Real estate report: Realtors’ study sees new-home shortage

More than four in five U.S. metro areas need more new homes, according to a study released last
week by the National Association of Realtors.

The trade group, which has long been wrestling with a shortage of homes for sale, concluded that
there’s a need for more than 1 million new homes.

In the greater New York area alone, builders could sell 218,541 new homes, according to the
study, which used job-growth data to gauge demand.

In central Ohio, the study found a need for 34,647 new homes, close to 10 times the number that
will be built this year.

“Inadequate single-family home construction since the Great Recession has had a detrimental
impact on the housing market by accelerating price growth and making it very difficult for
prospective buyers to find an affordable home,” said the group’s chief economist, Lawrence Yun, in
a news release.

Underwater owners
decline by 548,000

More than half a million U.S. homeowners emerged from underwater during the second quarter of
the year, but 7.1 percent still owe more than their home is worth, according to new CoreLogic
data.

The real-estate service found that 548,000 homeowners gained equity in their home during the
quarter, leaving 3.6 million U.S. homes underwater, or with debt higher than value.

In the Columbus area, 24,688 homeowners, or 6.2 percent of all those with mortgages, owe more
than their home is worth, CoreLogic found.

“We see home prices rising another 5 percent in the coming year based on the latest projected
national CoreLogic Home Price Index,” said Anand Nallathambi, president and CEO of CoreLogic.

“Assuming this growth is uniform across the U.S., that should release an additional 700,000
homeowners from the scourge of negative equity.”

— Jim Weiker


jweiker@dispatch.com

Realtor.com® Expands Industry Relations Team; David Phillips …

He brings more than 25 years of MLS and association experience, most recently as chief executive officer of the Pennsylvania Association of Realtors®, where he oversaw the 31,000-member association. Prior to the Pennsylvania Association of Realtors®, Phillips was chief executive officer of the Charlottesville Area Association of Realtors®, a position he held for 12 years that included overseeing a weekly real estate publication, a real estate school, a housing foundation and 1,500-member MLS.

“Dave is a significant addition to our team,” said Suzanne Zinn Mueller, Move’s senior vice president of industry relations. “His extensive industry relationships and hands on experience at the helm of both an MLS and association will allow for even greater collaboration between realtor.com and our industry partners.”

Phillips said, “Ever since the News Corp acquisition, there is a new and exciting energy at realtor.com. This is a great opportunity for me to use my experience to be part of something special.”

Phillips earned a bachelor’s degree from Hampden Sydney College and holds the Certified Association Executive and REALTOR® Association Certified Executive designations.  Throughout his career, he has held a number of leadership positions and currently serves as a member of the National Association of REALTORS® (NAR) Realtors Property Resource® Advisory Board, and NAR’s Reach mentor program.

About Move, Inc. 
Move, Inc., a subsidiary of News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV], provides unsurpassed real estate information, tools and professional expertise across a family of websites and mobile experiences for consumers and real estate professionals through all stages of the home journey. It has a perpetual license to operate realtor.com from the National Association of REALTORS®.

The Move network includes realtor.com as well as Doorsteps®Moving.com™ and SeniorHousingNet℠.  Realtor.com pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Move also offers a complete solution of software products and services to help real estate professionals serve their clients and grow their business in a digital world, including ListHub™, the nation’s leading listings syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® SystemsFiveStreet℠ and Reesio as well as many free services. For more information, visit realtor.com.

Forward-Looking Statements
This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory and other factors. More detailed information about these and other factors that could affect future results is contained in News Corp’s filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, except as required by law. 

Media Contact: Christie Farrell, 408-558-7115, Christie.farrell@move.com

Photo – http://photos.prnewswire.com/prnh/20160922/411141

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/realtorcom-expands-industry-relations-team-david-phillips-appointed-to-vice-president-industry-relations-national-300333132.html

SOURCE Move, Inc.

Related Links

http://www.move.com

Strategy matters in multiple-offer homebuying situations


Quite simply, it’s a seller’s market. Pair that with the low inventory of homes for sale, and often the result is multiple offers.

