuyers biggest concern, and contributing to this springs flurry of home-buying activity.

"The prospective rise in interest rates this year and next is actually boosting buyer demand to purchase before rates rise further, according to REALTOR(R) surveys," Payne and Sermeño say. "Next year, once it appears that mortgage rates will be stabilizing, then the higher rates will have a somewhat depressive effect on prices and demand."​


Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.





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Better Your Business: Become a Real Estate Resource for Seniors

Better Your Business: Become a Real Estate Resource for Seniors

RECBL - Real Estate News

NARs Seniors Real Estate Specialist(R) designation draws attention to an aging demographic. As a real estate agent, you may be focused on wrangling in younger clients-millennials making that first big home purchase, or those looking to jump from their starter home to their forever home. But real estate professionals fixated on younger clients alone are missing out on a major demographic that needs attention: seniors.

"Our country’s population of older residents has grown significantly over the past several decades," says Chris Read, a broker/owner in Illinois.

Read notes that according to the United States Administration of Aging, the number of residents who are 65 and older will more than double by 2040 to represent 20 percent of the nation’s population.

"To meet the special housing needs of our maturing population, REALTORS(R) need special knowledge and expertise to appropriately counsel clients with major lifestyle changes associated with seniors," says Read.

But what exactly are these senior-specific housing needs? Think tax and legal matters, retirement challenges, exploring assisted living options and understanding how to search for properties that allow independent older clients to age in place.

How can real estate professionals work to meet these needs? The answer is the NAR Seniors Real Estate Specialist(R) (SRES(R)) designation, which provides the knowledge and resources needed for agents to offer a better level of counseling for senior clients.

"The SRES(R) designation provides the awareness and knowledge of issues facing seniors, in addition to a multitude of resources for client solutions and assistance," says Read, who was named the 2016 REALTOR(R) of the Year by the Illinois Association of REALTORS(R).

"Knowledge is power," notes Read. Understanding the issues 21st century seniors face will place you ahead of your competition, draw in more business, and allow you to better serve your senior clients by customizing your services as needed. "Many housing and service organizations will market contact info for the SRES(R) member. It’s a symbol for competency, awareness and skills in navigating a senior through the process of relocating."

To earn the SRES(R) designation, a licensee must be an active member of the National Association of REALTORS(R) (NAR). Following that, you must become an active member of the SRES(R) Council, and complete the two-day designation course-available online or in a classroom. "I completed the course online within one week, stopping and starting as my schedule permitted," says Read.

Read is far from the only real estate professional investing in the senior population. The Senior Services activities of both the Mainstreet Organization of REALTORS(R) and the Illinois Association of REALTORS(R) have been making large moves to support seniors in housing. With a membership of 17,000-plus, the Mainstreet Organization of REALTORS(R) is the largest local association in Illinois, and its Senior Service committee is comprised of REALTOR(R) members maintaining the SRES(R) designation whose business focuses on servicing the senior demographic, explains Read.

The committee’s goal is to provide education, share resources, create tools, promote advocacy and give support to seniors and their communities. In the past, the organization has sponsored senior expos and seminars on powers of attorney, senior housing options, de-cluttering, senior fraud protection and preparing for the future.

Through these services, the organization not only supports their senior community members, but directly connects them with SRES(R) designees who can meet their needs, driving business for the agents, and a higher quality of aging for the community’s seniors.

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



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Pioneering Agent Tackles Intricacies of Team Building

Pioneering Agent Tackles Intricacies of Team Building

RECBL - Real Estate News

Team structures are becoming an attracting force for some brokerages, and are gaining traction throughout the real estate industry. The reality is that 10 percent of real estate agents nationwide are making around $22,000 per year, while 25 percent are making around $29,000 and 50 percent are making around $44,000, according to the May 2016 Occupational Employment and Wages Report by the U.S. Bureau of Labor Statistics. Agents are jumping at opportunities to form a power group that can be more successful than the average solo real estate agent.

