Realtors Ban Pocket Listings

BY  ON NOVEMBER 14, 2019

At their recent national meeting in San Francisco, the National Board of Realtors passed a resolution that bans “pocket listings” for realtors participating in its Multiple Listing Service (MLS).  The NAR’s board of directors took the step in a resolution entitled MLS Statement 8.0 (also known as the Clear Cooperation policy) which requires listing brokers to submit their listing to the MLS within one business day of marketing the property to the public, effectively ending the practice of “pocket listings.”  Local MLSs will have until May 1, 2020 to implement this new policy.

“Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.  [updated 11/11/19]”

Click here to read the NAR’s Clear Cooperation policy.

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Top 10 Metros with Seriously Underwater Properties

BY  ON NOVEMBER 20, 2019

According to the latest U.S. Home Equity and Underwater Report from ATTOM Data, homeowners were found to be more likely equity rich than seriously underwater.  In other words, the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value.  ATTOM says the number of equity rich properties in Q3, 2019 represented 26.7% of 54 million homes with mortgages.  But, their report does reveal the places with the highest number of properties that are seriously underwater.  Indeed…

“There are notable equity gaps between regions and market segments. But as home values keep climbing, homeowners are seeing their equity building more and more, while those with properties still worth a lot less than their mortgages represent just a small segment of the market.”  Said Todd Teta, ATTOM’s Chief Product Officer.

Click here to read the full report at AttomData.com.

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Dear Investor: Never Forget Your Potential for Positive Change

BY  ON NOVEMBER 19, 2019

Recently, my company held its annual gathering of motivated women who are breaking into real estate investing, and I had some time to chat with one of the women in the group.  This young woman is very active in my area around Knoxville, and she has such a heart to see her real estate investing as an opportunity to do good for the area.  Truly, I was inspired, as I always am when I talk with her.

Now, don’t get me wrong.  Real estate investing is such an incredibly lucrative opportunity and there is nothing wrong with making money, but my time with this young woman got me thinking.  As real estate investors, we have a great opportunity to benefit our areas of investment incredibly.  We are agents of change, either positive or not, depending on our ethical code and commitment to providing quality living situations for others.  That is not something to take lightly.

A lot of people are hurting in our current economy and that is likely not going away any time soon.  Yes, we still need to hold boundaries when needed if our tenants are not paying, or if a contract is being compromised, but first and foremost we each need to check our intention with investing.  Is it only for the money, or do you realize your place of responsibility to provide safe and clean living conditions in your area?  For so many people, this is everything.  They want to feel safe, and to know that their families can grow and live in a house or apartment that will not constantly need repairs.  They want to know that their money is well spent and that they have a trustworthy person on the other side of their housing situation.  That is you.

Have you thought much about this yet?  Spend some time this holiday season to reflect on whether or not you are treating other people the way you would want to be treated if the roles were reversed.  I believe that when we put honor for others and integrity first that our finances will follow abundantly.  There is power in treating our fellow man with respect and courtesy, even when we have to hold hard lines.  It may not always be easy, but it surely is something to think about and continue to grow in.

Investors are influencers, whether we like it or not.  Our choices for investment and how we choose to use our resources will steer an area accordingly, whether with positive economic potential, or not.  This is why it is so important for us to be intentional as investors, to have great teams by our sides, and to always look for new ways to benefit the economy so that growth and upward movement can happen.  A wise investment can carry an economy for decades to come, so take your role seriously.  It certainly has the potential to affect dozens, or more, lives.

As we round the new year and enjoy the savoring or holiday pleasures, consider how much you have benefited and helped your fellow man with your investments.  It is a privileged, honorable responsibility to carry, but for those who are willing to accept the call, it holds great potential for positive change.  One choice at a time, one investment at a time; you are changing lives all around you.  Are you changing them for the better?

 

Whitney Nicely rejected the southern girl path of working at her family’s trucking business and embraced the life of an investor.  Her first nine months made her over $140,000 setting her on the path to empowering other women to break into the real estate “good ole boys club” and break down barriers while making some serious cash.  Her courses and more can be found at WhitneyNicely.com.

