RE/MAX have released this somewhat tounge in cheek video identifying a problem for too many Realtors. In their own words:

“Does your agent work full -time for you? Here’s just one problem with using a part-time real estate agent. When you choose a RE/MAX Sales Associate to help you buy or sell your home, you’ll experience an exemplary level of service. RE/MAX agents have the experience to get the job done in today’s market and no one in the world sells more real estate than RE/MAX. To find a RE/MAX real estate professional in your area, visit www.remax.com today!”

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Google has just released the ability to use Gmail to make telephone calls. You can call anywhere in the US and Canada for free and get low rates for other countries with a small plugin.

We’ll be discussing this over the next few weeks, but you can find information out now on the Google Website. In the interim here is a short, fun ad. from Google:

Washington, September 02, 2010 (Realtor.org) Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

The PHSI in the Northeast rose 6.3 percent to 62.5 in July but is 21.1 percent below a year ago. In the Midwest the index increased 4.1 percent to 66.7 but remains 25.7 percent below July 2009. Pending home sales in the South rose 1.2 percent to an index of 86.3, but are 15.6 percent lower than a year ago. In the West the index jumped 11.6 percent to 95.0 but is 17.6 percent below July 2009.

The national index had fallen 29.9 percent in May and another 2.8 percent in June.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

* The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for August will be reported September 23 and the next Pending Home Sales Index will be on October 4; release times are 10 a.m. EDT.

An accent is a wonderful thing, sometimes. My own English accent has always been the first thing people comment upon this side of the pond and most are very complimentary.

But there is a dark side to having an accent. When it comes to voice recognition software the world is run by computers and they prefer what I call “Microsoft English”. I’ll never do it publicly but I regularly resort to pronouncing words with an American accent. It’s why the following comedy sketch really made me laugh. I not only understand the comedians frustration, I feel it

Autism is the fastest growing developmental disability in the United States affecting as many as 1 in every 110 children. The ’21st Century Child: Picture the Future Campaign’ benefits children and families living with autism. Simply upload a photo to www.century21child.com today.For every photo uploaded Century 21 Real Estate LLC will donate $1 to Easter Seals Act for Autism program.

The elections in November are critical with housing markets and the broader economy still struggling to recover. NAR Chief Lobbyist Jerry Giovaniello and RPAC Managing Director Scott Reiter look ahead to the elections with Realtor magazine.

Washington, August 27, 2010 (Realtor.org) It’s been five years since Hurricane Katrina came roaring into the Gulf Coast, dramatically changing New Orleans and the lives of those who called it home. While there is very little homeowners can do when facing a natural disaster of that magnitude, the anniversary – and the current threat from Hurricane Danielle – is an important reminder that with a little planning and preparation, homeowners can better protect their home and family from a disaster.

The experts at HouseLogic – a free, comprehensive consumer website about all aspects of homeownership – say that with research and a little work homeowners can quickly develop a plan that will help them reduce losses and recover faster following a natural disaster.

“Families build their futures through homeownership, and HouseLogic should be a homeowner’s first stop when it comes to increasing, maintaining, and protecting the value of his or her home,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Sometimes it’s unpleasant to think about disaster plans and preparing for the unknown but it’s an important thing for homeowners to do to ensure the continued safety of their family and homes.”

According to HouseLogic, homeowners should begin their natural disaster preparations by developing a plan. A good disaster plan includes not only an emergency preparedness kit, with important papers, food and water, and extra blankets and flashlights but also a well-thought out plan for how family members will evacuate and communicate – making sure that everyone in the family is familiar with the plan and knows what to do and where to go in case of an emergency.

Homeowners should also make sure their home is properly insured against natural disasters, since many plans don’t cover earthquakes, hurricanes and floods – especially in high risk areas – and consider supplemental disaster insurance policies that cover losses from specific catastrophes that traditional policies don’t cover. Homeowners should first review their existing policy to determine what’s covered since supplemental plans can cost a few hundred dollars to several thousand each year depending on the type of disaster and the home’s location, size and type, and then determine their area’s disaster risk.

