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Zillow Instant Offers: What’s the real estate industry’s response?

Mon, 2017-05-22 19:09

Instant Offers allows prospective sellers to receive all-cash offers from a group of 15 large private investors; sellers will also receive a side-by-side comparative market analysis (CMA) from a local Zillow Premier Agent. The response from the industry was swift. Here’s a summary of what Inman readers had to say about the new product ...

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NYS Fair to get new director: real estate developer Dan Queri - Syracuse.com

Mon, 2017-05-22 17:49


Syracuse.com

NYS Fair to get new director: real estate developer Dan Queri
Syracuse.com
SYRACUSE, N.Y. -- Real estate developer Dan Queri will be named director of the New York State Fair, according to sources. Queri will take over for Troy Waffner, who has been acting fair director since 2013. Waffner will stay on with the fair in a ...

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NYS Fair to get new director: real estate developer Dan Queri ... - Syracuse.com

Mon, 2017-05-22 17:49


Syracuse.com

NYS Fair to get new director: real estate developer Dan Queri ...
Syracuse.com
Troy Waffner, who has been acting director since 2013, will remain on with the fair.

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Brand Report: Confidence in Real Estate Market Rises

Mon, 2017-05-22 17:19

Optimism toward the economy and real estate market is growing across all generations of current and prospective homeowners, but rising interest rates continue to be a concern among prospective homeowners, especially millennials, according to Berkshire Hathaway HomeServices’ latest Homeowner Sentiment Survey.

Overall, 62 percent of prospective homeowners and 61 percent of current homeowners say they are satisfied with the economy, with respondents from both groups overwhelmingly reporting that the general economic outlook is a critical factor impacting their real estate decisions.

When looking at views toward the real estate market, 68 percent of prospective homeowners and 70 percent of current homeowners hold a favorable view, an increase of five percentage points and four points, respectively, from the last wave of the survey. Nearly half of current homeowners cited lower interest rates as the top reason for their favorability toward the market; 43 percent of this group also pointed to the increased value of real estate as a factor driving favorability.

Respondents are also encouraged by accelerating home construction, with three out of four citing a rise in available homes created by new construction as a factor contributing to market momentum. Additionally, 75 percent of current and 83 percent of prospective homeowners cited increased construction in urban centers, offering homeownership options close to places of employment, as a top factor.

“Optimism in the real estate market and economy are at levels we have not seen since we first began fielding this survey in 2015,” says Gino Blefari, president and CEO of Berkshire Hathaway HomeServices. “Mortgage rates remain near historic lows even with recent upticks, and we’re seeing rising wages, job growth and construction rates, which continue to make homeownership a compelling and realistic investment for many Americans.”

Interest Rates Remain Top Concern; Housing Inventory Still Tight

Optimism notwithstanding, uncertainties related to rising interest rates persist, especially among millennials (defined in the survey as people ages 18-34). A full 68 percent of prospective millennial homeowners say they feel a sense of urgency to buy a home as interest rates may continue rising, and one in five reported a desire to buy a home before mortgage rates increase. Moreover, 55 percent of this group also reported “feeling discouraged” about buying a home due to the prospects of rising rates.

“The sense of urgency expressed by millennials shows they understand the advantages of locking in a low mortgage rate now,” Blefari says. “However, we also recognize rising interest rates can make the home-buying process feel challenging. It’s important to remember that interest rates and mortgage rates remain low by historical standards, and with guidance from a skilled real estate professional, prospective buyers can be empowered to find a home that meets their needs and financial objectives.”

A tight supply of available homes in many markets—particularly at lower and entry-level price points—presents another challenge for buyers. Builders this year are responding with more focus on lower-priced homes, according to builder trade groups, which may serve as an important nudge to hesitant millennials. In the survey, 70 percent of prospective homeowners said they are willing to wait—even with the likelihood of rising mortgage rates—to buy a home that suits their needs now.

“Younger buyers are telling us they don’t necessarily want a traditional starter home you fix over time,” Blefari says. “They want move-in ready without the hassles and hammers.”

Most Important Neighborhood Feature

Respondents made a surprising top choice for the most important neighborhood feature: friendly neighbors. Prospective homebuyers ranked “friendly neighbors” (50 percent) ahead of financial considerations such as the “accurate market value of a home” (39 percent) and “confidence that the home will be a good investment in the future” (37 percent). Other neighborhood characteristics valued by prospective homebuyers included walkability (45 percent) and a good school district (41 percent).

