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Level 3’s stock surges after CenturyLink buyout deal confirmed

Shares of Level 3 Communications Inc. surged 3.9% in premarket trade Monday, after the communications services company confirmed a deal to be acquired by CenturyLink Inc. . The deal, which values Level 3 at about $23.9 billion, as a total value of about $34 billion when including debt. Under terms of the deal, CenturyLink will pay $26.50 a share in cash, and 1.4286 of its shares for each Level 3 share outstanding. Based on CenturyLink shares reference price of $28, that values Level 3’s stock at $66.50, or a 23% premium to Monday’s closing price. Level 3’s stock had run up 15% over the past two sessions after The Wall Street Journal reported that the companies were in advanced merger talks. CenturyLink expects the deal to add to free cash flow in the first year after closing, and to generate $975 million in annual synergies. Level 3’s stock has slipped 0.6% year to date through Friday, while CenturyLink’s has climbed 21% and the S&P 500 has gained 4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Monday Morning Cup of Coffee: Prospects of a Trump presidency, and the good news in Detroit

By swheeler@housingwire.com There are still about 30,000 vacant houses and buildings in Detroit as a result of manufacturing job loss and the foreclosure crisis. But a program funded by unions to renovate vacant houses in Detroit has been so successful that it’s now being expanded to eight more Rustbelt cities, the AP reported on Sunday. All this and more in MMCC! …read more

From:: Real Estate Wire

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Homeownership Rate Rallies

By Susanne Dwyer

Is the tide turning? The homeownership rate rallied slightly at 63.5 percent in the third quarter, higher than the 62.9 percent rate in the second quarter—the lowest point in more than 50 years, according to the U.S. Census Bureau’s Quarterly Housing Vacancies and Homeownership report. The third quarter homeownership rate did not differ considerably from last year’s third quarter, however, at 63.7 percent.

On inventory, roughly 87 percent of housing was occupied in the third quarter, with 55.5 percent owner-occupied and 31.9 renter-occupied.

The Midwest saw the highest homeownership rates in the third quarter at 68.6 percent; the West saw the lowest, at 58.2 percent.

Homeownership rates in the third quarter were also highest among homeowners aged 65 and older, at 79.0 percent, and lowest for homeowners aged 35 and younger, at 35.2 percent.

Non-Hispanic white homeowners held the highest homeownership rate in the third quarter, as well, at 71.9 percent. Asian or Native Hawaiian and Pacific Islander homeowners held the second-highest rate at 55.6 percent. Hispanic homeowners held the third-highest, at 47.0 percent. Black homeowners held the lowest rate, at 41.3 percent—though both the Hispanic and Black rates were higher than those of last year’s third quarter.

The homeowner housing vacancy rate came in at 1.8 percent in the third quarter, while the renter vacancy rate reported 6.8 percent. Homeowner vacancy rates were highest outside metro areas at 2.5 percent, followed by inside principal cities at 1.9 percent and in suburban areas at 1.5 percent. Renter vacancy rates mirrored those of homeowners: highest outside metro areas at 9.6 percent followed by inside principal cities at 6.9 percent and in suburban areas at 6.0 percent.

The median list price of vacant for-sale housing in the third quarter was $157,500.

“Optimists and pessimists alike have fodder for their cause,” wrote Trulia Chief Economist Ralph McLaughlin. “On the optimist’s side, household formation—whether it’s from new renter or new owner households—is good for both the housing market and the general economy, as some renters eventually become owners and new households drive demand for home-related goods and services. On the pessimist’s side, there are headwinds for those that want to own a home, but can’t: prices and rents have outpaced incomes, credit standards are higher, and a high share of young households are still living with their parents.

“Given other evidence from the [Census] release, my views swing more with the optimists than the pessimists.”

For more information, including tables, please click here.

