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Market Conditions and Outlook
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User rated daily articles on declining and advancing real estate markets, mortgage news, creative owner financing, realty facts, and property owner opinions |
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Have an Eco-Friendly Home? Make Sure Buyers Know It |
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| In tight real estate markets one sure thing is that sellers have to highlight the finest qualities of their homes. Yet, sometimes the very benefits buyers might be interested in are overlooked.
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How to Prospect Expired listings |
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| Prospecting expired listings can be the core of anyone's business in the real estate field. You can create a system that will give you repeatable results for your effort. Let's look at these three very positive characteristics in prospecting expired listings.
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Mortgage Rates Drop Slightly in Freddie Mac Weekly Survey |
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| Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.
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Tighter Requirements for FHA Loans Loom |
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| It's about to get tougher to qualify for a Federal Housing Administration (FHA) mortgage, often considered the replacement loan for the collapsed subprime market.
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Replace Short Sales With Your "New Homes" Team |
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| Here's a tongue twister: If Sally sells short sales down by the sea shore how many sales will Sally sell short if Sally doesn't close any short sales?
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Moreira on Success: Be Flexible, Willing to Change and Never Stop Learning |
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| Peter L. Mosca, host of Income Property Investment Talk dot com, shares an excerpt from his interview with Steven Moreira, CCIM, CIPS, and CEO and sole stock-holder of the 4-Quadrant Magic Companies, who provides a comprehensive look at the financial markets, financing, and what is happening on the streets in the marketplace, right now in terms of funding and lending.
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Nine Leadership Mistakes to Consider As You Rebuild Real Estate |
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| A word of advice for builders, contractors, developers and all other players interested in re-building strength back into the real estate marketplace: only strong, balanced, and experienced leadership at the executive level will pull the industry through to the next upcycle.
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California Homeownership Without Mortgage Payments: Homeowner Associations Pay For California Mortgage Moratoriums |
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| While some people struggle to keep their mortgage payments current, others are living in their houses for free. Not only are they not making mortgage payments but they are being offered incentives when they don't.
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Mortgage Rates: The Calm Before the Storm? |
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| Despite being just 3 1/2 weeks from the much anticipated end of government purchasing of mortgage-backed securities, mortgage rates remain steady.
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Changing Times, Changing Fraud |
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| It was certainly a sign of the times that a panel discussion recently presented to California real estate attorneys and brokers was titled "Changing Times/Changing Fraud."
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The House Hunter's Toolkit |
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| It may not feel like Spring in your town, but for most of the United States, we've turned a corner. The sun is shining, the snow is melting, and the crocuses are poking their heads up through the ground; a brutal winter is winding down.
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What's My Real Estate Really Worth? |
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| How much is your real estate—your house, condominium unit, cottage, income property—worth in this market? PJ Wade has a few questions and suggestions for you whether a value popped into your head or not.
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What to Say (or not say) to Gracefully Decline the Monkey |
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| Here are some tips for showing your client the respect of letting him keep his Monkey (i.e. solving his own problem or dilemma). It's really all in what you say, or don't say, as the case may be.
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Pre-Qualifying for a Mortgage |
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| One of the first steps to take as a potential home buyer is to get pre-qualified for a loan. This step helps both you and your lender learn just how much home you can afford. And you should begin this process before you even start looking for a home.
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Real Estate Outlook: Federal Reserve Beige Book |
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| If you're trying to figure out where real estate is headed in the coming months, should you listen to the Federal Reserve -- or do you focus on the latest pending home sales numbers?
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More Incentives To Buy Home: Fannie Mae Offers Money for Closing Costs and Appliances |
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| Fannie Mae wants to sell its housing inventory that it acquired through foreclosures. The properties are listed for sale on HomePath.com. To do so, it's offering buyers incentives for those properties
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Low Rates Help Make Home Buying More Affordable |
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| Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 5.15 percent.
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Keys to Representing a Buyer |
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| The Buyer's Agent is responsible for crafting, presenting, writing a proper contract for, and prompting acceptance of a good offer. Follow these steps:
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Relationship Selling Begins With Databased Marketing |
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| The name of the game is not just Internet marketing, it is relationship building. Marketing is what gets them to the sales center. Selling is a process and it takes times, sometimes many months.
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Feds Help Speed Up Your Mortgage Modification |
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| The latest spin on government-sponsored mortgage modifications, demands that home owners provide an initial package of documents before the first phase of a modification can begin.
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Editorial: Banks Are Looking For More Bailouts |
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| The bankers are once again attempting to tilt the system in their favor by trying to turn Florida into a “non-judicial” foreclosure state.
