Category: Uncategorized

By Susanne Dwyer

Confidence in housing made a near-record return in November in the Fannie Mae Home Purchase Sentiment Index® (HPSI), derived from Fannie’s National Housing Survey® (NHS). The HPSI overall posted 87.8 in November, 2.6 percentage points higher than the month prior. The Index hit all-time highs in February of this year, and again in June and September.

“In November, the HPSI rebounded to near its all-time high, returning the Index to its gradual upward trend and suggesting fairly stable consumer home-buying attitudes,” says Doug Duncan, chief economist and senior vice president at Fannie Mae. “These results are consistent with our expectation that the housing market will continue its modest expansion going forward.”

The share of homebuyers surveyed for the Index who believe now is a good time to buy rose seven percentage points to 29 percent, while the share of sellers who believe now is a good time to sell rose four percentage points to 34 percent. The share of those surveyed who believe home prices will go up rose six percentage points to 46 percent.

Confidence could be impacted, however, by tax reform. Both the House and Senate bills, currently in conference, contain homeownership provisions.

“Next month’s survey should offer the public a first look at the influence that potential tax reform may have on consumers’ views toward housing and the broader economy,” Duncan says.

Source: Fannie Mae

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Finance and Economy

By Susanne Dwyer

Confidence in housing made a near-record return in November in the Fannie Mae Home Purchase Sentiment Index® (HPSI), derived from Fannie’s National Housing Survey® (NHS). The HPSI overall posted 87.8 in November, 2.6 percentage points higher than the month prior. The Index hit all-time highs in February of this year, and again in June and September.

“In November, the HPSI rebounded to near its all-time high, returning the Index to its gradual upward trend and suggesting fairly stable consumer home-buying attitudes,” says Doug Duncan, chief economist and senior vice president at Fannie Mae. “These results are consistent with our expectation that the housing market will continue its modest expansion going forward.”

The share of homebuyers surveyed for the Index who believe now is a good time to buy rose seven percentage points to 29 percent, while the share of sellers who believe now is a good time to sell rose four percentage points to 34 percent. The share of those surveyed who believe home prices will go up rose six percentage points to 46 percent.

Confidence could be impacted, however, by tax reform. Both the House and Senate bills, currently in conference, contain homeownership provisions.

“Next month’s survey should offer the public a first look at the influence that potential tax reform may have on consumers’ views toward housing and the broader economy,” Duncan says.

Source: Fannie Mae

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Confidence in Housing Makes Near-Record Return appeared first on RISMedia.

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From:: Real Estate News

By Susanne Dwyer

This month’s National Association of REALTORS® (NAR) Power Broker Roundtable introduces Christina Pappas, district sales manager for The Keyes Company and incoming moderator of the Roundtable for 2018.

Moderator: Robert Bailey, Broker/Owner, Bailey Properties Inc., Santa Cruz, Calif.; 2017 Liaison for Large Residential Firms Relations, NAR

Panelist: Christina Pappas, District Sales Manager, Keyes Company, Miami, Fla.; 2018 Liaison for Large Residential Firms Relations, NAR

Robert Bailey: Welcome, Christina! It seems impossible that a year has passed since I stepped into this liaison post, but it has, and it’s been a busy year at that. It’s been challenging but productive, and I have to say, I’ve enjoyed every discussion we’ve had, so it’s a real pleasure to put the reins in your very capable hands.

Christina Pappas: Thanks, Robert. I’ve been following your monthly discussions with interest, and I appreciate the fact that there’s always something of value for brokers and agents to take away. I look forward to scheduling timely topics to explore and adding new and diverse perspectives.

RB: For readers who may not know you, Christina, I should point out that you literally grew up in the real estate world, the daughter of Mike Pappas, whose Keyes Company has been a force in Florida real estate for—believe it or not—more than 90 years!

CP: Yes, well, that’s true, and in fact, we’ve been a family business for most of that time. My grandfather bought the company from the original owner more than 50 years ago, so my dad literally grew up in it, as well. You might say we are poster kids for the family-owned real estate business.

RB: All of which means you are well aware of the issues brokers are facing. In the last year alone, for example, we’ve come through a national election, a changing of the guard at NAR, and a series of natural disasters that has touched many thousands of lives and is impacting our industry in many ways.