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From:: Finance and Economy

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Homeownership Rate Rallies

By Susanne Dwyer

Is the tide turning? The homeownership rate rallied slightly at 63.5 percent in the third quarter, higher than the 62.9 percent rate in the second quarter—the lowest point in more than 50 years, according to the U.S. Census Bureau’s Quarterly Housing Vacancies and Homeownership report. The third quarter homeownership rate did not differ considerably from last year’s third quarter, however, at 63.7 percent.

On inventory, roughly 87 percent of housing was occupied in the third quarter, with 55.5 percent owner-occupied and 31.9 renter-occupied.

The Midwest saw the highest homeownership rates in the third quarter at 68.6 percent; the West saw the lowest, at 58.2 percent.

Homeownership rates in the third quarter were also highest among homeowners aged 65 and older, at 79.0 percent, and lowest for homeowners aged 35 and younger, at 35.2 percent.

Non-Hispanic white homeowners held the highest homeownership rate in the third quarter, as well, at 71.9 percent. Asian or Native Hawaiian and Pacific Islander homeowners held the second-highest rate at 55.6 percent. Hispanic homeowners held the third-highest, at 47.0 percent. Black homeowners held the lowest rate, at 41.3 percent—though both the Hispanic and Black rates were higher than those of last year’s third quarter.

The homeowner housing vacancy rate came in at 1.8 percent in the third quarter, while the renter vacancy rate reported 6.8 percent. Homeowner vacancy rates were highest outside metro areas at 2.5 percent, followed by inside principal cities at 1.9 percent and in suburban areas at 1.5 percent. Renter vacancy rates mirrored those of homeowners: highest outside metro areas at 9.6 percent followed by inside principal cities at 6.9 percent and in suburban areas at 6.0 percent.

The median list price of vacant for-sale housing in the third quarter was $157,500.

“Optimists and pessimists alike have fodder for their cause,” wrote Trulia Chief Economist Ralph McLaughlin. “On the optimist’s side, household formation—whether it’s from new renter or new owner households—is good for both the housing market and the general economy, as some renters eventually become owners and new households drive demand for home-related goods and services. On the pessimist’s side, there are headwinds for those that want to own a home, but can’t: prices and rents have outpaced incomes, credit standards are higher, and a high share of young households are still living with their parents.

“Given other evidence from the [Census] release, my views swing more with the optimists than the pessimists.”

For more information, including tables, please click here.

…read more

From:: Real Estate News

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Realtor.com: Inventory Vanishes in ‘Unusual’ October

By Susanne Dwyer

rdc_hotness_index_oct16

For-sale inventory in October remained at an unusually low level for the season, with homes moving 2 percent faster than this time last year, realtor.com® recently reported. The median age of properties on realtor.com is expected to be 79 days in October, or two more days than last month.

“October is typically thought of as the off-season for home sales, but this year, buyers are gobbling up inventory like it’s Halloween candy,” says Jonathan Smoke, realtor.com chief economist. “In fact, the number of homes for sale declined more in October than at any other point this summer, leaving us with 11 percent fewer active listings than a year earlier and the largest monthly inventory drop since July 2015.”

Only 415,000 new listings entered the market in October, according to realtor.com’s report. The median list price remained at $250,000, or 8 percent higher than one year ago and unchanged from last month. That continues the record-setting trend this year, and marks a new high for October.

The hottest markets in October, as ranked by realtor.com, are seeing inventory move 18 to 45 days faster than other markets.

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

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From:: Finance and Economy

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Realtor.com: Inventory Vanishes in ‘Unusual’ October

By Susanne Dwyer

rdc_hotness_index_oct16

For-sale inventory in October remained at an unusually low level for the season, with homes moving 2 percent faster than this time last year, realtor.com® recently reported. The median age of properties on realtor.com is expected to be 79 days in October, or two more days than last month.