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| Many rules enacted by homeowner association boards tend to use the Stick Method for rules which assumes folks need to be beaten to comply. The Carrot Method coaxes people into compliance by using guidelines that are reasonable and equitable. Guess which method works better to harmonize an HOA?
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Future Architects Design Sustainabale Architecture |
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| Whether you are a believer in the GREEN movement or not, designing buildings that use strategies aimed at improving the performance of metrics that matter most: water efficiency, CO2 emissions reduction and energy savings makes sense. The last two years have been a wake-up call for not only Americans but for citizens of the world. We have all been faced with the rising cost of the natural resources we use every day and have come to understand the wisdom of conservation.
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Quick and Easy Interior Design for Home Sellers |
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| Home buyers and home sellers have the same goal: an exchange of property. Buyers want to pay as little as possible for the nicest house they can afford; sellers want to earn as much as possible on their property. They may seem like conflicting interests, but they aren't. Buyers and sellers goals, at bottom, are both about making a fair trade.
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Focusing on the Median Price Can Be Misleading |
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| I like good news as much as anybody; but, as a real estate agent, I know that what appears to be good news can often mislead people who have to make decisions about selling their property.
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What Canada's New Mortgage Rules Mean to You |
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| The government says Canada’s housing market is healthy, stable and supported by solid economic fundamentals. But as prices keep rising, new mortgage rules have been introduced to prevent a housing bubble. Here’s what the rules mean for buyers.
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Show Your Client the Respect of Declining the Monkey |
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| Believe it or not, politely declining to take on your clients' monkeys has a lot to do with respect. Respecting your client's intelligence, abilities and willingness to do his part.
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Real Estate Outlook: Reading the Numbers |
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| When it comes to the current housing recovery, never assume the path leads straight up. That's just not the way it's playing out.
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Sellers: Staging is a Must |
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| You may not have the budget to hire a professional stager, but every home seller can follow a few helpful staging tips to make sure their house looks like a buyer's dream home.
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Top Affordable U.S. Housing Markets |
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| More than 70 percent of U.S. homes are affordable, with Indianapolis being the most affordable major metro housing market in the country for the last four years, according to a recent joint report by the National Association of Home Builders and Wells Fargo.
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Effective Price Versus Value Counseling |
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| We have seen many marketplaces shift nationally in recent years. The skill of price value counseling is a more essential tool than others in the last five years. My contention is most Agents are ineffective or out of practice in this discussion.
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Long-Term Rates Rise to Over 5 Percent for the First Time in Three Weeks |
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| Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 25, 2010, up from last week when it averaged 4.93 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.
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Commercial Real Estate Losses Could Reach $1 Trillion |
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| Columnist David Fletcher reports on the sate of commercial real estate, and why it is in serious trouble.
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NAR Commercial A Leading Voice for the Industry, The Market, and the Investor |
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| Peter L. Mosca shares an excerpt of a radio show interview on Income Property Investment Talk dot com, with Blaine Walker, 2010 Chairman of the National Association of Realtors Commercial Division and Chere LaRose-Senne, Managing Director of Commercial Member Services.
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Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper |
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| New filing requirements for homeowners seeking the home buyer tax credit or refund demands that taxpayers file hard copies of their returns. They cannot file electronically.
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Real Estate Investing: How Will it End? |
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| Columnist Clifford Hockley shares his own insights on how to plan for the next generation.
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Construction Industry Continues to Lose Jobs as all States Report Decreases in 2009 |
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| For the first time since the start of the economic downturn, every state and the District of Columbia reported losing construction jobs over the past twelve months, according to a new analysis of state-by-state employment data released by the Associated General Contractors of America.
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The Offer: There's More to It Than Price |
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| When a real estate buyer makes an offer, the purchase price is a prime consideration, but it represents only part of the total value offered to the seller. PJ Wade explains how problems may arise for both sides of the transaction when this fact is forgotten.
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| With all the time you've been forced indoors during the cold winter months you've probably found some aspects of your interior design that you'd like to change. Well, there's still another month of cold weather ahead of most of us, and being stuck indoors may provide the perfect excuse for making some much-needed changes to your interior design.
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Real Estate Outlook: Increase in Housing Starts |
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| When you get reports of increases in both new housing starts and existing home and condo sales in a single week, that's got to say something positive about where real estate is headed.
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Buyers: Why Green is Worth It |
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| For new and existing home buyers alike, the options to"green up" homes abound. Green upgrades on homes offer two-fold benefits. They contribute to a healthier environment, both now and in the future, and they can save homeowners big when it comes to energy costs.