In the event of a hurricane, residents should reinforce doors and windows against strong winds. Hurricane film is an inexpensive, clear plastic film that keeps glass shards from becoming dangerous missiles and can be left in place year-round, however it can’t prevent heavy winds from blowing in the entire window frame. Another less expensive alternative is plywood; its downside is that it’s temporary and is often put up at the last minute when a hurricane is approaching. An easier but more expensive alternative is roll-up or accordion-style storm shutters that are permanently attached to a house. The most expensive option may be high-impact windows, made of two panes of tempered glass separated by a plastic film. They are always in place and since they look like standard windows they don’t affect a home’s appearance.

While hurricanes often bring great amounts of rain that can cause flooding, few places in the country are considered safe from floods, which are the most common natural disaster in the U.S. Storms with hard rains, snow or ice melting, surging bodies of water, or overflowing levees and dams are often the culprit. Homeowners who live in high-risk areas should have a “go-bag” ready in case they need to leave quickly; including a change of clothing, insurance policy and agent contact information, and toiletries as well as money, an evacuation route and a place to stay.

While little can be done to hold off flood waters like those following Hurricane Katrina, homeowners can do a few things to lessen potential damages, according to HouseLogic. Leaky roofs and foundation cracks can let water into a home more readily and weaken the structure, so it’s important to make repairs quickly. It’s also good to clear gutters and drains, invest in a battery-powered sump pump, and prevent sewer backup by installing a check valve, which allows waste to only flow one way. It’s also smart to catalog all of your possessions using a digital camcorder or camera and move expensive items to a higher location such as a second floor or attic.

If flood waters do make their way into a home, HouseLogic provides advice for action within the first 24 hours. Before entering the home check for any visible structural damage. Turn off all water and electrical sources, even if the power isn’t currently operational because it could reactivate. Before making repairs or removing any water, fully document the damage by taking photos or video and notify the insurer as soon as possible. Wear waders or waterproof boots and rubber gloves because water could be contaminated by sewage or household chemicals. After the insurer has approved removing the water, use a sump pump or wet vac, open doors and windows, and remove wet contents, including carpeting and bedding, to mitigate mold damage.

For additional information and tips on many other homeownership topics, visit HouseLogic at www.houselogic.com.

HouseLogic is a free source of information and tools for homeowners from the National Association of Realtors® that helps homeowners make smart decisions and take responsible actions to maintain, protect and increase the value of their home. HouseLogic helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

For more information, contact:

Sara Wiskerchen
(202) 383-1013
swiskerchen@realtors.org

A house built with hemp makes a green alternative to standard construction. WLOS’ Karen Wynn reports.

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Washington, August 26, 2010 (Realtor.org) Commercial real estate sectors, hurt by weak job growth, are offering incentives in many areas that are conducive to business expansion, according to the National Association of Realtors®.

Lawrence Yun

The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of more than 600 local market experts,1 shows vacancy rates are beginning to level, but rents remain depressed, and subleasing space is high.

The SIOR index, measuring 10 variables, rose 2.8 percentage points to 41.0 in the second quarter, but remains well below a level of 100 that represents a balanced marketplace. This is the third consecutive quarterly improvement after nearly three years of decline; the last time the commercial market was in equilibrium at the 100 level was in the third quarter of 2007.

Fifty-seven percent of respondents expect improvements in the office and industrial sectors in the third quarter.

Commercial real estate development remains stagnant in all regions with low investment activity; 88 percent of respondents said it is virtually nonexistent in their markets, but development acquisitions are beginning to grow in many areas in what is described as a buyer’s market.

Looking at the overall market, vacancy rates will shift modestly in the coming year according to NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK.2 The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Markets

Vacancy rates in the office sector, with high levels of available sublease space, are expected to increase from 16.7 percent in the second quarter of this year to 17.0 percent in the second quarter of 2011, and then ease later next year.

The markets with the lowest office vacancy rates in the second quarter were New York City, Honolulu and Long Island, N.Y., with vacancies around the 9 to 11 percent range.

Annual office rent should fall 2.7 percent this year and decline another 2.1 percent in 2011. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is projected to be a negative 13.6 million square feet this year and then a positive 22.6 million in 2011.

Industrial Markets

Industrial vacancy rates are likely to decline from 14.1 percent in the second quarter of 2010 to 13.7 percent in the second quarter of 2011, and then continue to ease modestly as the year progresses.

The areas with the lowest industrial vacancy rates in the second quarter were Los Angeles, San Francisco and Kansas City, with vacancies ranging between 8 and 11 percent.

