Wireless MLS service adds mapping
Inman Real Estate News - Wireless MLS service adds mapping: "Real estate software provider BayNet World has integrated ESRI's RouteMap IMS into BayNet's PocketMLS wireless product for the residential real estate market, the companies said in an announcement today.
ESRI provides geographic information system software. The new partnership enables real estate agents to access home listings from their local multiple listing service as well as customized maps while out in the field.
Real estate agents can search listings wirelessly, e-mail listings to clients and receive e-mail maps, property photos and driving directions.
When out with a client, an agent can view directions to specific properties, view an area map down to the street level, and plan the best route between properties for efficient driving times. Agents also can enter a street name and pull up all properties for sale. Searches can be saved for viewing later, and listing alerts can be set to inform clients of new house matches.
PocketMLS is available on any Windows Mobile, Blackberry or Palm operating system handheld device.
The PocketMLS can access a real estate agent's or broker's desktop alerting application system to change contacts and client home searches from the field."
Realty guru foresees shrinking commissions
Realty guru foresees shrinking commissions | Chron.com - Houston Chronicle: "DENVER - Dave Liniger, Re/Max International co-founder and chairman, predicts real estate commissions will drop to about 4 percent over the next five years as house-hunting becomes more efficient.
Many real-estate brands, including Denver-based Re/Max, are enabling home buyers to access multiple listing services from their Web sites, which saves time and will push commissions down.
'By educating the consumer, Realtors can charge lower commission rates because they don't have to work as many hours with each consumer,' Liniger said. 'The agent doesn't have to show as many properties.'
Commissions now average 5.1 percent, down from 6 percent 10 years ago, he said.
Liniger also said the residential real-estate climate will shift from a seller's market to a buyer's market as the inventory of resale and new homes rises.
Re/Max has agencies in about half of the top 50 markets signed on to its program to create a national listing service on its Web site. It expects to have about 75 percent of the top markets and numerous smaller markets enlisted by the time it launches in March.
In addition to aiding the consumer, a national listing service also will put Re/Max in a better competitive position, said Steve Murray, editor of the trade publication Real Trends.
'It will put him in a better position to control the experience people have when they come to Re/Max.com and will generate more leads and inquiries to his people than letting customers go elsewhere,' Murray said."
Search for Rentals & Listings with EaSe!!
A new service has been launched that integrates the highly successful service of
CraigsList with
Google Maps for a winning combination.
It is a great way to search for local rentals, real estate listings, rooms for rent, and even sublets. It integrates beautifully with Google maps to give you the ability to click and drag to the area you want. And of course, the ability to switch to a satellite view is really amazing.
Check it out here:
www.HousingMaps.comArticles from the staff of the
Christian Real Estate Network
New company serves up real estate reports for a fee
A new service has been launched to help buyers discover the value of prospective homes.
http://www.homesmartreports.comInman Real Estate News - New company serves up real estate reports for a fee: "The company, which launched six months ago, offers a HomeSmart Value Report, which is available nationwide and provides homeowners with an estimated property value based on an analysis of area sales activity. This valuation report costs $24.95.
A sample report at the Web site shows median, average, high and low sales prices for the area, as well as market strength, the market foreclosure rate, appreciation rate, and the "paired sale count," which is a measure of how many times a property sold within a three-year period.
The HomeSmart Value Report also contains information on nearby sales; a sales history, sale price and loan amount (if available) for the entered address; the assessed value of the property and tax amount, along with basic property details such as square footage and number of bedrooms, bathrooms and total rooms.
The company also offers a HomeSmart Report for prospective home buyers, which costs $6.95 and provides similar information on area risks, foreclosure activity, sales volume, price fluctuation and other factors that indicate market risk around a specific property of interest.
Visitors to the site can also use a free routing tool, which allows users to enter up to six addresses that they wish to visit. The site then computes the quickest driving route to see all of these properties, and provides driving directions and map images for each address.
The site is intended to offer consumers "basic tools that will help them understand the market they're in whether it's a specific property value or trying to understand and analyze the neighborhoods in which they're considering the home purchase or sale," he said."
Referral & Affinity Programs Growing in Popularity
Study Referral and Relocation Activity 2006: "NAR and Worldwide ERC Report Strong Referral and Relocation Activity
WASHINGTON (January 11, 2006) More than 40 percent of all real estate firms participate in some type of referral program, and one-fifth of all firms have their own affinity programs to generate leads. That and other benchmarking information on different types of referral programs, including affinity, corporate relocation and Internet lead generation, can be found in the 2005 Profile of Referral and Relocation Activity, jointly released by the National Association of Realtors and Worldwide ERC, the association for workforce mobility.