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Declining the Monkey Without Alienating Your Client |
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| In my last article, I promised to expand on my opinion that it’s possible avoid burnout by “Declining the Monkey” with a client or prospect -- and that it’s preferable if you Decline that Monkey without alienating your client.
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Washington Report: Anti-Foreclosure Program |
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| The Obama administration came out with a score card on its anti-foreclosure program last week, and there's just one word for it: Minimal.
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Investor Report: HUD Regulations |
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| Seller financing to buyers is an essential tool for many real estate investors, but proposed regulations from HUD could create big problems.
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| Agents lose control of the listing presentation when they allow the sellers' agenda to take over the discussion. Columnist Dirk Zeller has listened to agents who have lost control to the seller in the first five minutes. The problem for most agents is once they lose control, they don't have the skill to wrestle it back.
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Clean Homes Show Better--Five Areas To Scrub to Make Yours Sparkle |
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| So, here's a question for you. Would you rather walk into a clean home or a dirty one? No, it's not a trick question but it is an important one.
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Mortgage Rates Hover Near Record Lows |
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| Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending February 18, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.04 percent.
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Outsourcing Your Way to Success |
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| Peter L. Mosca, host of Income Property Investment Talk dot com, shares an expert of his interview with David Oswald, an outsourcing enthusiast and author of "101 Ways to Outsource Your Life and Business." David discusses the challenges involved, how to manage and address the demands, and understanding the technologies that support outsourcing solutions.
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Opinion: Rebranding Burj Dubai to Burj Khalifa - Motivated By Gratitude or Genius? |
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| If you missed Dubai's January formal opening of the world's tallest building, the Burj Dubai --uh, the Burj Khalifa, you missed the most dramatic marketing event since the Babylonians constructed the Burj Babil (tower of Babel).
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Short Sale Transaction a Tall Order |
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| A short sale could be a better deal than bankruptcy or foreclosure, but it can also sap your time, wither your credit score and well, cost you money.
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Rx for HOA Board Burn-Out |
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| Getting and keeping dedicated board and committee members is one of a homeowner association's greatest challenges. How can the board avoid the burn-out that comes with the job? Here are some of the ways to prevent burn-out.
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Florida Court Decision Could Impact Builders and Bank Foreclosure Processes |
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| A ground-breaking South Florida court decision has paved the way to a legal solution for condominium and homeowners associations to address the under-reported but highly commonplace practice of banks stalling their foreclosures.
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| If you're wondering where and how to invest in real estate in 2010, you might be interested in the results of a new survey that asked institutional investors - all deep pocket, big players - about their strategies for the coming 12 months.
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Avoid Burnout by Declining the Monkey! |
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| Many agents experience emotional burnout from their jobs. But you can draw a line and preserve your sanity. Terry Watson calls it "the Monkey."
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| Springtime can present many difficulties when it comes to curb appeal. Homeowners have no fear -- here are five tips on how to
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Real Estate Outlook: National PMI Index |
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| One of the most accurate forecasters of housing value movements has just signaled something potentially important: For the first time in a year, according to the national PMI index, “overall risk has decreased” in the 384 metropolitan markets covered by the survey.
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Landlords Move In Furniture to Help Rent Properties |
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| These days some landlords are finding a house without furnishings has less appeal in the marketplace. So, landlords are supplying furniture.
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| Og Mandino wrote that classic some thirty years ago, and it still sells over one million copies annually. After reading a tribute to Og, I started to think about what characteristics make a great salesperson. Og had many brilliant thoughts regarding sales and life.
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Language: A Barrier or Gold Mine? |
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| How important is the 'language' factor? When you and your customer are on the same page, in the same language, chances for a happy ending are greatly increased.
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Property Managers A 'Value Add' to Owners, Investors in the Real Estate Market |
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| Peter L. Mosca, host of Income Property Investment Talk dot com, shares an excerpt from his interview with Randall Woodbury, CPM, 2010 IREM president, Ronald L. Goss, CPM, 2010 president elect, James A. Evans, CPM, 2010 treasurer. The trio look at the primary responsibilities of real estate managers and the impact they have on property investments, the growth of real estate management and the importance to all marketplaces across the country and the globe especially in challenging ones like today.
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Resolve to Take a Look at Refinancing |
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| If you haven't looked into refinancing your mortgage under federal programs, you could be missing an opportunity to save money, keep your home and give the economy a little juice.
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50 Ways to Gain a Neighbor |
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| It seems that neighbors have lost the art of making friends and, instead, want the board to intervene in conflicts between the strangers that live next to each other.
