Tom Ferry Discusses Objection Handling For 5 Common Objections in Real Estate

What would it feel like to know exactly what to say and how to say it when you get an objection from a prospect?

You’d probably:

  • Feel more confident to pick up the phone.
  • Convert more leads into deals.
  • And gain more control of your business.

And that’s why this #TomFerryShow is dedicated entirely to role playing five of the most common objections agents hear from buyers and sellers.

CoreLogic US Home Price Report Reveals Nearly Half of the Nation’s Largest 50 Markets are Overvalued

  • National Home Prices Up 7 Percent in September 2017
  • Home Prices Projected to Increase 4.7 Percent by September 2018
  • West Virginia Was the Only State That Lost Ground, Down 0.3 Percent

IRVINE, CA – November 7th 2017 (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for September 2017, which shows home prices are up strongly both year over year and month over month. Home prices nationally increased year over year by 7 percent from September 2016 to September 2017, and on a month-over-month basis, home prices increased by 0.9 percent in September 2017 compared with August 2017,* according to the CoreLogic HPI.

CoreLogic Logo

Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from September 2017 to September 2018, and on a month-over-month basis home prices are expected to decrease by 0.1 percent from September 2017 to October 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Heading into the fall, home price growth continues to grow at a brisk pace,” said Dr. Frank Nothaft, chief economist for CoreLogic. “This appreciation reflects the low for-sale inventory that is holding back sales and pushing up prices. The CoreLogic Single-Family Rent Index rose about 3 percent over the last year, less than half the rise in the national Home Price Index.”

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According to CoreLogic Market Condition Indicators (MCI) data, an analysis of housing values in the country’s 100 largest metropolitan areas based on housing stock, 36 percent of cities have an overvalued housing stock as of September 2017. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. Also, as of September, 28 percent of the top 100 metropolitan areas were undervalued and 36 percent were at value. When looking at only the top 50 markets based on housing stock, 48 percent were overvalued, 16 percent were undervalued and 36 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one in which home prices are at least 10 percent below the sustainable level.

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“A strengthening economy, healthy consumer balance sheets and low mortgage interest rates are supporting the continued strong demand for residential real estate,” said Frank Martell, president and CEO of CoreLogic. “While demand and home price growth is in a sweet spot, a third of metropolitan markets are overvalued and this will become more of an issue if prices continue to rise next year as we anticipate.“

*August 2017 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Methodology
The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the “Single-Family Combined” tier representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indexes are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers—“Single-Family Combined” (both attached and detached) and “Single-Family Combined Excluding Distressed Sales.” As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, Core Based Statistical Area (CBSA) and ZIP Code levels. The forecast accuracy represents a 95-percent statistical confidence interval with a +/- 2.0 percent margin of error for the index.

Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, 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 are 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. The data are 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, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contacts

CoreLogic

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

National Association of REALTORS® Installs 2018 Leadership

Chicago, IL – November 6, 2017 (nar.realtor) Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri was installed today as 2018 president of the National Association of Realtors® during the REALTORS® Conference & Expo in Chicago.

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Mendenhall was NAR’s 2017 president-elect and 2016 first vice president. She has been a Realtor® for 20 years and is CEO of RE/MAX Boone Realty. On the national level, Mendenhall currently serves on the Executive Committee and board of directors. She holds numerous designations and chaired NAR’s Strategic Planning Committee in 2012, served as vice president of committees in 2011 and was the NAR liaison to association leadership in 2008. In 2010, Mendenhall served as president of Missouri Realtors®, and in 2003 she was elected president of the Columbia Board of Realtors® and was named their Realtor® of the Year.

John Smaby is 2018 NAR president-elect. Smaby is a second-generation Realtor® and has been in the industry for 38 years. He is a broker at Edina Realty in Edina, Minnesota, where he specializes in residential real estate. Smaby has held numerous positions nationally and with Minnesota Realtors®, where he served as president in 2015 and treasurer in 2013. In 2013, Smaby received Minnesota’s Ed Anderson Political Achievement Award, and in 2014, he was named their Realtor® of the Year.

Vince Malta is 2018 first vice president. He is a third-generation Realtor® and CEO and broker of Malta & Co. Inc. in San Francisco. Malta has been in real estate for nearly 40 years and has served in countless roles. On the national level, he has testified before Congress multiple times on behalf of NAR, served on the board of directors since 2002, and was the 2011 vice president of government affairs. In 2002, Malta became a California Association of Realtors® honorary member for life, in 2006 he served as CAR president, and in 2007, he was awarded the state’s Realtor® of the Year.

Thomas Riley, a Realtor® from Bedford, New Hampshire is the 2018 treasurer. He has been a Realtor® for more than 36 years and is president of Riley Enterprises Inc., specializing in residential and commercial real estate and property management. Riley was NAR treasurer in 2017 and chaired both the Finance Committee and the Reserve Investment Advisory Board. In 2015, he was NAR vice president for Region 1, serving Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont. Riley served as president of New Hampshire Realtors® in 2011 and president of the Greater Manchester/Nashua Board of Realtors® in 1998.

Colleen Badagliacco from Morgan Hill, California is 2018 NAR vice president, association affairs. She has been a Realtor® for nearly 40 years and is the broker/associate for Legacy Real Estate & Associates, where she specializes in single-family brokerage. Badagliacco holds numerous professional designations and in 2016 served as NAR’s vice president for Region 13, comprised of California, Hawaii and Guam. She has been a member of the board of directors since 1995 and is a Realtor® Political Action Committee Hall of Fame member. The California Association of Realtors® elected her president in 2007, the same year Badagliacco was named as the state’s Realtor® of the Year; the Santa Clara County Association of Realtors® elected her president in 1992.

