Los Gatos, Saratoga: Realtors peek at Generation Z’s views on …

A panel composed of five members of the generation following millennials, Generation Z, young people ages 14-18, discussed their social media habits, shopping preferences and their desire to become homeowners someday, during a session titled “The Gen Z Consumer” at the recent National Association of Realtors 2016 Realtors Conference Expo.

“Generation Z are the teenagers of today that will shape–and are already starting to–the way we live, the way we function and the way we do business,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate.

According to a BHGRE survey, 97 percent of Generation Z believe they will own a home in the future, and 82 percent indicate home ownership is the most important factor in achieving the American Dream. All five of the panelists expressed a desire to own a home and are certain that home ownership will be part of their future.

When asked about their ideal homes, the panelists varied in wanting to live in either rural or suburban areas and in a home with traditional or modern decor. All the panelists expressed a desire for a large amount of square footage.

“I want a big house,” said panelist Cayman, 17. “I want a room for each of my kids, a master bedroom, a few guest rooms, a movie room–I want a lot of space.”

On specific ideas about the features they want in their home, most panelists mentioned hardwood floors, granite counter tops and high-end appliances. “I watch a lot of HGTV, so I know exactly what I want,” said panelist Brooke, 17.

According to BGHRE, even though they will most likely begin their search online, 81 percent of polled Gen Z-ers believe they will work with a real estate agent during the home purchase. “Real estate websites might not be as accurate as an expert’s opinion, and you are spending too much money on a house to not have accurate information,” said panelist Thomas, 12.

The desire for human interaction in their purchasing decisions goes beyond home ownership and into their day-to-day shopping. The panelists agreed they are much more likely to listen to endorsements and opinions from friends and family than online reviews. They said they need to be able to trust the source of recommendations.

Gen Z-ers tend to view online reviews as opinions of strangers. When asked if they use crowd-sourced reviews from sites like Yelp, panelist Elizabeth, 11, answered, “I don’t know what Yelp is.”

The top social media platforms used by the panelists are Instagram, Snapchat, Twitter and Tumblr, and they are frequently interacting with these platforms. “We are called Generation Z, but we should be called generation distraction because we are constantly being pulled to check our phones,” said panelist Ethan, 17.

None of the panelists are regular users of Facebook. “Facebook is not for us,” said Thomas. “Facebook is more dominated by millennials and people in their 30s.”

“It is interesting to learn about Gen-Zers’ views on home ownership. Their opinions may change as they get older and join the workforce, but their views shouldn’t be discarded when we look to the future of real estate,” said Karen Trolan, president of the Silicon Valley Association of Realtors. “We know more about millennials today. It’s good to start learning about the next generation.”

Trolan and members of the local trade association’s leadership team were among the more than 19,000 Realtors who attended this year’s national Realtor conference in Orlando.

US Pending Home Sales Edged Higher in October

WASHINGTON—The number of homes that went under contract inched higher in October, a sign the housing market could be plateauing in the final months of the year.

The National Association of Realtors said Wednesday that its pending home sales index, which tracks contract signings for previously owned homes, edged up 0.1% from a downwardly revised September reading to a seasonally adjusted 110.0. Sales typically close within a month or…

Greater Lakes Association of REALTORS join thousands at National Association Convention

Posted: Thursday, December 1, 2016 7:54 am

Greater Lakes Association of REALTORS join thousands at National Association Convention

staff reports

The Pilot Independent

BAXTER — President Carrie Lee, President-elect Laurie Moe, Secretary Sandy Swanson, Treasurer Brad Wadsten, Affiliate Director Shayna McCulloch, State Director Sheila Holley, and Directors Bill Satre, Becky Sandelands and Pete Thomes; and CEO of the Greater Lakes Association of REALTORS Janie Weston joined 18,000 fellow realtors from around the world to attend meetings in Orlando.

Housing affordability, demographic shifts and e-commerce’s impact on retail spaces are among the top pressing issues realtors should be knowledgeable about heading into 2017. That’s according to a forum on the emerging trends affecting real estate at the 2016 REALTORS Conference and Expo.

Each year the National Association of Realtors Convention provides agents and brokers with the opportunity to network and share their best practices for business, past, present and future. Among the numerous educational sessions at this year’s Orlando event, one panel set its aim directly on brokers, sharing ideas and challenges affecting their business in a think-tank style forum. Members of the Greater Lakes Association of REALTORS attended meetings concerning CFBP, tax reform, and federal issues besides personal development classes. Members were given updates on the economy, elections, and FHA condominium policies.