In a multiple-offer situation, a buyer has only one opportunity to make a great first impression. In the Realtor world, we call it “offering your highest and best.” All offers will be presented to the seller simultaneously, and there are no second chances, so it’s imperative to make the offer as attractive to the seller as possible. Here are a few common multiple-offer strategies:

Offering above asking price is the most popular strategy among buyers. As a buyer, if you understand the market and choose to offer more, that’s certainly your prerogative. Remember that if you are not paying cash for a home, your lender will require an appraisal. That’s your safety net and it will keep everyone in check.

Though important, price isn’t everything. Depending on the seller, other terms of your offer may carry more weight than a higher price. For example, the closing and possession dates could be the deciding factor, or maybe it would be beneficial to increase the amount of your earnest money to show how committed you are. Your Realtor can help determine what terms might be important to the seller by speaking with the listing agent.

When in a multiple-offer situation, don’t ask the seller for personal property or to pay for your closing costs unless absolutely necessary. The seller is comparing your offer to others and will more than likely choose the one that will net more to them.

To make your offer more competitive, you may be tempted to purchase the home without conducting an inspection. Would you purchase a preowned vehicle without making sure the mechanics are in good shape? A home purchase is far more costly than a vehicle, so use caution before making that decision.

If your offer is not selected, you may want to submit it as a backup contract. A backup is negotiated, just like a primary offer, and noted as such. In the event the originally selected contract doesn’t work out, the backup contract would take first position.

A multiple-offer situation is one more example of why working with a Realtor gives you an advantage. Your Realtor, who is acutely aware of the market, can suggest strategies that will give you an edge when competing with others.

Denise Creswell is president of the Greater Nashville Association of Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict Code of Ethics. Contact her at 615-473-1663 or denise@denisecreswell.com.

Real Estate Escrow Checking Accounts Now Offered by REALTORS® Federal Credit Union

Earnest money deposits play an important role in real estate transactions. While you’ve had several options for establishing escrow accounts for earnest monies, traditionally, credit unions haven’t been included in your options because of federal legislation prohibiting them from offering escrow accounts. That recently changed, however, thanks to efforts on behalf of real estate agents by the REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union.

“Whenever we talked to real estate professionals about our services,” explains Victoria Gillespie, senior vice president, REALTORS® Division and Enterprise Marketing, “the question kept coming up, ‘Can I open an escrow account?’” Recognizing that there was clearly demand and interest in this service, the Credit Union decided to challenge the status quo on behalf of its members and the real estate industry.

Rewriting federal laws, however, is never easy. As a first step, the Credit Union approached and gained the support of the National Association of Federal Credit Unions (NAFCU), a direct membership association that provides federally insured credit unions with advocacy, education and compliance support. Once NAFCU was on board, the next step involved lobbying efforts with the industry’s governing body, the National Credit Union Administration (NCUA).

Finally, earlier this year, the Credit Union’s efforts paid off and legislative changes went into effect. “We listened to our members and made it happen,” says Gillespie. Now, eligible Credit Union members have the option to open a Real Estate Escrow Checking Account with no minimum balance, no monthly fee and no per-item charges to house clients’ earnest money deposits. Fees are often associated with these accounts at other financial institutions.

Comprehensive Banking Services Exclusively for REALTORS®
Created by the National Association of REALTORS® (NAR) in 2008, the REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union, was formed to address the unique savings, lending and credit needs of NAR members.

Federal credit unions are not-for-profit cooperative financial institutions that are owned and operated by their members. Unpaid volunteers comprise the Credit Union’s Board of Directors, including two NAR representatives. All profits are reinvested in the co-op, keeping costs as low as possible for members.

In addition to the new availability of Real Estate Escrow Checking Accounts, members have access to a full complement of business banking services, including traditional and money market savings, competitive certificate investments, business loans (including commercial real estate loans and lines of credit), and much more.

The Credit Union also offers a full suite of personal banking products, making it simple to separate your personal and business expenses for easier record keeping while enjoying across-the-board cost savings. Members can also apply for two different REALTOR® Credit Cards, further simplifying efforts to separate business and personal records.