Real estate professional Melissa Crockett Willis shared her insights on team building at this year’s National Association of REALTORS(R) (NAR) REALTORS(R) Conference & Expo in Chicago, Ill. Crockett Willis has been in the real estate industry for 30 years and was a pioneer of the team structure. She developed her team in the early 90s and taught team training and system implementations through STAR POWER University. In 2007, she joined the management team of a regional leader in Cleveland, Ohio. Here’s what she had to say:

Considering a Team Structure
Before agents decide to pursue the team route, Crockett Willis suggested they think about the difference between an entrepreneurial agent (where they are responsible for themselves), a partnership (where a partner is needed for delegation purposes to enjoy more free time) and a real estate team (which she calls a game changer because agents are responsible for all team members and not just themselves).

Additionally, agents need to understand that forming a team entails delving into business building.

"A lot of times when you look at teams that don’t succeed, it’s because they haven’t been a student of the business long enough," said Crockett Willis, emphasizing that agents must first educate themselves on the business aspect and not just the real estate aspect before hiring team members. Crockett Willis also suggested that agents step back and think about the following questions:

• Why are you thinking of forming a team?
• Do you just need to create more systems?
• Do you need administrative help?
• Have you mastered the basics yourself?
• Do you like teaching and leading?
• Have you listed and sold enough business by yourself?
• Do you want the responsibility of a team?
• Do you know how to run a business?

Once committed to the team structure, agents should be able to clearly visualize what they want their team to become. They should also create a mission statement that inspires others to take action, as well as focuses on the present and what the organization will accomplish. A successful team leader should be able to distinguish between their role (what they do) and their identity (who they are).

When the ideals are set in stone, Crockett Willis said the next steps are creating a strategy with systems and forming a business plan, which should constantly evolve. "The most successful teams do not over-complicate the business," said Crockett Willis, declaring that no matter what systems are put in place, they should always be simple.

Hiring for a Team
While hiring can seem simple, its undoubtedly the most intensive part of the team-forming process and shouldn’t be taken lightly. Crockett Willis recommended that agents narrow down what type of assistance they need before beginning the hiring process. Agents should ask themselves: Do I need an administrative assistant in order to spend more time with clients, or will I handle secretarial work while someone else takes out buyers to free up time?

Once the positions are clearly defined and are posted on job search platforms, agents should hire slowly to make sure they have the right person for their team. According to Crockett Willis, if the wrong fit is hired, always fire quickly or rearrange duties to make use of everyone’s strongest skill sets.

Crockett Willis said the quality of the interview questions asked should match the quality of the answers they would like to receive. In addition, agents should place prospective employees in an interview position that matches their role. If they’re going to be an admin that makes a lot of phone calls, start with a phone interview to gauge their skills. If they’re managing the front desk, what impression do they make during first interactions?

According to Crockett Willis, candidates can be broken down into two categories: farm animals and jungle animals. She reminded agents that most people fall under these two segments, and they should decide which one would be more successful in the open position. Are they looking for someone who can be aggressive and self-sufficient, or do they want someone who can be shy but is patient and focused?

Working With A Team
Once positions are filled and the business is ready to move forward, agents should focus on being a leader that welcomes risks, instead of a manager who needs balance and sees problems rather than opportunities. Most importantly, leaders must learn how to delegate and communicate in order to have a successful team.

Team members that are constantly involved and are frequently asked for feedback, tend to have a stronger sense of loyalty to the business. Leading agents must remember to elevate team members, one step at a time to show them how valuable they are.

Having a Successful Team
Success never has an ending. Crockett Willis reminded agents to always celebrate success, no matter how small. This also applies to learning new ways to build up the team. "Agents should be a sponge for knowledge," she added.

If the implemented systems aren’t working as planned, agents should always have an exit strategy. It’s a trial and error process and not everything will run smoothly during the first go-around. Crockett Willis told agents that they are their biggest competitors. If they can get past their own obstacles, they will be successful.

And lastly, agents should enjoy the journey they are on with their team.

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

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Tips to Help Market Yourself

Tips to Help Market Yourself

RECBL - Real Estate News

Marketing is the action or business of promoting and selling products or services. When it comes to real estate there is no shortage of products or services to market.

If you’re like many real estate professionals, you can market properties with surprising ease, but may have difficulty when it comes to marketing yourself.

Even if it’s not something you particularly enjoy, marketing yourself and your services is a necessary part of helping your business grow and being in the real estate business marketing yourself is essential.

