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The week in real estate industry deals: March 20-24

Sat, 2017-03-25 04:00

While real estate agents chase leads and close deals on houses, there's another level of deal-making that takes place within the real estate industry: mergers, acquisitions, integrations and partnerships. We'll be recapping every week's noteworthy deals that didn't make it into print (and some that did) for your perusal. Here are this week's ...

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Report: Same Old Story for Inventory

Fri, 2017-03-24 23:05

Housing inventory hit a new low in the first quarter of 2017, bottoming out from the early days of the recovery from the recession, according to Trulia’s recently released quarterly Inventory and Price Watch. Supply overall fell 5.1 percent year-over-year, dragged down by an 8.7 percent decrease in starter home supply and a 7.9 percent decrease in trade-up supply. Premium supply dribbled down just 1.7 percent.

“Recovering home values have proven to be a double-edged sword,” says Ralph McLaughlin, chief economist at Trulia. “While homeowners across the country are thrilled to regain equity in their homes, many have not been in a hurry to trade up. This has added to the inventory gridlock that ties up would-be starter home inventory from ever coming on to the market, further constraining supply and decreasing affordability.”

The starter home squeeze is being felt by first-time homebuyers, who, given the current supply, have to spend more of their monthly earnings to afford an entry-level home: 38.8 percent. The median list price of a starter home in the first quarter of the year was $166,015.

“Saving up for a down payment is one of the biggest obstacles to homeownership for first-time buyers,” McLaughlin says. “In markets plagued with tight inventory and decreasing affordability, millennials who make up most of these first-time buyers may find homeownership increasingly out of reach. However, there continues to be an uptick in new construction, which should help increase supply in some inventory-constrained markets.”

Source: Trulia

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Finding Success With an Open and Honest Approach

Fri, 2017-03-24 23:03

In the following interview, Andrew Ratner, vice president of Berkshire Hathaway HomeServices Gallo Realty in Rehoboth Beach, Del., discusses his firm’s approach to working with homebuyers, and the local market.

Region Served: Lewes, Rehoboth Beach and Bethany Beach, Sussex County, Del., and the ocean resorts of Maryland
Years in Real Estate: 22
Number of Offices: 3
Number of Agents: 85
Best Way to Stay in Touch with Agents: Email and face-to-face
Favorite Vacation Spot: Spain

Please describe what you like most about the region in which you work.
There are so many things to love. Our Delmarva region is a scenic oceanside resort area with charming historic towns surrounded by rural scenery. We are just two to three hours to the major East Coast cities of Washington, D.C., Philadelphia and New York City. We also enjoy a moderate climate with mild winters.

What strategies do you have in place to successfully reach out to first-time buyers?
When it comes to working with first-time buyers, our No. 1 strategy is to have our agents work closely with their buyers during the mortgage process, as this seems to be the trickiest part. We also maintain strong relationships with local banks and mortgage brokers, who thoroughly educate our first-time buyers in the multi-faceted financial aspects of buying a home.

When it comes to closing a transaction, what is your top strategy?
Our ultimate goal is to create client relationships for life; therefore, maintaining honest, open communication with our client is tops on our list. If a deal isn’t beneficial for our client, it wouldn’t be in either of our best interests to “close it.” I believe that is why our firm is one of the most trusted and respected real estate companies in our region.

What is your best tip for dealing with a picky buyer?
When dealing with a “selective” buyer, I always ask them to try and put themselves into the seller’s shoes…how would they respond to the issue if they were the seller? I also counsel them so they understand that negotiations are never one-sided. As a broker, it’s important to look at things from both sides and come up with the best strategy that allows both sides to feel satisfied with the results of the transaction.

What are two fundamentals you feel are essential to your company’s continued success?
Continual education and training related to technology, prospecting and the changing market is the constant factor that contributes to our success. We recently contracted with a nationally recognized training program for new and established agents, which we are so excited about. In addition, we are constantly monitoring the industry, not just our individual market, in order to anticipate trends and market stability to create strategies for our continued success.

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

Paige Tepping is RISMedia’s managing editor. Email her your real estate news ideas at paige@rismedia.com.

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

The post Finding Success With an Open and Honest Approach appeared first on RISMedia.