“October is typically thought of as the off-season for home sales, but this year, buyers are gobbling up inventory like it’s Halloween candy,” says Jonathan Smoke, realtor.com chief economist. “In fact, the number of homes for sale declined more in October than at any other point this summer, leaving us with 11 percent fewer active listings than a year earlier and the largest monthly inventory drop since July 2015.”

Only 415,000 new listings entered the market in October, according to realtor.com’s report. The median list price remained at $250,000, or 8 percent higher than one year ago and unchanged from last month. That continues the record-setting trend this year, and marks a new high for October.

The hottest markets in October, as ranked by realtor.com, are seeing inventory move 18 to 45 days faster than other markets.

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

…read more

From:: Real Estate News

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Staying Focused in a Competitive Market

By Susanne Dwyer

willis_rusty

In the following interview, Rusty Willis, broker with Real Living Capital City in Atlanta, Ga., discusses education, marketing, technology and more.

Region Served: Atlanta
Years in Real Estate: 22
Number of Offices: 1
Number of Agents: 21
Top Tip for Thriving in Today’s Market: Stay focused on the primary drivers of business.
No. 1 Tip for Staying in Touch with Agents: Be available.

What do you like most about the region in which you work?
I love Atlanta. Not only does the city offer a level of diversity, but it’s a fun place to call home. People who come to the area are always surprised at just how much there is to do.

Please describe the current market conditions in your area.
Like the rest of the country, we have a severe shortage of inventory. Many of our in-town markets are exploding, and we’re also seeing a lot of excitement building around the Atlanta BeltLine project—a comprehensive transportation and economic development effort—which is causing prices to go through the roof. It’s also important to note that there’s not a lot of new construction coming to market. In addition, we’re seeing an explosion in the number of agents in the marketplace. With 32,000 agents in Atlanta alone, I make it a point to only bring on full-time agents who are always producing. While it’s great that we’re dealing with every business model and brand here in Atlanta, I’m always looking for those who are committed to putting the consumer first.

How does your company keep today’s buyers educated as to the realities of the current market?
I’m really big on data, so I provide my agents with various worksheets they can use to import information from the MLS to not only make it more digestible for the consumer, but also to make it easier for the consumer to understand specific neighborhoods or price points. I put in a lot of time training my agents so they understand the market, rather than just telling them what’s happening.

Can you talk a little bit about your role as chair of Real Living’s technology subcommittee, and what you’ve achieved in this position?
One thing we’re always working toward is making it easier for agents to use the technology resources we have, so we spend a lot of time finding ways to constantly simplify our offerings so agents can jump in and use them. We’re always working with the brokers in the network to find the best-in-class technology tools in each category. While there’s no shortage of gadgets out there, our end goal will always be to get the technology in place that our agents can effectively use.

How is your firm using technology today?
It’s important to understand that technology is a tool. While the right technology will help you manage the business you have by increasing your efficiency, it won’t do the work for you. Anything I would call “technology from a marketing perspective,” we handle as a brand. That being said, my staff and I make sure our agents’ online profiles are current and up-to-date so they don’t …read more

From:: Real Estate News

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Industry Leaders to Speak on ‘Seizing the Day, Winning the Future’ at RISMedia Power Broker Forum during NAR Convention

By Susanne Dwyer

Featherston_John_85x100

Today’s real estate market is burgeoning with opportunity. From the promise of the millennial generation to the power of the diversity market, it’s a good time to be in real estate. But the future is also murky. Lingering economic uncertainty and change in Washington stand to stymie our momentum going forward. During RISMedia’s 21st Annual Power Broker Forum next week, a panel of leading brokers will discuss strategies for building and sustaining business no matter what curve balls the market throws us.

RISMedia will host this year’s Power Broker Forum on Friday, Nov. 4 from 1:30-3 p.m. at the Orlando Convention Center, Valencia Room W415A, during the REALTORS® Conference & Expo. The Forum, “Seizing the Day, Winning the Future,” will feature the following industry leaders on the panel:

Moderators:

John Featherston, President & CEO, RISMedia. Featherston founded RISMedia, Inc. in 1980, which services nearly 400,000 of the residential real estate industry’s most successful agents, brokers and related service professionals through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, renowned networking and educational events, social media content, mobile delivery systems, marketing, relationships and partnerships.

