By Brian Summerfield, Online Editor, REALTOR® Magazine
A recent report from the Urban Land Institute outlines a few important demographic groups in real estate going into the new decade. (The Teens? The Tens? Are we going to have another debate about decade labels after we failed to definitively resolve the last one?)
Anyway, according to ULI, the following three generational groups will shape the fortunes of the housing market over the next 10 years: Continue reading »
The Right Tools, Right Now initiative is back in 2010 to help you and your business find continued success. In the coming year, you’ll find even more great free or at-cost offers, updates to existing NAR products and resources, and valuable tips on how to make the most of Right Tools, Right Now. If you haven’t taken advantage of Right Tools, Right Now yet, visit http://www.realtor.org/righttools to find out more. New offers are added every month, so be sure to check back regularly.
By Robert Freedman, Senior Editor, REALTOR® Magazine
Watch our videos for economic research updates further down the post.
In the midst of the mortgage meltdown it was hard to keep track of everything the federal government was doing to keep the credit freeze from sinking the economy. There was the massive bank rescue, with the idea that an equity infusion from taxpayers would shore up banks so they could start financing mortgages again; there was the temporary increase in loan limits in high-cost areas for loans backed by Fannie Mae, Freddie Mac, and FHA; and there was the first-time home buyer tax credit, now expanded to include move-up buyers.
But one federal effort that never received quite the same attention as the others, probably because it doesn’t lend itself to a term that rolls off the tongue like “tax credit” or “bank bailout,” is the Federal Reserve’s massive intervention in the mortgage-backed securities market. Continue reading »
By Katherine Tarbox, Senior Editor, REALTOR® Magazine
While attending Inman’s Real Estate Connect in New York two weeks ago, I had the opportunity to hear from the young, somewhat geeky, somewhat hip founder of Foursquare, Dennis Crowley. I’ve become of a fan of Inman conferences, but the truth is, sometimes it takes me some time to digest how the presentations relate to real estate.
Foursquare is a social media application that you load on your smartphone, which allows you to check into the locations you’re at. If you’re at Panera Bread, you’d hit a few buttons on your phone to “check-in” and you could see the profiles of other people that are also there. If you want to see which bar your friends are hanging out at, just look at your Foursquare app. Continue reading »
By Brian Summerfield, Online Editor, REALTOR® Magazine
…is not the product itself. At least that’s my first impression. As many who are smarter and more techno-centric than I am have noted, it seems very much like an oversized iPod Touch. And in this day and age, would you want the most noteworthy thing about your product to be that you’ve taken existing technology and made it less portable?
What's all the fuss about?
But make no mistake, this is a triumph for Apple. Continue reading »
By Erica Christoffer, Contributing Editor, REALTOR® Magazine
For all those who have been burned by the economic downturn, the “Success Out of Ashes” session of the International Builders’ Show Wednesday provided some advice for getting back on track.
John Geoffroy, president of Atlanta-based Construction Data Control, was one of three panelists who shared how he has found success through 42 years of industry ups and downs.
Connect With Customers: Write cards or pick up the phone and call past clients – let them know you are still in business; let them know you are survivors.
Talk With Your Staff: Brainstorm ideas with your team and be creative. Consider diversification, such as refurbishing foreclosed homes. “There is an opportunity here for someone,” Geoffroy says. Continue reading »
What products, if any, have you found at the International Builders’ Show Expo that you are planning to integrate into your business right away?
“We’re looking at an alternative for composite cement siding. We are interested in what innovations have come about — second generation, so to speak.”
– Kevin Estes, Estes Builders, Sequim, Wash.
“Yes, I have found several. As a representative of a builder who is building the first LEED home certified in our marketplace, I’m looking for products that will add to this home and how I can get better get that message to the consumer and to other REALTORS®. I’m in the process of getting my Green Designation from the NATIONAL ASSOCIATION OF REALTORS®, but I have trouble verbalizing it to other people. But after sitting through a Dow slideshow about building green from affordable to million-dollar homes that was given by an architect, it helped my solidify how I can explain it to people.”
– Karolina Miller, Chase International, Incline Village, Nev. Continue reading »
By Erica Christoffer, Contributing Editor, REALTOR® Magazine
Whether you are working with a Baby Boomer, Gen Xer, or someone in the Gen Y age range, it’s important to know what your buyers wants in a home.
While age demographics are still a driving factor in the type of home your buyer is interested in, and three presenters at the International Builders’ Show Wednesday said there is a tie that binds – today, less is more.
Saying goodbye to McMansions, Mary Dewalt of Mary Dewalt Design Group, Steve Lane of Denver-based KEPHART, and Ken Perlman of Sullivan Group Real Estate Advisors outlined the driving demand behind each generation and what features they want in their downsized home in the session “From Wow to Now: What Today’s Home Buyers Really Want.”
Baby Boomers (age 45-65):
They don’t see themselves as getting older, and they don’t want to compromise their active lifestyles. Continue reading »
By Erica Christoffer, Contributing Editor, REALTOR® Magazine
In the world of architects, builders, and designers, the annual debut of the New American Home at the International Builders’ Show is an institution. For 27 years it has been the mainstay of the convention, the pinnacle for all things new, the height for which to reach – the cutting-edge, state-of-the-art, ultimate trend-setting home.
But this year there is no New American Home to tour at the show in Las Vegas. That’s because this year the realities of the economic climate have proven themselves heartbreaking once again.
The storm culminated with two blows against Adam Knecht, general manager of Domanico Custom Homes and builder of the 2010 New American Home. First, the original private financier dropped out in February 2009, just one month after construction began. Then, the tight lending environment made it impossible to secure adequate financing to finish the project. By October, construction was all together halted, followed by foreclosure in December. Thus, for the first time in the history of the program, the home was not completed in time for the show and proved to be a sign-of-the-times for the housing industry. Continue reading »
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