Whether you’re a new real estate professional or a veteran agent, here are some "Marketing Yourself 101" tips and reminders that you may find helpful:

• Brag a little in your marketing materials. Potential clients want to know what you’ve accomplished and what your professional strengths are. Were your sales figures last year commendable? List them in your marketing materials. Have you won professional awards over the years? Don’t be shy about sharing them. Were you recognized in the community for volunteer efforts or generosity? Be sure to include that information, too.

• If you have trouble writing about yourself, ask colleagues and clients who know you well to describe you. Then, consider using those words in your marketing pieces. Sometimes the people who’ve seen you in action recognize things that you don’t necessarily see in yourself.

• Find your niche. Do you enjoy working with first-time homebuyers? Is there a particular part of town that you know extremely well? Do you have a lot of experience with corporate relocations? If so, make sure your materials reflect your experience with these business segments.

• Update your marketing materials regularly. If you’ve been using the same resources for more than a year or two, it’s probably time to refresh them. Include any new sales data, accomplishments, or professional descriptions. Make sure your contact information is accurate. Have new professional photographs made, and include those. 

• Don’t be afraid to share some personal information. While your marketing pieces should be professional and focus mostly on your business acumen, remember that your goal is to form relationships with your clients. Divulging a little bit about your family life, hobbies, or interests can give potential clients a glimpse about who you are as a person as well as add a little warmth to your communications.

• Consider using testimonials. Ask permission from long-term or favorite clients to share some statements about working with you.

Remember, there are many other ways to promote you in addition to marketing collateral and social media.

• Be involved in your community.

• Volunteer your time at community and charity events.

• Sponsor a Little League team or buy an ad in a local sports team or arts program.

• Socialize often and actively look for ways to meet new people.

• Join your area alumni association, be active in your children’s schools, and participate in neighborhood associations.

The more people you meet and the more you get your name out, the more connections you will make that may lead to new business opportunities.

Source: HSA Home Warranty

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Disappointing Appraisal? Steps to Take

Disappointing Appraisal? Steps to Take

RECBL - Real Estate News

Appraisal disappointing? You have options, according to the Appraisal Institute.

"Homebuyers and sellers should first understand what an appraisal is and how it’s used," says Jim Amorin, president and acting CEO of the Appraisal Institute. "Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it."

​In some cases, the appraisal may not match the contract price-but just because an appraisal comes in below (or above) the listing or contract price doesn’t mean it’s flawed, Amorin says.

The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.

Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.

Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.

"The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent," Amorin says. "Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly."

Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results," says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.

Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?

Homebuyers should take advantage of their right to obtain a copy of the appraisal report," Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.

Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to "Appraising the Appraisal: The Art of Appraisal Review," common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).

Amorin suggests consumers ask themselves:

• Do adjacent homes add or detract from the value of the subject property?
• Is the subject property equal to or lower in price than surrounding homes?
• Does the floor plan have any functional problems?
• Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
• Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
• Did the appraiser perform an adequate inspection?

"Most lenders have appraisal appeal procedures, known as Reconsiderations of Value," says Amorin. "If you’re aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal."

Source: Appraisal Institute

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Inside the Mindset of Gen X Buyers

Inside the Mindset of Gen X Buyers

RECBL - Real Estate News

Not to be overshadowed by the recent focus on millennial and boomer homebuyers, Generation Xers are making something of a buying comeback in today’s real estate market. Here’s why this trend is significant.

Members of Generation X (ages 37-51) have been somewhat sidelined when it comes to coverage of the social and financial impacts of the different generations. But recent studies are finding that those who came of age in the 80s and 90s represent a higher percentage of new homebuyers than in years past and are gaining a noted foothold in the real estate market.

Coming of age in the real estate market
According to industry sources, millennials are the generation buying the largest share of property at 35 percent.

Following right behind, however, are members of Gen X, accounting for 28 percent of home purchases-up from 26 percent last year.

Forbes reports that the increase in home purchases by Generation X is especially significant in that this sector has the highest average amount of student debt among the generations-$30,000-compared to an average balance of $25,000 for millennials. Industry sources also report student loans are a contributing factor as to why Gen Xers delay buying a home longer than their millennial counterparts.

What are they looking for?
According to industry sources, the following factors might influence the real estate comeback among Gen Xers. These factors may also help determine the kinds of homes these buyers are looking for.

