Let’s be honest; we all make mistakes. But have you ever thought of them as opportunities?

I make mistakes. There, I said it! The question is how do you deal with them? It’s important to understand that mistakes offer an opportunity to define relationships, personal and professional.

There have been occasions when I have spoken to a customer who is beyond angry. Sometimes they are frustrated or upset or simply confused. In almost all cases an apology, an explanation, a solution or even better all three not only resolves the issue but communicates a feeling of caring. I’ve been at the end of that phone call when the customer service rep clearly couldn’t give two figs if my problem gets resolved (thank you WorldPay, QuickBooks and many others…) and it’s at the heart of why I do care, why everyone at AgencyLogic cares, how problems are solved.

The more pissed off a client is the bigger advocate they become if they are treated quickly, respectfully and in some instances with humor. That’s where the opportunity lies and so to this short video from TED.com.

We have countless ‘Just For Fun‘ posts – this one falls into that category but also provides a great marketing tip. Enjoy

WASHINGTON – May 22, 2012 (Realtor.org) Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of Realtors®. The improvements in sales and prices were broad based across all regions.

Total existing-home sales(1), which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.

Lawrence Yun

Total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes available for sale, a seasonal increase which represents a 6.6-month supply(2) at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6 percent below a year ago when there was a 9.1-month supply; the record for unsold inventory was 4.04 million in July 2007.

“A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions,” Yun said. He notes some areas with tight supply include the Washington, D.C., area; Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle. “We expect stronger price increases in most of these areas.”

The national median existing-home price(3) for all housing types jumped 10.1 percent to $177,400 in April from a year ago; the March price showed an upwardly revised 3.1 percent annual improvement. “This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” Yun said. “For the year we’re looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013.”

Distressed homes(4) – foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011. Foreclosures sold for an average discount of 21 percent below market value in April, while short sales were discounted 14 percent.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said home buyers should look into financing in the early stages of their search process. “With the tight lending environment it’s a good idea to consult with a Realtor® about mortgages and program options in your area, and tips for boosting your credit score well in advance of making an offer on a home,” he said. “It helps to go into the process knowing what it takes to succeed.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 3.91 percent in April from 3.95 percent in March; the rate was 4.84 percent in April 2011. Last week the 30-year fixed rate dropped to a record weekly low of 3.79 percent; recordkeeping began in 1971.

First-time buyers rose to 35 percent of purchasers in April from 33 percent in March; they were 36 percent in April 2011.

All-cash sales fell to 29 percent of transactions in April from 32 percent in March; they were 31 percent in April 2011. Investors, who account for the bulk of cash sales, purchased 20 percent of homes in April, compared with 21 percent in March and 20 percent in April 2011.

Single-family home sales rose 3.0 percent to a seasonally adjusted annual rate of 4.09 million in April from 3.97 million in March, and are 9.9 percent higher than the 3.72 million-unit pace a year ago. The median existing single-family home price was $178,000 in April, up 10.4 percent from April 2011.

Existing condominium and co-op sales increased 6.0 percent to a seasonally adjusted annual rate of 530,000 in April from 500,000 in March, and are 10.4 percent above the 480,000-unit level in April 2011. The median existing condo price was $172,900 in April, which is 8.1 percent above a year ago.

Regionally, existing-home sales in the Northeast rose 5.1 percent to an annual level of 620,000 in April and are 19.2 percent higher than a year ago. The median price in the Northeast was $256,600, up 8.8 percent from April 2011.

Existing-home sales in the Midwest increased 1.0 percent in April to a pace of 1.03 million and are 14.4 percent above April 2011. The median price in the Midwest was $141,400, up 7.4 percent from a year ago.

In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April and are 6.5 percent higher than a year ago. The median price in the South was $153,400, up 8.0 percent from April 2011.