Advertising, firm affiliation and years of experience are all mainstays of the real estate profession, and many buyers and sellers select an agent based on previous experience with that agent. Even so, the survey shows that a significant share of a firm's business results from referral relationships: from another broker or agent, from an employer seeking to relocate some of its employees, or an affinity relationship with a particular firm.
Nearly half of all real estate firms surveyed have either a business development department offering relocation services, or a relocation department. The typical real estate firm had a median of 10 employer-assisted relocations in 2004. Other key findings in the 2005 Profile of Referral and Relocation Activity include:
---Employer relocation programs are most popular with large firms, with 46 percent of those firms participating in such relationships. Internet lead generation is the most frequently cited by small firms offering referral programs.
---Nearly one-fifth of all real estate firms have their own affinity programs that were developed internally, and then promoted to outside groups to generate leads.
---Over one-third of real estate firms offer a reduction in the commission percentage amount as a benefit to both homebuyers and sellers who are members of an affinity group.
---Almost one-third of real estate firms have an agreement with a lead generation company that provides the firm with customer-contact information in exchange for a fee. A majority of firms also generate leads from their firms' own Web site, or via Internet advertising. The rate of conversion from leads to closed transactions generally is higher from company Web sites than those from other Internet sources.
---Forty-four percent of firms report that they participate in the real estate owned (REO) business, where lenders outsource the sale of foreclosed properties to a real estate firm.
---One-quarter of firms expect their REO business to increase during the next year."
New Credit Card Offers Triple Rewards for Home Improvement Purchases
The Chase bank and Reader's Digest Association have recently teamed up to launch the Chase Home Improvement Rewards card that pays dividends to users who buy home-improvement items. Every dollar spent on home improvement earns cardholders three points. All other purchases earn only one.
The new Chase card charges no annual fee, and the annual percentage rate is variable and currently set at 13.24%.
apply here:
http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=chase_homeimprovement_rewardsNews provided by the
Christian Real Estate Network
Foreclosure rates increased dramatically in '05 - Study Shows
RISMedia - Residential Real Estate's Largest Independent News & Information Service - "RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, released year-end data from its 2005 U.S. Foreclosure Market Report, which showed that 846,982 properties nationwide entered some stage of foreclosure in 2005, and a 25 percent increase in the number of new foreclosures from the first quarter to the fourth quarter.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
'Overall U.S. foreclosure numbers climbed steadily over the course of the year, with more new foreclosures reported in every quarter," said James J. Saccacio, chief executive officer of RealtyTrac. "This trend appears to be moving the real estate foreclosure market back to its historic levels."
Saccacio noted that the number of 2005 foreclosures needed to be kept in context. "Even with almost 850,000 properties entering some stage of foreclosure across the country over the course of the year, this represents less than 1 percent of all U.S. households. And the increase in U.S. foreclosures from Q3 to Q4 was just below 5 percent." "
New Online Search Tool for New Construction
A great new tool has been launched through a partnership with RealEstateJournal.com & "Builder Homesite" a conglomeration of 36 of the nation's largest home builders.
This service can search for any new construction projects nationwide, and show listings for new homes. New Home Source provides prospective home buyers with comprehensive information and selection of new homes available online. "The search engine was designed by builders specifically to address the way that consumers search for new homes", the company said. "We are pleased to incorporate an online marketplace focused specifically on the new-home market into our residential offerings," Lee said.
To access this new free service, check out this link: http://www.newhomesource.com/realestatejournal/
News provided by the Christian Real Estate Network
Buyers use the Internet more than ever - study shows
RISMedia - Residential Real Estate's Largest Independent News & Information Service - : "Technology is transforming how Americans buy and sell homes in unexpected ways, including how they work with real estate agents and brokers, according to one of the largest surveys of real estate consumers ever conducted. The study was released by the National Association of Realtors®.
Nine out of 10 home buyers use a real estate agent in the search process, but use of the Internet to search for a home has risen dramatically over time, increasing from only 2% of buyers in 1995 to 77% in 2005; it was 74% in 2004. The next largest source of information for buyers is a yard sign, mentioned by 71% of buyers.
When asked where they first learned about the home purchased, 24% of buyers identified the Internet, up strongly from 15% in 2004 and only 2% in 1997. Although most buyers use an agent to complete the transaction, 36% first learn about the home they buy from a real estate agent and 15% from yard signs; five other categories were 7% or less. "
Homes Get Bigger as U.S. Family Sizes Shrink
RISMedia - Residential Real Estate's Largest Independent News & Information Service: "Just like burgers and big-screen TVs, Americans are super-sizing their homes.
The average house built in the United States last year was a record 2,412 square feet. That's up 63 square feet from 2004 -- about the size of a walk-in closet.
Since the 1970s, the average single-family house built in America has grown by about 50 percent, according to a report released at the National Association of Home Builders' meeting this week in Orlando. During the same time, average family size has fallen from more than three people to about 2.5 residents per home.