CP: Those natural disasters have been top-of-mind for me and, in fact, will be the topic for my first Power Broker Roundtable discussion next month. I think it’s crucial for brokers everywhere to be prepared for the worst, and we need to share precautionary practices that work when you need them—especially from those who have experienced firsthand the havoc that Mother Nature can wreak.

RB: As brokers and as an industry, we have plans and goals for next year. But we need the flexibility to adapt, if we need to, to unknown or unforeseen issues—and I know you’ll do a fine job of making these exchanges relevant. I will look forward to it, and I know you’ll do a fine job of rounding up a dynamite panel. What else are you thinking of in terms of topics?

CP: Well, we’ve all talked about millennials from the standpoint of buyers, but as I can attest from my own experience, millennial agents are the up-and-coming generation. I’d like to talk about how they are redefining our industry, and what we can take from that now.

RB: Interesting—and …read more

From:: Real Estate News

By Susanne Dwyer

For real estate agents to be better prepared to serve women homebuyers, they must recognize women’s power as a buying pool and understand the meaning of homeownership to women—the fastest-growing and most exciting market in the housing ecosystem.

Delaying marriage, higher educational attainment and presence in higher-paying jobs have made women a budding home-buying market:

• According to the National Association of REALTORS® (NAR), single women comprised 17 percent of homebuyers in the past year, while single men made up 7 percent.

• The U.S. Census Bureau reports that in 2016, 49.8 percent of single women were homeowners compared to 46.8 percent of single men, and single women have outpaced single men in homeownership since 1986.

Women’s success in homeownership is an inspiring feat—as they’ve had to balance the gender wage gap and higher mortgage rates—and, despite these developments that have assisted women homebuyers, their personal willingness and sacrifice to become homeowners is where the credit is due.

A Sanctuary
To women, homeownership doesn’t simply mean growing wealth or diversifying portfolios. A woman’s home is her sanctuary, a place of personal freedom, security and comfort in an impacting world. Single women pursue homeownership for various reasons, but they all relate to the desire for freedom—in where they want to live, and how they want to live.

In response to NAWRB’s question regarding how important women consider homeownership and their personal home-buying obstacles on the subreddit AskWomen (/r/AskWomen), one respondent stated, “I enjoy it [homeownership] and am privileged enough to be able to budget for both mundane upkeep and larger maintenance issues. It gives me the freedom to use the property as I see fit, gives me the space that I always wanted, but never had while renting, and, all told, actually costs less per month than renting did.”

This relationship with your house is an irreplaceable characteristic of owning where you live. The confidence and security of knowing you have the power to use and modify your property as you please is an indescribable feeling. From being closer to family and having a property for their pets to providing a stable home to raise children, women are searching for these freedoms.

One of the most long-term aspects of women’s homeownership is the benefit it carries for future generations. Homeownership is an invaluable contributor to generational growth, and women homeowners are effectively paving the way for future generations of women and girls to succeed.

As a real estate professional, understand that single women aren’t waiting for marriage to obtain these benefits; they will make necessary sacrifices to attain them, whether it means taking a second job or adjusting their budgets to afford a down payment. Women are living their single lives fully, and they’re empowered.

Understanding the motivations of women homebuyers and what owning a home truly means to them will help real estate professionals serve this fast-growing buying pool.

Desirée Patno is president and CEO of the National Association of Women in Real Estate Businesses (NAWRB).

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

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Real Estate News

By Susanne Dwyer

A Culture of Teamwork Keeps CENTURY 21 North Shore at the Top of Its Game

“Happy agents are productive agents.” That’s the reasoning of Jim D’Amico, dynamic broker/owner and chief motivator of CENTURY 21 NS Group/North Shore of New England, a Massachusetts-based firm whose more than $1 billion in real estate sales last year is validation of his belief. D’Amico, who has overseen more than 25 years of company growth, understands that his agents are a driving force in the firm’s success. “I’ll stop whatever I’m doing to take a call from one of my agents,” says D’Amico. “I appreciate their value and I want them to know it—to know I’m there for them 24/7 and I value their success as much as they do.” But confident and comfortable agents are only a part of D’Amico’s business philosophy. In this exclusive interview, he shares the vision and strategies that help to motivate continued growth.