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FHFA: January Home Prices Flat

Fri, 2017-03-24 23:01

Home prices stayed flat month-over-month in January 2017, according to the Federal Housing Finance Agency’s (FHFA) recently released House Price Index (HPI). The minimal movement of the HPI—based on prices for homes with Fannie Mae- and Freddie Mac-backed mortgages—mirrors what was observed in November 2013. Home prices year-over-year, at the same time, were up 5.7 percent.

Per the Index, month-over-month home price changes ranged from -2.0 percent in the East South Central Census division to +0.6 percent in the Pacific division. Home price changes year-over-year ranged from +3.5 percent in the East South Central division to +8.3 percent in the Mountain division.

Source: Federal Housing Finance Agency (FHFA)

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

The post FHFA: January Home Prices Flat appeared first on RISMedia.

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How to Prepare Yourself for Becoming a Landlord

Fri, 2017-03-24 23:00

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

If you own some property that you are not actively living in, you might be thinking about renting the property out and becoming a landlord. Renting usable property is a great way to make some extra money, but if not done carefully, it can turn into a disaster. Here is a list of some of the most important things to learn before taking the plunge.

Study Local Laws
Since shelter is a basic human need, a large body of legal rules and regulations apply to the process. Rental laws vary a great deal from state to state, so you’ll need to find a good resource for researching these laws, unless you are already a lawyer yourself. While looking around online is a good start, you’ll probably also need to consult a legal professional, or at least some books on the subject. Your local library is an excellent resource to find any of the information without spending an arm and a leg.

Set Up Your Maintenance Team
As the rental owner, for the most part, you will be legally liable for keeping up the property in terms of basic maintenance. Between electrical, gas, water, HVAC, and other systems, a home is a bundle of potential maintenance issues waiting to explode in your face. Hiring good people to keep everything working properly is important to staying ahead of the curve, especially if you are renting out multiple properties; the more locations you are leasing, the more maintenance hours you will log. Of course, sometimes the problems will go beyond what a maintenance team can cover. For those cases, you’ll want a working relationship with a good local contractor.

Get the Proper Insurance
However many steps you go through in your tenant screening process, the fact remains that problems can and will occur. Whether from unruly and careless tenants, freak accidents that cause serious damage, or simply from regular wear and tear, your property is at risk when you rent it out. You can protect your investment by making sure you are covered by the best home insurance possible, so you can recover against any losses. Protect your home further with a home warranty that can keep your pricey appliances covered in case of expensive damages.

Set Up Your Lease Properly
With all the knowledge you’ve acquired in the previous steps, you should be well prepared to put together a strong lease at this point. This document is hugely important to beginning your time as a landlord right, since it outlines the rights and responsibilities of both you and your tenant. As such, it protects both people in the relationship from problems, intentional and otherwise. You’ll definitely want to get a lawyer involved in at least one draft of the document, and ask him or her how to make sure you aren’t put in a dubious legal position.

Whether you are renting out a single property or operating multiple rental properties, the basic requirements for success are fundamentally the same. With a little work, you can turn that property into money in your pocket.

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

The post How to Prepare Yourself for Becoming a Landlord appeared first on RISMedia.

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CoreLogic’s Trestle now open for business — will tech vendors bite?

Fri, 2017-03-24 19:37

Opening its doors to tech companies yearning for a single, combined, standardized data feed from multiple MLSs, real estate data company CoreLogic launched its data marketplace, Trestle, to vendors this week. ...

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Maximizing your lead gen ROI: 5 tips for lead management success

Fri, 2017-03-24 17:11

In this webinar, you will learn five best practices you can use every day turn cold prospects into closed deals ...

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How to plan a business event around your personal passion

Fri, 2017-03-24 16:50

When you hear about a political event like the Ides of Trump, which involved sending postcards to the White House on March 15, do you mostly ignore it -- or are you considering how you might leverage something that your clients probably feel pretty passionate about, one way or another ...

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Republicans pull healthcare legislation plan in blow to Trump - Reuters

Fri, 2017-03-24 16:03


Reuters

Republicans pull healthcare legislation plan in blow to Trump
Reuters
Some Republicans worry a defeat on the healthcare legislation could cripple his presidency just two months after the wealthy New York real estate mogul took office. In a blow to the bill's prospects, House Appropriations Committee Chairman Rodney ...
President Trump gets crash course on the art of the deal — in WashingtonUSA TODAY

all 4,308 news articles »

Categories: USA

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Top comments of the week March 20-24, 2017

Fri, 2017-03-24 15:27

Inman readers weigh in on stories published across the site ...

