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How to Get Ahead in 2018

Feb 11, 2018 by

Success doesn’t happen by chance; it’s the result of creating goals, developing focus, practicing good habits and committing to hard work. The process isn’t glamorous; however, the results lead to the life and business you want. The key to getting ahead begins with a solid start.

Have a plan. “A goal without a plan is just a wish,” especially if you live in a competitive market. Once you’ve set goals to reach, outline your plan to achieve them. What activities will help you achieve your goals and how often will you do them? Write down each activity, as well as whether you’ll do them daily, weekly, etc. Then, schedule them into your calendar so you can ensure you do them. If you’re using a relationship-based CRM, what you need to do and how often is automatically calculated and proposed as you establish your goals.

Get back to basics. The fundamentals are the bedrock of your business; they’re the timeless non-negotiables required to move from stability to success, and then onto significance. Although technology and other tools can aid along the way, by sticking with the basics, and building long-term relationships with those in your database, you’ll develop a thriving business.

Sharpen your communication skills. We all prefer to be communicated with in a certain way, and when our expectations aren’t met, that’s when misunderstandings occur. When you understand your clients and their communication style, you can connect with them on a deeper level. Do they prefer to get the facts first or do they want to imagine themselves in the home? Are they straightforward and get straight to the point of the conversation, or do they prefer a bit of small talk before you get to the reason for calling? By understanding different communication styles, you can speak to your client how they wish to be spoken to and stand apart from your competition.

Use your time more efficiently. Efficiency and productivity go hand-in-hand. If you want to boost your productivity, it’s essential to get organized. Organization is a struggle for many agents and real estate professionals, and many become overwhelmed trying to rein in the chaos. It’s important to develop strategies that will help you work more efficiently.

  • Delegate the smaller, time-consuming tasks to an assistant or to someone with that specialty. For example, if taxes aren’t your strength, hire a tax professional to handle your business and personal taxes for you. If you have trouble remembering to send your monthly marketing materials each month, assign it to an assistant or have them sent for you.
  • Set priorities. When you work for yourself, everything seems like a priority. The trick is to pinpoint the tasks that are a true priority from the tasks that aren’t as important. When you review your to-do list each day, select one or two tasks that have to get done no matter what. Then, once those are complete, choose the next two most important tasks. You may not get everything done in a day; however, you will complete all the tasks that matter the most.
  • Time block. Schedule your day to ensure you’ll complete your top priorities. Time blocking allows you to focus on a single task for an hour or so. During that hour, you’ll keep distractions and less important tasks at bay. This allows you to focus on your top priority of the hour, whether it’s lead generation or planning your next client party.

Commit to personal growth. If you want to grow your business, it’s essential to grow your mind, as well. Attend seminars to get game-changing tools to boost your business and network with other successful professionals. Also, make time in your day to read books written by or about successful business leaders and listen to podcasts in your car when you’re on your way to a listing appointment or driving to the office. These tasks may seem small (and are often pushed off to the next day’s to-do list); however, their impact is huge, both in your business and in your life.

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

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Out in Front and Ahead of the Game: RE/MAX Fine Properties

Nov 11, 2017 by

Raising the Bar on Real Estate Success

When brothers Nimesh and Minesh Patel decided to go into business together, they leveraged their rich backgrounds in technology, finance and real estate to take over Sugar Land, Texas-based RE/MAX Fine Properties in 2009. Since then, the firm has consistently improved upon its numbers year-over-year, with remarkable accomplishments in agent productivity. The secret to the Patel brothers’ success? A hands-on, business-focused, supportive relationship with each of the firm’s 180-plus agents. Read more about the pair’s mindset for success in this exclusive interview.

Maria Patterson: Please briefly describe your career path and how you came to lead RE/MAX Fine Properties.
Nimesh Patel:
Before real estate, I was in IT and moved out to San Francisco to work with some big firms in the area. Dot coms were doing really well in the late ’90s and early 2000s, but I was missing my friends and family, so I moved back to Texas. I got my real estate license in 2002 so that I could create some investments for my future. I ended up being fairly good at it and joined RE/MAX Fine Properties. There are still people here now that taught me real estate back then.

Minesh Patel: We were both born in London and raised here in Sugar Land. I went to college in Houston, and in 1999 moved to California to join my brother in searching for a career opportunity after graduation. I majored in business and finance and landed a great job with Barclays Global Investors on the hedge fund side. I came back in 2007 to be with my family, but stayed in my industry and signed on with another hedge fund. Then in 2007 and 2008, the world collapsed. I was laid off and the industry went down the drain for the next several years. Opening my own business was always a lifelong dream of mine, so I decided to partner with my brother. By January 2009, we bought RE/MAX Fine Properties.