The Greater Lakes Association of REALTORS is located in Baxter and is made up of REALTORS and Affiliates who service Aitkin, Cass, Crow Wing, Hubbard, Mille Lacs, Morrison, Todd, and Wadena counties. The association is governed by a Board of Directors made up of Association Members and Affiliates. The members of this Association adhere to a strict ethical code as well as foster the education of its membership. The Association provides services to Members including access to the Multiple Listing Service, which houses the listings of our Members and listing from around the state of Minnesota.

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Sussex Realtors attend national conference in Orlando | Cape Gazette

The price of liberty is eternal vigilance.

NAR: Home Sales Steam Forward Into Fall

Pending Home Sales Index Still Climbing

Home buyers are out in force, buying up homes just as fast as they come on-market — and it’s making it harder to find good deals on housing.

According to the National Association of REALTORS®, the October 2016 Pending Home Sales Index posted above its benchmark value of 100 for the 30th straight month.

A home sale is “pending” once it’s under contract between a buyer and a seller.

It’s not surprising that contract signings remain high. With today’s mortgage rates lingering near 4.0%; and with rents rising and lenders loosening mortgage guidelines, today’s housing market favors home buyers in a big way.

Low- and no-down payments remain popular, and new programs such as the HomeReady™ mortgage make it even easier to get mortgage-qualified.

Given today’s market conditions, the best deals in housing may be the ones you find today. By this time next year, home prices and interest rates may be higher — and so might your rent.

Click to see today’s rates (Nov 30th, 2016)

Pending Home Sales Index: A Different Indicator Type

The Pending Home Sales Index (PHSI) is a monthly report, published by the National Association of Realtors® (NAR). It measures homes under contract, and not yet closed.

The Pending Home Sales Index is different from most housing market metrics.

Unlike traditional metrics which measure how housing performed in the past, the Pending Home Sales Index forecasts how housing will perform in the future.

The Pending Home Sales Index is forward-looking.

The index tallies U.S. homes recently under contract to project future, closed home sales. This is possible because the National Association of REALTORS® knows that 80% of homes under contract “close” within 2 months of contract.

In October, the Pending Home Sales Index read 110.0 — up 0.1 points from September’s reading and marking the index’s 30th straight month above its baseline reading of 100.

Beating the baseline is a big deal.

When the Pending Home Sales Index crosses 100, it’s an indication that U.S. homes are going to contract at a faster pace than during 2001, the first year in which the index was published.

2001 is generally considered a good year for U.S. housing. The current market, then, by comparison, is exceptional.

Results for the Pending Home Sales Index, mixed by region:

  • Northeast Region : +3.9% from the year prior
  • Midwest Region : +1.2% from the year prior
  • South Region : +0.8% from the year prior
  • West Region : +2.5% from the year prior

For today’s renters, it’s an excellent time to consider buying a home.

Click to see today’s rates (Nov 30th, 2016)

Two Popular Loan Types That Help Buyers

Today’s housing market is getting a nice boost from more home buyers who are getting mortgage-approved.

According to a recent report from loan software company Ellie Mae, about 3-in-4 home purchase loan applications were approved and “closed” in October. This means the applicant successfully completed the loan process and purchased a home.

In 2014, only sixty percent of applications made it to closing.

Two major loan programs contributed to the high numbers: conventional and FHA.

FHA loans

The same report showed that buyers used FHA for nearly a quarter of all home purchases.

FHA is even more popular among younger home buyers. A related Ellie Mae study showed that loan applicants born between 1980 and 1999 use an FHA loan 37 percent of the time.

First-time home buyers and repeat buyers alike gravitate toward FHA because of its flexibility. It requires just 3.5 percent down and accommodates buyers who have credit scores down to 580.

A little-known fact about FHA is that home buyers can use it as a 100% loan if they can secure a downpayment gift. The program allows the applicant to cover the entire downpayment and closing cost amount with a gift.

FHA requires modest mortgage insurance premiums (MIP) that total about $70 per month for every $100,000 borrowed. FHA MIP cost does not rise with lower credit scores, as does conventional mortgage insurance.

Applicants with a credit score below 660 may find that FHA yields a cheaper monthly payment. And, home buyers can cancel their FHA mortgage insurance premium via a refinance when their home gains adequate equity.