Annual industrial rent is estimated to drop 5.4 percent this year, and to decline another 4.7 percent in 2011. Net absorption of industrial space in 58 markets tracked is seen at a negative 31.7 million square feet this year and a positive 157.2 million in 2011.

Retail Markets

Retail vacancy rates should hold steady at 13.1 percent in both the second quarter of this year and in the second quarter of 2011, with a level pattern for most of next year.

Markets with the lowest retail vacancy rates in the second quarter include San Francisco, Honolulu and Miami, with vacancies of 7 to 8 percent.

Average retail rent is expected to decline 2.6 percent in 2010 and then flatten out, slipping 0.1 percent next year. Net absorption of retail space in 53 tracked markets is forecast to be a negative 2.3 million square feet this year and then a positive 6.4 million in 2011.

Multifamily Markets

The apartment rental market – multifamily housing – is benefiting from modestly higher demand. Multifamily vacancy rates are likely to decline from 6.0 percent in the second quarter of this year to 5.6 percent in the second quarter of 2011.

Areas with the lowest multifamily vacancy rates in the second quarter include San Jose, Calif.; Pittsburgh; and Philadelphia, with vacancies of less than 4 percent.

With additions from new construction, average rent should slip 0.6 percent in 2010, and then hold even in 2011. Multifamily net absorption is expected to be 105,200 units in 59 tracked metro areas this year, and another 138,000 in 2011.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 79,000 NAR and institute affiliate members specialize in commercial brokerage services, and an additional 263,000 members offer commercial real estate as a secondary business.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

1. The SIOR Commercial Real Estate Index, conducted by SIOR and analyzed by NAR Research, is a diffusion index based on market conditions as viewed by local SIOR experts. For more information contact Richard Hollander, SIOR, at (202) 449-8200.

2. Publication of additional analyses will be posted under Economists’ Commentary in the Research area of Realtor.org in coming days.

The next commercial real estate forecast and quarterly market report will be released on November 29.

For more information, contact:

Walter Molony
(202) 383-1177
wmolony@realtors.org

Darity Wesley

“Control your destiny or someone else will!” – Jack Welch

It’s a big time right now in the world of privacy both from a personal and professional perspective. There is legislation pending in the U.S. House of Representatives that will craft the law for Internet best practices. As a cyber law expert, I have read both bills that are currently on the floor and have been watching with great interest the discussion they are generating. Business and consumer groups alike are all showing up and demonstrating the power of democracy at its best by expressing their opinions. This is volatile legislation because it could easilly change the way personally identifiable information is handled and what businesses need to do with the information they have collected.

This isn’t called the Information Age for nothing! The free flow of data is the lifeblood of most businesses. And that lifeblood is thicker than water and almost as costly. Not only are there big bucks in general business information like listing data, there is a monetary value placed on each bit of preference information collected about you. This Wall Street Journal article reveals that one of the fastest growing businesses on the Internet is gathering consumer information. Is this a bad thing?

It depends.

These great technology advances are helping to make the consumers’ online experience as personal as having a valet and assistant combined even to the point of being able to predict what an individual is likely to want based on history. That’s pretty convenient! I was talking to a friend who was looking up medical symptoms on the web and targeted ads appeared on the right side offering up remedies commonly known to help ease symptoms of that ailment. To some people, that is a great service. Some even say that this is the era of great breakthroughs in human behavior research.

On the other hand, if you are interested in maintaining a modicum of a private life, some of these great technologies are a bit disconcerting. Though the benefits of social networking are being proven, many people are still uncomfortable not being able to control information that is and is not gathered about them.

This sounds like a dilemma to consumers but to a number of forward thinking technology firms it is an opportunity. I came across this company, which helps consumers monitor what advertising networks have in your profile and gives you the control over your own interest data. Bynamite claims to have the world’s most honest privacy policy. It is well worth a read since it clearly explains what I believe, which is that the next generation of privacy is about controlling how your information is used.

What information you reveal, to whom and for what reasons, are your choice. Ask a business why they need your information beyond what you feel is necessary for your transaction. Be willing to say no. Research your privacy and opt-out options on websites and uncheck or check boxes to maintain whatever level of privacy you wish.

Or, as we say in each of our newsletters, it is up to you to stay aware and alert!

Darity Wesley is CEO and Legal Counsel for Privacy Solutions, Inc. a San Diego based consulting firm. You can always reach Darity at Darity@PrivacyGurus.com or (619) 670-9462.