Houses get bigger to contain all the features most buyers want. Almost 40 percent of new houses now have four or more bedrooms, compared with less than a quarter of such homes in 1973.
And 24 percent of houses built in 2005 had three or more bathrooms -- double the rate in the early 1970s.
More than half of just-built houses have two or more floors. In 1973, almost 70 percent of new homes were single-level."
New Revolution in Search for Real Estate Listings
An amazing new service has been launched called:
TruliaIt is a comprehensive database of active real estate listings around the country. You have to see it to beleive it! This service will bring about a new era of real estate searching...
It centers around Google's mapping database. Type a city or zip code into Trulia's search field to see listings pinpointed on a map. And since it uses Google, you can switch to a satellite image of the property, and zoom in so close that you can see the color of the roof, and which neighbors have a pool!
This could be a very useful tool for buyers trying to make sure that they don't end up too close to a freeway, or to make sure that the "beach front" listing they viewed online is actually
on the beach...
Check it out here:
http://www.trulia.com They don't have all states covered yet, but it is proof that companies are getting smarter, and embracing the new technology that has emerged in mapping services recently.
Until Next Time....
Grace & Peace,
The CREN Staff
News provided by the
Christian Real Estate Network
Secure Financing First....
Key Rules that dictate your home-buying success :
"
Line up financing before you select a property.If you're like most want-to-be homebuyers, you're much more eager to get out on the road and start touring properties than to spend time in a mortgage lender's office assessing your borrowing limits. But home-buying experts say it's critical that you delay house hunting until you determine how expensive a property you're qualified to purchase.
'You'll waste your time if you go shopping for a house and fall in love with one that costs $200,000 more than you can afford,' says Sylvia Shelnutt, a real estate broker who trains agents on how to work effectively with buyers.
Besides defining their spending limits, she encourages homebuyers to pick through the numerous types of mortgages available to them and to settle on their best option before advancing to the neighborhood and property selection phase.
One exception involves those who are sure they'll be buying a brand-new house. They may find their best deal is available directly through the builder they choose, says Shelnutt, who's affiliated with the Real Estate Buyer's Agent Council ( www.rebac.net) and is in the group's Hall of Fame."
Real estate listings land on cell phones
Inman Real Estate News - Real estate listings land on cell phones: "A company that builds real estate-related cell phone technologies announced this week that it has created a technology that allows home buyers to dial up multiple listing service information.
The new tool, called SMS/MLS (SMS is an acronym for 'short messaging service,' or text messaging), allows buyers to search for homes by address, neighborhood, MLS number or a company-created code assigned to a property.
QWASI Inc., which built the new tool, also created CellSigns, a product launched in 2005 that allows buyers to send a text message to receive property information on a cell phone. With that service, cell phone users enter a code as a text message that corresponds to a for-sale property.
'Through partnerships with brokerages, the SMS/MLS system allows buyers to access property information on all active listings,' according to the announcement this week.
With SMS/MLS, brokers provide buyers with access to property listings via a cell phone. As with CellSigns, buyers can schedule showings and request call-backs from real estate professionals. But unlike CellSigns, the sponsoring brokerage will get the call. 'What broker reciprocity does for real estate websites, in that it allows competing brokers to post one another's listings, SMS/MLS does for the mobile real estate market,' according to the announcement."
Top Mistakes of Home Sellers in 2005
BrokerAgentNews.com:
"
Over-priced home.
Thinking back to bragging sellers at the water cooler or at the neighborhood cocktail party as little as a year ago, home sellers in 2005 over-priced properties in record numbers. After chewing up market time, the realization set in that it wasn't the same market as '02.'03 or 2004. Realistic pricing based on sold comparable's in the last six months illustrates to buyers that you understand today's market.
No Internet property marketing.
According to The National Association of Realtors® over 70% of all home buyers start their search on the Internet before contacting a real estate agent. Require any agent you list your home with to post a virtual (360 digital) tour and a minimum of eight indoor and outdoor photos on the Internet. CD's of your home are a great take-away for open houses.
Stop showings too early after contract.
With a shift towards buyers for the first time in years, buyers remorse was on the upside in 2005. Many sellers lost valuable market time when taking their home off market too early after signing a purchase contract. Continue to show your home until you feel very comfortable that your buyers intend to go to the closing table with you.
Refused to pay buyers closing costs.
For the first time in many years, buyers based on their strength in the market, asked for and received give-backs from sellers. Closing costs and points on mortgages were the most popular. Decide before offers come in, what your strategy is for dealing with give-back requests. In 2006 expect owner-financing to be the next buyer perk.