Conventional loans

A conventional loan is one that is approved to guidelines set forth by mortgage agencies Fannie Mae and Freddie Mac.

This loan type makes up 64 percent of the market according to Ellie Mae.

Conventional mortgages do not require a 20 percent downpayment, as many home buyers assume. Buyers can put as little as three percent down with the Conventional 97 program or the newer HomeReadyTM loan.

Buyers with larger down payments often choose an 80/10/10 piggyback loan. The home buyer opens a primary mortgage for 80 percent of the purchase price, a ten percent second mortgage, the puts ten percent down.

This loan structure allows the buyer to avoid private mortgage insurance (PMI) while making a reduced downpayment.

Conventional loans are the first choice among many home buyers because they come with low rates and can beat FHA in monthly cost for well-qualified applicants.

What Are Today’s Mortgage Rates?

Across the country, homes are going to contract quickly. Demand from buyers is huge and, because of today’s low rates and rising rents, the pool of potential buyers has stayed strong.

Take a look at today’s real mortgage rates. Your social security number is not required to get started, and all quotes come with instant access to your live credit scores.

Click to see today’s rates (Nov 30th, 2016)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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MIAMI Becomes First Realtor Association Awarded NAR Diamond …

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November 28, 2016 —

MIAMI Becomes First Realtor Association Awarded NAR Diamond Council Status

The MIAMI Association of REALTORS® (MIAMI) is the first and only association in America to be awarded the Diamond Global Business Council Award from the National Association of REALTORS® (NAR). The Diamond award is the highest level of achievement presented by NAR and was awarded to MIAMI on Nov. 5 in Orlando for its unprecedented commitment to excellence in global achievement on behalf of its nearly 45,000 members. MIAMI provides education and services to help its members connect and market their properties worldwide.

MIAMI, which has 160 international partners, is the only Diamond Council among the 115 global business councils nationwide. MIAMI had earned NAR’s Platinum Council award, which was previously the highest level attainable each of the past five years. MIAMI is innovative in helping its members become global led NAR to create the Diamond Global Business Council Award.

?I hope you are as proud of this achievement as we are of the hard work and dedication that your association has contributed to raising members’ awareness of global business in your local market,” said Janet Branton, the senior vice president of NAR’s Commercial and Global Services. ?For the past six consecutive years, MIAMI has demonstrated the utmost commitment to helping members capture their share of the global real estate market in the United States.”

Diamond Global Council Awards will only be awarded to councils who qualify for the program after earning five consecutive years of Platinum Council status, NAR announced.

Councils are reviewed on a case-by-case basis by NAR and evaluated in five focus areas: Business Plan, Marketing Communication, Events/Education, Outreach and Benchmarking. NAR awards status classifications based on their level of activity, Silver, Gold, Platinum and Diamond. More than 350,000 Realtors® are represented by global business councils across the country.

MIAMI’s commitment to international business began 20 years ago. MIAMI began signing global partnerships with Realtor associations in 1996. Today, MIAMI has 160 international partnerships. The partnerships help create greater exposure for the South Florida market, increase business opportunities and fuel a stronger local economy.

MIAMI’s extensive International Referral Network links MIAMI association members and their properties to more than 250,000 real estate professionals around the world. MIAMI’s International Referral Network provides MIAMI members with a competitive advantage, which benefits buyers, sellers and the communities they serve.

MIAMI is continually networking, growing and adding to these partnerships. This year, MIAMI has participated and/or exhibited at 14 major real estate conferences in France, Panama, Colombia, China, India, El Salvador, Spain and Dubai. MIAMI promotes Miami real estate at these conferences and provides brokers and Realtors reference materials with important South Florida market facts.

Last year, foreign real estate buyers in the South Florida real estate market accounted for 36 percent or $6.1 billion of total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas, conducted by MIAMI and NAR. In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales, according to the 2015 Profile of International Home Buyers in Florida.

In addition to its 160 global partnerships, MIAMI hosts an award-winning annual International Real Estate Congress.

The 22nd annual International Real Estate Congress was held on Oct. 30 to Nov. 1 at the Biltmore Hotel in Coral Gables. About 80 foreign delegates from 13 countries and Realtors from South Florida and throughout the United States networked, learned and collaborated.