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Builder Innovation Sells, No Matter the Market |
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| A weak economy, dismal job market, foreclosures, declining home values and tight credit conditions are among the factors weighing the national housing market down, and no community has been harder hit than Las Vegas, Nevada.
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Realtor Association Expands Anti-Discrimination Policy |
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| At the recent annual governance meeting of the National Association of Realtors held in San Diego, the Board of Directors adopted a recommendation to expand its existing support of equal opportunity to include its application with respect to sexual orientation. The exact wording of the motion was: "That existing NAR policy on equal housing opportunity be amended to include opposition to discrimination based on sexual orientation."
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Prepare to Avoid Buying Panic |
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| When you buy real estate in a panic, you may lose more than you gain. PJ Wade shares tips on removing the panic from buying in even a fast-paced market.
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Real Estate Outlook: Positive Movement |
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| It's a fairly rare event, but now and then most of the important economic directional signs go positive, and this is one of those weeks
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Agents: Avoid Becoming Emotionally Involved in a Deal |
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| One of the least talked about topics in real estate is about agents that become emotionally involved in the deal.
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Washington Report: New Budget |
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| Real estate took some whacks in the new 3.8 trillion dollar Obama budget presented to Congress last week, but there were some helpful proposals for housing as well.
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Developing Referral Relationships |
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| Once you’ve received a referral, gathered information, and ranked the lead, it’s time to pick up the phone. The following advice and scripts will help you at each step of the lead-conversion process.
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Investor Report: Financing Opportunities |
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| You've probably heard that the Obama administration's budget sent to Congress last week emphasizes helping small businesses around the country. But you may not know that it also includes lots more potential financing opportunities for purchasers, owners and rehabbers of commercial real estate.
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Long-Term Mortgage Rates Remain Stable and Low |
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| Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS)in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.7 point for the week ending February 4, 2010, up from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.
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Housing Affected by Demographic Trends |
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| The Urban Land Institute predicts there will be two major changes beginning in this new decade in our country that will affect the housing market.
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Richard Juge, CCIM, 2010 President Details Institute's Impact on Real Estate, Industry and Economy |
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| Peter L. Mosca shares an excerpt of his radio show interview conducted with Richard Juge, CCIM, 2010 President of the Institute, and President of RE/MAX Commercial Brokers, Inc. in Metairie, Louisiana and broker/owner of a RE/MAX office in Mandeville, Louisiana.
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Feds Giving Mortgage Modifications Additional Boost |
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| It's not easy turning a potential foreclosure into a successful affordable mortgage modification -- from either side of the table.
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| The FHA announced tighter guidelines (January 20). Insurance premiums increased from 1.75 to 2.25 percent. Seller concessions are limited to 3 percent, down from 6 percent and new borrowers with a FICO score below 580 will need a 10 percent down payment instead of the 3.5 percent now required. GASP! We have a choice. We can choose to support what they are trying to do, or we can complain loudly and keep the buying public confused.
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Builders, Ever Hear of the Merkley Amendment? |
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| On Christmas Eve, December 24, 2009, the Senate by a 60 to 39 vote approved the Patient Protection And Affordable Coverage Act (H.R. 3590). A large bill, as most have undoubtedly heard, was made a bit larger as language requiring small construction firms with more than five workers provide health care coverage or face stiff fines was, according to the National Association of Home Builders, "slipped into the Senate health care legislation at the last minute."
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Is Laser-Focused Prospecting Really Necessary? |
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| Most real estate sales training is focused on: Focusing. Or perhaps more aptly: Laser-focused prospecting.
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Games Won't Boost House Prices in Vancouver, Says Study |
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| There's no evidence that hosting the Olympic Games results in increased house prices for the host city, says a new study. That may be good news for Vancouver, which another report says is already the least affordable of 272 cities around the world.
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Sexual Harassment Case Has Relevance For Real Estate Agents and Property Managers |
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| It would be tacky to call it a cause for celebration, but California real estate agents can be gratified that the State Supreme Court has upheld the dismissal of Hughes v. Pair, a sexual harassment case. Why should real estate professionals care about sexual harassment suits? Because the laws involved apply to them.
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Real Estate Outlook: Jumps and Gains |
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| You can take your economic cues from the Federal Reserve Board' s latest assessment…or you can take them from the nation's consumers directly, as measured by the Conference Board's monthly Consumer Confidence survey.
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| There are so many choices to make between smartphone platforms, manufacturers, models and wireless providers, that it can be a confusing proposition, especially if you are relying on your choice to help you in business, first know that there is only a slight difference between devices in terms of the features and capabilities they offer. |
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Washington Report: State of the Union |
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Where will housing and real estate issues rank on Washington's priority list for the upcoming election year's legislative calendar?