Rei Mesa, President, Florida Real Estate Services; President & CEO, Berkshire Hathaway HomeServices Florida Realty. Mesa is responsible for managing all aspects of the company including strategic growth, new business development, profit and loss, and acquisitions. He has more than 30 years of experience in the real estate industry and currently serves as a National Association of Realtors® (NAR) Director.

Panelists:

craig_beggins_85x100Craig Beggins, President/CEO, CENTURY 21 Beggins Enterprises. Beggins began selling real estate in 1986, and became a broker after graduating from college. CENTURY 21 Beggins Enterprises was formed in 1991 as Symphony Realty until it affiliated with CENTURY 21 in 1992. Today, the firm has 13 offices with approximately 400 sales associates, and was ranked No. 14 in the world for CENTURY 21; it will approach 3,000 closed transactions in 2016.

robin_dickson_85x100Robin Dickson, Executive Vice President, J. Rockcliff Realtors. J. Rockcliff Realtors is located in the East Bay area of San Francisco with six offices and 500 agents, and a 2015 sales volume of $2.9 million. In real estate since the mid-’80s, today, Dickson oversees marketing, advertising, technology, training, staff, etc. for J. Rockcliff, in addition to managing the firm’s Danville office with 135 agents.

marti_hampton_85x100Marti Hampton, Broker/Owner, RE/MAX One Realty. Hampton joined RE/MAX in 1995 as the top agent in North Carolina. In 2000, she purchased her own RE/MAX franchise and became one of the top 10 Teams in the U.S for RE/MAX. Since 2005, The Marti Hampton Team has consistently ranked in the top 5 U.S Teams for RE/MAX, and in 2012, was ranked the Top Team in the U.S. for RE/MAX and No. 3 in the world for RE/MAX.

matt_widdows_85x100Matt Widdows, Founder & CEO, HomeSmart International. After several years in the real estate industry and a previous background in …read more

From:: Finance and Economy

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Industry Leaders to Speak on ‘Seizing the Day, Winning the Future’ at RISMedia Power Broker Forum during NAR Convention

By Susanne Dwyer

Featherston_John_85x100

Today’s real estate market is burgeoning with opportunity. From the promise of the millennial generation to the power of the diversity market, it’s a good time to be in real estate. But the future is also murky. Lingering economic uncertainty and change in Washington stand to stymie our momentum going forward. During RISMedia’s 21st Annual Power Broker Forum next week, a panel of leading brokers will discuss strategies for building and sustaining business no matter what curve balls the market throws us.

RISMedia will host this year’s Power Broker Forum on Friday, Nov. 4 from 1:30-3 p.m. at the Orlando Convention Center, Valencia Room W415A, during the REALTORS® Conference & Expo. The Forum, “Seizing the Day, Winning the Future,” will feature the following industry leaders on the panel:

Moderators:

John Featherston, President & CEO, RISMedia. Featherston founded RISMedia, Inc. in 1980, which services nearly 400,000 of the residential real estate industry’s most successful agents, brokers and related service professionals through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, renowned networking and educational events, social media content, mobile delivery systems, marketing, relationships and partnerships.

Rei Mesa, President, Florida Real Estate Services; President & CEO, Berkshire Hathaway HomeServices Florida Realty. Mesa is responsible for managing all aspects of the company including strategic growth, new business development, profit and loss, and acquisitions. He has more than 30 years of experience in the real estate industry and currently serves as a National Association of Realtors® (NAR) Director.