MP: That must have been an interesting time to get into real estate!
Minesh Patel:
There were a lot of concerns. We were buying into an industry that was collapsing and hemorrhaging rapidly. No one wanted to buy a house. Everyone was scared. Real estate had come to a grinding halt and the subprime market collapsed. Agents were leaving the industry in a mass exodus. The positives were we were coming into a business that was distressed. We were buying in a down market as opposed to an up market, so it was easy for us to negotiate a lot of important variables.

Nimesh Patel: We knew that if we got into the business at a discounted price, and put our energy and effort into it, we could build it up and stay on the positive side of things right off the bat. I liked the fact that this was going to be challenging, but if we worked hard, there was a lot of potential.

MP: How many offices and agents does the firm currently have?
Nimesh Patel:
We have one office and 185 agents. For two years in a row, we’ve been the largest single office RE/MAX in the country. Our parents are involved here, too. Our dad is our accountant, and when I got my license back in 2002, my mom also got hers. And to this day, she is still active.

Minesh Patel: We’re No. 1 in the country and No. 5 in the world in terms of agent count for a single office. In addition, we’re in the middle of expanding via a satellite branch. One of our fastest-growing teams wanted the opportunity to open their own office in Katy, so we’re currently helping them build out another office, which will open very soon.

MP: How does being affiliated with RE/MAX help support your success?
Nimesh Patel:
RE/MAX has always been known as the home of top producers who have been in the business for a while. We like that aspect of the brand. We’re not going to teach people how to sell real estate; we’re going to teach people how to be long-term business owners. If you’re an agent who made $ 100,000 but netted only $ 30,000, that’s not good. Because of my brother’s background in finance, we’re going to say, “Let’s go over your P&L and see how we can make you more profitable.” We’re changing the language of how we talk to agents and treating them as mini businesses under us. As RE/MAX, we’re going to attract solid producers, but many need help on the business side of things to get to another level.

Minesh Patel: When we decided to get into business together, we looked at 15 or 20 businesses that year, and all kinds of franchises, from Subway to car washes to daycares. RE/MAX was the No. 1 global leader in real estate in terms of transactions and sales, but also carried global brand recognition. It’s ranked with the likes of Coca-Cola, GE and Microsoft.

MP: Why have you chosen to stick with one main location?
Nimesh Patel:
A big part of our culture is that Minesh and I are always here. We found it difficult to see how we would run other offices as successfully if he and I were absent. We didn’t want to have a landlord/tenant relationship with our agents. We’re here; we’re your family. If we start spreading ourselves too thin with other offices, it’s not going to work. There’s no magic pill—you have to be there.

MP: How would you describe your firm’s positioning in the marketplace?
Nimesh Patel:
Last year, we did $ 770 million in sales volume with 180 agents. The second closest real estate firm in the area has 380 agents and did $ 650 million. We’re more productive per agent than any of our competitors. Our agents are breaking records in every single category—from listings to buyers to new construction, our firm dominates. Our agents keep increasing our numbers month-over-month and year-over-year. We have a family atmosphere—a serious family atmosphere—with competition and cooperation. We believe that you’re the average of the people you surround yourself with.

MP: What is your approach to recruiting? How do you ensure you’re bringing in and keeping such productive agents?
Minesh Patel:
Most brokerages out there take anyone who has a license—they recruit constantly. Our approach is unorthodox. We have minimum standards in place to be hired and we go after seasoned agents. We want six-figure producers who are serious about a long-term career in real estate. And we recognized early in the game that it’s about retention first—training and educating and making the agents we have more productive. That, in turn, leads to our agents doing the recruiting for us. We don’t make recruiting calls, and on average we turn down 10 – 15 agents per month. People see how we’re doing things differently and they want to be part of a place like this.

Nimesh Patel: We’re also an open book. For example, we wanted a really big producer in the area to come join us, but we didn’t like his overall demeanor after several interviews. He wanted a “deal” to come over to our firm, and we don’t play that game. We treat everyone the same. The firm found out we turned him down and it ended up being the most positive thing we’d done in a long time. It gave our agents a tremendous sense of pride to know we won’t compromise our standards.

Minesh Patel: Our hierarchy is very flat. Most brokerages only cater to top producers and forget everyone else. Our top producers are as important as our up-and-coming producers. We like to treat everyone fairly because you never know when the next superhero or rock star is going to emerge. We see it every year—unexpected, break-out agents who take over a No. 1 spot at our firm.

