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Market Conditions Improve Chances of Rate Hike, Says Yellen

Aug 28, 2016 by

In a recent speech at Jackson Hole, Federal Reserve Chairwoman Janet Yellen supported the anticipation of two possible rate hikes this year, noting that the case for a rate hike has strengthened.

“In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal-funds rate has strengthened in recent months,” Yellen said.

Job gains have averaged 190,000 over the past three months, and in addition to the rising labor market, experts believe that the “strengthening” Yellen points to could be based on the bolstered dollar and the recovery of economic confidence post-Brexit, which stalled rate predictions back in June.

Yellen commented heavily on the need to refresh the Fed’s toolkit in order to hold off the next recession. Friday’s release of the August jobs report will likely offer insight into when the next rate hike may occur.

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The Leper in the Hallway

Aug 28, 2016 by

help colleagueBack in 2002, loans were easy to get, house prices were high, and buyers were plentiful. The economy was really good. As a result, pre-licensure classes were full and the number of Realtors in our area swelled.

As one of the newbies, I didn’t realize exactly what this meant to the seasoned agents in our office. Of course, I heard the grumblings… “These new agents are taking deals from me and as soon as the market slows, they’ll be gone” or the long sigh followed by “Oh, you must be new” when asking a basic question.

Back then, my feelings were hurt. I had just left a three year teaching career where the goal was to Educate! Motivate! and Support! during the learning process. But as a new agent, I felt like I had just entered the field as a leper. You could see it in the hallways at work. A seasoned agent would see my confused expression, and instantly think “New person + questions =  time away from my own job. Get me out of here!”

Besides all the new licensees in real estate, there were also newbies at the title companies and lending institutions. Like me, they were learning the basics in the business, which made for frustrating transactions. I remember complaining that I barely knew my own job, let alone how to do theirs, too.

During the recession, half the Realtors quit or retired, fly by night lenders left town, and title companies downsized their staff. And as terrible as the market was, things were a little easier to deal with. We cherished the few clients we had. Lenders had time to better qualify the buyers before issuing the pre-approval, and title companies held our hand as we solved title issues together. But then as the economy got better, everyone got busier, more people entered the industry, and we are once again flooded with new people learning their jobs.

And just like before, it seems that time is too limited to hold hands and work through a problem together. Less time means less focus on writing tight contracts, thoroughly explaining the complex loan process, and addressing title issues in a timely fashion. Less time means less help for the newbies.

Even with my newbie empathy, my role as a former teacher, and now manager, I still fluctuate between just wanting to do my own job and helping someone else.  It’s easier to take on the “every man for himself” mentality, but we need to remember that we all have an obligation to help our industry as a whole.

If together we are all under fire in the trenches and only one of us makes it out alive, is that a success? Or is our unit stronger, fitter, and more revered if we all work together to etogether picnsure our survival? As busy as we are with our own jobs, our own to-do lists, and our own challenges, we need to remind ourselves that the reputation of our industry is a burden we all must bear.

The more patience and help we offer, the easier our job will be in the long run. We all need to take some time to help our newbies. Answer some questions, give some sage advice, and offer a little encouragement. We all need to take a moment to help the leper in the hallway.


 

Amy Gilpin Realtor

Amy Gilpin, Realtor, Associate Broker, Manager, ABR.

Fourteen years of helping clients. Six years of helping agents. All for this crazy thing we call real estate.
Production Realty 517-879-4141 Jackson, MI Amy@ProductionRealty.com

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2016 Home Sales Increasing Twice as Fast in Counties with Low Hazard Risk

Aug 27, 2016 by

The recently released ATTOM Data Solutions 2016 U.S. Natural Hazard Housing Risk Index found that home sales in the first six months of 2016 increased 4.2 percent from the same time period a year ago in the bottom fifth of U.S. counties with the lowest level of natural hazard risk — more than twice the 1.9 percent increase in the top fifth of U.S. counties with the highest level of natural hazard risk.

More than 3,000 U.S. counties were indexed based on risk of six natural hazards: earthquakes, floods, hail, hurricane storm surge, tornadoes and wildfires using data collected by ATTOM’s neighborhood research portal www.homefacts.com. ATTOM also analyzed home sales and price trends in more than 800 counties with at least 100 single family home sales in the first six months of 2016. Those 800 counties — which combined have more than 70 million single family homes and condos — were divided into five equal groups (quintiles) based on the natural hazard risk index and assigned to one of five risk categories: Very High, High, Moderate, Low, and Very Low.

“While price and affordability along with access to jobs are the primary drivers in local markets with strong increases in home sales activity in 2016, it’s evident from this data that natural hazard risk does make a difference to homebuyers and investors who are active in this housing market,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Even among the subset of counties where the median price is below the national median as well as among the subset of counties where home prices are still affordable for average wage earners, there is a consistent trend of stronger increases in home sales volume compared to a year ago in the lowest-risk markets for natural hazards compared to the highest-risk markets.”

Counties with highest natural hazard risk
Among the 804 counties analyzed for home sales and price trends, those with a Natural Hazard Housing Risk Index in the Top 5 highest were Oklahoma County, Okla.; Monroe County, Fla. (Key West); Cleveland County, Okla. (Oklahoma City); Nevada County, Calif. (Truckee); and Lake County, Calif. (Clearlake).

Among 78 larger counties with at least 5,000 home sales in the first six months of 2016, those with the highest risk index were Oklahoma County, Okla.; Riverside County, Calif. (Inland Empire of Southern California); Collier County, Fla. (Naples); Miami-Dade County, Fla.; and Santa Clara County, Calif. (San Jose).