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Yardi Says Multifamily Rent Growth Inched Upward in October

BY  ON NOVEMBER 18, 2019

According to the latest Yardi Matrix, U.S. multifamily rent growth inched upward in October, with the average rent coming in at $1,476, which they say is an all-time high.  In addition, they report year-over-year rent growth remained at 3.2%.  Yardi says that “although subject to some seasonality by metro, the multifamily market continues to consistently produce strong rent growth.”

Click here to read the full report at YardiMatrix.com.

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New Single-Family Home Sales Down Slightly

BY  ON OCTOBER 28, 2019

The U.S. government is reporting that sales of new single-family houses in September, 2019 were at a seasonally adjusted annual rate of 701,000.  This figure is 0.7% below revised August’s revised rate but is 15.5% higher than September 2018 estimate of 607,000.  The median sales price of new houses sold in September 2019 was $299,400 and the average sales price was $362,700.  There were new 321k new houses for sale at the end of September was 321,000 representing a 5.5 months supply at the current sales rate.

Click here to read the full release at the U.S. Census Bureau.

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Existing Home Sales Down 2.2%

BY  ON OCTOBER 28, 2019

The National Association of Realtors is reporting that existing home sales were down in September following two consecutive months of increases.  Total existing-home sales fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September.  The Realtors say that despite the decline, overall sales are up 3.9% from a year ago  However, once again, low inventory is the primary culprit:

“We must continue to beat the drum for more inventory…Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”  Said Lawrence Yun, the NAR’s chief economist.

Click here to read the full post at the National Association of Realtors.

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Millennials are Fueling the Rental Economy

BY  ON NOVEMBER 1, 2019

Visual Capitalist reminds us that the spending habits of millennials have not only been reshaping the retail landscape but setting the tone for its future.   They say they want anything, anywhere and anytime.  That’s pretty intense, but it is reality.  In that vein, today’s infographic looks at the top categories in which consumers rent and their potential long term impact on the economy.   Happy Friday!!!

“Although the current market for rentals is still in its early stages, the sheer momentum that the industry has gained in the last year is enough to threaten even the largest retailers—forcing them to reconsider their own business models.”

Hat tip VisualCapitalist.com.

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Four Fall Projects to Tackle Now for Year-Round Property Protection

BY  ON OCTOBER 31, 2019

Fire emergencies, unwanted intruders or even inadequate insulation can all pose threats to your property and its tenants. Fortunately, a mix of the right products, devices and technology can help you monitor a property and minimize risks to your investment. Here are four projects you can tackle this fall to better protect your investment year-round.

1. Don’t Let Fire Catch You Off-Guard

The average cost to repair fire and smoke damage is $4,000. This expense can skew much higher if a roof, kitchen cabinetry or other fixtures need replacing.

October is National Fire Prevention Month, and a good time to ensure your fire safety equipment – including smoke alarms, carbon monoxide detectors and fire extinguishers – are in good condition. It’s also a timely opportunity to consider upgrading to newer, “smarter” products that can better prepare you for unforeseen risks.

Most fires start in the kitchen, with electrical malfunctions and heating as two other leading causes. Smoke alarms provide early warnings, giving tenants time to evacuate and to alert firefighters. As a property owner, you can do three things to ensure your smoke alarms are working properly:

  • First, replace the batteries every 12 months.
  • Second, replace all smoke alarms after 10 years. Remember: toss at 10, then start again.
  • Third, regularly make sure smoke alarms are clean and free from paint, dust or grease.

Installing smoke alarms on every level of your home, inside bedrooms and outside sleeping areas, is the first step to protect your home. Kidde is a top-rated brand for fire safety products. The Kidde smoke detector with ionization sensor is ideal for living areas, alerting you to fire hazards with ionization sensing alarms that may detect invisible fire particles even sooner than photoelectric alarms. Kidde also offers combo smoke and carbon monoxide detectors to provide double the protection in one product.

Fire extinguishers are also essential as they effectively put out 80 percent of fires. In the kitchen, be sure to install an extinguisher labeled “B” for use on flammable substances like gasoline, grease and oil. In addition to the kitchen, extinguishers should be strategically located throughout every level of the home, including the garage.