Nimesh Patel: From our staff perspective, we rarely have turnover. We promote from within. Our most senior manager started out as a weekend receptionist. We’re all about recognizing employees with opportunities they wouldn’t have elsewhere. They’re integral to our success.

MP: How do you involve your agents in the company’s growth?
Nimesh Patel:
We’re very analytical and use a lot of bar graphs and charts. We like to make sure our agents know what’s going on. They’re a part of this growth and it’s important for them to see where we’ve been and how far we’ve come.

MP: What is your approach to coaching and training?
Nimesh Patel:
We teach our own classes—only one per month and only when we really see the value in it. People understand that and it’s why they come to the classes when we have them. It’s my brother and I providing a market snapshot, educating agents, and hopefully teaching them something they didn’t know before.

Minesh Patel: We were one of the first RE/MAX owners to use Momentum training, which was developed by David Scott. We also use Brian Buffini and will quickly adopt any other coaching and mentorships we think add value.

MP: What’s your strategy for effectively marketing the firm?
Nimesh Patel:
We’re big on social media. My brother and I actually run our own Facebook page. We market the success of our agents and firm constantly.

Minesh Patel: With Nimesh’s background in technology, and also being some of the youngest owners at every RE/MAX convention, we’ve been in touch with millennials, and, therefore, were quick adopters of Facebook and other social media outlets that had the largest worldwide traffic possible. We like to let clients know that since we’ve taken over, the firm has had its best year, every year, nine years running. We were one of the few firms growing in the worst recession real estate had ever seen. While most firms were struggling until the market started recovering at the end of 2012, our sides were doubling every year.

MP: How do you stay ahead of the curve on technology?
Nimesh Patel:
We don’t adopt every single piece of technology that comes out. I’ll be the guinea pig for every new piece of technology we consider, taking the time to learn it and teach it. And Minesh will go to a company and leverage our numbers to get great pricing for our office.

MP: It also sounds like you’re often the guinea pig for systems adopted by RE/MAX corporate.
Minesh Patel:
Yes. For example, BackAgent (online transaction management software) is one of the most widely used systems among brokerages today, but Nimesh was one of the first agents to use it. We found the developer who created it for a local company here and we asked if he could create a custom version for us. After our success, RE/MAX corporate picked it up and promoted it.

Nimesh Patel: We have a great relationship with RE/MAX and we want to be the first ones to do everything. We want to see RE/MAX do well as a whole. When we first got into the business, people reached out to us, so we’ve always had a pay-it-forward mentality when it comes to helping new owners launch their brokerages.

MP: You recently suffered through Hurricane Harvey and its aftermath. How did the company fare?
Nimesh Patel:
We turned our 3,000-plus square-foot training facility into a distribution center for building large totes filled with food, masks, gloves, bleach, box cutters, water, toiletries, Clorox wipes, towels and anything and everything we could find. Partnering with Operation: Rebuild TX and The Church TX, we were able to make over 1,450 huge bins and distribute them all throughout the Fort Bend County area to many of the affected families. We had eight of our own team members severely affected, yet our whole firm, community, business leaders, friends and family came together to assist in rebuilding. As for future business, we’re very confident in our agents and our community; we’ll be on our feet and on top very soon.

MP: So where does the company go from here?
Nimesh Patel:
We want to make sure we don’t remain stagnant and stale and lose marketshare and agents. Someday, someone is going to come along and do what we did. The challenge is, how do we stay out in front of changes and technology? It’s our job to be knowledgeable about everything, so when we hear something about Zillow or Redfin or Amazon, we’re not going to dismiss it. As long as we know what’s happening and coming, we can prepare.

Minesh Patel: Information is the most powerful commodity in the world. We have our ear to the ground on what’s happening so that we can be prepared and act on the information quickly.

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

Maria Patterson is RISMedia’s executive editor. Email her your real estate news ideas at maria@rismedia.com.

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Looking Ahead: John Peyton Takes Charge at Realogy Franchise Group

Apr 30, 2017 by

John Peyton was out for a walk with his wife, Allison, and their two dogs when a newly familiar phone number popped up on his phone. It was Alex Perriello, CEO of the Realogy Franchise Group (RFG), congratulating him on the good news. Peyton had just been chosen as president and chief operating officer of RFG, the franchise arm of Fortune 500 Realogy. A little more than six months after coming on board in October 2016, Peyton succeeded Perriello as CEO when the latter became RFG’s chairman emeritus in April 2017.

