Foreclosures | Mortgages | Financing
Airbnb made a strong statement in response to Trump’s recent immigration ban. Between a new initiative to give free housing to refugees and its commercial during Super Bowl 51, the company showed its support for affected refugees. And speaking of the Super Bowl and Airbnb, Houston just saw its biggest weekend of the year. …read more
From:: Real Estate Wire
The New England Patriots won Super Bowl LI in spectacular fashion Sunday, coming back from a 25-point deficit to defeat the Atlanta Falcons, 34-28, in overtime. On the first drive of the extra period, quarterback Tom Brady led the Patriots on a 73-yard drive, capped off by a two-yard touchdown run by James White. Brady finished the game with 466 yards passing and two touchdowns, en route to winning his fifth Super Bowl title. Atlanta had led 28-3 early in the third quarter, before the Patriots went on a 31-0 run. It was the first overtime game in Super Bowl history.
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From:: Stock Market News
“Real estate franchising in North America is totally broken,” says David Tedesco, owner and CEO of Realty Executives International.
Speaking to me between meetings at Tedesco’s 100,000-square-foot campus in North Scottsdale, he tells me that the real estate industry is in the very early stages of a major shift that’ll leave it looking quite different than what it is today.
Tedesco is not your average CEO. The technology entrepreneur got his start at just 15 years old, founding a software company when most kids his age were playing video games or out getting into trouble. Also the CEO and founding partner of True North Companies, Tedesco, now 42, has spent the last 20 years building the firm into a conglomerate that encompasses numerous healthcare, aerospace and entertainment brands. Tedesco was one of the early, pre-IPO investors in brands like GoPro and Tesla, so “business as usual” is clearly not his plan for the future.
After watching and researching the real estate franchise business for some time, Tedesco acquired Realty Executives International—the master franchisor of the Realty Executives brand—in April 2014.
Tedesco sat down with me to discuss what he sees as the future of real estate:
Paige Tepping: Why do you think the real estate franchising industry is broken?
David Tedesco: The real estate franchising industry in North America is terribly outdated. Over 30 years ago, brokers controlled the market through access to the MLS, and they generated leads by aggregating dollars and investing in traditional advertising channels on behalf of their agents. Today, almost every listing is available to the consumer via Zillow, Trulia and realtor.com®. Leads are generated directly by agents using social media, SEM (Search Engine Marketing) and through the big listing aggregators. The power in residential real estate is with strong agents and, increasingly, with teams. From my point of view, everyone who isn’t rebuilding their model around teams and away from big franchisor GCI (Gross Commission Income) fees is a dinosaur.
PT: If this is the case, why isn’t everyone adapting their business models accordingly?
DT: In my opinion, when it comes to the big franchisors, many simply can’t. Somewhere around 250,000 agents go to work at models where they send a substantial portion of their earnings on to the franchisor of their brand. Most of those franchisors are public companies with hundreds of millions—or billions—of dollars of debt. They have a quarterly number they have to hit in order to keep Wall Street happy, keep their jobs, and earn a profit on their stock options. Being a public company makes transitioning to a different, lower cost revenue model nearly impossible.
Take Blockbuster for example. Why did they go bankrupt instead of becoming Netflix? Because Netflix was going to be a fundamentally worse business financially than Blockbuster’s retail model for a rather long time, even though it was clearly going to be the winning long-term model. So they kept the money flowing at the expense of leading the next generation of innovation. It’s the classic innovator’s dilemma.
I think the same thing is true for …read more
From:: Real Estate News
The rate of homeownership among Hispanics has again defied the national trend, growing for the second year in a row, according to the National Association of Hispanic Real Estate Professionals (NAHREP). Hispanics, in fact, represented the only ethnic demographic with a rising homeownership rate, at 46.0 percent in 2016, up from 45.6 percent in 2015. The national homeownership rate has remained obstinate at a 50-year low, most recently at 63.7 percent.
“With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,” says 2016 NAHREP President Joseph Nery. “As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve.”
Hispanics, according to NAHREP, also led in net household formations in 2016, adding 330,000 households.
More information on Hispanic homeownership will be available next month, when NAHREP releases its annual State of Hispanic Homeownership Report®.
For more information, please visit www.nahrep.org.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Hispanic Homeownership Rate Defies National Trend—Again appeared first on RISMedia.
From:: Finance and Economy
The rate of homeownership among Hispanics has again defied the national trend, growing for the second year in a row, according to the National Association of Hispanic Real Estate Professionals (NAHREP). Hispanics, in fact, represented the only ethnic demographic with a rising homeownership rate, at 46.0 percent in 2016, up from 45.6 percent in 2015. The national homeownership rate has remained obstinate at a 50-year low, most recently at 63.7 percent.
