Voice for Real Estate – Tax Reform, Selling Solar

NAR President-elect Elizabeth Mendenhall was on Capitol Hill to reinforce REALTORS’ position that any tax reform must protect, not hurt, homeowners. NAR has concerns with the Administration’s proposal because it would hurt homeowners by taking away more deductions than would be offset by the increase in the standard deduction. Also, NAR legal and sustainability staff explain the opportunities and hurdles to selling the increasing number of homes with solar panels.

RE/MAX Notes Five Key Questions Sellers Often Forget to Ask When Choosing a Broker to Sell Their Home

Chicago, IL – May 4, 2017 (PRNewswire) When it’s time to sell their home, most Americans have their eye on the bottom line. RE/MAX brokers say sellers want to know, first and foremost, what their home is worth, what commission the broker will charge and how much they might have to spend to get the home ready to sell.

“Those are vital questions, but they aren’t the only ones,” said Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois.

REMAX Northern Illinois

Choosing a broker can be confusing because most of us sell a home only every 10 to 15 years, and the real estate business has seen dramatic changes over the last decade thanks to the internet.

According to Kreider, the secret to success lies in choosing a broker whose approach to selling homes meshes with a seller’s goals and preferences. To make that happen, sellers must ask the right questions.

Based on interviews with RE/MAX brokers, here are five questions sellers should ask when selecting a broker.

1. What is an appropriate listing price?

Whatever the ultimate sales price, the listing price is a vital starting point, noted Mary Reuter Kenney of RE/MAX Excels in Geneva, Ill.

“Some sellers and brokers may want to start with an elevated list price hoping for an eager buyer, but if the price is too high, it can keep buyers away. The longer a home sits on the market, the lower its eventual selling price is likely to be, so a realistic list price is essential. Sellers should ask a broker to present a list price recommendation based on the recent sales prices of comparable homes in the area, while also keeping the impact of current competition in mind.”

2. What are the expenses, besides commission, that sellers will face?

“Many sellers aren’t aware there are selling expenses beyond the broker’s commission,” said Kyra Pych of RE/MAX in the Village, Realtors, Oak Park, Ill.

“Those fees vary depending on local custom, so I go through all that with them: costs for title search and lot survey, for attorney fees, transfer taxes and other things. Sometimes, those fees determine whether a seller must bring money to the closing table, so they need the full picture,” she said.

3. How will you market my home, especially online?

Because more than 90 percent of buyers use the internet as part of their home search, effective online marketing is vital these days.

“Sellers must understand how a broker approaches internet marketing,” said Karen Danenberg of RE/MAX Suburban in Buffalo Grove, Ill. “If done right, it lets buyers get to know a house before they walk in, but to do that you need good pictures and good verbiage. If I were a seller, I’d ask to see how a broker had marketed comparable properties, and not just the photos and text on the MLS, but also what they did on social media, which is becoming a huge factor.”

4. How will the seller and broker work together?

It’s a key issue and one with many dimensions, noted Damian Ciszek of RE/MAX 10, Chicago, and there can be marked differences among brokers.

“I work on my own,” Ciszek explained, “so I handle everything, but other brokers may be part of team of brokers or may have unlicensed assistants who deal with portions of the process. Sellers should understand what information they will be getting and how frequently and just what is expected of them.”

5. What is the broker’s approach to preparing a home for sale?

Some brokers focus on maximizing value. That can mean a fair amount of pre-listing preparation for the seller but also a higher sales price. Other brokers are more willing to price a home to reflect its current condition if the buyer lacks the time or resources to make cosmetic improvements.

Jennie McLaughlin of RE/MAX Hub City in Rochelle, Ill., is among those who emphasize making homes she lists more salable, both in terms of exterior curb appeal and interior appearance.

“Curb appeal is extremely important. It defines the first impression buyers have of the property. Inside the home, it isn’t always necessary to invest a lot of money, but getting the home clean and decluttered pays huge dividends, not only in a better sales price but also a faster sale,” she said.

The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 103 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. The northern Illinois network is part of RE/MAX, a global real estate organization with 110,000+ sales associates in 100+ nations.

Contact:

Chris Calomino
RE/MAX Northern Illinois
(847) 428-4200

Latest CoreLogic Analysis Shows US Mortgage Loan Performance Health Continues to Strengthen

  • The Delinquency Rate Decreased 0.5 Percentage Points Year Over Year
  • The Foreclosure Rate for February Was 0.8 Percent
  • Early-Stage Delinquencies Remained Steady in February

Irvine, CA – May 9th, 2017 (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 5 percent of mortgages were delinquent by 30 days or more (including those in foreclosure) in February 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with February 2016 when it was 5.5 percent.

CoreLogic Logo

As of February 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1.1 percent in February 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.2 percent in February 2017, down from 2.8 percent in February 2016.

Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.

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2016, an increase of 0.06 percent year over year. The share of mortgages that were 60-89 days past due in February 2017 was 0.7 percent, unchanged from a year earlier.

Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 1 percent in February 2017, up from 0.8 percent in February 2016. By comparison, in January 2007, just before the start of the financial crisis, the current to 30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent.

“Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Moreover, the past-due share dropped to 5 percent, the lowest since September 2007. However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase.”

“While national-level delinquency rates declined, the serious delinquency rate remained elevated in many mid-Atlantic and northeast states led by New York and New Jersey,” said Frank Martell, president and CEO of CoreLogic. “February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market.”

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog.

Methodology

The data in this report represents foreclosure and delinquency activity reported through February 2017.

The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition, and foreclosure rates are measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contacts

For real estate industry and trade media:

Bill Campbell
(212) 995-8057
bill@campbelllewis.com

or for general news media:

Lori Guyton
(901) 277-6066
lguyton@cvic.com