Members of Gen X are typically:

• In their peak earning years
• The generation making the most money, with a median annual income of $106,600
• More likely to have families
• The largest generation with kids still living at home

While they may have taken longer to purchase homes, the generation in between the famed boomers and millennials is on its way to a real estate comeback. With more income and more children living at home, Generation X may be looking for bigger homes at a higher price point to accommodate their family and lifestyle needs.

Although millennials and boomers continue to generate coverage as buyers and sellers in the real estate market, the middle generation, Gen X, is coming into its own and is at its peak as more members join the ranks of American homeowners.

Source: HSA Home Warranty

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5 Benefits to Having a Stager on Your Team

5 Benefits to Having a Stager on Your Team

RECBL - Real Estate News

The following information is provided by the Center for REALTOR(R) Development, with assistance from Lauren Hampton and the Podfly editorial team.

In episode 7 of the Center for REALTOR(R) Development Podcast, Monica Neubauer has a great conversation about home staging with Helen Bartlett of Kansas City Home Stagers.

Bartlett is a national award-winning home stager and home stylist who’s been staging homes in the metro Kanas City area in both Kansas and Missouri since 2011.

She has been recognized by Houzz with multiple service awards and "Influencer" and "Recommended" badges on her professional profile. Bartlett has also been named as one of the "Top 200 Influencers in the Home Design Industry for 2017," and recently co-authored a book, "Home Staging: The Power That Sells Real Estate."

As a REALTOR(R), having a stager as part of your team can be beneficial for both you and the seller. You will be appealing as an agent if staging is something you can offer your seller, and the stager can also help to share their best advice for the sellers, and that can help preserve the relationship between seller and REALTOR(R). Home stagers are on the same team as the real estate agent, because it’s about making a successful transaction for the REALTOR(R) and the homeowners. Below are five ways that having a stager on your extended client team can be a huge bonus:

1. A stager can provide a general staging consultation. Everyone selling their home should at least have a stager consultation. Something as brief as an hour-long consultation could lead to value in the thousands of dollars and runs at a reasonable rate. For REALTORS(R), you can make a consultation part of your business model, especially if you don’t particularly have an eye for decorating.

2. A stager can help you "edit" current furnishings. When a professional stager comes into a house that’s occupied and needs attention, one of the easier ways to highlight a home is to "edit" existing pieces of the house and de-clutter the house of things that can make the space feel outdated. Painting and updating the light fixtures are two of the least expensive ways to make a home seem relevant. These types of updates can make a home feel move-in ready, and when a home feels move-in ready for a buyer, they are willing to pay more.

3. A stager can help prospective buyers connect emotionally with a property. Home staging is more than just decorating. The difference between the two is a house versus a lifestyle. Staging allows the buyer to focus on the house and their emotional and psychological connection to it. It is especially important to stage a vacant house because when there’s nothing else to look at, the buyer may start to focus on the negative things. Once a buyer is connected to a house, they are willing to pay more for it, and a staged house may sell more quickly.

4. A stager can help you sell the property more quickly. Home staging is preparing your house to go on the market so that it sells quickly and gets the highest dollar by appealing to the most number of people. Some examples of staging are painting, cleaning, making repairs, or updating your home. The goal is to create a warm and welcoming house that will capture a buyer’s attention. Buyers want to see how they can live in that house.

5. A stager can help the seller sell their property for more. Staging usually costs anywhere from 0.5 percent to 3 percent of the list price, depending on where you are in the country. Typically, a staged home will net anywhere from 7 percent to 10 percent more than an un-staged home, which will likely more than cover the staging cost. The home will also likely sell more quickly, which will save you money on holding costs. Every home can benefit from some level of staging. Though it is a sellers market in many places in the country right now, with a little bit of staging, you can get multiple offers, or even over asking price.

Sometimes it can be hard for a homeowner to have a home stager come into their home and tell them the things they should change. Remind your clients that it’s important to keep an open mind, because, in the long run, it’s a service that will help them, and everyone else involved in the transaction. Everyone benefits from successful staging- the seller benefits from a quick sale at top dollar; the buyer benefits because they’re excited about making the space work for their lifestyle; and the real estate agent benefits from the referral business that could come from the successful transaction.

For much more about staging, check out the complete recording of episode 7 (as well as all the others that have been recorded up to now) at the podcast web site at CRDpodcast.com. The links at the top of the page will lead you to the different audio marketplaces where you can subscribe to the podcast: iTunes, Android, Stitcher, TuneIn, GooglePlay-whichever of these you prefer to use for your podcast consumption.

