The Kallhoff Team

Tuesday, May 28, 2013

8 Fast-Growing Cities

DAILY REAL ESTATE NEWS | TUESDAY, MAY 28, 2013

Americans are continuing to flock to Texas. The state boasts the most cities that added the highest percentage of residents in the past year.

However, New York continues to hold the crown as the largest city in the U.S., and added 67,000 new residents between July 2011 and July 2012—which is the largest gain of any city in the nation.

The following cities saw the biggest increases in new residents between July 2011 and July 2012, according to the U.S. Census Bureau:

New York
- New residents: 67,000
- Population: 8.3 million
Houston
- New residents: 34,625
- Population: 2.2 million
Los Angeles
- New residents: 34,500
- Population: 3.9 million
San Antonio, Texas
- New residents: 25,400
- Population: 1.4 million
Austin, Texas
- New residents: 25,400
- Population: 840,000
Phoenix
- New residents: 24,500
- Population: 1.5 million
Dallas
- New residents: 23,300
- Population: 1.2 million
Charlotte, N.C.
- New residents: 19,000
- Population: 775,000

Source: “10 Big, Booming Cities,” CNNMoney (May 2013)

Read more

What Makes and Keeps a City Hot?

http://realtormag.realtor.org/daily-news/2013/05/28/8-fast-growing-cities

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Friday, May 24, 2013

Social Media Users Outsell Other Salespeople

DAILY REAL ESTATE NEWS | FRIDAY, MAY 24, 2013

Social media may be the key to ramping up sales, according to a new survey. In 2012, 72.6 percent of salespeople who used social media for selling out-performed those who weren’t using social media, according to new research conducted by Jim Keenan, a social sales specialist. What’s more, Keenan’s firm found that social media users were 23 percent more likely to exceed sales quotas than their non-social peers.

More than 40 percent of those surveyed say they’ve closed between two and five deals as a result of social media. Another 10 percent of respondents attributed their social media efforts directly to closing transactions.

So how much time are successful salespeople devoting to social media? Keenan’s firm found that 50 percent of salespeople say they spend less than 10 percent of their selling time using social media. The top sites they identified were (in order) LinkedIn, Twitter, Facebook, blogs, and Google+.

Source: “Study: 78% Of Salespeople Using Social Media Outsell Their Peers,” Forbes (May 19, 2013)

Read more

Boost Business Through Social Media

http://realtormag.realtor.org/daily-news/2013/05/24/social-media-users-outsell-other-salespeople

Thursday, May 23, 2013

4 Big Drivers of the Housing Market Recovery

DAILY REAL ESTATE NEWS | THURSDAY, MAY 23, 2013

The Wall Street Journal highlighted four primary reasons why the housing market recovery is strong. They are:

Sales have made big leaps from year-over-year levels. Existing-home sales are up 9.7 percent compared to one year ago. Sales are at an annual rate of 4.97 million, which is the highest level since November 2009, according to NAR. Despite constrained inventories and recent price gains, home sales continue to post increases.
Non-distressed home sales are increasing. Home buyers are showing high demand for non-distressed homes. In April, about 18 percent of sales were in foreclosure or a short sale — down from 28 percent year-over-year.
Inventories have increased. In April, the number of homes for sale rose 11.9 percent from March. The limited supply — mixed with rising buyer demand — has helped home prices to rise around 10 percent year-over-year. “Rising inventory should ultimately slow some of the price rally while boosting sales volumes, helping to restore equilibrium in the housing market,” The Wall Street Journal reports.
Homes are selling a lot quicker. About half of all homes that were sold in April were on the market for 46 days, down from 83 days one year earlier, according to NAR data.

Source: “Four Reasons Why Home Sales Are Looking Healthy,” The Wall Street Journal (May 22, 2013)

http://realtormag.realtor.org/daily-news/2013/05/23/4-big-drivers-housing-market-recovery

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Wednesday, May 22, 2013

Top Housing Markets for the Next 5 Years

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 22, 2013

Business Insider recently ranked 15 cities by their projected annualize change in home prices between the fourth quarter of 2012 and the fourth quarter of 2017. Many of these cities have seen large declines in home prices over the last few years, but are expected to post major gains and strong rebounds in the coming years.