Barbara Pronin: Jim, let’s start with a recap of your career path in real estate, and how you came to lead your company.
Jim D’Amico: I actually started right after college. My dad, a longtime successful property owner in Chelsea, Mass., suggested I get my training as an agent at CENTURY 21. He was a firm believer in the brand before I really knew anything about it. In my first full year, I sold only two homes and I figured I may have chosen the wrong career path. I interviewed in the corporate sector and decided to join a small, successful firm in Chelsea called Florence Lipp Real Estate. Florence was not only a leader in the market; she controlled the market. There, I was trained and mentored by Diane Cambria, who helped me list and sell over 50 homes in my second full year. Then, in 1995, my dad heard the CENTURY 21 agency in Chelsea was up for sale. I rushed over to talk to the seller and made my way through a long and shaky process, but finally, at the ripe old age of 25, I was able to close on the sale with franchisor approval—and the rest, as they say, is history.

BP: How many offices and agents does the firm currently have?
JD: We have 725 of the industry’s best agents in 41 locations throughout New England, and more to come.

BP: How would you describe your firm’s positioning in your marketplace? What sets it apart from the competition?
JD: We are a top company both regionally and nationally, and I’m thankful for that, but what sets us apart from others is our agent-centric value system and our teamwork culture. Teams have been an overused term in our industry recently, but what I consider a team culture is people who help one another and root for one another even when they don’t get a financial benefit. That is teamwork. When it comes to our value proposition, we keep it simple. We don’t charge our associates for every little this and that. Charging for errors and omissions coverage, technology, …read more

From:: Real Estate News

By Susanne Dwyer

Over the past year, the National Association of REALTORS® (NAR) engaged with federal lawmakers on a wide range of legislative and regulatory issues, with the overarching goal of encouraging sound and robust real estate markets that protect and strengthen the interests of both consumers and NAR members. Following are highlights on 10 key topics.

Flood Insurance
With strong member support, NAR successfully advocated to avoid a lapse in the National Flood Insurance Program (NFIP) authority and secured two amendments to the 21st Century Flood Reform Act (H.R. 2874), which would reauthorize and reform the NFIP for five years. The amendments also removed provisions ending the grandfathering of flood insurance rates and reduced rate increases for some properties to 6.5 percent (versus 8 percent).

Tax Reform
[At press time,] NAR is engaged on multiple fronts, including testimony at a Senate Finance hearing on individual tax reform, ongoing Hill meetings, new advocacy ads, a new coalition to preserve state and local tax deductions (Americans Against Double Taxation), and working with OpenDoor and REach® accelerator companies to create a group “startup” letter supporting NAR’s position on tax reform.

Commercial Tax Reform
NAR staff continues to participate in and coordinate with the activities of the Section 1031 Like-Kind Exchange Coalition, Real Estate Roundtable and the exchange accommodators.

TRID Disclosure
After an extended NAR advocacy effort, the Consumer Financial Protection Bureau (CFPB) finalized updates to the “Know Before You Owe” mortgage disclosure that allows for sharing closing disclosures with third parties, including real estate agents. Here’s what the CFPB said in its release: “The Bureau understands that it is usual, accepted, and appropriate for creditors and settlement agents to provide a Closing Disclosure to consumers, sellers, and their real estate brokers or other agents. The Bureau is finalizing additional commentary to clarify how a creditor may provide separate disclosure forms to the consumer and the seller.”

Fannie Mae Lending to Student Loan Borrowers
As specifically addressed in NAR’s student loan debt policy, Fannie Mae has changed its underwriting guidelines, allowing lenders to calculate the borrower’s actual lower student debt payment and allowing more borrowers to qualify. Other changes include lower fees for loans that pay off student debt, and removing debt paid by others from underwriting calculations.

Data Security
A comprehensive communications strategy around data security was developed for members. To further combat real estate wire fraud, NAR continues collaborating with joint trades (lenders, title companies, etc.).

Net Neutrality
NAR’s strong support of net neutrality rules has included filing a comment letter with the Federal Communications Commission (FCC), ongoing participation with INCOMPAS (the business coalition supporting the maintenance of strong net neutrality rules), and recruiting CMLS into the coalition.

Americans with Disabilities Act (ADA) Reform
In order to encourage opportunities for corrective measures, NAR advocated for allowing “notice and cure” for ADA building violations before a lawsuit is filed. Additionally, NAR successfully supported passage of H.R. 620, the ADA Education and Reform Act of 2017 by the House Judiciary Committee.

Housing Finance Reform
NAR continues to meet with staff on the Senate Banking Committee with the goal of forming an industry …read more

From:: Real Estate News