Existing-home sales in the West increased 4.4 percent to an annual pace of 1.18 million in April and are 7.3 percent above April 2011. The median price in the West was $221,700, a surge of 15.9 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1. Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from multiple listing services. Changes in sales trends outside of MLSs are not captured in the monthly series. A rebenchmarking of home sales is done periodically using other sources to assess the overall home sales trend, including sales not reported by MLSs.

Existing-home sales differ 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 account for more than 90 percent of total home sales, are based on a much larger sample – about 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. 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).

3. 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.

4. Distressed sales (foreclosures and short sales), all-cash transactions, investors and first-time buyers and are from a monthly survey for the Realtors® Confidence Index, posted at Realtor.org.

The Pending Home Sales Index for April will be released May 30 and existing-home sales for May is scheduled for June 21; release times are 10:00 a.m. EDT.

There is a 4 bedroom home for sale in Northern England described by the real estate agent representing it as:

• unremarkable
• having monumental masonry cracks and a crumbling handrail
• dodgy (translation: not to be trusted)
• having tatty (translation: worn out) carpets

They have also added it is shabby, untouched, gloom[y] and unkempt. Then there’s the “will require blood sweat and tears to haul it anywhere back to modern tastes”, “Hope may then resurface upon viewing the lounge” and “will require any purchaser to acquire step ladders to eradicate those pesky spider webs, something that is clearly beyond the present owner” comments.

The question that begs to be asked: Is this creative, honest or simply crazy marketing?

WASHINGTON May 18, 2012 (Realtor.org) – The next two decades in housing markets depends largely on the Echo Boomers. That’s according to panelists at the “Shifting Demographics and Housing Choice: A Whole New World?” session today during the Realtors® 2012 Midyear Legislative Meetings & Trade Expo.

There are approximately 62 million echo boomers in the U.S. Also called “millennials,” echo boomers are currently ages 17-31. According to the 2011 National Association of Realtors® Profile of Home Buyers and Sellers, younger home buyers – those ages 18-34 – represent 31 percent of all recent home purchases.

Moe Veissi

During the session, economists NAR, the University of Washington, and Florida State University presented various research and data that illustrate the future of homeownership from a generational standpoint.

“Demography is destiny,” said NAR Chief Economist Lawrence Yun. “In that vein, demographics can provide very useful insights into the future of housing and homeownership, and the results of these reports indicate that certain generational shifts will have a significant impact on the real estate industry over the next two decades.”

NAR Economist Selma Hepp identified several key demographic trends on both ends of the housing age spectrum. The demand for affordable, accessible housing will increase as the 65-and-over population grows; at the same time, as seniors leave their homes and move into assisted living and other arrangements, they will add to the current supply of housing. Because of their sheer size, however, echo boomers will significantly impact the next two decades in housing.

“Echo boomers represent a long-term opportunity for a housing market recovery, but they are struggling in the current economic crisis,” said NAR’s Selma Hepp. “Consequently, demand for rental housing is likely to climb in the near term.”

As a group, the echo boomers are more racially and ethnically diverse than their baby boomer parents. While 65 percent of baby boomers are Caucasian, only 55 percent of echo boomers are Caucasian. Echo boomers are also more likely to be college educated than previous generations, and are remaining single longer.

Glenn E. Crenlin from the Runstad Center for Real Estate Studies at the University of Washington shared his insights into recent declines in homeownership and whether those declines indicate possible generational trends.

“It is worrying that the homeownership rate for those under 35 has fallen more sharply than the rate for older Americans,” said Crenlin. “But I think we need to examine homeownership rates by generation in a more balanced way. Although the Millennial generation does not own homes at the same percentages of those in other generations, many of them are still in the early stages of household formation – in fact, some of them are still in high school.”

Crenlin presented data from the American Community Survey that shows a significant increase in homeownership among millennials when compared to baby boomers at the same age. While 900,000 households in the millennial generation own their own home, only 500,000 baby boomer households owned their own homes at the same point in their lives.