“With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,” says 2016 NAHREP President Joseph Nery. “As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve.”
Hispanics, according to NAHREP, also led in net household formations in 2016, adding 330,000 households.
More information on Hispanic homeownership will be available next month, when NAHREP releases its annual State of Hispanic Homeownership Report®.
For more information, please visit www.nahrep.org.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Hispanic Homeownership Rate Defies National Trend—Again appeared first on RISMedia.
From:: Real Estate News
With the 2016 election behind us, how the incoming administration and new Congress will govern will be closely watched, especially when it comes to health care reform.
Lawmakers have been either defending or fighting against the Affordable Care Act since it was enacted in 2010. With Republicans controlling both Houses of Congress and the administration, health care reform is imminent, but details of replacement plans are unclear, remaining of significant interest to consumers, the self-employed, small and large employers, insurers, and those advocating on behalf of these groups, including the National Association of REALTORS® (NAR).
For example, while repeal of the individual and employer mandate is favored by many, without a strong inducement to influence the purchase of insurance, only those with health problems may obtain coverage. This increases costs for all participants, as the high demand for care and payment of claims outweighs offsetting revenue provided by healthy enrollees filing fewer and less expensive claims. How will consumers handle such costs? Additionally, if revenue-generating taxes are repealed, how will individuals’ (and insurers’) financial incentives to participate be covered? Another concern is how long transition to a new system will be and whether insurers will continue to offer coverage in the interim.
While lawmakers have wrestled with these uncertainties, NAR has adopted essential health care advocacy principles that center on providing affordable, quality coverage to self-employed and small employers purchasing in the individual and small group insurance markets. The following health care policies have guided NAR’s advocacy efforts in the health care debate through the years:
Access and affordability are top priorities for REALTORS® who are primarily independent contractors paying out of pocket for coverage or are on a spouse, partner, or family plan. NAR is therefore cautious of any proposal that would make it more expensive to obtain health insurance and supports reforms that increase the availability of a variety of reasonable insurance options.
With many real estate professionals falling in the baby boomer generation, maintaining protections for pre-existing conditions, ensuring coverage for preventive health and chronic disease services and prioritizing fiscal accountability are essential in any health care reform initiative in order to reduce overall health care …read more
From:: Real Estate News
In the following interview, Molly Goenner, managing broker of Edina Realty in Minneapolis, Minn., discusses how she’s put her social media efforts on auto-pilot.
Region Served: Minneapolis, Minn.
Years in Real Estate: 16
Number of Offices: 1
Number of Agents: 35
Facebook: @226Washington
Twitter: @MollyGoenner
What are some of the current trends you see in your market today?
The biggest trend we’re seeing today is downtown growth, specifically in the North Loop, where condos and townhomes are a primary target. We’re also seeing a lot of millennial buyers, in addition to empty nesters looking for their very own urban cabin.
In terms of social media, are there any specific topics trending in your local market?
As far as what’s trending on social media, I’m seeing a lot of ‘Top 5′ lists and articles pertaining to low inventory techniques and popular color trends.
What steps have you taken to ensure success this year?
One thing I’ve done is put the majority of my marketing on auto-pilot. This includes everything from social media to mailings.
How are you using social media to better your real estate business?
By sharing more eye-catching posts with relevant content from RISMedia’s ACE—Automated Content Engagement. I’m more active on Twitter than Facebook, and I have more people following me on Twitter since I’ve been using ACE.
What aspects of the ACE program are most appealing to you?
The branded landing pages. The cool thing is that when you see a post and click on it, you’re taken to a beautiful article that’s more in-depth about the topic that was posted. The landing page also includes a nice picture of myself, as well as my office information and address. If someone is inclined to call me, all the information is right there.
What prompted your decision to join ACE?
I was at the 2016 REALTORS® Conference & Expo in Orlando, Fla., with another managing broker and we decided since there were…competitors in this area…I would sign up for [one of them], and she would sign up for ACE. Our plan was to try them out for a month and compare their content and landing pages, the quality of print versus the price, and see which one we should gravitate toward. It was very clear from what I was seeing on her social media pages that the content provided through ACE was geared more toward real estate and helping real estate professionals capture clients through the article. [The other service’s] landing pages were also harder to find, and not as clear as those offered through ACE.
What is the biggest challenge you face when it comes to social media?
My biggest challenge is providing creative content on a consistent timeline. ACE does that for me.
What words of advice do you have for other real estate professionals who may not be using ACE yet?