2. Secure the Outdoors

When it comes to protecting your property, “extra eyes” are a good idea. Take security to the next level with smart cameras, doorbells and even outdoor lighting systems. These products send real-time alerts to your mobile device if anything is detected – ensuring 24/7 surveillance no matter where you are.

Google Nest offers several smart cameras options, as well as smart doorbells, that can be part of a comprehensive security package. The Google Nest doorbell sends an alert when it detects motion at the door, and lets you speak with visitors through your mobile device. Ring also has a doorbell that sends an alert when someone is at the door, records footage of them and allows you to communicate via a two-way talk feature.

You can shine a light on security, too. Defiant offers energy-efficient LED motion-activated floodlights that double as HD security cameras and send alerts to a mobile device. For Pro customers, The Home Depot makes it easy to purchase exactly what you need with call-ahead ordering, online purchasing, in-store pick-up or even onsite delivery.

3. Good Fencing is a Good Investment

Adding value to a home can be as easy as installing a fence around your home. In addition to defining the property’s perimeters, providing privacy and improving home security, fences can increase your property value.

The Home Depot offers a selection of fencing options at bulk pricing when buying in large quantities and in-store associates can walk you through everything you need to know, from selecting the right type of fence to securing posts and attaching panels.

Need the right tools to install the fence? The Tool Rental Center is stocked with top brands to get the job done, including augers, post hole diggers, DeWalt hand tools and more.

4. Insulate for Comfort and Cost Savings

A well-insulated property carries numerous benefits. It can help minimize energy bills, provide a moisture barrier in damp areas, soundproof a home, and offer a safer structure in the event of a fire or carbon monoxide threat.

According to the U.S. Department of Energy, five areas of a home should be properly insulated: the attic, interior and exterior walls, floors, crawl spaces and the basement. Each could require a different type of insulation, and The Home Depot carries several varieties by Owens Corning to tackle every job.

You have a lot invested in your real estate properties, and the proper safety and security measures can give you the peace of mind that your investment is well protected. Whether you’re tackling these projects or any other property protection improvements, The Home Depot Pro is the go-to destination for landlords and real estate investors.

Designed by professionals for professionals, Pro Xtra is The Home Depot’s loyalty program that helps you save money, manage your spending and grow your business. In addition to the program’s standard benefits, National REIA members also receive a two percent annual rebate, 20 percent off paints and primers, volume pricing and more. It’s free to join so check it out and get started today.

 

 

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U.S. Homeownership & Rental Vacancy Rates for Q3 2019

BY  ON OCTOBER 30, 2019

The U.S. government is reporting that the national vacancy rates in Q3 2019 were 6.8% for rental housing and 1.4% for homeowner housing.  The national homeownership rate for Q3 2019 was 64.8%, which they report was not statistically different from one year ago.  Approximately 87.8% of the housing units in the United States in Q3 2019 were occupied and 12.2% were vacant. Owner-occupied housing units made up 56.9% of total housing units, while renter-occupied units made up 30.9% of the inventory.

Click here to read the full release at the U.S. Census Bureau.

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Top 10 Cities with the Youngest Residents

BY  ON OCTOBER 29, 2019

Where are the top cities in America with the most young people?  That’s the question the folks at Realtor.com put pen to paper to find out.  They combed through census data to come up with the top 10 cities with the lowest average resident age (one per state) of 30 or younger.  Interestingly, these cities are almost all college towns with one exception.

“…there are a few places in America you can go to gain a more energetic and exuberant outlook on life. How do you pull this off? By surrounding yourself with young people, of course…Think of the fun you’ll have, the slang you’ll learn, the progressive attitudes you’ll be exposed to…”

The top 10 cities are:

  1. Provo, UT
  2. Stillwater, OK
  3. Jacksonville, NC (tied with Manhattan, KS)
  4. Manhattan, KS (tied with Jacksonville, NC)
  5. Ames, IA
  6. College Station, TX
  7. Mount Pleasant, MI
  8. Athens, OH
  9. Statesboro, GA
  10. Lafayette, IN

Click here to read the full story at Realtor.com.

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