Peyton seemingly comes from the leadership central casting office. He is an affable franchise veteran with senior marketing and operations experience at Starwood Hotels & Resorts Worldwide, the franchisor of iconic brands Regis, The Luxury Collection, W Hotels, Westin, Le Meridien and Sheraton, among others.

“The interview process was daunting, but right away I could tell it was a good fit,” says Peyton. “I had been in an industry where brands were front and center, and was looking for another position where branding would also play a central role. The Realogy Franchise Group is clearly it. You can’t drive down a street without seeing a yard sign for one of our brands. And I was enamored with Alex. Our initial discussion, which was scheduled for one hour, went three hours.”

Peyton now leads the Realogy Franchise Group portfolio of brands, which includes Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby’s International Realty®.

“John has brought a fresh perspective to our company from his tenure as a global branding leader in the hospitality industry, and I am confident in his ability to continue leveraging his valuable insight on behalf of our leading real estate brands,” says Richard A. Smith, chairman, CEO and president of Realogy Holdings Corp. “He is the right business leader to focus our efforts and execute our plans for continued strategic growth and innovation at the Realogy Franchise Group.”

Peyton arrived at Realogy’s global headquarters in Madison, N.J., in October and began “drinking from a firehose,” with an immersion in Realogy operations and its brands, the state of the real estate industry, refining the short- and long-term strategic plans for the Realogy Franchise Group and, most importantly, meeting as many people as possible.

“Alex is truly one of the real estate industry’s legends, and he has been incredible in guiding me to this point,” Peyton says. “In every meeting and experience I have shared with him, I see why he has been so successful. His presence commands a room, his knowledge is incredible and his passion for people is even greater. I am so fortunate that he will continue to be there for me in an advisory capacity.”

Management by Design
Peyton grew up in Villanova, Pa., a suburb along Philadelphia’s Main Line. He went on to attend the University of Pennsylvania, where he spent most of his free time working at the Ivy League school’s Daily Pennsylvanian (DP) newspaper.

“I had a fine arts and graphic design background and really loved working at the DP,” he says. “Looking back, it was my first exposure to management because I eventually was named the art director. We published the paper five days a week, and I would work 7 p.m. to 2 a.m. It was basically a full-time job during college.”

Peyton graduated and moved to New York City to work at Pricewaterhouse-Coopers (PwC) and continue his studies at NYU’s Stern School of Business, where he earned an MBA.

He worked in several divisions over his 10 years with Pricewaterhouse-Coopers, starting with the auditing group before moving into management consulting services, where his client focus was on process improvement and change management.

“Consulting taught me how to define and solve problems, along with how to plan and manage large projects,” he says. “It was also a tremendous training ground for learning how to communicate effectively and to become a quick study. You essentially join a project, ramp up and go.”

The wide range of consulting assignments within PwC prepared Peyton well for his entry into the world of franchising.

“I got to experience so much in that job, but it was not ideal for someone with a young family,” Peyton explains. “I was never home, and we had our kids, Caroline (now 19) and Scott (now 16). I recognized that we needed more stability. I needed a job where I could drive to work and be home at a somewhat reasonable hour. I had to improve my work-life balance.”

Franchising and Operations, Hospitality Style
Peyton was recruited by Stamford-based Starwood in 1999 and bought a home in Weston, Conn. While he would “settle down” in his home life, spending the next 17 years at the company, Peyton rarely stood still in his career, earning nine different titles in a variety of areas within the company.

Starwood initially recognized Peyton’s previous consultancy experience with such clients as Delta Airlines, Proctor & Gamble, and Prudential Insurance, and hired him as director of Project Management. He earned a Six Sigma Master Black Belt certification, the gold standard in process improvement, and helped bring immediate changes to the organization.

Peyton stayed in that role for three years before ultimately earning such critical positions as chief operating officer, North America, senior vice president of Global Initiatives and chief marketing officer.

“One of my earliest positions was serving as vice president, Owner Services,” he recalls. “That was my first true franchising position, and I was responsible for developing and maintaining relationships with the owners and leadership of the managed and franchised hotels. It was the beginning of my love affair with branding and franchising.”

Peyton remains steadfast in having a positive work-life balance and enjoys being active in the community, with a focus on children. He is a board member of the Child Advocates of Southwest Connecticut, a group devoted to assisting neglected children. He is also on the board of Full Court Peace, which works to unite communities through basketball, including frequent work in connecting towns across Connecticut with communities in Cuba.

