Author: admin

By Susanne Dwyer

Day 2 of RISMedia’s 2016 CEO Exchange kicked off bright and early at the Harvard Club of New York City with a networking breakfast sponsored by ERA Real Estate, during which RISMedia President & CEO John Featherston had the opportunity to candidly discuss the future of ERA with newly appointed President & CEO Susan Yannaccone.

John Featherston: Congratulations on your new role as President & CEO of ERA. You’ve held a variety of roles with a number of franchise organizations, which lends you a unique perspective. How will your background inform your leadership of the brand?
Susan Yannaccone: My experience leading through change during my time with a number of real estate brands provides a great perspective to capitalize on the tremendous momentum ERA has to shape the next generation of the industry. When it comes to change, rather than respond to it, you need to effect it. This will position you to lead the transformation and shape the future. I’d also like to add that I’m forward thinking—always anticipating what’s next so we can keep our customers competitive. I had a mentor who advised me to always ask “What’s next?” and that has stayed with me over the years through the various positions I’ve held.

JF: What’s your vision for the brand?
SY: While ERA has a 45-year history in the industry, we’ve been on a tremendous run lately. Not only has the brand been entirely reimagined, we’ve also seen tremendous growth—opening in 12 major new markets. I plan on continuing to leverage this momentum in a number of ways, while focusing on customer service and truly understanding what the customer needs, in addition to what our brokers and agents need to thrive. As I look toward the future at the helm of ERA, one area of focus will be to increase the brand’s visibility across the country by adding companies, agents and yard signs. In addition, we will leverage our best-in-class learning development platform to fuel productivity and continue our relentless focus on innovation and transform the way we connect with consumers to fuel business. Our customer-first approach and strong focus on leadership development will be instrumental in taking the brand to the next level, positioning it for the next generation of this industry. All of these things will be instrumental in determining where the brand needs to go today and tomorrow.

JF: What are some of the most significant challenges you see the franchise industry facing?
SY: Whether you’re a franchisor or an independent broker, the biggest challenges are going to be keeping up with the pace of change and remaining relevant for today’s consumer. Change isn’t stopping. In fact, the pace of change is accelerating, and you have to be on the forefront to remain relevant. In the end, it’s not about embracing the tool for today, but understanding today so that you’re relevant tomorrow.

JF: As a franchisor, what would you say are the best practices for remaining competitive in today’s market?
SY: First and foremost, be true to your culture and own …read more

From:: Finance and Economy

By Susanne Dwyer

Day 2 of RISMedia’s 2016 CEO Exchange kicked off bright and early at the Harvard Club of New York City with a networking breakfast sponsored by ERA Real Estate, during which RISMedia President & CEO John Featherston had the opportunity to candidly discuss the future of ERA with newly appointed President & CEO Susan Yannaccone.

John Featherston: Congratulations on your new role as President & CEO of ERA. You’ve held a variety of roles with a number of franchise organizations, which lends you a unique perspective. How will your background inform your leadership of the brand?
Susan Yannaccone: My experience leading through change during my time with a number of real estate brands provides a great perspective to capitalize on the tremendous momentum ERA has to shape the next generation of the industry. When it comes to change, rather than respond to it, you need to effect it. This will position you to lead the transformation and shape the future. I’d also like to add that I’m forward thinking—always anticipating what’s next so we can keep our customers competitive. I had a mentor who advised me to always ask “What’s next?” and that has stayed with me over the years through the various positions I’ve held.

JF: What’s your vision for the brand?
SY: While ERA has a 45-year history in the industry, we’ve been on a tremendous run lately. Not only has the brand been entirely reimagined, we’ve also seen tremendous growth—opening in 12 major new markets. I plan on continuing to leverage this momentum in a number of ways, while focusing on customer service and truly understanding what the customer needs, in addition to what our brokers and agents need to thrive. As I look toward the future at the helm of ERA, one area of focus will be to increase the brand’s visibility across the country by adding companies, agents and yard signs. In addition, we will leverage our best-in-class learning development platform to fuel productivity and continue our relentless focus on innovation and transform the way we connect with consumers to fuel business. Our customer-first approach and strong focus on leadership development will be instrumental in taking the brand to the next level, positioning it for the next generation of this industry. All of these things will be instrumental in determining where the brand needs to go today and tomorrow.

JF: What are some of the most significant challenges you see the franchise industry facing?
SY: Whether you’re a franchisor or an independent broker, the biggest challenges are going to be keeping up with the pace of change and remaining relevant for today’s consumer. Change isn’t stopping. In fact, the pace of change is accelerating, and you have to be on the forefront to remain relevant. In the end, it’s not about embracing the tool for today, but understanding today so that you’re relevant tomorrow.

JF: As a franchisor, what would you say are the best practices for remaining competitive in today’s market?
SY: First and foremost, be true to your culture and own …read more

From:: Real Estate News

By Susanne Dwyer

Existing-home sales eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of REALTORS®. Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After last month’s decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million).

Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. “Healthy labor markets in most the country should be creating a sustained demand for home purchases,” he says. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”

“Tight inventory, rising prices and tepid economic conditions continue to hold back existing home sales, and housing progress overall,” says Quicken Loans Vice President Bill Banfield. “As interest rates are poised to rise in the near future, supply will need to increase to sustain significant growth in the market.”
Adds Yun, “Hopes of a meaningful sales breakthrough as a result of this summer’s historically low mortgage rates failed to materialize because supply and affordability restrictions continue to keep too many would-be buyers on the sidelines.”

The median existing-home price for all housing types in August was $240,200, up 5.1 percent from August 2015 ($228,500). August’s price increase marks the 54th consecutive month of year-over-year gains.