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Placester, a real estate tech provider, raises another $50 million

Fri, 2017-03-24 12:00

Marking venture capital's latest splurge on real estate tech, software provider Placester has clinched another $50 million in a Series D funding round, bringing the company's total funding to $100 million ...

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High stakes for Trump as vote looms on Republican health plan - Reuters

Fri, 2017-03-24 11:43


Reuters

High stakes for Trump as vote looms on Republican health plan
Reuters
Trump, a real estate magnate who touted his deal-making prowess in the 2016 presidential campaign, is facing the first major test of how well his skills would work with Congress. Days of negotiations led to some changes in the bill but failed to ...

and more »

Categories: USA

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Macy's lures shoppers with coupons, shoes as takeover fizzles - USA TODAY

Fri, 2017-03-24 11:23


USA TODAY

Macy's lures shoppers with coupons, shoes as takeover fizzles
USA TODAY
Pressure intensified that summer when Starboard Value LP purchased a major stake in the Cincinnati-based retailer and pressed it to sell off real estate assets. Macy's cut expenses and shuttered stores. It sold off all or parts of some pricey store ...

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Categories: USA

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Sell-Side Analyst's Predictions: Apollo Commercial Real Estate Finance, Inc. (ARI), Prudential Financial, Inc. (PRU) - The USA Commerce

Fri, 2017-03-24 10:57


The USA Commerce

Sell-Side Analyst's Predictions: Apollo Commercial Real Estate Finance, Inc. (ARI), Prudential Financial, Inc. (PRU)
The USA Commerce
Shares of Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) surged 0.60% to $18.50. During the trading on 03/23/2017, Company's stock ranged from $18.60 to $18.34. The relative strength index or RSI highlights overbought (above 70) and oversold ...

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Categories: USA

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How Dan the estate agent (and his client’s kids) became an Instalegend

Fri, 2017-03-24 10:42

"This is Dan. He just valued our flat," began the Instagram caption that blogger Lorna Hayward posted last week alongside this photo. "Poor Dan. Poor poor Dan. Gonna just pour meself a pint of wine," she concluded. What on earth happened ...

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PM Group Expands their USA Operations with a New Boston Office ... - Boston Real Estate Times

Fri, 2017-03-24 09:26


Boston Real Estate Times

PM Group Expands their USA Operations with a New Boston Office ...
Boston Real Estate Times
BOSTON–PM Group announced the official opening of their new, expanded Boston office, marking further growth in their presence in the USA. PM Group is an ...

and more »

Categories: USA

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PM Group Expands their USA Operations with a New Boston Office - Boston Real Estate Times

Fri, 2017-03-24 09:26


Boston Real Estate Times

PM Group Expands their USA Operations with a New Boston Office
Boston Real Estate Times
BOSTON–PM Group announced the official opening of their new, expanded Boston office, marking further growth in their presence in the USA. PM Group is an international project delivery firm serving the pharmaceutical industry with engineering, ...

and more »

Categories: USA

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Trading Places: Northern Trust, RBC, Fidelity and more… - Financial News (subscription)

Fri, 2017-03-24 08:31


Trading Places: Northern Trust, RBC, Fidelity and more…
Financial News (subscription)
Fidelity International has appointed Ewan Montgomery as portfolio manager for real estate, in which role he will be responsible for investment and asset management in the UK. Montgomery has more than 20 years' experience in real estate having worked ...

Categories: Europe

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Republicans scramble for health bill votes after Trump ultimatum - Reuters

Fri, 2017-03-24 07:24


Reuters

Republicans scramble for health bill votes after Trump ultimatum
Reuters
Trump, a real estate magnate who touted his dealmaking prowess in the 2016 presidential campaign, faced the first major test of how well his skills would translate in Congress. Days of negotiations failed to produce a deal amid opposition from ...

and more »

Categories: USA

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Week of Mar. 6 Real Estate Transactions - Journal and Courier

Fri, 2017-03-24 06:07


Journal and Courier

Week of Mar. 6 Real Estate Transactions
Journal and Courier
CONNECTTWEETLINKEDINCOMMENTEMAILMORE. Real Estate Transactions for week of Mar. 6 .... Coca-Cola Refreshments USA Inc., 524 Union St., Lafayette to CCBCC Operations LLC; $1,249,736. Tempest Homes LLC, 4569 Rabbit Run Road, West ...

Categories: USA

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