Convenient Access
REALTORS® Federal Credit Union is available 24/7 online, via mobile banking and through its bank-by-phone services. Members can make remote check deposits (using mobile technology) up to $250,000 per day for business accounts or $25,000/day for personal checking. In addition to over 30,000 ATMs nationwide, members receive personal assistance at more than 5,000 shared branch locations, or by contacting a Member Care representative at 866-295-6038.

Support the REALTOR® Family
By supporting REALTORS® Federal Credit Union, you support the entire REALTOR® family and help members get better borrowing rates, earn higher rates of return, and keep their banking costs as low as possible. New Real Estate Escrow Checking Accounts, along with all the other services offered by REALTORS® Federal Credit Union, serve as another example of the many ways NAR members can save money and gain special privileges through the REALTOR Benefits® Program.

Benefits of Credit Union’s Real Estate Escrow Checking Accounts

  • No minimum balance
  • No monthly fee
  • No per-item charges

For more information, visit www.realtorsfcu.org.

Local Realtor installed as president of state trade association

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Forcier-Rowe named 2017 president of Virginia Association of Realtors


Forcier-Rowe

Posted: Wednesday, September 21, 2016 6:45 pm

Forcier-Rowe named 2017 president of Virginia Association of Realtors

From staff reports

Richmond Times-Dispatch

Claire Forcier-Rowe, manager of Long Foster Real Estate’s Hanover and Bay/River offices, has been elected president of the Virginia Association of Realtors.

She succeeds Bill White, president of Joyner Fine Properties, as the elected leader of the association — one of the largest trade groups in the state with more than 32,000 members.

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Realtor.com® Expands Industry Relations Team; David Phillips Appointed to Vice President, Industry Relations, National

He brings more than 25 years of MLS and association experience, most recently as chief executive officer of the Pennsylvania Association of Realtors®, where he oversaw the 31,000-member association. Prior to the Pennsylvania Association of Realtors®, Phillips was chief executive officer of the Charlottesville Area Association of Realtors®, a position he held for 12 years that included overseeing a weekly real estate publication, a real estate school, a housing foundation and 1,500-member MLS.

“Dave is a significant addition to our team,” said Suzanne Zinn Mueller, Move’s senior vice president of industry relations. “His extensive industry relationships and hands on experience at the helm of both an MLS and association will allow for even greater collaboration between realtor.com and our industry partners.”

Phillips said, “Ever since the News Corp acquisition, there is a new and exciting energy at realtor.com. This is a great opportunity for me to use my experience to be part of something special.”

Phillips earned a bachelor’s degree from Hampden Sydney College and holds the Certified Association Executive and REALTOR® Association Certified Executive designations.  Throughout his career, he has held a number of leadership positions and currently serves as a member of the National Association of REALTORS® (NAR) Realtors Property Resource® Advisory Board, and NAR’s Reach mentor program.

About Move, Inc. 
Move, Inc., a subsidiary of News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV], provides unsurpassed real estate information, tools and professional expertise across a family of websites and mobile experiences for consumers and real estate professionals through all stages of the home journey. It has a perpetual license to operate realtor.com from the National Association of REALTORS®.

The Move network includes realtor.com as well as Doorsteps®Moving.com™ and SeniorHousingNet℠.  Realtor.com pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Move also offers a complete solution of software products and services to help real estate professionals serve their clients and grow their business in a digital world, including ListHub™, the nation’s leading listings syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® SystemsFiveStreet℠ and Reesio as well as many free services. For more information, visit realtor.com.

Forward-Looking Statements
This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory and other factors. More detailed information about these and other factors that could affect future results is contained in News Corp’s filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, except as required by law. 

Media Contact: Christie Farrell, 408-558-7115, Christie.farrell@move.com

Photo – http://photos.prnewswire.com/prnh/20160922/411141

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/realtorcom-expands-industry-relations-team-david-phillips-appointed-to-vice-president-industry-relations-national-300333132.html

SOURCE Move, Inc.

Related Links

http://www.move.com

Existing-home sales stumble in August as inventory dwindles further

Sales of previously owned homes fell for a second month in August as inventory of homes for sale continued to shrink.

Existing-home sales declined 0.9% to a seasonally adjusted annual rate of 5.33 million, the National Association of Realtors said Thursday. That was only 0.8% higher than a year ago, although year to date figures are 3% higher.