NAR Chief Economist Lawrence Yun headlined the 2016 MIAMI Congress keynote speakers. MIAMI CEO Teresa King Kinney revealed initial findings from the latest Miami Profile of International Buyers, a survey conducted for MIAMI by NAR. Coral Gables-based data security and privacy attorney Aldo Leiva spoke about Cuba. Other nationally-regarded speakers presented along with panels of top brokers and tech experts.

Foreign delegates from Argentina, Austria, Brazil, Colombia, Dubai (UAE), El Salvador, France, Germany, Greece, Israel, Italy and Spain participated at the MIAMI Congress. For more information, visit MiamiCongress.com

NAR presented MIAMI with the Diamond Global Council award on Nov. 5 during the International Awards Ceremony at the NAR REALTORS® Conference Expo in Orlando.

About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 96 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents nearly 45,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the first and only association in America to earn the National Association of REALTORS® Diamond Global Business Council award. It is the largest local Realtor association in the U.S., and has official partnerships with 160 international organizations worldwide. MIAMI’s official website is http://www.miamire.com


Read the full story at http://www.prweb.com/releases/2016/11/prweb13876106.htm.

Nichols and Seth join Andrew Abu Realtors

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Dina Nichols

Dina Nichols

Rajit Seth

Rajit Seth

Westborough – Andrew Abu Realtors recently announced that Dina Nichols and Rajit Seth have joined its office.

Nichols has been licensed since 1999 and has received several awards, including #2 Producer and Top 10 Producer in her former position, in addition to being a 2015 Realtor Association of Central MA Ruby Award winner. She is a graduate of Lesley University and currently serves on the board of trustees for Worcester State University.  She lives in Shrewsbury with her husband and two college-aged sons and serves as an active member on various town committees and community organizations.  She is a member of the National Association of Realtors, Massachusetts Association of Realtors and the Realtor Association of Central Mass.

Seth joined the office in June as a residential Realtor after spending over 18 years in the construction and remodeling fields.  He has worked with several builder/developers including Consigli Construction, Toll Brothers and Abu Construction.  His knowledge of the remodeling and construction industry provides his clients the vision of “turning a house they find into their home.” He is very active with the India Society of Worcester in Shrewsbury, a member of Realtors Association of Central Mass, Massachusetts Association of Realtors and the National Association of Realtors.  He lives in Northborough with his wife, two children, mother and grandmother.

Andrew Abu Realtors is located at 80 Flanders Road, Westborough. For more information call 508-836-3333 or visit www.andrewabu.com.


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Local realtors receive Realtor Emeritus awards – Petoskey News


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The biggest part of the housing market may about to be flooded with buyers

(Matthew Eisman/Getty)
New homebuyers may be about to flood the US market for existing homes to lock in the lowest mortgage rates they can.

In the past two weeks — since Donald Trump was elected president — mortgage rates jumped alongside other interest rates. This happened as investors raised their expectations for economic growth and inflation, placing their bets on Trump’s plans to spend heavily on infrastructure and cut taxes.

The Bankrate.com 30-year national average rate was up from 3.5% on Election Day to 3.95% on Tuesday, the highest level since December 2015. This is still historically low.

“In the short-term, some prospective buyers may rush to lock in their rate and buy now, while others — especially those in higher-priced markets — may be forced to delay as a larger monthly payment outstretches their budget,” Lawrence Yun, the chief economist at the National Association of Realtors, said in a data release on Tuesday.

The NAR released its monthly report on existing-home sales, which showed that sales rose at the highest annualized pace in a decade during October. Sales increased by 2% at a seasonally adjusted annual rate of 5.60 million, beating economists’ consensus forecast.

And if mortgage rates continue rising, existing-home sales — which record the most housing transactions — could increase to record levels. Additionally, a strong jobs market and higher wages could offset any drop in demand that higher mortgage rates cause, according to David Berson, the chief economist at Nationwide.

“October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” Lawrence Yun, the chief economist at the NAR, said.

The housing market has been faced with an inventory crunch that drove up prices, especially in coastal metros. The median existing home price rose 6% year-on-year in October to $232,200 — the 56th straight rise.

Ralph McLaughlin, the chief economist at Trulia, said Trump’s focus should be on policies that encourage existing owners to sell and build, not just those that boost demand.

“Such policies could include a reduction in capital gains taxes for homes sold by investors to owner-occupiers, an increase in tax rates on rental income, or both,” he said in a note.

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