“Given these data, what we’re looking at in terms of the millennial generation is likely only a delay in homeownership of three to five years, not a long-term trend away from homeownership itself,” said Crenlin.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Media Contact:

Stephanie Singer
(202) 383-1050
Email

Because we all need to laugh and not take life too seriously we highlight lot’s of ‘Just For Fun‘ posts. Here’s a great one that I love for lots of reasons. Not only is is funny but it’s also a great community video.

Washington Realtor Penny McLaughlin proves marketing can be fun and effective.

I wish I knew Penny! Do you ?

ORLANDO, Fla., May 9, 2012 (PRNewswire-USNewswire) As a strong advocate for affordable housing, Florida Realtors® urges Florida Attorney General Pam Bondi to put the Sadowski Housing Trust Fund at the top of the state’s list to receive some of an expected $300-plus million due from the recent foreclosure legal settlement with five of the nation’s largest banks.

Florida Realtors and other groups belonging to the Sadowski Housing Coalition say that at least $100 million of that money should go into the trust fund, which receives a portion of the state’s documentary stamp tax revenues. That funding supports affordable housing efforts across Florida, including the State Housing Initiative Program (SHIP) and State Apartment Incentive Loan program (SAIL).

Summer J. Greene

In recent years, the cash-strapped Florida Legislature has swept money out of the Sadowski Trust Fund and added it to general revenue. Coalition members point out that transferring some of the settlement money would help ease the devastating impact those cuts have had on housing programs — and it fits the stated goals for the money. Under the bank settlement, funds should be used “to avoid preventable foreclosures” and “ameliorate the effects of the foreclosure crisis.”

“The SHIP and SAIL programs fund several activities that directly address these purposes,” Florida Realtors President Greene pointed out in her letter to Bondi. “SHIP dollars can be used for downpayment and closing cost assistance, as well as the rehabilitation of foreclosed homes … SAIL dollars are made available for construction or rehabilitation of multifamily units … ensuring that those who have lost their homes in the foreclosure crisis have a place to live.”

Five leading banks — Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Financial — reached a nationwide $25 billion joint state-federal mortgage servicing settlement, of which Florida receives about $8.4 billion. Most of the money will go directly to homeowners in the form of a principal reduction or cash payment following a foreclosure. However, about $300 million is earmarked for the Florida Attorney General’s office to spend at its discretion to help distressed homeowners.

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 63 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.

The Source:

And the money shot…

Earlier this year the Florida Association of Realtors added a series of videos to their YouTube channel that discuss Realtors code of ethics. Here is the first video in the series – visit their YouTube channel to see the rest.

Bidding wars are now being seen in both Manhattan and Miami Real Estate markets

NEW YORK, May 14, 2012 (PRNewswire) Manhattan and Miami property prices have seen significant price increases in the first quarter of 2012 in comparison to the prior year, with record prices in both markets.

At current sales rates, Manhattan has 9 months of inventory and Miami has only 4 months of inventory remaining. In Miami, to meet the demand of buyers in the face of declining inventory levels, developers are announcing new projects every few weeks.

Manhattan price increases on a per square foot basis

• Manhattan condo prices increased 9%

• Luxury prices increased 8%

Miami price increases on a per square foot basis

• South Beach prices increased 20%
• Miami Beach prices increased 27%
• Downtown prices increased 19%
• Luxury prices increased 13%

Record prices have hit Miami, marked by a sale at St. Regis Bal Harbour for $20 million and another at Setai for $21.5 million. While not across the board, there have been a number of sales at record prices in both markets.

In one instance, a penthouse in Manhattan, at 15 Central Park West was sold for a record 88 million dollars. At One 57, the new uber-luxury 90-story pre-construction development towering over Central Park, off-plan apartments have reportedly been selling at 4 to 5 times the average price per square foot of a condo in Manhattan.

Gone, are the days of 10% down payment for a pre-construction property. Developers in Miami are now requiring 50-60 percent in progress payments over two years, with the remaining at closing, a practice borrowed from the Brazilians, an increasing participant in this market.