“My wife and I recognize that we have been fortunate in what we have been able to provide for our kids, and we know not all kids have that type of support,” he explains. “Because of that blessing, it has been important to me to help kids who really need it. Allison is a social worker, and she also participates in Child Advocates of Connecticut. Our son, Scott, has been involved, too. It’s rewarding on so many different levels and I’ve been fortunate to have been to Cuba twice with Full Court Peace.”

Brand-Savvy Entrepreneurs
“I have had the privilege of having leadership roles with some of the most amazing brands in the world,” Peyton says. “The Realogy brands are iconic, and each stands for so much. They have a distinct story to tell, yet, like all successful brands, they share functional, emotional and societal benefits.

“Our brands play a crucial role in helping so many in their home-buying and -selling needs with our affiliated agents helping to educate and guide their clients through one of the most significant financial transactions of their lives,” he adds. “Finally, we take great pride in the role our affiliates play in enriching the communities where we work and live.”

Peyton arrived in Madison ready to expand upon his experiences running a global multi-brand franchisor.

“The similarities between these industries are striking,” Peyton remarks, citing how both real estate and hospitality have been, and will continue to be, impacted by technology, the empowerment of portals, and the explosion of data and advanced analytics, along with the arrival of the younger generation as customers, employees and agents.

“The largest difference is that real estate is truly an industry for entrepreneurs,” he continues. “The hotel world is filled with franchisees who are often public companies and REITs that own and manage dozens of properties and can have valuations in the billions. Our Realogy franchisees, even those with the largest firms in our brands, are often self-made, having grown family-owned businesses by being savvy business people.”

Since starting the job, Peyton has made it a point to hit the road and meet with his customers, conducting monthly office visits and taking a main-stage presence during the Realogy brands’ respective annual conferences. He marvels at the energy real estate practitioners have, and is inspired by it.

“Alex was right,” he says. “Real estate professionals are the ultimate ‘people people,’ and the leaders I have met have created incredible businesses and demonstrate loyalty to their brands, along with an incredible dedication to their agents and employees.”

Demographics and Data – A Powerful Combination
Peyton, ever the quick study, already speaks effortlessly about the real estate industry and is now well-versed in market trends affecting the franchise systems under his watch. But he’s even more intrigued with societal shifts, and how the industry will adapt.

“Everything we read—research, data and anecdotal reporting—suggests that the younger generations are not abandoning homeownership, but simply delaying it for a variety of reasons,” Peyton says. “But we shouldn’t be surprised. The question then becomes how our industry alters our behavior to welcome them as renters and engage with them as customers for life.”

He points out that the big data revolution will allow real estate professionals to more easily connect with consumers not currently in the home-buying phase. He is excited that Realogy has a head start with the implementation of Zap, Realogy’s proprietary CRM platform, which uses predictive analytics to score potential leads, providing affiliated agents with previously untapped marketing opportunities.

“I think the real estate industry is on the cusp of taking even greater advantage of big data and analytics,” he says. “We will all start doing a better job in predictive modeling, sourcing leads and fully understanding the ROI of different emerging marketing activities. But clearly, these types of activities require major capital investments. Realogy’s investment in Zap demonstrates that it has both the capital resources and the commitment to leverage that capital for future growth.”

A big smile emerges as he pulls out a chart showcasing how effective Zap has been for an initial core group of thousands of agents with at least a full year on the platform. The stats show that frequent users are increasing their annual productivity at a rate greater than what the National Association of REALTORS® (NAR) reported for year-over-year average agent sales production growth last year.

“I am used to the company or brand driving leads,” says Peyton. “I came from an industry where 65 percent of leads were generated by Starwood’s brand websites, corporate initiatives and the loyalty program. Real estate has largely been the opposite, with agents driving that type of interest. While I don’t believe an agent’s sphere of influence will diminish, it certainly can be greatly enhanced with better and higher quality leads. It’s no secret that our industry is heading that way.”

Peyton realizes there’s another major implication these generated leads could have on the future of real estate.

“I envision our industry attracting more recent college graduates who might have been previously turned off by the generally assumed six-month ramp-up time,” Peyton says. “There will be a day when newer agents will still work their sphere of influence and do the old-fashioned door-knocking and cold-calling, but they will also have immediate access to technology-generated leads. This will allow them to join our industry knowing they have an ability to quickly generate an income. We will all benefit from this younger generation bringing a fresh perspective.”