Panelists:

craig_beggins_85x100Craig Beggins, President/CEO, CENTURY 21 Beggins Enterprises. Beggins began selling real estate in 1986, and became a broker after graduating from college. CENTURY 21 Beggins Enterprises was formed in 1991 as Symphony Realty until it affiliated with CENTURY 21 in 1992. Today, the firm has 13 offices with approximately 400 sales associates, and was ranked No. 14 in the world for CENTURY 21; it will approach 3,000 closed transactions in 2016.

robin_dickson_85x100Robin Dickson, Executive Vice President, J. Rockcliff Realtors. J. Rockcliff Realtors is located in the East Bay area of San Francisco with six offices and 500 agents, and a 2015 sales volume of $2.9 million. In real estate since the mid-’80s, today, Dickson oversees marketing, advertising, technology, training, staff, etc. for J. Rockcliff, in addition to managing the firm’s Danville office with 135 agents.

marti_hampton_85x100Marti Hampton, Broker/Owner, RE/MAX One Realty. Hampton joined RE/MAX in 1995 as the top agent in North Carolina. In 2000, she purchased her own RE/MAX franchise and became one of the top 10 Teams in the U.S for RE/MAX. Since 2005, The Marti Hampton Team has consistently ranked in the top 5 U.S Teams for RE/MAX, and in 2012, was ranked the Top Team in the U.S. for RE/MAX and No. 3 in the world for RE/MAX.

matt_widdows_85x100Matt Widdows, Founder & CEO, HomeSmart International. After several years in the real estate industry and a previous background in …read more

From:: Real Estate News

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Serving Sales Associates to Foster Success

By Susanne Dwyer

kit_hale

In the following interview, Kit Hale, principal broker and managing partner of MKB, REALTORS®, a member of Leading Real Estate Companies of the World®, in Roanoke, Va., discusses coaching, educating and training agents.

Region Served: Southwest Virginia
Years in Real Estate: 25
Number of Offices: 2, with a third opening soon
Number of Agents: 130
Best Time-Saving Trick: While it may sound cliché, technology helps us get so much more done by allowing us to work where and when needed. Having all devices synched up and being able to access necessary documents anywhere can be a real time-saver. Whether it’s using Keynote to prepare for a company presentation or working on a spreadsheet for my partners to review, having real-time access to resources and shared files is essential.

What would you say is the key to staying profitable?
I see three keys to staying profitable: recruit, retain and serve. We have grown over the years through attraction, rather than promotion. We attract top talent by positioning our firm as an independent company with a long history of serving the community. Then, we focus on retention through our services, providing our associates with robust education, marketing, coaching and risk management. We serve our associates so they’re armed to serve the real estate consumer, recognizing that our profits and success come from the real estate activities of our associates.

What are the current market conditions in your area, and how have your agents had to adapt to meet them?
In Southwest Virginia, we have not yet gotten into the frenzied seller’s market that many areas recently experienced. Currently, our absorption rate is around 7.5 months, down from 10 months earlier this year. This is a shift away from the buyer’s market we have had since 2008, which topped out in 2011 at 16 months’ worth of inventory. With this recent history, many of our people have never worked in a balanced market, so we are training them how to behave in this type of market, where a buyer’s expectations are not always met with a seller’s anxiety.

What is the most significant trend positively affecting your business today?
We are experiencing robust economic development, with several key employers moving into the area, including an auto parts manufacturer and a brewery. After having some large employers pull out of the area for various business reasons, this new activity, along with the healthy real estate market, is driving energy and growth in the area.

How are you preparing your agents for the future?
We will continue to coach them on working in a balanced market, emphasizing the importance of listening to the consumer, managing expectations of both buyers and sellers, and working toward the common goal of a successful transaction.

What are two fundamentals you feel are essential to your company’s continued success?
Keeping our associates informed and remaining focused on serving them. Through my involvement in local, state and national REALTOR® organizations, as well as local economic development groups, I gain insights I then share with our agents to help them remain market experts. And, I cannot emphasize …read more

From:: Real Estate News