Our monthly podcast focuses on education in the real estate industry. It addresses formal education programs (such as those from NAR) and informal sources of industry knowledge (such as peers and mentors). It’s intended audiences include REALTORS(R), real estate professionals, allied professions (such as appraisers and lenders), educators, education providers, and consumers. To listen or subscribe, visit www.crdpodcast.com.

For more information about our online courses and products for REALTORS(R) and real estate professionals, please visit onlinelearning.realtor.

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Build Rapport and Convert More Leads

Build Rapport and Convert More Leads

RECBL - Real Estate News

"Know, like and trust" is a three-step process that agents need to master in order to convert more of their own lead database. Most leads start out as strangers who transition into a warm lead and then evolve to someone that "knows" you as their sales person. Getting to the "know" stage is essential in the lead conversion process.

Prospects must know you because, when they do, they’re more likely to like you and refer you to other buyers and sellers.

Trust is also an important part of the equation. When your clients trust you, your advice has greater weight and the sales process goes more smoothly.

There are many ways to build "know, like and trust," and they all begin with building rapport with your leads. Here are 10 tips to start your relationships off right!

1. Make a good first impression. Whether your first meeting is over the phone or in-person, you have to make the best impression possible. Speak with confidence and greet them with a smile. Make sure you present the image of a relatable professional. If you dress too nice, you could ostracize your more casual leads. If you dress too shabby, however, they won’t see you as a pro.

2. Small talk. Don’t dive straight into questions about income, savings and credit score. Break the ice with some safe, comfortable small talk so they can get comfortable with you.

3. Call them by their name. Start using your leads name right away. Not only will this help you remember it; it will also give you a psychological foot in the door. People love hearing their names. Using it can help endear you to your lead.

4. Open-ended questions go a long way. People love to talk about themselves. Let your prospects share information about themselves by asking open-ended questions like, "What’s the most important thing you must have in your house?"

5. Find common ground. Finding out what you have in common can help you bridge the gap between you and your lead. Do they like basketball? Do they enjoy cooking? Have they been to that coffee shop downtown with the really great biscotti?

6. Offer a compliment. Make sure any compliments you give are honest and sincere. Otherwise, they may come across as condescending and damage your relationship with your lead.

7. Model your body language. Observe your lead to determine how loud your body language is. This will help ensure you don't intimidate them.

8. Adjust your tone of voice. People typically like people who are similar to themselves. Try to adjust your pace, volume and tone to be closer to that of your lead.

9. Be genuine. If you don’t like football, don’t pretend you do. If you aren’t feeling bright and bubbly today, don’t force it. Real estate relationships aren’t about acting. Let your leads like you for you. Be yourself.

10. Be empathetic. People buy and sell homes for a variety of reasons. They could be going through a divorce or having a new baby. They may need a larger home to take care of an aging family member. Whatever is going on, there is an innate desire in most people to be understood. Give your leads that understanding by acknowledging their hardships, triumphs, and other driving emotions.

Now that you have the "know, like and trust" process to convert your leads, if you are looking for ways to attract first-time millennial homebuyers, Homes.com can help. With over 13 million monthly visitors, Homes.com can connect you with quality leads in your area by giving you the ability to target consumers during the initial stages of their home search process. Don’t let any more of your local millennial homebuyers slip away to your competitor. Start connecting with them today.

For more information, please visit connect.homes.com.

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You make the call!

You make the call!

Rick Geha began his real estate career at age 22, and has been selling for over 36 years and has run, managed or owned real estate offices for the past 23 years. His love of people and mentoring their passions has led him to a successful career as a speaker, trainer and coach.

As I have ventured through my 37-plus years as a real estate agent, I have to smile at the fears that kept me from creating more, in less time.

By my 13th year in the business, I had started coaching, speaking and training, yet I was still a student of the business. I would teach a class and attend three other classes. What I found is that many others thought the way I did, had similar fears, and had the same limiting beliefs.

Real estate people-in fact salespeople of all kinds-don’t seem to like doing the most basic thing that will get them more sales. The single basic thing most salespeople don’t do; talking to people. I’m sure a good 80 percent or more of you will identify with that sentiment.

In 2005, I was told to take a good look at the 2,700 names in my database, then asked a serious question: "Rick, when was the last time you actually spoke to those people?" The question paralyzed me. It had been a while.