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Jay Papasan, VP of Publishing and co-author of a number real estate best-sellers, explains why some houses sit on the market while others sell.

Focus on Loan Eligibility Could Spur Housing Market

CHARLOTTE, N.C., Aug. 25 (PRNewswire) Average mortgage rates fell this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On August 24, lenders on the LendingTree network offered mortgage rates as low as 4.0 percent (4.13% APR) for a 30-year fixed mortgage, 3.5 percent (3.74% APR) for a 15-year fixed mortgage and 2.75 percent (3.43% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30-year and 15-year home loans remained flat week-over-week, while rates for 5/1 ARMs fell one eighth of a point.

Average home loan rates offered by lenders on the LendingTree network dropped from last week’s lows to 4.45 percent (4.66% APR) for 30-year fixed mortgages, 4.01 percent (4.33% APR) for 15-year fixed mortgages and 3.43 percent (3.65% APR) for 5/1 ARMs.

“As mortgage pipelines are choking with volume given strict underwriting and processing demands, treasury yields are falling faster than mortgage rates,” said Cameron Findlay, Chief Economist of LendingTree.com. “Unless we see some signs of significant market stability, which is unlikely based on NAR’s weak July existing home sales numbers, it is likely the government’s next move will focus on eligibility rather than rate control, encouraging refinancing in the near term and spurring consumer spending to avert further home price erosion.”

Below is a state-by-state comparison of mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity.

Additional refinance mortgage rates are available at http://www.lendingtree.com/mortgage-loans/rates/.

The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower’s loan details and credit profile. Visit www.lendingtree.com to learn more.

About LendingTree, LLC

LendingTree, LLC is the nation’s leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 27 million loan requests and $207 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com or 800-555-TREE.

Media Contact:

Bethany Ciampa, Mullen
(617) 226-9950
bethany.ciampa@mullen.com

A friend recently had his Facebook account revoked which left me wondering how much I would lose if the same thing happened to me. I could certainly establish friend connections again and I have local copies of most photos but what about photo’s uploaded from my mobile? And what about the business pages I am sole admin for? It really would be a problem, not insurmountable, but still a problem.

One partial solution is Social Safe, a tool that backs up your Facebook account. The following video provides an overview:

SocialSafe Explanation .. Introducing Wall Backups from Pascal Wheeler on Vimeo.

Please tell me this is unique. As seen on ListHub:

And there’s more: http://listings.listhub.net/

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Washington, August 24, 2010 (Realtor.org) Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of Realtors®.

Existing-home sales(1), which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.

Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

Lawrence Yun

“Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.56 percent in July from 4.74 percent in June; the rate was 5.22 percent in July 2009. Last week, Freddie Mac reported the 30-year fixed was down to 4.42 percent.

The national median existing-home price(2) for all housing types was $182,600 in July, up 0.7 percent from a year ago. Distressed home sales are unchanged from June, accounting for 32 percent of transactions in July; they were 31 percent in July 2009(3).

“Thanks to the home buyer tax credit, home values have been stable for the past 18 months despite heavy job losses,” Yun said. “Over the short term, high supply in relation to demand clearly favors buyers. However, given that home values are back in line relative to income, and from very low new-home construction, there is not likely to be any measurable change in home prices going forward.”

Total housing inventory at the end of July increased 2.5 percent to 3.98 million existing homes available for sale, which represents a 12.5-month supply(4) at the current sales pace, up from an 8.9-month supply in June. Raw unsold inventory is still 12.9 percent below the record of 4.58 million in July 2008.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said there are great opportunities now for buyers who weren’t able to take advantage of the tax credit. “Mortgage interest rates are at record lows, home prices have firmed and there is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position,” she said.

A parallel NAR practitioner survey shows first-time buyers purchased 38 percent of homes in July, down from 43 percent in June. Investors accounted for 19 percent of sales in July, up from 13 percent in June; the balance were to repeat buyers. All-cash sales rose to 30 percent in July from 24 percent in June.

Single-family home sales dropped 27.1 percent to a seasonally adjusted annual rate of 3.37 million in July from a pace of 4.62 million in June, and are 25.6 percent below the 4.53 million level in July 2009; they were the lowest since May 1995 when the sales rate was 3.34 million. The median existing single-family home price was $183,400 in July, which is 0.9 percent above a year ago.