Setting Audacious Goals
Peyton admits that he likes to think big, and he often tells stories about BHAGS—big, hairy, audacious goals. He can reel off one BHAG example after another. He recites from President John F. Kennedy’s “moon challenge” speech: “This nation should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the earth.”

He talks about Microsoft vowing to put a computer on every desk and Amazon vowing to have every book ever published in every language available online in 60 seconds or less.

“What blows me away isn’t just how audacious these goals are, but that they’ve also been so simple, clear and inspiring,” says Peyton. “But they are also scary because you can’t achieve audacious goals by doing the same old thing.”

Peyton, not one for staying status quo, wants to further empower the talent in the Realogy Franchise Group by embracing risk-taking, entrepreneurship, creativity and debate.

“I learned such an important lesson in my final project at Starwood,” recalls Peyton. “I was responsible for leading the transition when Marriott acquired us. The Marriott group was interested in our millennial strategy—but we really didn’t have a defined strategy. Instead, we had hired these millennials and let them go at it. They taught us how to best address their peer group, and our more experienced employees were then able to add additional value in the execution of our targeted efforts. That type of culture reaps incredible rewards.”

Peyton is looking forward to the future.

“Changing demographics, emerging technology and new business models will always be there and force the continued real estate evolution,” says Peyton, “yet I am extremely confident in our leadership stance. Our brands are focused on innovation and programming that moves the needle. We have Realogy’s leadership and resources. We have local brokerage operators and affiliated agents with incredible knowledge and entrepreneurial drive.

“I feel good that we have a winning combination.”

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

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Homebuyers in the West Arrive Ahead of Schedule

Apr 24, 2017 by

Homebuyers in the West are taking to the spring real estate season early this year, with home prices up 1.3 percent quarter-over-quarter in April—growth ahead of the typical May schedule, according to the latest Clear Capital Home Data Index (HDI) Market Report. The West saw an 8.1 percent price push year-over-year.

The rest of the country is waiting for a similar outpour of home-buying activity, says Clear Capital Senior Economic Analyst Allison Whealton.

“Growth in the West is beginning to pick up as spring buyers start to enter the market early, boosting price growth in the region, but other areas of the country don’t seem to have thawed out from the cold winter season just yet,” Whealton says.

Home prices in the Northeast and South have each grown 0.9 percent quarter-over-quarter, while prices in the Midwest have grown 0.5 percent, according to the report.

Quarter-over-quarter price growth at the national level posted 1 percent for the first time this year, while year-over-year growth posted an unchanged 6.3 percent.

“Nationally, home prices have increased twice as fast in Q1 2017 as they had in Q1 2016, and with the typical spring buying season just on the horizon, the next few months could be shaping up to be an impressive start to the busiest buying season,” says Whealton.

The metropolitan areas with the fastest quarter-over-quarter and year-over-year price growth are (in order) San Antonio, Texas; Fresno, Calif.; Jacksonville, Fla.; Seattle-Tacoma-Bellevue, Wash.; and Portland-Vancouver-Beaverton, Ore./Wash.

Tellingly, the share of distressed activity has fallen 11.8 percent year-over-year—a sign that “the housing market is at its healthiest state since the crash in 2008,” the report states.

Source: Clear Capital

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Ahead of the Curve: Home Price Growth Outpaces Inflation

Mar 7, 2017 by

Home prices continue to chart growth, rising on an annual basis to outpace inflation, according to CoreLogic’s recently released Home Price Index (HPI) for January 2017. Prices increased 0.7 percent month-over-month and 6.9 percent year-over-year.

A combination of factors is driving momentum ahead of the curve, says Dr. Frank Nothaft, chief economist of CoreLogic.

“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” Nothaft says. “Over the 12 months through January of this year, the CoreLogic Home Price Index recorded a 6.9 percent rise in home prices nationally and the CoreLogic Single-Family Rental Index was up 2.7 percent—both rising faster than inflation.”

Accounting for limited available inventory, CoreLogic’s HPI Forecast expects home prices to rise 0.1 percent month-over-month from January to February, and 4.8 percent year-over-year from January 2017 to January 2018.

“Home prices continue to climb across the nation, and the spring home-buying season is shaping up to be one of the strongest in recent memory,” says Frank Martell, president and CEO of CoreLogic. “A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future. We expect the CoreLogic [HPI] to rise 4.8 percent nationally over the next 12 months, buoyed by lack of supply and continued high demand.”

The spring home-buying season came early this year, according to realtor.com®, which expects record-high home prices and record-low days on market for February.

Source: CoreLogic

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