So, I began the task of calling, emailing and doing all I could to reach each and every single one of those people. It was exhilarating and heartbreaking, all at the same time. Over 1,200 of them had bought or sold something without me, as I had done nothing other than send them a magnetic 12-month calendar at the end of each year. Obviously, this wasn’t enough to keep them committed to me.

It was in that harsh moment of reality that I wrote an apology script, which I still share and use today. I was shocked at how willing I was to use it, in addition to how willing agents all over the U.S. and Canada were to use this script without hesitation. Why? Because at no point in the script do you actually ask for business.

The main point of the apology script is to apologize for having been out of touch for so long. You say it’s your fault, and to make sure it doesn’t happen ever again, you’re going to get down some important details and be in touch regularly. I start by getting their birthdays, their wedding anniversary, children’s names and ages, and, if you can find it online, the anniversary of the date they closed on their home. I also like to make sure I have the proper email and mailing address, home and cell phone numbers, and anything else to make a thorough file.

This script has helped me, and many others, more than I can relate. Remember: "Everything works, and nothing doesn’t!" Either way, start by talking to more people every day than you did today.

Over the past 15 years, he’s led more than 1,000 classes and workshops throughout the U.S. and Canada. He is currently a coach with Workman Success Systems. Contact him at Rick@RickGeha.com.

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

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New Homeowner Statistics Unveiled

New Homeowner Statistics Unveiled

RECBL - Real Estate News

Owning a home is a key component of the "American Dream," as well as a primary driver of wealth creation for many Americans. However, the fruits of homeownership are not shared equally across demographic groups. A new report from Apartment List offers interesting insights.

After analyzing Census data from 1980 to 2015, looking at trends in owner and renter populations nationwide, broken down by race, education and income, Apartment List researchers found that white households have a significant advantage in achieving homeownership, and that this advantage persists regardless of education or income.


Some of the highlights of the latest Apartment List report include:

• Nationally, the homeownership rate for white households is 64.4 percent, compared to 32.7 percent for black households, 41.1 percent for Hispanic households, 54.0 percent for Asian households, and 45.8 percent for households classified as "other."

• Since 2000, the gap in homeownership rates has closed by 8 percent for Asian households, by 2.5 percent for Hispanic households and by 2.4 percent for households classified as "other." However, the gap for black households has widened by 3.9 percent.

• Prime working age households in the U.S. are 61.8 percent white, 13.1 percent black, 16.7 percent Hispanic, 5.7 percent Asian, and 2.7 percent "other."

• The nation is growing steadily more diverse, with the share of white households falling by 18.7 percent points since 1980.

• The Census Bureau projects that more than half of the American population will belong to a minority group by 2044.

• Nationally, Apartment List researchers found that homeownership rates for minorities with college degrees are lower than those for whites with only a high school diploma.

• Gaps in homeownership rates by race tend to be worst in metros in the Northeast and Midwest, with smaller gaps found in metros across the South and on both coasts, particularly in California, Texas, and Florida.

Overall, the data shows gaps have been narrowing over time, but gaps for black households have grown worse. And while more diverse metro regions tend to have smaller gaps in homeownership rates, many of these metros also have corresponding low overall rates of ownership.

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Making a Year-Round Commitment to REALTOR(R) Safety

Making a Year-Round Commitment to REALTOR(R) Safety

RECBL - Real Estate News

Each September, the National Association of REALTORS(R) (NAR) observes REALTOR(R) Safety Month. This is an excellent opportunity for all REALTORS(R) to reflect on the importance of staying safe on the job, while embracing a commitment to follow good safety practices throughout the year.

Sadly, incidents involving the personal safety of real estate professionals continue to occur every day.

NAR has a number of resources to simplify and support your efforts. Several of NARs newest and most popular safety tools include:

REALTOR(R) Safety Webinars - Each April and September, NAR hosts a free webinar for members. This September, in conjunction with REALTOR(R) Safety Month, the commitment to spread the word on safety has been expanded to include two programs with safety experts exploring timely topics:

Safety: Do This Now
Presented by: Andy Tolbert
When: Wednesday, September 20 at 1:00 p.m. CST

Stay Safe by Building Better Business Relationships
Presented by: Tamara Suminski
When: Wednesday, September 27 at 1:00 p.m. CST

These important topics are in addition to nearly 20 other safety webinars archived online, covering a wide variety of issues related to data security and cyber safety; open houses, foreclosures, vacant homes; and personal safety. Visitwww.NAR.realtor/Safety/Webinars.