Counties with lowest natural hazard risk
Among the 804 counties analyzed for home sales and price trends, those with a Natural Hazard Housing Risk Index in the Top 5 lowest were Milwaukee County, Wisc.; Kewaunee County, Wisc. (Green Bay); Racine County, Wisc. (Racine); Knox County, Maine; and Kenosha County, Wisc. (Chicago metro area).

Among larger counties with at least 5,000 home sales in the first six months of 2016, those with the lowest risk index were Cuyahoga County, Ohio (Cleveland); Lake County, Ill. (Chicago area); Kent County, Mich. (Grand Rapids); Maricopa County, Ariz. (Phoenix); and Montgomery County, Penn. (Philadelphia metro area).

Home values and home prices lower in lowest-risk counties
In the 161 counties in the top quintile for natural hazard risk (Very High Risk), there were a total of 21 million single family homes and condos representing 30 percent of all homes and condos in the 804 counties analyzed. In the 161 counties in the bottom quintile for natural hazard risk (Very Low Risk) there were a total of 10 million single family homes and condos representing 15 percent of all homes in the 804 counties analyzed.

The average estimated market value for homes in the lowest-risk counties was $ 187,291 — 33 percent below the average estimated market value for homes in the highest-risk counties: $ 279,570.

The median sales price of single family homes and condos sold between January and June 2016 in the lowest-risk counties was $ 156,245 on average, 39 percent below the median sales price in the highest-risk counties during the same time period: $ 255,160.

Price appreciation stronger in highest-risk counties over past five years
Median home prices in the first six months of 2016 have increased an average of 6.5 percent compared to a year ago in the highest-risk counties compared to a 3.2 percent average increase in the lowest-risk markets during the same time period.

Median home prices in the first six months of 2016 are up 42.4 percent compared to the first six months of 2011 (near the bottom of home prices) in the highest-risk counties, while prices are up 23.8 percent during the same time period in the lowest-risk counties

10-year price appreciation, homeowner profits stronger in lowest-risk counties
Median home prices in the first six months of 2016 are up 9.5 percent from the same time period 10 years ago in the lowest-risk counties compared to a 1.9 percent increase compared to 10 years ago in the highest-risk counties.

Furthermore, homeowners in the lowest-risk counties have gained an average of 27.8 percent in home value since purchase while homeowners in the highest-risk counties have gained an average of 20.7 percent since purchase.

Home sales and price trends by type of natural hazard risk
Over the past five years, increases in home sales volume has fallen below the overall national average in counties with the highest risk of earthquakes, hurricane storm surge, wildfires and floods while counties with the lowest risk for those natural hazards have seen home sales volume increase at a faster pace than the national average over the past five years.

Conversely, home sales activity over the past five years has been stronger than the national average in markets with the highest risk of tornadoes and hail while markets with the lowest risk for those natural hazards have seen below-average increases in home sales activity.

View the full report here.

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Mobile Home Millions

Aug 27, 2016 by

On this edition of War Story Wednesdays, San Francisco real estate and insurance bad faith trial attorney Christopher Hanson tells the story of a greedy trailer park seller and the slick move he tried to pull. (Adapted from Rutherford Holdings v. Plaza Del Rey, 223 Cal.App.4th 221)


By Christopher Hanson. I’m an experienced trial lawyer, not just a litigator. I’m not afraid of (and actually enjoy) being in a courtroom.  I’ve been called ingenious, tenacious, and strategic.  I’ll take those accolades

www.HansonLawFirm.com

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Don’t Miss Your Chance to Win! Enter the Tech Makeover Sweepstakes for Realtors® Today

Aug 26, 2016 by

The world of real estate is fast-paced, competitive and constantly evolving. To stay ahead, it’s important to keep up with the latest technology. Now is your chance to turbocharge your business. PNC Bank and Realtor.com® are teaming up to award one lucky agent a technology makeover! Enter the Technology Makeover Sweepstakes for a chance to win the latest tools and training to jump-start your business. Learn more about what you can win here.

When:
Entry Period: September 1—November 10, 2016
Winner Selected: November 17, 2016

How To Register:
Enter now at realtor.com/technology/makeoversweeps

 The Technology Makeover Sweepstakes starts 9/1/2016 and ends 11/10/2016. Open to real estate agents and brokers licensed by and residents of the 50 States and D.C. Void where prohibited. No purchase necessary. The prize consists of technology items and cash, is worth approximately $ 4,400, and is to be awarded per a random drawing. For how to enter, odds of winning and important dates, restrictions, requirements and other details, see: Official Rules. Sponsor: realtor.com® division of Move Sales, Inc., 3315 Scott Blvd., Santa Clara, CA 95054.

Member FDIC logoPNC is a registered service mark of The PNC Financial Services Group, Inc (“PNC”). All loans are provided by PNC Bank, National Association. This information is provided for business and professional uses only and is not to be provided to a consumer or the public. This information is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. Programs, interest rates, and fees are subject to change without notice. ©2016 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC.

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Use This FHA Appraisal Check List Please

Aug 26, 2016 by

Today we have Marlene with AAA Appraisal Management Company.  She says the one of the biggest problems she see’s with appraisals is FHA appraisal re-inspections.  She suggests just using the FHA appraisal checklist below to make sure everything is done BEFORE the appraiser goes to the home.

CLICK HERE for the Check List.

CLICK HERE to visit AAA Appraisal Management Company

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