Large, walk-in closets topped the list of home amenities sought by current and prospective homeowners, ahead of patios/balconies and hardwood floors. Respondents cited energy-efficient appliances and smart-home features such as learning thermostats and automated lighting as the most important trends in home interior design.

“It will be interesting to see how rising consumer optimism plays out in the spring and summer home-buying buying seasons,” says Blefari. “All real estate is local—each market has its own characteristics and conditions. Contact your local real estate professional to learn how you may take advantage in the current environment.”

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

For the latest real estate news and trends, bookmark RISMedia.com.

The post Brand Report: Confidence in Real Estate Market Rises appeared first on RISMedia.

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Preparing for Success

Mon, 2017-05-22 17:15

In the following interview, Anne M. Lusk, owner of Lusk & Associates Sotheby’s International Realty in Lancaster, Pa., discusses challenges in the market and marketing strategies.

Region Served: Central Pennsylvania
Years in Real Estate: 26
Number of Offices: 1
Number of Agents: 40
Favorite Way to Unwind: Walking my dog

What factor has the largest influence on the real estate industry today?
The media, as it can sway the minds of consumers – and what we talk about, we bring about. When the media is talking about the market being bad or slowing down or it being a hard time to sell, the consumer’s mind is swayed toward negativity. When there’s a lot of positivity being reported, people seem to believe it, and there’s often a rush to buy.

What is one of the challenges your market faces, and what are you doing to overcome it?
There is inventory in central Pennsylvania, but it might not be the right inventory for what the current consumer is desiring. Our rental market is very tight. In a market of under 250,000 people, consumers desire to buy because it’s actually cheaper than renting, and they get to own the home and get a tax benefit. To overcome this, we’re taking the time to seek out good inventory that we can offer our client base before it even hits the market.

When it comes to dealing with picky buyers, what’s your best tip?
It all comes down to communication and finding out what’s best for the buyer, so begin with a consultation in your office to discuss their real needs and determine what their housing goals are. The reason buyers are picky is because they have fear. If you can alleviate that fear, it makes the process more enjoyable for them and you.

What is your top strategy for closing a transaction?
Preparation. When you’re properly prepared, you can easily reach your destination. While I spend a lot of time preparing for whatever I do, whether it’s going out to list a house or meet with a buyer, a lot of agents don’t take the time to prepare for success. If you take the time to prepare, you will have no problem getting that transaction to the finish line.

You use an integrated marketing strategy, including print and, specifically, Homes & Land. How does it benefit you?
Homes & Land benefits me because in Central Pennsylvania, people still like print. You need to have an integration between print, the internet and your personal sphere of influence. I feel like Homes & Land has been excellent for me because it offers various technologies. It has print, an online presence, and even gives consumers the ability to text for more information on specific properties.

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

Gabrielle van Welie is RISMedia’s editorial intern.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Preparing for Success appeared first on RISMedia.

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Real Safe Agent system gaining traction with Realtor associations

Mon, 2017-05-22 16:37

Close to three years after the murder of Arkansas agent Beverly Carter and amid reports of other attacks on vulnerable real estate professionals, more Realtor associations are stepping up to tackle the issue of agent safety ...

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‘Because they can’: One industry pro’s take on Zillow Instant Offers

Mon, 2017-05-22 15:30

“We sell ads, not houses.” Everyone in the real estate industry has heard Spencer Rascoff say this time and again. The Zillow team was adamant: "We’re just a media company." ...

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Listing power: Unlocking the power of a listing

Mon, 2017-05-22 15:17

In this webinar, you’ll learn about tools to help you harness the power of your listings and how to use them to set you on a path to financial success ...

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11 burning questions about Zillow Instant Offers

Mon, 2017-05-22 14:55

Today portal giant Zillow launched its Instant Offers program in two test markets. The announcement will undoubtedly rattle the industry. To help you cut through the noise, here are 11 burning questions with our best take on answers. ...

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Can Trump's European Immigration Policy Affect Miami's Real Estate Market? Samuel Strauch Explains. - French Tribune

Mon, 2017-05-22 14:12


French Tribune

Can Trump's European Immigration Policy Affect Miami's Real Estate Market? Samuel Strauch Explains.
French Tribune
As a prominent real estate developer and successful businessman whose brand is recognized in international circles, President Donald Trump brought hope that real estate markets would be buoyed up by his leadership - not that Miami's real estate sector ...

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Categories: Europe

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Opendoor vs. Zillow Instant Offers: Who wins?