Manhattan new development has been on a much slower track, with a dearth of new development coming online in the next few years. Accordingly, the low inventory environment in Manhattan is likely to be the norm for some time.

Ricardo Mello

As for mortgage financing trends, down payment requirements have been lowered for foreign buyers by some big banks to 30% in Manhattan and 40% in Miami (although some smaller banks have been offering mortgages with lower down payments in Miami), down from 40% and 50%, respectively. For primary homeowners, however, lending standards remain stringent. ”

Price increases percentages were taken from Jonathan Miller’s market reports- The Miami and Manhattan Market Reports for Q1 2012.

About Manhattan Miami

Manhattan Miami Real Estate, an international full-service luxury real estate group within the Charles Rutenberg brokerage firm, assists buyers and sellers of prime Manhattan and Miami properties. At manhattanmiami.com, customers can search for Manhattan Luxury Real Estate & Miami Luxury Condos in one place and browse all New York City and Miami properties.

Google have just announced ‘Knowledge Graph’ which they describe as:

“a huge collection of the people, places and things in the world and how they’re connected to one another”

As “the next frontier in search” Google state they “can get you the best possible answers and help jump start your discovery.” Mashable believe it makes the search engine “1,000 times smarter” adding:

“Google is switching from simple keyword recognition to the identification of entities, nodes and relationships. In this world, “New York” is not simply the combination of two keywords that can be recognized. It’s understood by Google as a state in the U.S. surrounded by other states, the Atlantic Ocean and with a whole bunch of other, relevant attributes.”

The following video from Google provides more information:

It seems this home is no longer on the market, perhaps Cheech and Chong bought it? (Here is a copy of the original MLS posting)

“Buyers want more than a virtual tour” – Yes they do! We often talk about adding video to your single property Websites (See: ‘A Real Estate Example of Smart Integrated Marketing‘ and ‘PowerSite Profile: A Great Example of How To Add Video to A Single Property Website‘) and the following brief video form Century 21 provides lots more tips.

Thirty-one Percent Shorten Loan Term with Refinanced Loan

MCLEAN, Va., May 14, 2012 (PRNewswire) In the first quarter of 2012, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the Freddie Mac (OTC: FMCC) Quarterly Product Transition Report released today. Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate.

News Facts

• Of borrowers who refinanced during the first quarter of 2012, 31 percent reduced their loan term by paying off a 30-year loan and replacing it with a 20-year, 15-year, or other shorter-term loan. In addition, 66 percent of borrowers kept the same term as the loan that they had paid off.
• Sixty-eight percent of borrowers who had a hybrid ARM chose a fixed-rate loan during the first quarter, the highest share since the first quarter of last year, while the remaining 32 percent chose to refinance into the same type of product.

Quotes

Attributed to Frank Nothaft, Freddie Mac vice president and chief economist:

• “Fixed mortgage rates averaged 3.92 percent for 30-year loans and 3.19 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages. The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 5.1 percent during the first quarter of 2012. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.
• “Compared to a 30-year fixed-rate mortgage, the interest rate on a 15-year fixed was about three-quarters of a percentage point lower during the first quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. Further, under the enhanced Home Affordable Refinance Program—HARP—announced by FHFA on October 24, 2011, certain risk-based fees are waived for HARP borrowers who refinance into shorter-term loans.”

Get the latest information from Freddie Mac’s Office of the Chief Economist on Twitter:@FreddieMac

Quarterly Product Transition Information

These estimates come from a sample of properties on which Freddie Mac has funded at least two successive loans and the latest loan is for refinance rather than for home purchase. Some loan products, such as 1-year ARMs and balloons, are based on a small number of transactions. During the first quarter of 2012, the refinance share of applications averaged 81 percent in Freddie Mac’s monthly refi survey, and the ARM share of applications was 6 percent in Freddie Mac’s monthly ARM survey, which includes purchase-money as well as refinance applications.

Quarterly Product Transition Statistics

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

Source: Freddie Mac