Total housing inventory at the end of August fell 3.3 percent to 2.04 million existing homes available for sale, and is now 10.1 percent lower than a year ago (2.27 million) and has declined year-over-year for 15 straight months. Unsold inventory is at a 4.6-month supply at the current sales pace, which is down from 4.7 months in July.

The share of first-time buyers was 31 percent in August, which is down from 32 percent both in July and a year ago. First-time buyers represented 30 percent of sales in all of 2015.

“It’s very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed levels a year ago,” adds Yun. “While recent data from the U.S. Census Bureau shows that household incomes rose strongly last year, home prices are still outpacing incomes in many metro areas because of the persistent shortage of new and existing homes for sale. Without more supply, the U.S. homeownership rate will remain near 50-year lows.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.44 percent in August for the second consecutive month and remained at its …read more

From:: Finance and Economy

By Susanne Dwyer

Existing-home sales eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of REALTORS®. Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After last month’s decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million).

Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. “Healthy labor markets in most the country should be creating a sustained demand for home purchases,” he says. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”

“Tight inventory, rising prices and tepid economic conditions continue to hold back existing home sales, and housing progress overall,” says Quicken Loans Vice President Bill Banfield. “As interest rates are poised to rise in the near future, supply will need to increase to sustain significant growth in the market.”
Adds Yun, “Hopes of a meaningful sales breakthrough as a result of this summer’s historically low mortgage rates failed to materialize because supply and affordability restrictions continue to keep too many would-be buyers on the sidelines.”

The median existing-home price for all housing types in August was $240,200, up 5.1 percent from August 2015 ($228,500). August’s price increase marks the 54th consecutive month of year-over-year gains.

Total housing inventory at the end of August fell 3.3 percent to 2.04 million existing homes available for sale, and is now 10.1 percent lower than a year ago (2.27 million) and has declined year-over-year for 15 straight months. Unsold inventory is at a 4.6-month supply at the current sales pace, which is down from 4.7 months in July.

The share of first-time buyers was 31 percent in August, which is down from 32 percent both in July and a year ago. First-time buyers represented 30 percent of sales in all of 2015.

“It’s very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed levels a year ago,” adds Yun. “While recent data from the U.S. Census Bureau shows that household incomes rose strongly last year, home prices are still outpacing incomes in many metro areas because of the persistent shortage of new and existing homes for sale. Without more supply, the U.S. homeownership rate will remain near 50-year lows.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.44 percent in August for the second consecutive month and remained at its …read more

From:: Real Estate News

By Susanne Dwyer

Earnest money deposits play an important role in real estate transactions. While you’ve had several options for establishing escrow accounts for earnest monies, traditionally, credit unions haven’t been included in your options because of federal legislation prohibiting them from offering escrow accounts. That recently changed, however, thanks to efforts on behalf of real estate agents by the REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union.

“Whenever we talked to real estate professionals about our services,” explains Victoria Gillespie, senior vice president, REALTORS® Division and Enterprise Marketing, “the question kept coming up, ‘Can I open an escrow account?’” Recognizing that there was clearly demand and interest in this service, the Credit Union decided to challenge the status quo on behalf of its members and the real estate industry.

Rewriting federal laws, however, is never easy. As a first step, the Credit Union approached and gained the support of the National Association of Federal Credit Unions (NAFCU), a direct membership association that provides federally insured credit unions with advocacy, education and compliance support. Once NAFCU was on board, the next step involved lobbying efforts with the industry’s governing body, the National Credit Union Administration (NCUA).

Finally, earlier this year, the Credit Union’s efforts paid off and legislative changes went into effect. “We listened to our members and made it happen,” says Gillespie. Now, eligible Credit Union members have the option to open a Real Estate Escrow Checking Account with no minimum balance, no monthly fee and no per-item charges to house clients’ earnest money deposits. Fees are often associated with these accounts at other financial institutions.

Comprehensive Banking Services Exclusively for REALTORS®
Created by the National Association of REALTORS® (NAR) in 2008, the REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union, was formed to address the unique savings, lending and credit needs of NAR members.

Federal credit unions are not-for-profit cooperative financial institutions that are owned and operated by their members. Unpaid volunteers comprise the Credit Union’s Board of Directors, including two NAR representatives. All profits are reinvested in the co-op, keeping costs as low as possible for members.

In addition to the new availability of Real Estate Escrow Checking Accounts, members have access to a full complement of business banking services, including traditional and money market savings, competitive certificate investments, business loans (including commercial real estate loans and lines of credit), and much more.

The Credit Union also offers a full suite of personal banking products, making it simple to separate your personal and business expenses for easier record keeping while enjoying across-the-board cost savings. Members can also apply for two different REALTOR® Credit Cards, further simplifying efforts to separate business and personal records.

Convenient Access
REALTORS® Federal Credit Union is available 24/7 online, via mobile banking and through its bank-by-phone services. Members can make remote check deposits (using mobile technology) up to $250,000 per day for business accounts or $25,000/day for personal checking. In addition to over 30,000 ATMs nationwide, members receive personal assistance at more than 5,000 shared branch locations, or by contacting …read more

From:: Real Estate News

For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business. …read more

From:: Real Estate Wire

With the end of both the Home Affordable Modification Program and the Home Affordable Refinance Program getting close, the government is working to come up with new refinance options for borrowers. The latest program proposal comes from the Mortgage Bankers Associations. The MBA’s Task Force revealed a program proposal on Friday that is designed to be successor program to the Home Affordable Modification Program. …read more

From:: Real Estate Wire

As many in the industry guess at when the Fed will raise rates after putting off the decision at the last FOMC meeting, one blog from CNBC questions the attention. According to this blog, housing has more important things to worry about. …read more

From:: Real Estate Wire