Mon, 2017-05-22 14:05

Zillow Group is testing a new service that looks a lot like Opendoor. Sellers can use “Zillow Instant Offers” to get a bid on their property within 24 hours, and if they choose to accept it, close in as little as a week ...

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Zillow launches ‘Instant Offers’ pilot program for homesellers

Mon, 2017-05-22 14:00

Today, Zillow launched a pilot program in two cities -- Las Vegas and Orlando, Florida -- called “Zillow Instant Offers,” with the promise that a home sale transaction can be completed in as little as a week ...

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White House, ethics office clash over hiring of ex-lobbyists - USA TODAY

Mon, 2017-05-22 13:27


USA TODAY

White House, ethics office clash over hiring of ex-lobbyists
USA TODAY
Shaub, an Obama appointee whose five-year term expires next year, has clashed repeatedly with the White House. Even before Trump took office, Shaub publicly criticized him for failing to relinquish his ownership of his real-estate and licensing businesses.

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Apollo Commercial Real Estate Finance, Inc. (ARI) shares to see major resistance at $18.33 - USA Commerce Daily

Mon, 2017-05-22 13:21


The Cerbat Gem

Apollo Commercial Real Estate Finance, Inc. (ARI) shares to see major resistance at $18.33
USA Commerce Daily
With all other things going on, Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) has been on a run — rising 2.36 percent in just three months. It looks like traders are happy with the stock. On the other side, analysts now consider Apollo ...
These stocks can be safest bet for investors: US Foods Holding Corp. (USFD), Apollo Commercial Real Estate Finance ...The USA Commerce

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Home selling: Watch out for these 7 hidden costs - USA Today - USA TODAY

Mon, 2017-05-22 12:05


USA TODAY

Home selling: Watch out for these 7 hidden costs - USA Today
USA TODAY
Homeowners shell out an average $15190 nationwide in the course of offloading a house, according to Zillow and Thumbtack.

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Selling a home? Watch out for these 7 hidden costs - USA TODAY

Mon, 2017-05-22 12:05


USA TODAY

Selling a home? Watch out for these 7 hidden costs
USA TODAY
That includes real estate commissions, transfer taxes and hiring pros for common home prep projects like cleaning and repainting. (The study assessed costs in ... CNBC is a USA TODAY content partner offering financial news and commentary. Its content ...

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M&G Real Estate invests €94.1m in Berlin office market - IP Real Estate

Mon, 2017-05-22 08:26


M&G Real Estate invests €94.1m in Berlin office market
IP Real Estate
M&G Real Estate has invested €94.1m in a central Berlin office for its pan-European growth strategy. The Badensche Strasse building was sold by JP Morgan Asset Management. The 22,521 sqm building, in the Wilmersdorf district, is let to tenants ...

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Today's Analyst Moves: Pennsylvania Real Estate Investment Trust (PEI), NetApp, Inc. (NTAP) - USA Commerce Daily

Mon, 2017-05-22 08:16


Today's Analyst Moves: Pennsylvania Real Estate Investment Trust (PEI), NetApp, Inc. (NTAP)
USA Commerce Daily
Shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) observed rebound of 9.3% since bottoming out at $10 on May. 18, 2017. Meanwhile, due to an ongoing pressure which caused a decline of almost -4.12% in the past five days, the stock price is ...

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Buy, Sell or Hold? Analysts Approach: Prologis, Inc. (PLD), Pennsylvania Real Estate Investment Trust (PEI)? - The USA Commerce

Mon, 2017-05-22 07:45


Moneycontrol.com

Buy, Sell or Hold? Analysts Approach: Prologis, Inc. (PLD), Pennsylvania Real Estate Investment Trust (PEI)?
The USA Commerce
While trading at volume above than average, Pennsylvania Real Estate Investment Trust (NYSE:PEI) previous 52-week high was $24.86 and moved down -45.48% over the same period, trading at a volume of 3.05 million. Shares have dropped -42.74% over ...
1001 Startup Ideas- Crowdsourcing Real Estate Market IntelligenceMoneycontrol.com

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Is May the month to buy Kennedy Wilson Europe Real Estate Plc ... - Simply Wall St

Mon, 2017-05-22 06:47


Is May the month to buy Kennedy Wilson Europe Real Estate Plc ...
Simply Wall St
Kennedy Wilson Europe Real Estate Plc (LSE:KWE) is a stock well positioned for future growth, but many investors are wondering whether its last closing price ...

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