Economists surveyed by MarketWatch had forecast a 5.48 million pace.

The only region to see a gain in August was the Northeast.

At the current pace of sales, it would take 4.6 months to exhaust all inventory, lower than the six months that’s traditionally been the marker of a balanced market. Inventory was lower compared to a year ago for the 15th straight month in August.

As inventory tightened, it pressured prices higher. The median sales price was $240,000, which is 5.1% higher than in August 2015.

First-time homebuyers comprised 31% of the market in August. First-timers represent fresh demand in the market, but they’ve struggled to gain a foothold as prices remain high, credit stays tight, and investors crowd in.

Existing-Home Sales Unexpectedly Fall In August To 5.33 Million Rate

Existing-home sales for August fell 0.9% to an annual rate of 5.33 million units, the National Association of Realtors said Thursday, as the supply of existing homes for sales fell 10% vs. a year earlier.

Economists had expected a rate of 5.44 million. Sales fell significantly in July to a revised 5.38 million, but from a recovery high.

The median home prices rose 5.1% vs. a year earlier to $240,200.

Meanwhile, homebuilder Lennar (LEN) said Thursday morning that it will buy smaller rival WCI Communities (WCIC) for $643 million, or $23.50 in cash and stock.

WCI Communities shot up 40% to 24.01 on the stock market today. Lennar rose 2% to 44.33, after falling to its worst level in more than six months on Wednesday.

On Tuesday, Lennar topped earnings views Tuesday but orders and margins were weak. KB Home (KBH) reported better-than-expected earnings late Tuesday. KB Home (KBH) rose Wednesday and jumped 4.3% Thursday morning, retaking its 50-day moving average.

LGI Homes (LGIH), the top-rated homebuilder, rose 1.1%. LGI Homes has been finding support at the 50-day in recent weeks.

Also Tuesday, the Commerce Department reported August housing starts fell more than expected. But a day earlier, the National Association of Home Builders said its builder sentiment gauge soared in September to match an 11-year high.

Meanwhile, the Federal Reserve’s decision to leave rates unchanged and signal a yet-slower path of future rate hikes are good news for rate-sensitive sectors such as housing.

Median Condo Price In City Is $304000; Fewer Homes For Sale

 There are fewer homes on the market. August marked the fifth month in a row that Chicago saw double-digit decreases in the number of homes for sale.

There are fewer homes on the market. August marked the fifth month in a row that Chicago saw double-digit decreases in the number of homes for sale.

View Full Caption

CHICAGO — The median sale price of a condo in Chicago in August was $304,000, about the same as it was in August of 2015, a report released Thursday said.

The median price of a single family home in the city was $226,000; that price was up 2.5 percent from the same month a year ago, according to the monthly report by the Illinois Association of Realtors.

The median price means half sold for more, half for less.

The city real estate market remains tight, as fewer homes are for sale: 8,962 last month vs. 10,507 in August of 2015.

“We saw a strong surge of late-summer buying in August which lifted sales to positive annual gains. The downside is that inventories in the city saw a notable 14.7 percent decline,” said Dan Wagner, president of the Chicago Association of Realtors and a vice president with Inland Real Estate.

August was the fifth month in a row where the city has seen double-digit decreases in the number of homes for sale, Wagner said.

Homes of all types sold faster in the city: 39 days on the market compared to 45.

For the Chicago metro area, including the suburbs, the median sale price for condos was $189,700 while single family homes were $250,000, both year-to-year gains. As with the city, there were fewer homes on the market in the region in August of 2016 compared to August of 2015.

Nationally, the picture is similar: a lack of inventory for sale stunted overall sales.

Mortgage rates are low, and recent data from the U.S. Census Bureau show that household incomes are rising, but “home prices are still outpacing incomes in many metro areas,” Lawrence Yun, chief economist for the National Association for Realtors said in a national report.

Dow Jones Business News said the national numbers suggest “the housing market might be stumbling due to a run-up in prices, an inventory shortage and persistent doubts about the economy’s strength.”

Low interest rates and steady job growth usually lead to a more robust real estate market, but some econmists say “home prices have risen so sharply in recent years that many potential buyers are unable or willing to buy,” the news service said.

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