According to Business Insider, these housing markets will likely reign for the next five years:

Medford, Ore.
- Annualized expected price growth (from Q4 2012 to Q4 2017): 9.5%
Santa Fe, New Mexico
- Annualized expected price growth: 9%
Panama City-Lynn Haven-Panama City Beach, Fla.
- Annualized expected price growth: 8.9%
Gulfort-Biloxi, Miss.
- Annualized expected price growth: 8%
Glens Falls, N.Y.
- Annualized expected price growth: 7.9%
Reno-Sparks, Nev.
- Annualized expected price growth: 7.7%
Yuma, Ariz. (tied with Poughkeepsie-Newburgh-Middletown, N.Y.)
- Both have an annualized expected price growth of 7.4%

Source: “The 14 Best Housing Markets For The Next Five Years,” Business Insider (May 20, 2013)

http://realtormag.realtor.org/daily-news/2013/05/22/top-housing-markets-for-next-5-years

Friday, May 17, 2013

Survey Finds Mortgage Credit Starting to Ease

DAILY REAL ESTATE NEWS | FRIDAY, MAY 17, 2013

Stringent mortgage standards have kept many potential home buyers on the sidelines the last few years. But 8 percent of banks say they’ve loosened up their mortgage standards in the last three months, according to the Federal Reserve’s latest Senior Loan Officer Survey. The survey shows that credit conditions have either held steady or loosened for eight of the past nine quarters.

Banks also reported they may be more open to increasing their mortgage business soon. Twenty-seven percent of the banks surveyed say they plan to shore up their residential mortgage assets within the next year, according to the survey.

Nearly 40 percent of banks also reported they’ve seen a rise in mortgage demand in the last three months.

Ellie Mae recently reported that 60 percent of home purchase applications in March were approved—up from 55 percent year-over-year.

Still, despite progress, mortgage conditions remain tight and applicants must still meet high standards—such as 20 percent down payment or high credit score requirements.

“Fear Fannie Mae and Freddie Mac will force lenders to take back risky mortgages continues to be the primary condition constraining lending,” RealtyTrac reports. “Other conditions that have lenders holding tight to mortgage purse strings include obtaining insurance, slow economic growth, concerns about securitization, and processing capacity.”

Source: “Mortgage Squeeze Loosens, Somewhat,” RealtyTimes (May 16, 2013)

http://realtormag.realtor.org/daily-news/2013/05/17/survey-finds-mortgage-credit-starting-ease

Wednesday, May 15, 2013

Inventories, Asking Prices Get a Boost

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 15, 2013

Inventories of homes for sale nationwide increased 4 percent in April, but remain 13.5 percent lower than last year’s inventory levels, according to realtor.com^®’s latest report.

The number of homes for sale remains particularly tight out West. Inventories have dropped the most -- more than 52 percent compared to a year ago -- in Orange County, Calif. In Oakland, San Jose, Los Angeles, and Stockton, Calif., inventories of for-sale homes were down more than 40 percent year-over-year in April, according to the report, which reflects listings from more than 800 multiple listing services nationwide.

With tight inventories, asking prices are on the rise across the country. Nationwide median asking prices rose 2.6 percent in April, and were 3.1 percent higher than last year’s levels.

California posted some of the largest jumps in asking prices too. Oakland, for example, had the largest median asking price increase in April, climbing 47 percent over a year ago. Other big gainers for asking prices also include: Santa Barbara (+47%), Sacramento (+40%), San Jose (+35%), and Los Angeles (+34%).

Buyer demand remains strong and homes are spending less time on the market. On average, homes were on the market in April for at least 81 days, down 2.4 percent from March and a drop of 11 percent from a year ago.

Source: “Housing Inventories Rose in April,” The Wall Street Journal (May 14, 2013)

http://realtormag.realtor.org/daily-news/2013/05/15/inventories-asking-prices-get-boost

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