2017 Member Safety Report - Each year, NAR surveys members on professional or work-related situations that prompted fear, their use of self-defense weapons and safety apps, and proactive safety procedures in their brokerage. To view the latest survey findings, visit www.NAR.realtor/Safety.

Social Media Safety Tips - Each week, NAR's official Twitter, Facebook and Instagram pages post a new safety tip in the form of a shareable visual graphic. Follow NAR (@nardotrealtor), or search for #RealtorSafety, to capture and share these tips.

Additional Safety Resources
The resources mentioned here reflect a fraction of the tools developed by NAR to support your efforts. To access all of NAR's safety resources, visit www.NAR.realtor/Safety.

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


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NAHB: Home Builder Confidence in Single-Family Solid

NAHB: Home Builder Confidence in Single-Family Solid

Cash Buyers List News

Home builder confidence in the new, single-family construction market is solid, despite recent tempering, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).

The Index reading for June was 67-down from 69 in May. An above 50-reading indicates more builders have a positive outlook than a negative one.

"Builder confidence levels have remained consistently sound this year, reflecting the ongoing gradual recovery of the housing market," said Granger MacDonald, chairman of the NAHB, in a statement.

"As the housing market strengthens and more buyers enter the market, builders continue to express their frustration over an ongoing shortage of skilled labor and buildable lots that is impeding stronger growth in the single-family sector," said Robert Dietz, chief economist of the NAHB.

Home builders expectations regarding present and expected single-family home sales both fell in June, down to 73 and 76, in order, while expected homebuyer traffic fell two points to 49.

Source: National Association of Home Builders (NAHB)

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How to Find a House Today

How to Find a House Today

Cash Buyers List News

​This year may be the most difficult in a decade to buy a home, especially for a first-time homebuyer.

Prices are soaring in most markets, and for affordable starter homes, the price is rising faster than larger homes.* Supplies are suffering from a three-year inventory drought that also is hitting starter homes hardest.

The number of starter and trade-up homes fell 8.7 percent and 7.9 percent, respectively, during the past year, while the inventory of premium homes has fallen by just 1.7 percent, according to Ralph McLaughlin, Trulia’s chief economist.*

There’s little leeway for mistakes in today’s marketplace. Discipline is essential, and the learning curve is stepped. Buying a home is serious business, and in most markets today, it is the most difficult step in the process for move-up buyers, as well as first-timers.

Here are nine tips on house-hunting in today’s marketplace that will put you ahead of the competition and may spell the difference between success and failure.

Hire a specialist. If you had a serious medical condition, you would seek advice and treatment from a medical specialist. Real estate is also a large and complex field. Many brokers and agents specialize in delivering better service to their clients and customers. If you’re serious about finding a home today, hire a REALTOR(R) who specializes in serving buyers. Look for one with the designation ABR after their name. It stands for Accredited Buyers Representative and means that they are REALTORS(R) who have received specialized training from the Real Estate Buyers Agent Council (REBAC) and have experience representing buyers.

Even if you don’t hire a specialist, you should hire a REALTOR(R). Not all agents are REALTORS(R); REALTORS(R) are members of the National Association of REALTORS(R) (NAR) who are licensed and abide by NARs Code of Ethics. Hiring a REALTOR(R) with an ABR designation won’t cost you anything, and a professional’s assistance could make all the difference. Above all, don’t try to go it alone today. Last year nearly 90 percent of successful buyers used an agent.**

Don’t start your search until you are ready. It’s a good idea to spend some time online surfing real estate sites and learning about real estate and checking out what’s available; however, you aren’t a serious buyer until you have done all you can to improve your credit, raised the money you need for a down payment, been pre-approved for a mortgage from at least one lender and hired an agent

Make a budget and stick to it. The amount for which your lender pre-approves you is not your budget. Your pre-approved amount is conditional and can change when you apply for a mortgage. Moreover, it does not include many of the other costs of homeownership, like taxes, home insurance and maintenance.

