Things are Looking Up

March 24, 2012 Leave a comment

Prudential Real Estate made news at the Prudential Real Estate Sales Convention 2012 in Orlando, FL in announcing results of its second-annual consumer Outlook Survey.  Bloomberg News ran an exclusive story March 13 and was broadcast to the national media and real estate trades March 14, 2012.  Prudential Real Estate President, Earl Lee conducted a series of television and radio interviews on March 14 followed by an appearance on CNBC‘s Squawk on the Street news show on March 15.  The following is the video of that interview:

 

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Americans Increasingly Optimistic About Homeownership

March 21, 2012 Leave a comment

Prudential Real Estate, a Brookfield Residential Property Services company, today released a new national survey showing that Americans are significantly more optimistic about homeownership than they were a year ago.  According to the second-annual Prudential Real Estate Outlook Survey, a full 60% of Americans have favorable views toward the real estate market.  That’s up 8 points since last year.

The survey shows that signs of increasing optimism are widespread:

  • With interest rates at historically low levels, 96% agree or somewhat agree that now is a good time to buy.
  • A full 70% of respondents have some degree of confidence that property values will improve over the next two years; with an 8 point increase in those very confident or confident compared to last year.
  • 63% believe tha real estate is a good investment despite the recent market volatility; that’s up 11 points form last year.

The survey confirms that despite the recession, homeownership remains a central part of the American Dream.  Eight in ten respondents said homeownership is very important to them; only 15% said the economic downturn made homeownership less important.
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Prudential Homesale is Recognized at Prudential Real Estate Convention

March 19, 2012 Leave a comment

The Prudential Real Estate Convention took place last week in Orlando, FL and Prudential Homesale was recognized for its accomplishments in a couple of areas.

We are now ranked 7th nationally within the Prudential Real estate network which is comprised of nearly 550 companies with 1,700 offices and over 55,000 agents.  This is up a notch from last year.

Additionally, Prudential Homesale was honored as the #1 Company in conversion of online buyer leads within the network.  This accomplishment would not have been possible without the fantastic work our Business Development & Relocation Department does in coordinating and spearheading this effort for our agents.

Finally, our Company was recognized as the 9th most successful fundraiser for the Sunshine Kids among Prudential Real Estate franchises.  For those not familiar with Sunshine Kids, it is a non-profit organization that provides positive group activities and emotional support for children with cancer.

Congratulations to the entire Prudential Homesale Team!

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The True Cost of Homeownership Versus Renting

March 2, 2012 Leave a comment

I saw this infographic published recently that dealt with the cost of homeownership versus renting and was floored.  The sources referenced in this infographic were Kiplinger and the New York Times; two respected providers of financial information.

While the information was presented in an easily digestible, side by side comparison and had some nifty ‘geewiz’ graphics, I was stunned by what was missing.  See if you can spot the major oversight.  (Click the graphic for a larger copy – it’s easier to read.)

Hellllloooooo!  Did anybody who put this infographic together pay their taxes this year?  Where is the line item for ‘Tax Savings’?

Missing from this analysis are the tax write-offs for prepaid mortgage interest (points), annual mortgage interest and real estate taxes.  Based on the assumptions in the infographic regarding these items, this will amount to a hefty chunk of change and alter the numbers significantly.

I do agree that there are definitely circumstances where a person should rent versus buy real estate.  But to paint a picture (or infographic) that is misleading and heavily slanted toward renting by using faulty data is wrong.

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Prudential Homesale Expands Into Maryland

February 23, 2012 Leave a comment

Great news yesterday coming out of the Prudential Homesale corporate office – - – we’ve expanded into Maryland!  Prudential Homesale is now 125+ agents stronger to serve that market.  Here is the press release that went out to Prudential Homesale agents:

Today we are pleased to announce our latest growth.  Expansion into the Maryland market via a partnership with Yerman Witman Gaines & Conklin.  This new partnership in Maryland will be known as Prudential Homesale YWGC Realty.

Started in 2007, Yerman Witman Gaines & Conklin has been the fastest-growing real estate company in the greater Baltimore market.

Prudential Homesale YWGC Realty will have offices at 1425 Clarkview Road and 1011 Light Street in Baltimore, 108 West Timonium Road in Lutherville, 411 Malcolm Drive in Westminster and 14346 Jarrettsville Pike in Phoenix.

As in the past, we will use this growth to sustain the programs that we have and to invest in programs and services for the future.

This additional partnership will not change our ownership in Pennsylvania or the Homesale name you are using.  We will continue to use Prudential Homesale Services Group 

Over time, we believe this growth will further enable us to help you stay ahead of the competition.  We also anticipate more business and referrals from Maryland as a result of this expansion.

Doug Rebert
Managing Drector
Prudential Homesale Servics Group

Congratulations to all the people who made this partnership possible.  We look forward to working with our friends south of the Pennsylvania border.

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The Foreclosure Process in Pennsylvania

February 14, 2012 Leave a comment

Foreclosures are never pretty.  They tear families apart.  They destroy a homeowner’s credit.  They ruin a neighborhood’s sense of closeness.  When someone that you know is in financial trouble, you feel like you’re living their nightmare.

The purpose of this post is not to draw attention to this troubling trend, but to assist homeowner’s in understanding the confusing process that they might go through if they find themselves in this unfortunate circumstance.


(Click the graphic above for a larger image)

Before the foreclosure process can begin, the borrower must be at least 60 days late on payments.  The lender usually sends the borrower two letters before starting the foreclosure.  These letters notify the borrower of the impending foreclosure and give the borrower options to prevent the foreclosure.  The owner has a period of 2-4 months to find a way to prevent the foreclosure before the lender takes further action.
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The Wave of Un-Syndication

January 28, 2012 Leave a comment

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A couple of days ago, I posted four real estate predictions for 2012 that I thought would ‘Rock’ the industry this year.  I’ve heard from a couple of my colleagues that told me that my observations on listing syndication were not an accurate reflection of how the industry feels.  Well – - – it didn’t take long for the first prediction to start manifesting itself right before our very eyes.

Abbott Realty Group (ARG), a well-respected, residential brokerage company in San Diego, CA posted the following video on its YouTube channel.  Take a look:

 

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Still think that brokers across the country will never pull out of REALTOR.com, Trulia, Zillow, et. al.?  Jim Abbott, the President of ARG, outlines some compelling points in favor of yanking a firm’s listings from these aggregators.  As the year unfolds, it will be interesting to see how many other brokers follow ARG’s lead.  Stay tuned.

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Four Trends That Will Rock the Real Estate Industry in 2012

January 23, 2012 2 Comments

If there is one thing that I’ve learned in the real estate business over the years it’s that change is constant.  New tools, programs, regulations and innovators make this an industry that doesn’t stand still.

From computerization of Multiple Listing Service data to smart phones to mortgage preapprovals to digital signatures; innovation waits for no one.  You either embrace it or get out of the way.

So without further ado, here are my predictions for the upcoming year and some of the things that I believe will rock our industry (again):

1.  Listing Syndication and Internet Data Exchange (IDX) Will Come Under Fire

It has been commonplace over the last couple of years for companies and agents to syndicate their listings to as many real estate web sites as possible to increase the chance that their properties will get noticed by home buyers who will in turn contact an agent to buy a home.  Sounds like a plan – right?

Enter Edina Realty.  Edina is a mega broker with 60 real estate offices and over $5 billion in sales located in Minnesota, Wisconsin and North Dakota.  In late 2011, Edina stopped syndicating their listings to national websites.  Why would one of the top ten real estate companies in the US decide to shun syndication?  If you listen to them, there are three reasons: Read more of this post

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