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Investor Report: 20 Percent Limit |
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| Foreclosure and REO investors have begun taking a closer look at the Obama administration's recent loosening of rules on property "flips"… . And they're seeing some potential complications. |
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Aging Buyers Want Easy, Comfortable Homes with First-Floor Master Bedroom |
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According to BabyBoomerMagazine.com, this group has greater wealth than any other, controls 70 percent of the total net worth of American households, and accounts for 40 percent of total consumer demand.
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Establishing Measurable Benchmarks For Your Team |
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It is essential that you create meaningful targets or benchmarks that are tangible and traceable for each staff member. These benchmarks are much different for the sales-oriented team members like Buyer's Agents and Listing Agents. The benchmarks for these production-oriented staff need to be aligned with the standard an Agent should aspire to.
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Mortgage Rates Flat This Week |
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| Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.6 point for the week ending January 28, 2010, down slightly from last week when it averaged 4.99 percent. Last year at this time, the 30-year FRM averaged 5.10 percent |
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RealSource.net Executives Discuss 2010 and the Distressed Asset Marketplace |
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| Peter L. Mosca, host of Income Property Investment Talk dot com, shares an except of his interview with the executive team at RealSource: Michael Anderson, CCIM; founder and co-owner, Nate Hanks, CCIM; co-owner, and Blaine Walker, President and 2010 Chairman of the Realtors Commercial Alliance |
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Keep the HOA Capital Reserve Fund Robust for Long-Term Economic Health |
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In today's bootstrapping economic climate, organizations across the economic spectrum are looking for ways to stretch a dollar and scrap non-essential expenses.
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Homebuyer Tax Credit Boosts Economy |
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| A new survey reveals that savvy consumers cashing in on the new and improved homebuyer tax credit are helping fuel economic recovery. |
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New Year, New Money-Saving Strategies for Builders |
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| With every New Year comes the promise of a new start, of new beginnings. For builders and those in the construction and development industry, many couldn't wait to say goodbye to 2009. |
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Three Rs: Rules, Regulations & Resolutions |
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| Every homeowner association has various methods available for establishing acceptable standards. As a benchmark, those standards must stand the test of federal law: For example, the board cannot enact a rule that flies in the face of the Fair Housing Act. |
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Advertising as Distilled Listening |
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Mobile computing will challenge the effectiveness of advertising in real estate. PJ Wade offers 3 Tips for preparing to recognize the constructive and destructive shifts ahead, so you gain the advantage in deciphering pitches and promotions.
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Real Estate Outlook: Sobering News? |
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| You might have seen the headlines last week about an unexpected drop in housing starts. That's not the direction we ought to be headed in a rebounding economy. |
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Standardized Short Sale Process Will Benefit All Parties |
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| Two years ago the National Association of Realtors formed a task force to address the vexing issue of short sales. A multitude of members had complained of lengthy and often incomprehensible processes that -- although they varied in detail from lender to lender -- all seemed to share the characteristics of being inefficient and irrational. Upon completing its studies the task force issued recommendations that the short sale process be standardized among lenders, that common forms be used, and that fixed time frames be adopted for various phases of the short sale process. |
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San Diego Real Estate 2010 Forecast: The Year of the Strategic Mortgage Default |
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| It would be easy to write a 2010 real estate forecast by repeating the industry line that “the new year will mark a turnaround for real estate values; those who act fast will be able to get the best buys.” Real world facts, at least in San Diego, seem to indicate otherwise. |
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Washington Report: FHA Tightening Standards |
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| FHA is tightening up its standards for home buyers - but the changes are not as tough as some analysts had feared - especially on downpayments. |
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30-Year Rates Down For Third Consecutive Week |
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| Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged 5.06 percent. Last year at this time, the 30-year FRM averaged 5.12 percent. |
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Determining Commission Plans Based on Your Key Numbers |
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The secret to an effective commission plan for Buyer's Agents is your ability to calculate the split arrangement from your seven key numbers. You must determine what amount of the net profit you are willing to share after all costs are paid for.
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How to Repair Your Home Without Damaging Your Wallet |
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| Some homeowners have a long laundry list of to-do repairs and, interestingly enough, many of those items don't get addressed until (or if at all) it's time to sell the house. In hot real estate markets, repairs are sometimes not done before the sale. Remember bidding wars over properties that needed work? Well, today sellers are looking for the advantage that makes their home stand out. Even though housing inventory declined toward the end of last year, it's expected to rise as more foreclosures tumble into the marketplace this year. |
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