Sit down with your agent, make your budget and stick to it. As a rule of thumb, economists recommend you spend no more than 30 percent of your gross income on housing costs. Make a pledge to yourself to stick to your budget. There are few heartaches worse than falling in love with a house you can’t afford or stretching yourself so thin that you are "house poor" for years to come.

House hunt every day. Looking for a house in today’s market is like having a second job. Financially, finding the right home may be even more important to you than a second job. The outcome of your search will determine where you live and how much you spend on housing for years to come. Be proactive with your agent to learn as much as you can about the home-buying process and conditions in your market. Spend time every day reviewing listings and learning about neighborhoods.

Drive the neighborhoods in which you are interested and go to open houses to get a feel for the market and to meet listing agents who may have a home that meets your criteria. Check out "coming soon" listings to get a head start on the competition.

Use a selection of sites. Most buyers start their house search on one of the major national real estate sites like realtor.com(R), Zillow or Homes.com. These sites have great features, research and how-to material. As you get more serious about finding a house, increase your selection of sites to include your local multiple listing services, if yours has a consumer site with listings (not all do). Also, bookmark several of the leading local brokerages in your market. Listings may appear earlier on a local brokerage site than a national site, and often updated information like contracts or price changes are posted first on the site of the listing broker who represents the property. Sign up for email updates of listings that fit your criteria.

Be flexible. You may find that you cannot afford to live where you would like, or you can’t afford the size or amenities you want. If those are deal-breakers for you, you may not be ready to buy in your market today-or you might revisit your plans and decide to live a little farther out from the city, buying an older house that you can improve over time. Starting out in a condo might be an acceptable alternative. Chances are prices in your market are not going to decline, and by buying now, you will begin to accumulate equity. Though mortgage rates have risen over the past year, they are still very reasonable by historical standards, which mean that the odds are they will continue to rise, rather than fall, in the future. Expand the geography and price ranges on the websites you are using and see what you find.

Sweeten your offer. When you find a house on which you want to make an offer, ask your agent for a comparative market analysis (CMA) to determine its value. Don’t rely on the estimated values provided by valuation tools on real estate sites. Knowing the value is important not just for deciding how much to offer, but also to anticipate how much the house will appraise for. CMAs are based on recent sales of comparable properties, similar to appraisals. Chances are you will be competing with other buyers, including investors who pay all cash. Sellers are not only looking for the best price; they also want an offer that will close on time from a buyer whose financing won’t fall through.

Consider sweetening your offer by increasing your down payment and getting more than one pre-approval. Be flexible on considerations like renting back if the owner is a move-up buyer who may need time to find a new home. If you are a move-up buyer, sell your current home before you buy a new one. Most sellers react negatively to offers that are contingent upon a buyer first selling his current home.

Don’t lose your deal. About 23 percent of contracts on homes today have a delayed settlement, and 7 percent of contracts fail to close and are terminated. The leading causes for delayed settlements are issues related to obtaining financing and appraisal issues. Among contracts that were terminated, 25 percent faced issues related to home inspections, and 20 percent had issues related to the buyers ability to obtain financing.***

One way to improve your odds for financing is to get more than one pre-approval so that you are ready to talk to a second lender if your first application fails. Most appraisal issues result from appraisals that come in lower than the contract price and buyers must come up with more cash. One way to protect against a low appraisal is to know the value of the house before you make an offer and make a larger down payment than you have to.

Persistence pays off. Don’t despair if a seller selects another offer over yours. Learn from your experiences. A better home may come on the market tomorrow. Last year buyers searched for an average of 10 weeks and looked at a median of 10 homes**, but that’s just a national average for all buyers. If you are a first-time buyer in a hot market, expect your hunt to take longer. Don’t quit when the weather turns cold. Fall and winter can be good times to find a home. There are fewer listings than in the spring or summer, but there’s also less competition, and sellers are usually more motivated.

* McLaughlin, Ralph. (2017, May 22) Don’t Call It a Comeback: How Rising Home Values May Be Stifling Inventory. Retrieved from www.trulia.com/blog/trends/inventory-q117/

** 2016 Profile of Home Buyers and Sellers. National Association of REALTORS(R).

*** REALTORS(R) Confidence Index: Report on March 2017 Survey. National Association of REALTORS(R). Retrieved from www.nar.realtor/sites/default/files/reports/2017/2017-03-realtors-confidence-index-04-21-2017.pdf.

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