ACE is an affordable way to be present on social media without having to be a social media expert.
For more information, please visit ace.rismedia.com.
Paige Tepping is RISMedia’s managing editor. Email her your real estate news ideas at paige@rismedia.com.
For the latest <a target="_self" …read more
From:: Real Estate News
The hottest housing markets have one determining factor in common: employment opportunities. Cities with jobs in growing fields draw incoming residents in droves—and none is more in-demand currently than technology. Which markets will tech next make its mark in?
A recent survey by Modis, an IT staffing services provider, identified the housing markets on set to be transformed by technology. The top 5:
Fifty-one percent of those surveyed ranked Chicago as the top tech hot spot of the future. The Windy City is likely to attract younger professionals who have worked in technology 5 years or less, according to the survey.
Houston and Boston ranked second and third, respectively, with 47 percent and 43 percent of the vote. Houston is likely to attract a range of professionals, from those who have not completed a college degree to those who have worked in technology for more than 10 years. Boston, like Chicago, is likely to attract younger professionals, aged 26-34.
Denver, which has seen home prices appreciate at an above-average rate since the recession, was ranked fourth at 36 percent. (Denver, as well, was recently named the No. 1 emerging tech hub by Homes.com.) Philadelphia, at 31 percent, also made the top five.
Other up-and-coming technology-driven markets, according to the survey, include Dallas, Detroit and Omaha.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Five Housing Markets on the Verge of a Tech Boom appeared first on RISMedia.
From:: Real Estate News
The hottest housing markets have one determining factor in common: employment opportunities. Cities with jobs in growing fields draw incoming residents in droves—and none is more in-demand currently than technology. Which markets will tech next make its mark in?
A recent survey by Modis, an IT staffing services provider, identified the housing markets on set to be transformed by technology. The top 5:
Fifty-one percent of those surveyed ranked Chicago as the top tech hot spot of the future. The Windy City is likely to attract younger professionals who have worked in technology 5 years or less, according to the survey.
Houston and Boston ranked second and third, respectively, with 47 percent and 43 percent of the vote. Houston is likely to attract a range of professionals, from those who have not completed a college degree to those who have worked in technology for more than 10 years. Boston, like Chicago, is likely to attract younger professionals, aged 26-34.
Denver, which has seen home prices appreciate at an above-average rate since the recession, was ranked fourth at 36 percent. (Denver, as well, was recently named the No. 1 emerging tech hub by Homes.com.) Philadelphia, at 31 percent, also made the top five.
Other up-and-coming technology-driven markets, according to the survey, include Dallas, Detroit and Omaha.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Five Housing Markets on the Verge of a Tech Boom appeared first on RISMedia.
From:: Finance and Economy
Consumer confidence waned in January after spiking to a 15-year high in December, posting a 111.8 reading in The Conference Board Consumer Confidence Index®. The Expectations reading of the Index fell to 99.8, while the Present Situation reading rose to 129.7. December’s reading was 113.3.
“Consumer confidence decreased in January after reaching a 15-year high in December,” said Lynn Franco, director of Economic Indicators at The Conference Board, in a statement. “The decline in confidence was driven solely by a less optimistic outlook for business conditions, jobs, and especially consumers’ income prospects.
“Consumers’ assessment of current conditions, on the other hand, improved in January,” Franco said. “Despite the retreat in confidence, consumers remain confident that the economy will continue to expand in the coming months.”
The percentage of consumers who believe business conditions are “good,” as defined by the Index, increased from 28.6 percent in December to 29.3 percent in January; the percentage of those who believe business conditions are “bad” decreased from 17.8 percent in December to 16.1 percent in January. The percentage of those who expect business conditions to improve decreased from 24.7 percent in December to 23.1 percent in January; the percentage of those who expect business conditions to worsen increased from 8.9 percent in December to 10.7 percent in January.
The percentage of consumers who believe jobs are “plentiful” increased from 26.0 percent in December to 27.4 percent in January, according to the Index; the percentage of those who believe jobs are “hard to get” decreased from 22.7 percent in December to 21.5 percent in January. The percentage of those who expect more jobs in the coming months decreased from 21.7 percent in December to 19.8 percent in January; the percentage of those who expect less jobs in the coming months was unchanged at 14.0 percent.
The percentage of consumers who expect higher income, as well, decreased from 21.5 percent in December to 18.0 percent in January; the percentage of those who expect less increased from 8.6 percent in December to 9.6 percent in January.
Source: The Conference Board
For the latest real estate news and trends, bookmark RISMedia.com.
The post Consumer Confidence Wanes after 15-Year Spike appeared first on RISMedia.
From:: Real Estate News