Knowing your market and competition.Buyers in 2005 were very savvy with market times and available inventory. Home sellers who were out-of-touch failed to spend the time to visit competing properties at public open houses, study the competitions marketing and "listening" to the market. No or few showings, no second showings or purchase offers and unfavorable feedback indicate market issues with your home. Don't be the obstacle to selling your home."
Top Mistakes of Home Buyers in 2005
Broker Agent News.com: "The 2005 residential real estate market was filled with anticipation of the over- hyped real estate bubble. Though we'll only see a correction, home buyers and sellers made some mistakes that those looking to buy or sell in 2006 can put to good use in their transactions.
Bought properties to flip at top-of-market prices. Thinking the bubble headlines were wrong or didn't apply to them, newbie real estate investors wanted to become week-end millionaires. What they didn't know is they were buying the experienced investors portfolios as they exited markets at the top.
Utilized Interest-Only Mortgages. Many home-hungry buyers discovered the only way you can pay top-of-market prices is to get an interest-only mortgage. With declining prices and no monthly principal payments, these homebuyers could fuel a foreclosure market in 2006. Fixed-rate mortgages will become the majority in 2006 as mortgage underwriters and educated consumers are reunited.
Skipped Performing a Home Inspection. Before some markets shifted away from sellers markets, many homebuyers waived their right to a property inspection. Never, skip or waive the right to a inspection, the benefits far out weigh the costs and could save you numerous headaches and expenses later. Hire a professional, not Uncle Bert.
Were represented by the same agent representing the sellers. Thinking they might get a better deal or out of ignorance used the listing agent to represent them as well. Most states require written acceptance of this situation known as dual-agency by both parties under agent license laws. All buyers should be represented by an agent who has a fiduciary responsibility to them. Hire an Exclusive Buyers Agent.
Didn't Read Homeowners Association Documents. Getting rid of Fido because you didn't know you were moving into a no-dog building is an example why every buyer should request and read home owner association declarations, rules and regulations, association meeting minutes and budgets. Ask if there are any special assessments (typically for capital improvements; new roofs, windows, elevators) or planned ones. Special assessments can run into the thousands."
Home loan applications fall 4th straight week - Yahoo! News
Home loan applications fall 4th straight week - Yahoo! News: "U.S. mortgage applications fell for a fourth straight week as a robust rebound in loan refinancings failed to lift activity from more than a 3-1/2-year low, an industry trade group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended December 30 decreased 1.5 percent to 545.9 from the previous week's 554.1. Volume was at its lowest level since the week ended May 24, 2002, when the index reached 516.9.
The group's seasonally adjusted index of refinancing applications increased 8.3 percent to 1,363.2 compared with 1,259.1 the previous week. The index rose for the first time in four weeks.
Volume, however, was at its lowest level since the week ended June 4, 2004, when the index reached the same point.
A steady fall in interest rates on fixed-rate loans have led borrowers to refinance out of their existing adjustable-rate mortgages into fixed-rate loans last week."
Real estate listing requirements now more detailed
Inman Real Estate News - Real estate listing requirements now more detailed: "For years, sellers have been in the driver's seat. Now the tide has turned. Sellers are no longer calling the shots. However, sellers who take a proactive approach to selling their home can still have an edge in the new selling environment.
It's a given that sellers who expect to sell for top dollar need to have their homes in prime condition. But, bringing about a successful sale has to do with more than just looking good.
Today's buyers are sophisticated and they are cautious. They aren't likely to waive contingencies like they did when the market was short of inventory and hot as a pistol. Now, you can expect that your home will be carefully scrutinized before a buyer agrees to close a sale.
The inspection process can be anxiety-producing. You can reduce that anxiety by ordering pre-sale inspections. With a report in hand, you can determine what work to do before you market your home. Even if you don't complete any repairs, disclosing the inspection reports to buyers before they make an offer is likely to reduce the renegotiations that can occur after the buyers do their own inspections.
If a big-ticket item shows up on a presale inspection report, it's a good idea to obtain a repair or replacement estimate from a reputable, licensed professional. This gives buyers the answer to an unknown that might otherwise turn off their interest.
For example, suppose the home inspector says that the roof is at the end of its life and needs to be replaced. Inexperienced buyers might have no idea what this would cost. If they imagine the worst, they could shy away from making an offer. If they know upfront how much the job will cost, they're better equipped to make a rational decision.
It's best to take care of lingering issues involving your property before putting it on the market. Buying a home is a stressful experience for most people. If there are disputes that might affect closing a sale, such as between heirs to an estate or between sellers who are divorcing, they should be resolved before you start showing your home to prospective buyers.
Keep in mind that sellers now have more competition from other sellers and this means that buyers have more choice. Given alternatives, most buyers would steer clear of listings that are clouded with unresolved issues. This is particularly so in today's rising inventory market. Many buyers are anxious to close on a home sale quickly in order to preserve an interest rate commitment."