Kenny Parcell is 2018 NAR vice president, government affairs. Parcell, a Realtor® for nearly 20 years, is from Salt Lake City, Utah, and is the director of business development for Equity Real Estate, where he specializes in single-family brokerage. Kenny served as an NAR liaison to committees in 2017, 2015, 2013 and 2012, and as vice president in 2016 for Region 11, representing Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming. The Utah Association of Realtors® elected him president in 2011 and named him Realtor® of the Year in 2013. He served as president of the Utah County Association of Realtors® in 2008.

William E. Brown is 2018 immediate past president. He has been active in real estate for 36 years and is the founder of Investment Properties, a division of the family real estate business. Brown has served in numerous positions at the local, state and national levels, including as NAR’s 2017 president, 2016 first vice president and 2015 president-elect. Brown was an NAR committee liaison in 2006 and 2011, and 2012 vice president for Region 13, comprised of California, Hawaii and Guam. In 2008, he served as the California Association of Realtors® president and was honored as Realtor® of the Year. Brown was elected president of the Oakland Association of Realtors® in 1984.

NAR’s 2018 regional vice presidents are:

  • Dave Wluka, Sharon, Massachusetts, Region 1: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont;
  • Linda Page, Rhinebeck, New York, Region 2: New Jersey, New York and Pennsylvania;
  • Mark Mansour, Barboursville, West Virginia, Region 3: Delaware, District of Columbia, Maryland, Virginia and West Virginia;
  • Randall Thomas, Kingsport, Tennessee Region 4: Kentucky, North Carolina, South Carolina and Tennessee;
  • Steven Fischer, Savannah, Georgia, Region 5: Alabama, Florida, Georgia, Mississippi, Puerto Rico and the Virgin Islands;
  • John J. Lynch, Westlake, Ohio, Region 6: Michigan and Ohio;
  • K.C. Maurer, Appleton, Wisconsin, Region 7: Illinois, Indiana and Wisconsin;
  • Dewey Uhlir, Fargo, North Dakota, Region 8: Iowa, Minnesota, Nebraska, North Dakota and South Dakota;
  • Jim Gamble, Overland Park, Kansas, Region 9: Arkansas, Kansas, Missouri and Oklahoma;
  • Scott Kesner, El Paso, Texas, Region 10: Louisiana and Texas;
  • Cathy Colvin, Albuquerque, New Mexico, Region 11: Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming;
  • Collin Mullane, Talent, Oregon, Region 12: Alaska, Idaho, Montana, Oregon and Washington; and
  • Beth Peerce, Los Angeles, California, Region 13: California, Hawaii and Guam.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Housing Supply Shortages Slowing First-time Buyers; Signs of Hope Exist for More New Construction

Chicago, IL – November 6th, 2017 (nar.realtor) Stubbornly low inventory conditions in a large swath of the country are behind the below-average share of first-time buyers in recent years, but there is gaining evidence that an increase in homebuilding is around the corner.

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That is according to NAR’s Jessica Lautz, managing director of survey research and communications at the National Association of Realtors®, and Robert Dietz, chief economist at the National Association of Home Builders (NAHB), at a timely session yesterday on housing supply and affordability at the 2017 REALTORS® Conference & Expo. Lautz and Dietz shared their prospective insights on the causes and effects of the nation’s continued shortage of new and existing homes for sale and how Realtors® can successfully help their clients navigate these challenging market conditions.

Lautz, highlighting findings from NAR’s 2017 Profile of Home Buyers and Sellers, said supply constraints at the lower end of the market are a big part of the reason why first-time buyers made up only 34 percent of sales over the past year and have lagged the historical average of 39 percent for several years. With low inventory pushing prices upward, successful buyers have needed higher household incomes and in the past year made smaller down payments. Additionally, the time a home was on the market before fell to a new survey low this year of three weeks.

“The month’s supply of homes continues to be way under a balanced market of six months, home prices have risen year-over-year for 67 straight months and multiple offers on listings for sale are a common occurrence,” said Lautz. “Without enough listings on the market, affordability is decreasing and buyers are increasingly saying finding the right home is their top struggle.”

Much of Dietz’s presentation covered why the homebuilding industry is struggling to construct more homes. He said building lags overall demand for a variety of reasons, including an aging workforce that is causing a shortage of construction workers, low lot availability, steadily rising costs of building materials and land, and the difficulties builders are having in obtaining construction loans.

“It’s more expensive to build homes and it’s having an effect on supply. Over the last five years, the total effect of building codes, land use, environmental laws and other rules have caused regulatory costs to rise 29 percent,” said Dietz.

Despite these continuous challenges hampering the building industry, Dietz did offer some signs of hope for improvements in coming years. He pointed to the post-election surge in builder confidence and the pace of single-family housing starts slowly trending towards normalized levels.

“There’s also been the start of a shift to building smaller homes and townhomes,” said Dietz. “I’m bullish on townhouses over the next few years. They are the perfect bridge from renting to homeownership for first-time buyers.”

Another topic of discussion during the session was about the growing consumer appetite for energy-efficient features and green building. Realtors® are responding to these preferences by increasingly promoting green features in listings, and homebuilders are finding that buyers are willing to pay more for green homes.

“There’s an incredible growth opportunity for green building in coming years,” said Dietz.

Changing consumer home preferences amidst tight inventory conditions can be a challenging endeavor for buyers and sellers. That is why, according to Lautz, consumers now more than ever are seeking the experience and guidance of a Realtor®, a member of NAR, to help them buy and sell a home.

“For your buyer clients, help them understand that it is OK, and not uncommon, for them to not get the first home they make an offer on,” said Lautz.

Lautz and Dietz both concluded their remarks with optimism that housing demand – driven by millennials and their overwhelming desire to eventually own a home – will only increase in coming years.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.