Single-family median existing-home prices were higher in 11 out of 19 metropolitan statistical areas reported in July in comparison with July 2009 (the price in one of 20 tracked markets was not available). However, existing single-family home sales fell in all 20 areas from a year ago.

Existing condominium and co-op sales fell 28.1 percent to a seasonally adjusted annual rate of 460,000 in July from 640,000 in June, and are 24.0 percent below the 605,000-unit level in July 2009. The median existing condo price(5) was $176,800 in July, down 1.7 percent from a year ago.

Regionally, existing-home sales in the Northeast dropped 29.5 percent to an annual pace of 620,000 in July and are 30.3 percent lower than a year ago. The median price in the Northeast was $263,800, up 4.8 percent from July 2009.

Existing-home sales in the Midwest fell 35.0 percent in July to a level of 800,000 and are 33.3 percent below July 2009. The median price in the Midwest was $151,600, down 2.8 percent from a year ago.

In the South, existing-home sales dropped 22.6 percent to an annual pace of 1.54 million in July and are 19.8 percent below a year ago. The median price in the South was $156,300, down 3.3 percent from July 2009.

Existing-home sales in the West fell 25.0 percent to an annual level of 870,000 in July and are 23.0 percent below a year ago. The median price in the West was $224,800, up 3.3 percent from July 2009.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for 20 select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

1. Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2. The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

3. Distressed sales, first-time buyer and investor data are from a survey for the Realtors® Confidence Index, scheduled to be posted September 2.

4. Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

5. Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for August will be released September 23. The next Pending Home Sales Index is scheduled for September 2; release times are 10 a.m. EDT.

For more information, contact:

Walter Molony
(202) 383-1177
wmolony@realtors.org

Walter Sanford

Continued…

5. Understand exactly what your customers want. Listen. Many consider most top agents as one who is full of ego, never shutting up in a meeting. The opposite is really true. The agent who knows the seller the best will the agent who wins the listing presentation. The agent who knows the buyer best is the agent who spends less time in converting them to a closed transaction. My coaching clients grasp this concept early – get the clients to tell you about their needs. This is the difference that will allow you to create a customized marketing plan to achieve their goals and achieve those goals faster than regular agents. When your client’s reasoning just doesn’t make sense, ask more questions.

6. The top people constantly are saying “I don’t understand what you mean by that.” They say this because they want the client to keep talking about any items on which they are unclear. The majority of agents is just happy to be talking with a buyer or a seller and is looking for the signature. Top people need to know with clarity what they need to accomplish. Top agents never forget that clients cost money until closing day and quality clients are required to make high incomes.

7. Top agents prepare a presentation based upon the client’s needs. For years, we were taught about canned listing presentations when that is about as far from reality as you can get! As stated earlier, the agent who asks the most questions to determine a need then prepares a customized marketing plan to fulfill that need will be the “winner” at the listing presentation.

8. Top agents stay in touch with their customers. Look for unique ways to constantly add value to your customer’s lives and “WOW” them. My past clients were treated to all of my listings before they hit the market as secret properties. They were given two phone calls a year to make certain each of their needs were met. They were offered opportunities for their accountants to call me regarding their tax returns after a major transaction. We followed a long list of major value points that we offered to a past client, requiring us to stay in touch with them. The top 1% constantly builds business from their current database.

9. Spend approximately half of your day in pro-active seller lead generation. Understand that obtaining a listing is the most important activity in real estate. Work hard to sell the home, prior to submitting it to the MLS but only with the seller’s blessings.

10. Top agents are relentless follow up artists. One example of one of my follow-up systems is the “Listing Leads A” (LLA) category. LLA is for a client that you weren’t able to close on a listing or who is “soon to list.” They have one of a million excuses as to why they wouldn’t sign that night. They might also be a seller who gave you a time in which you should call back for when they would be ready to list. These people are always ready to list sooner than they say they expect. If someone said they were going to list in three months, I made sure that every week I would time block my schedule to call all LLA with a piece of value such as a new listing, new sale, or a new interest rate that would affect their value. I would give them value so they weren’t upset at me calling prior to the scheduled time they asked me to call back. I could take advantage of any motivation that would cause them to list sooner. Follow-up needs to be built into all of your systems.

11. Make sure your client knows the next step. Have a time or a date for the next meeting. Have a checklist on what everyone needs to accomplish for the next meeting. By preparing your client, there is clarity at the end of a meeting and everyone knows what is expected.

To be continued…